Why Choose XM?
- Free Trading Courses and Demo Accounts
- Low Deposit Real Money Trading Accounts
- Perfect for New and Junior Traders
XM Broker Review
XM is the recognised trading name of Trading Point Holdings Ltd, a company incorporated and governed by the laws of Cyprus. The company was founded in 2009 and are now firmly established as a genuine contender in the crowded Forex marketplace. This regulated broker provides over 100 financial instruments for their clients to trade with. XM do not accept US traders, however traders of all levels from all other countries are welcomed.
Uniquely, XM is a specialist in providing “Islamic Accounts”. These are accounts aimed specifically at traders following the Islamic faith, where trading is considered “Halal” (translated as “allowed” or “permissible”). These accounts are actually technically called “swap-free” accounts. They allow no swap or rollover interest on overnight positions, as this is against the Islamic faith. If you’d like a swap-free account, simply open a trading account and speak with the XM support team for more details on the application process.
XM state that they value trading efficiency and want to provide their customer with a fantastic user experience. This is noticeable as they offer an extensive range of trading tools, cutting edge trading platforms and a personalised customer services. They also allow 24hr trading, five days a week and the ability to trade on margin. XM supplement their main Forex operations by offering CFD trading, which offer their traders with the opportunity to trade with financial products such as indices, precious metals and energies.
XM are an excellent broker with multitude of options, account types and tools to suit traders of all levels. We haven’t even mentioned their minimum deposit amount of $5(!), the lowest we’ve seen in online Forex. There’s a lot to shout about when it comes to XM.
XM holds trading licenses in numerous territories via its parent company Trading Point Holdings Ltd. These include licensing by CySEC (Cyprus), MiFID (EU), FCA (UK), BaFin (Germany), CNMV (Spain), AFM (Netherlands), FI (Sweden), FIN (Finland), PSZÁF (Hungary), CONSOB (Italy), ACP (France), KNF (Poland) and the ASIC (Australia). XM also holds a license from New Zealand, which regulates them to operate within all global territories.
This wide range of licensing allows XM to accept traders from across the globe, however, they do not currently accept US traders. The extensive licensing allows them to bank with British banking institution, Barclays Bank PLC. This allows XM to further reassure all clients of the safety of their funds, which are segregated from company funds. Clients of XM are offered additional protection through the Investor Compensation Fund in the case of company insolvency. It’s worth mentioning that XM also use an automated system for monitoring funds and transactions to ensure no negative balances on trading accounts, protecting its clients from losses that exceed their investments.
Trading Platform and Features
Most Forex brokers provide an industry-leading platform such as MetaTrader 4 and combine this with a good mobile app. XM offer NINE platforms, five of which are dedicated to desktop computers and four that are dedicated to mobile traders. They truly do not waste any opportunity to live up to the claim of “Valuing Trading Efficiency” and cater for traders of all levels and requirements.
These platforms are each described in brief detail below.
- XM MT4 Terminal – This is XM’s version of the industry-leading MetaTrader 4 platform. It is highly configurable and perfectly suited to both expert and novice traders alike. It offers a live news feed and an extensive technical analysis capabilities. The MT4 platform also incorporates One Click Trading alongside their manual trading feature, and even allows you to setup EAs to automatically place trades for you. In fact, there are a number of add-ons and applications that will help you trade and improve your strategies. Trade Forex, Futures and CFDs with no requotes and no rejections on this platform.
- XM Mac MT4 – This is a mac compatible version of the highly popular MT4 platform. This version of the platform includes all of the features and functionality described above, but allows traders to use the platform on Apple Computers WITHOUT the need to run a parallel Windows desktop or Windows emulator.
- XM MT4 MultiTerminal – The MultiTerminal platform is primarily designed for money managers or traders who use multiple accounts and execute multiple order types simultaneously. Many of the features of MT4 are available, but EAs are not allowed as the terminal is intended for managing multiple accounts only. MultiTerminal doesn’t provide tech analysis either, but it does offer financial news and system alerts in real-time, along with several execution models designed to meet the requirements of those who need to manage multiple accounts.
