XM Forex Broker Review
XM is a well-known representative of the trading industry. The company certainly stands at the technological forefront, so you will definitely see a high degree of innovation in all the platform facilities. Let’s discover more about the broker and see whether XM scam or not.
About the Company
In terms of legality, XM reputation is beyond any suspicion. The brokerage firm was established in the year 2009 with the headquarters in Limassol, Cyprus. As a Cyprus-based company, XM is fully regulated by CySEC. On top of that, XM is compliant with the trusted regulatory bodies such as FCA, BaFIN, AFM, CNMV, FI and FIN. Is XM legit? Definitely yes.
The website is available in 25 languages, which offers truly splendid and user-friendly experience for a user. However, it is important to remember about regional restrictions, i.e. clients from the US are not allowed at XM.
XM Reviews: Trading Accounts
Overall. XM offers 4 main account types to its clients:
- Micro (1 Lot = 1,000)
- Standard (1 Lot = 100,000)
- XM Zero
Micro and Standard accounts can be opened with USD, EUR, GBP, CHF, JPY, AUD, HUF, PLN, RUB, ZAR and SGD. Spreads at XM broker are variable, but quite tight – 1 pip for Forex majors. XM has been offering high leverage of 1:888, though a recent update has set the limit to 1:100. The upside of such decision is the substantial decrease of risk for beginner traders, which means that they can be potentially harmed less with this double-edged sword. Besides, all accounts enable XM Forex broker clients to hedge their positions.
The third account which should be mentioned here is XM Zero. This is a new account type, which eliminates any spreads charged for opening a position. Traders can enter the market armed with 1:100 leverage and a top-notch MT4. Additionally, the account features VPS services and in-built news streaming. Indeed, XM Zero account is not free – the broker charges $5 commission per $100,000 traded.
Another quite important feature to talk about in this XM review is the Islamic Account. This extra account type is tailored for Muslim traders. There are no interest/swap charges on overnight positions, no spread widening, no up-front commissions, no requotes and no hidden costs. Considering many advantages of XM Islamic Account, the user must pass the special verification process to become eligible for the account.
XM Bonus Programs
XM offers multiple promotions for all clients. To be more specific, new clients can apply for $30 No Deposit bonus. The profits made with bonus funds are withdrawable. Moreover, the clients can benefit from the 50% deposit bonus up to $500 and also 20% deposit bonus up to $5,000. Unfortunately, XM Zero account owners are not permitted to apply for the deposit bonus, which is somewhat deplorable as many XM reviews admit.
XM holds Forex championships each month with the opportunity to win $50,000. The most proficient traders are able to join the final round of the XM Forex World Championship to compete for a prize pool of $500,000.
XM provides MetaTrader 4 to its traders. The platform comes up in several versions, namely MT4 for PC, MT4 for Mac, MT4 Multiterminal and MT4 WebTrader. Such flexibility is doubled, as XM also offers mobile MT4 for iOS and Android devices. To add more precision to making trading decisions, XM allows using EAs.
Generally, XM offers more than 100 tradable instruments, which include:
- Equity Indices
- Precious Metals
XM Opinions: Customer Support
The quality of XM client support is worthy to be praised. XM provides 24/5 customer support via live chat, email and phone. We should outline that support agents are multilingual and very responsive. The website provides also in-depth FAQ, where users can find all the answers related to the XM services.
Deposits & Withdrawals
The minimum deposit requirement is as low as $5 or the equivalent in other currencies. XM stresses that it does not charge any commissions associated with banking, because the broker covers all the transfer fees. Is XM scam? Our research and personal experience proved that making transactions with XM is safe.
XM offers a wide range of payment methods, which include credit/debit cards, electronic payment systems and also wire transfers.