The definitive XM Forex Broker Review for the interested
XM Forex broker is one of the most respected brokers around the world, that was first established in 2009. It has been operating very successfully since then, earning the trust of many of their millions of users over the years and earning its users a lot of profit.
The company is operated by XM global (FSC). Under their leadership, the XM FX brokerage has managed to become one of the most popular and highly demanded brokers around the world. Currently, there are around two million, five hundred thousand users around the world, trading with them.
The company’s global offices are based in Cyprus, where the company operates from, most of the time. XM broker branches can also be found across the world in the UK, Australia, and other countries across the world. The company is fully authorized of work mostly anywhere across the world, selling their products and offering work with the platform in most areas. There are certain areas that they do not have jurisdiction to operate in, but that will be discussed more a little below.
What is XM broker?
XM is one of the largest brokers in the world currently, offering a number of different assets that can be traded on their platforms. The goal of this XM review is to provide as much detail on the broker as possible, which is why we are going into as much detail and depth about the operations and the offers of the company as possible. The variety of tradeable assets and the ease with which a user may switch between them is something that makes this company stand out among even the best brokers.
- Forex – XM allows its traders to trade more than 55 currency pairs ranging from traditional to exotic. The markets are open five days a week, twenty-four hours a day. Traders who prove themselves worthy will receive access to the maximum leverage ratio of 1:888. There are no hidden charges, the spreads are tight and there are no re-quotes. All of this makes the broker one of the best to trade Forex with.
- Stock CFDs – Xm provides its users with cost-effective access to the global equity markets, global economies with speculation on market up and down trends, with long and short term trading both being easily available to the users, free of extra charge.
- Commodities – Commodity trading is a great way for beginners to start learning the markets and how they operate. XM allows access to major commodities, with low deposits and the ability to short them in order to make profits.
- Equity Indices – Equity indices are a complicated but potentially extremely profitable market that XM brokers provide access to. The indices are a global market that is cost-effective and allows for easy speculation on long and short term investments.
- Precious Metals – XM provides access to Silver and Gol trading with ease, thanks to their platform, that many a trader will appreciate. The market is highly liquid and great for long term investment, thanks to the stability of the asset. Traders will have the leverage of up to 1:888 available to them.
- Energies – For those who find themselves more interested in the energies sector, XM offers a chance to trade on the highly volatile market. The margins here go as low as 5 USD and no overnight financing on oil CFDs.
- Cryptocurrencies – The crypto market is in many ways similar to the Forex markets, except the novelty of the trading is highly attractive to many. Traders who wish to get into the crypto markets will be able to trade twenty-four hours a day, five days a week, while also setting up long and short positions.
- Shares – The shares market spans the USA, UK, and Germany, and allows users the chance to trade shares without a hitch or an issue. A great market opportunity that XM global broker allows its users to get a hold of.
XM Demo Account
Just like with any other of the major or nonmajor brokers from around the world, XM offers its users a chance to set up a demo account. This type of account gives a chance to all beginner traders to try out some strategies that might be in the backs of their heads. The limitless nature of the XM demo account allows the traders to stay in their demo trading phase for as long as they want. This will allow beginner traders to develop their skills and only enter the market once they feel entirely comfortable being a part of it.
The registration process for a demo account allows the potential XM trader to pick and choose what kind of terms they would like their account to simulate. Users will be able to pick the amount of leverage, the platform, the investment amount and the lot size during this process. The highly customizable nature of an account means that the users will be able to learn how to use the kind of account they want to use.
If a user finds that the demo account type they have picked is not necessarily what they wanted initially, the user will be able to register additional demo accounts. This way they can find out what different kinds of account terms allow for and how they will affect their trading. One user may have up to 5 demo accounts going at the same time.
The demo XM trading account registration requires the user to submit only very basic information, but in exchange, they will be able to receive 24-hour customer support. They will also be able to keep track of their trading history across different accounts. This way they will be able to keep track of the tendencies that persist in their trading, while also protecting their trading information from those who would try to see it. This also allows users to retain a certain level of anonymity, in case they do not want a trading account to end up giving XM personal information.