- XM MAM – As mentioned earlier, XM seem to be the “One Broker for All” as they provide a huge number of solutions. If you are a fund or portfolio manager, or you are interested in managing multiple accounts WITH the complete features of MT4, this is the platform for you. Unlike MT4 MultiTerminal, XM MAM allows Automated Trading with EAs and provide the Charts and technical analysis you’d expect from MT4. There is so much more to this platform as it even allows multiple account holders to manage multiple MT4 trading accounts through one main account. If this sounds suited to your requirements, we recommend you speak with the support team to fully understand the features and functionality available here.
- XM WebTrader 4 – This is XM’s online trading platform. It is compatible with PC, Mac and any other machine capable of running a browser. No Download is required. Simply open the platform from XM.com in your browser and gain full access to your trading accounts immediately. Traders can take advantage of a number of tools to enhance their trading skills and trade with no requotes and no rejections. Like the MT4 platform, the WebTrader 4 platform provides one-click trading, streaming news, an economic calendar and market analysis. It’s powerful, flexible, and capable. It comes highly recommended.
- XM iPad Trader – XM brings MetaTrader 4 to all iPad users with their iPad Trader platform. It provides access to your MT4 account and presents real-time interactive charts with zoom and scroll functionality. It also provides real-time quotes of financial instruments, a full set of trading tools and a complete trading history, ensuring that traders can analyse their progress accurately. Unlike some apps, this is far from an afterthought and truly does provide a fantastic remote trading experience.
- XM iPhone Trader (IOS), XM Droid Trader (Android), XM Mobile Trader (Windows Mobile) – Mobile users are not left wanting as XM provide a mobile solution for all major smartphones. Their mobile platforms offer outstanding trading flexibility by bringing you a scaled down version of MetaTrader 4 to your fingertips. They each offer direct access to your account and provide real-time quotes of financial instruments. The platforms also provide a full set of trade orders including pending orders, trade history, 30 technical indicators, and the ability to trade directly from charts.
Support and Services
The XM support team will live up to our high expectations. The team provides support in over 20 languages and proudly state that they serve clients from 196 countries. All our interactions with the team were met with smart, prompt replies that were to the point and addressed and resolved our issues quickly and efficiently.
The telephone and Livechat support teams are available 24hrs a day, 5 days a week. On weekends, the support team are available from 9-5pm (GMT +3). Email support is available at all times and clients can expect a response within 48hrs. We recommend researching their extensive FAQ area before contacting support as most issues and solutions are represented here. Please don’t hesitate to contact their highly capable support teams if you have any issues whatsoever.
XM offer the LOWEST minimum deposit amount that we know of at a meagre $5 per deposit and one of the highest leverages at 888:1(!). They even allow withdrawals from just $5 upwards. This is very attractive to traders who do not wish to invest too much too soon when exploring a new broker. It’s worth noting that XM are very generous with their bonuses. Every new real-money trading account opened will qualify for a $30 no deposit bonus. In addition to this, you can also claim their highly attractive 50% welcome bonus until you reach a maximum bonus amount of $500USD. The percentage then changes to 20% until you reach a maximum bonus amount of $5,000.
There are numerous ways to fund your trading account AT XM. In fact, we believe that they offer one of the most extensive lists of deposit options out there. They accept all major Credit and Debit Cards (including Diners Club and Union Pay), and offer multiple bank transfer options. The range of online payment solutions offered includes Neteller, WebMoney, Skrill, CashU and iDeal. If you have a limited number of deposit options available to you, based on your country of residence, you are also able to fund your account using the services of Western Union or MoneyGram. Please have a look at the XM website for an extensive list of deposit options, or check with their support team for more information when registering.
As with all Forex brokers, withdrawal of funds is only available to clients that have verified their accounts. We recommend that you provide the necessary documentation and verify your account on registration to avoid delays with withdrawals. All withdrawals requests will be processing within 24hrs, but all withdrawal requests submitted will be instantly reflected in your trading account.
Why Trade at XM.com?
There are several reasons why we think you should trade with XM. They only require a minimum deposit of $5, and have numerous speedy deposit and withdrawal methods. They offer a huge leverage of 888:1 for qualifying traders, and this is one of the highest in the Forex industry. Brokers concerned with regulation need not look elsewhere either, as XM have been regulated by numerous jurisdictions. They cater for novice and expert traders as well as portfolio managers via their highly capable and technologically advanced platforms.
We are convinced that XM will live up to your expectations from a Forex broker. Simply open a free demo account and test-drive them and see for yourself. Once you are confident that this is a broker that you want to work with, take advantage of their hugely attractive welcome bonus and begin your trading career.