XM Real Account
Opening a real XM account is a very simple and quick process. The registration only takes two minutes and requires the users to provide their general information (name, email, phone number), as well as specific information regarding their trading and investment history. The users will also be required to produce information on their residence address. Some people find this to be slightly discouraging, but in this XM Forex broker review, we find this reassuring. While the information that is provided is not too extensive, it is important to the broker, as only with the help of this information will they be able to verify your identity and make sure the person who is requesting the withdrawal is the person who is doing the trading.
The minimum deposit for the real account is 5 USD unless you are able to access their generous no deposit bonus. In that case, the minimum deposit limit is 0 dollars. Though not everyone might have access to this, depending on where they are from. More about bonuses below.
Beyond simply the real account, there are several different types of accounts a user can open:
- Micro Account – With a micro account a user will have access lots that are worth 1 000, and the ability to have 200 positions open. They will also have access to all the leverage options ranging in different dollar amounts and spreads as small as 1 pip. The minimum deposit is $5.
- Standard Account – In many ways is similar to the micro account, except 1 lot is 100 000. The only difference is the minimum trade volume being 0.01 for both MT4 and MT5, and the lot restriction per ticket being 50, while the number of positions opens is 200. This account type is perfect for the average XM traders.
- XM Ultra Low Account – The XM Ultra Low account provides traders with the flexibility in lots that neither of the previous ones allows for. The users will be able to pick between 1=1000 and 1=100000 lots. Their range of leveraged bets will be wider, while the minimum deposit amount for this type of account is $50. Traders will have the ability to have at least 200 positions open. This account type also has a narrower range of currency types that can be used for trading.
- Shares Account – This account type is the most expensive one, requiring traders to have made a minimum deposit of at least $10 000. The only currency traders will be able to use is USD, and will only be able to trade contracts that include 1 share. Traders will be able to open 50 positions at a time.
XM Sign up
One of the reasons that the XM rating is so high is because they have an easy signup process that only takes two minutes. Users only have to provide their basic information about their person. They will also have to provide some information about the amount of money they intend to be trading with XM, but beyond that, there is not much in requirements for creating an XM account.
The process can be done by going to the open real account page at the XM website. There, the user will have to pick the type of platform they want to trade with, the kind of account they want to open, as well as other details, such as what kind of base currency they would like to trade with and so on.
Once you have signed up, you will be able to open either a demo or a real account. Though, if you signed up with the use of a demo account sign up, you will have to provide some additional information about yourself to the broker. Once signed up with a real account, a trader will be able to switch between different kinds of assets with ease and rather quickly. They will be able to open positions in crypto and Forex alike, meaning the trading can be done at their pace and with their own preference in mind. In our XM opinions, this makes the broker one of the better ones to trade with.
What the minimum deposit for XM?
The minimum deposit size with XM that you will have access to is 5 GBP/USD/EUR. This amount of money might be small, but it goes a long way in starting your career as a trader. Though you do not have to make a deposit to start trading, if you want to start making money, you might have to.
If you have decided to start trading with XM Forex, you need to know what kind of ways you can use to deposit your money. XM supports the majority of the most popular deposit options. Traders looking for card deposits will be able to use:
- Visa, Visa Electron
Users who prefer to use online options for their deposits will be able to use:
- Sofort Banking
- Przelewy 34
As for those who are more inclined to use banking solutions, XM makes it possible to use a wire transfer to deposit money with the company.
The variety of XM depositing options is wide enough that most traders will be able to find something that they can use or prefer to use.
Just don’t forget, that to make your first deposit, you will have to create an account that is verified with XM. The registration process for the creation of a verified account is described above. Once you have verified yourself with the company, you will be able to make the deposit and start trading right away.
When writing this XM Forex review, we made sure that there are of no fees associated with the depositing of funds when working with XM, except when it comes down to wire transfers and bank transfers. So it might be a good idea to consider depositing some way other than a bank transfer, to make life easier for yourself.
How long does it take to withdraw from XM?
The XM withdrawal process is rather easy. Majority of the ways that are used for depositing money with the company are also used in the withdrawal process. The major difference would be the fees associated with withdrawal that many other major brokers impose upon their users. But, in the case of XM, there are no fees to be imposed. They make this a part of their deal with the trader when the trader first sets up an account with the broker.
The methods for withdrawing funds from your account are:
Other than credit and debit card alternatives, the users will be able to also use a number of online services to withdraw their funds:
The users will also be able to use bank transfers and wire transfers to complete their transactions.
As for the fees – there are none unless they are associated with wire and bank transfers, as mentioned above. This means that no matter how much money you are withdrawing, you will be able to get a hold of all of it, without the broker interfering with any of your income. The withdrawals are usually processed within 24 hours of the request but may take up to five business days to be deposited to your account.
After conducting many an XM trade, you must already have a verified account. But what you will have to do is confirm your identity when you attempt to withdraw funds from your account. The process should be rather simple if of course, it is you who is withdrawing the funds and not someone else.
XM Indicators and tools
In order to produce a better trading environment, a broker is supposed to provide tools of relevant complexity that allow for high-level trading with low effort. When researching, we became of an XM opinion that they are able to provide this service in a correct and useful manner.
XM offers its users a number of indicator packages for their use. These can be found in the education section of the website, where users will be able to view the entire list of indicators. The indicator tools were constructed by Avramis, an experienced trader that decided to combine forces with XM in order to produce a set of tools that might be useful. The result is expressed in the shape of five indicator packages made available to XM traders. Avramis Despotis is a trader with many years of experience, who decided to apply his experience in order to produce some of the more useful toolsets. The experience he has is translated directly into the effectiveness of the tools, which results in highly reliable and very useful indicators.
The five indicator packages are:
- Avramis River – This one measures the strength of the trend that is currently taking place.
- Avramis Ribbon – This one calculates the potential of a trend as a long or short term trend by calculating the moving averages and determining the strength of a trend and its potential for the future.
- Avramis Ichimoku – This indicator allows you to predict the correct time when to stop your current trade order, in order to gain maximum profit and prevent losses.
- Avramis Bollinger Bands – This indicator allows a trader to identify the sways of a volatile asset, in order to determine what the best potential trade for a specific asset might be.
- Avramis ADX and PSAR. – This toolset will assist you in identifying the inception of a new trend, as well as allow you to categorize between trending and ranging markets.
All of these indicators are very useful to the users, which results in this FX brokers review being as positive as it is.
In order to obtain one of these toolsets, a user will have to get in touch with their personal account manager, which any user with a verified account will be able to have. Once they get in touch, a user will be able to work with one of the indicators. The indicators themselves allow users to anticipate and track changes in certain asset classes that would allow them to make trades without much worry. The above listed Avramis indicators are slightly modified analogs of the more traditional indicators that have been developed for financial asset markets over the years. The full set would allow a trader to acquire an incredibly comprehensive understanding of the markets as they are working. This XM review encourages all traders who start working with the broker to try setting up these indicators with either MT4 or MT5, in order to increase the efficiency of the trading and their effectiveness.
XM Additional Features
Is XM ECN broker?
This is a question we encounter quite frequently, and the answer is no. XM will be acting as the middle man in your trades in the future, so make sure you know what you are doing when trying to get to trading with them. Still, the fact that they are not an ECN broker does not mean that you should not be considering trading with them. Means quite the opposie – brokers that act as the middlemen can provide more protection to you in the future, simply by offering educational and account protection services. The final verdict of this XM Forex review thus remains unchanged, regardless of the fact that the company is not an ECN broker.
XM Mobile Integration
XM MT4 is also available for Android, so that those of you who prefer to trade on the go, will be able to do so with XM without issue. The level of integration for the platform is high quality, meaning that you will not be encountering any issues while you trade with your phone. The quality of and speed of the charts and of the indicator tools does not seem to change much cross-platform.
XM is also available on iOS so that nobody gets left out when they decide to switch to trading on the phone. The integration is just as good as with Android phones, so there is no need to worry about not getting your money’s worth when you start trading on your phone.
XM Education and Training Resources
When creating this XM broker review, we were not prepared to find as extensive an educational platform as we found with this company. Xm offers three layers of educational materials. Some of the educational materials are provided free of charge, while others are hidden behind the registration wall. Despite this, all of the educational materials can be useful to those traders looking to increase their skill level on the Forex, or other asset trading markets.
Education is paramount to success, especially in a field which requires a user to make decisions on the fly, without having to stop and consider for too long. This is why the fact that there are extensive educational resources made available by XM Forex trading professionals is such great news. This will enable users to not only practice but also built a more theoretical framework for how and why they trade the way they do.
Education rooms – XM provides users with the opportunity to join some of their education rooms, which are held weekly for all users who are interested to join, online. These online classes are held by some of their most experienced and successful professionals in the field. These are educators, traders and other financial industry professionals who wish to share their knowledge in the sphere, in order to assist those are looking to work better and trade better.
There are three levels of education rooms. There is the primary, the intermediate and the advanced education rooms. Each is designed for a different level of trader – those who are just about getting into the industry right now should stick to working with the primary education room. Here users will be able to gain knowledge about the fundamentals of the major assets classes such as Forex, bonds, equities, and commodities. This room will also educate users on what pips, lots, leverage, margin are, as well as on the subject of what some of the basic trading concepts.
The Intermediate education room provides users with knowledge on Icihimiko Kinko Hyo, Boiling Bands, the Avramis river, the Avramis ribbon and some significant indicators that play an important role in every trader’s life.
The advanced room provides examples through real-time simulated trading conditions, allows of multiple time frame simulations and provides further knowledge on asset trading concepts. Though, these are not the only educational instruments that broker XM provides for their users.
There are a series of educational videos that have been created for the benefit of the broker’s users. These provide users with some education on the subject of how to use the platforms MT4 and MT5, as well as important details on financial markets, trading essentials, fundamental analysis and so on. All of this is done in simple terms and conveyed through visual information, making these videos perfect for beginners that are looking for an easy way to get into the financial asset trading world.
Finally, beyond the basic educational materials, users will be able to access some of the indicators that the broker packages with its educational materials. These tools have been developed by Avramis Despotis, a man with many years of experience in investment and trading,. They have been made part of XM’s toolset that users can gain access to. Using these tools will enhance the trading ability of many of the traders who know how to use them, but education about how to use the tools is important before you are able to effectively deploy and employ them.
XM Partner Program
Can XM be trusted to provide a good experience to all those who attempt to start working in their partner program? It seems that yes, they can.
There are two kinds of partners that a user can become when starting to trade with XM. There are the IB and the Online Affiliate program.
The IB program means that a trader will become an introducer of business. This program works by allowing users to receive $10 commission on each lot that a new user introduced by the IB creates. These partners will also receive 10% on the IBs they introduce. All IBs will be receiving full access to the Member’s Area, which will provide them with access to all of the statistics on the subject of their performance. This program could turn out to be really lucrative to those people who manage to introduce productive traders into the community.
The Web Affiliates program allows users who have websites, or spend a lot of time online, to earn money by introducing new users to the business. Each affiliate will earn $10 per lot made by an introduced client, as well as 10% of what the introduced IBs will be making. The funds they will be receiving will be automatically added to their partner accounts.
The partner program is not for everyone, but it is useful to those who are able to see the benefits of trading and show them to other people. As a result, it is only those who know how to trade Forex XM, who will be able to be effective affiliates and produce positive results for themselves and the users they introduce.
XM also mentions that there are other types of partnerships possible, but these will be dependent on the users. To create an alternative type of partnership with XM, users are encouraged to get in touch with their support service and speak to them on the subject.
Jurisdiction, Languages, and Countries
XM Forex brokers branches are available around the world, but are they all licensed to operate whee they do? The short and quick answer is yes. But let us get into more detail on the subject. XM has received a license from a number of regulators who are keeping an eye on its operations around the world. The regulatory bodies that XM has a license from are:
- The International Financial Services Commission in Belize
- The Financial Conduct Authority in the UK
- The Cyprus Securities and Exchange Commission
- The Australian Securities and Investment Commission.
So if you were asking “is XM regulated” earlier, then here is your answer: quite heavily. These licenses allow XM to operate across most of the areas of the world. There are of course areas where XM has issues operating at full scale or providing certain offers and services. For example, countries that are not part of the EU association, such as the Republic of Georgia, are able to work with the EU. Despite this, the citizens of these countries will not have access to the no deposit bonus offered by XM across the different areas of the world. So, when you consider trading with XM, consider whether their products are indeed easily accessible to citizens from your area.
Is XM regulated?
If our answers to questions such as “is XM and ECN broker” are not satisfactory to you, you may want to try getting in touch with the broker’s customer support. Although, you might not be aware whether the customer support of the company is worth getting in touch with. The answer to that question is yes. They provide a good service. But how do you get in touch?
There are several ways.
- Live Chat – This is the easiest way to get in touch with the XM customer support, and possibly, the fastest. All you have to do is go online to their website and text them your question. After several seconds or a minute tops, they will respond to you.
- Call – the ability to call is always appreciated with a broker, and if the solution to your issue seems to only be possible by directly speaking to a representative, you might want to give them a call. Just go to the Contact Us page, and you will find the phone number.
- Email – if you are not a live chat person and your phone is not working right now, you might want to email them. The email is provided on their website and the response time is several days, tops. You will definitely get the answers you are looking for.
The support team will be able and willing to answer most of your questions, short of telling you what trades to make. Don’t ask them that, they are not allowed to give out advice such as that. But any technical issue you might encounter, they will answer.
Customer XM Reviews
One of the most positive aspects of a broker’s operation is whether it has provided its users with a positive experience. A positive experience usually means whether the traders have managed to enjoy themselves while trading and how good their customer support experience is. Out of the many XM trader review available online, you will find most of them to be positive. This is a good sign.
Most of these traders talk about the ease of using the broker’s services. They mention how well integrated the indicators and other tools are at doing their job and how easy they make their lives. The platforms that are available to the users, MT4 and MT5 are highly appreciated among the users. There has been many a review, as a result, that has produced a positive review of one of them, but this speaks to the efficiency of these platforms, not to the nature of the broker.
What is most important with a broker is their customer support. How easy they are to get in touch with and how consistent they are in their service across the board. The numerous reviews and XM opinions stated online to talk about customer service providing exceptional service. They talk about a polite army of people sitting at phones who answer the questions efficiently and without much hassle and do their best to solve any issues that might come up when trading.
Though, as it always happens, there are numerous negative reviews about the broker as well. This is to be expected. You see, no matter how good a broker is, there will be those who are disgruntled by its service, even if it is their own fault that they were unable to conduct good trades. The presence of negative reviews is natural and can even be a good sign. It means that the broker is not acting to suppress any potentially negative reviews, which means that the broker is honest in their activity. It means that they resist the temptation to leverage their size in order to change the online information about them. An honest XM Forex broker review is an indicator that the company likes feedback, and do not shirk or avoid it.
Is XM a scam?
Usually, the evidence of a scam lies within the design and general activities of a company. While we are more than happy to identify a scam company, the process is a complicated one. It involves taking a close look at all of the significant aspects of a broker. It involves making sure that all of these aspects are in order and that there are no violations taking place. If you have been reading the review above, you will have realized that we have gone deep into most of the information there is to know about the broker. This is what leads us to the conclusion that XM fraud is pretty much impossible.
Their licensing, the many positive reviews, the way they act and the products they offer to the users are all not only legitimate but also proof that the casino provides honest and exceptional service. This is why we are going to be recommending you give them a shot.
When writing this review, we came to the conclusion that there is no way there is an XM scam going on online. But the most exciting thing about XM is not the fact that they are not a scam, but the fact that they provide an amazing service. Overall, these guys seem to have garnered an incredible amount of respect with their own users, while also providing them with great customer service, amazing platforms, as well as tools and education that will be very beneficial to all traders. This kind of excellent service is not something a trader will come upon often in the industry. This is why we highly encourage trying to get started with XM, in order to become a highly knowledgeable trader, while also having a chance to make a lot of money.