XM.com was founded in 2009. The company offers over 1000 instruments with 16 Trading platforms. With clients from 196 countries, XM provides an excellent opportunity for every trader. Let’s dig a little deeper and find why XM is so popular among traders.

 

Pros

  • XM is a regulated broker with a license from ASIC in Australia, the IFSC in Belize, and CySEC in Cyprus.
  • XM is available in 196 countries and has over 1.5 million clients. This makes XM one of the largest brokers in the world. 
  • It offers two trading platforms which are accessible for real and demo accounts.
  • The firm supports the trading of Forex CFDs, Commodities CFDs, Precious metals CFDs, Energies CFDs and Cryptocurrency. This is broader than many other brokers.
  • The website has a user-friendly interface which is suitable for novice traders.

Cons

  • The platform has limited research tools.
  • XM live chat support is not very convenient for demo account users.
  • The android and IOS app provide step-by-step guides on how to use the app and trade effectively.
  • XM presents a free VPS (Virtual Private Server) which helps in speeding the trades. This is great for a broker to provide, and not many do this free of charge.
  • Free withdrawals and commissions.
  • XM has Micro and Zero accounts which are perfect for all levels of traders. Read on for more info on these accounts.
  • Users can follow XM social media accounts to keep updated on the latest trends, news, and special offers.
  • The company provides brilliant customer service.

Overall Ranking

Overall

Investment Opportunity

Commissions & Fees

Safety 

Research

Smartphone Usage

Customer Service

Education

Platforms & Tools

4.5/5
4.5/5
4/5
5/5
3/5
5/5
4.5/5
4.5/5
4.5/5

Overall

4.5/5

Investment Opportunity

4.5/5

Commissions & Fees

4/5

Safety 

5/5

Research

3/5

Smartphone Usage

5/5

Customer Service

4.5/5

Education

4.5/5

Platforms & Tools

4.5/5

Extended Review and Information

XM is one of the best trading platforms, and that’s why we spend countless hours reviewing it. We found XM to be an excellent trading platform with so many benefits. See below for a detailed insight.

 

Novice traders always find trading websites and apps difficult because of their unfriendly interface. XM eliminates these kinds of suspicions and provides users with an easy-to-learn interface. The smartphone app, as well as the website, both offer a variety of options so that beginners don’t find it complicated.

One of the most significant advantages of using XM is that it provides substantial educational and learning material. This makes it stand out from the rest. Trading platforms like eToro don’t give traders that much knowledge, and this can make trading challenging. The firm regularly publish technical analysis and research for traders to learn more about their trading, as well as have better knowledge on why the market is doing what it is doing. 

XM spreads policy depends on the type of account. The minimum spread for all accounts is pips. The commissions are only applied to Zero account users. The firm offers same-day withdrawals without any hidden fee.

If one wants to open a Forex trading account with XM, then he/she is in luck. It has a minimum spread across all Forex accounts. The range is valued at 0.1 pips. The spread value for EUR/USD is 0.1 pips which is a major pair in the Forex market. Spread on other couples can vary.

How to Open your Account

The process of opening an account is simple and straightforward. Users can register with their email or Facebook account; this is very rare from brokers and taking advantage of this can speed up your sign-up process. To open a demo account, one needs to confirm their email address. XM provides $100,000 virtual balance for demo accounts.

 

For opening a trading account, XM gives traders four options: Micro account, Standard account, XM Ultra-low account, XM Zero account (which can be opened for a minimum $100 deposit), and Shares account. Please note that account availability will be dependent on the clients’ country of residence.

 

Micro account and Standard account can be opened for a minimum deposit of $5. The ultra-low account requires $50 minimum deposition. The shares account is the largest and needs a minimum deposit of $10,000.

To open all types of trading account, users need to provide identification documents. Colour copy of ID, passport, or driver’s license is accepted. Also, one has to give a utility bill of the last three months to prove their address.

XM checks all the required documents and verifies them within 48 hours. The firm can also ask traders their expertise level.

 

One key thing to remember is that XM doesn’t allow clients from:

  • United States
  • Canada
  • Israel
  • Iran
  • North Korea
  • Syria

Trading Platforms

This broker gives the user a choice between two trading platforms; MT4 and MT5.

 

The MT4, better known as MetaTrader 4 is a platform specially designed for Forex traders. It supports stop, limit, market, and trailing orders.

 

The MT5 (MetaTrader 5) is built for trading multiple assets like stocks, commodity, and precious metals. The MT5 is the most traded platform in digital trading.

 

Users can MT4 and MT5 in real and demo accounts.

Both platforms are available in mobile apps as well as PC, which makes trading mobile-friendly and easy on-the-go, never miss a trade by using this trustworthy software.

Depositing and Withdrawal Methods

There are a wide range of depositing methods, and deposits can be made in any currency. Users can store through multiple platforms like:

  • Credit/ Debit Card
  • Transfer Wire
  • Skrill
  • Paypal
  • Neteller

To withdraw profits from the account, XM provides the following withdrawal methods:

  • Credit/ Debit card
  • Paypal
  • Skrill
  • Transfer Wire

XM process all withdrawal applications within 24 hours, and users can withdraw within 1-2 days. For large amounts, the process can take 7-8 days.

Regulations and Jurisdictions

As mentioned earlier, XM is a regulated firm and is one of the safest trading platform available. XM.com and its parent company is based in London, United Kingdom and follows standardized policies defined by the British Government.

The company has the following certifications:

  • Authorized by Financial Conduct Authority U.K.
  • Licensed by Australian Securities and Investment Commission.
  • Regulated by Cyprus Securities and Exchange Commission.

The trading platform is available in 196 countries, and individual states don’t have access to it. Citizens of U.S.A, Canada, Israel, North Korea, and Iran are restricted from using the platform. 

XM Group (XM) is a group of regulated online brokers. Trading Point of Financial Instruments Ltd was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySEC 120/10), Trading Point of Financial instruments Pty Ltd was established in 2015 and is regulated by the Australian Securities and Investments Commission (ASIC 443670) and XM Global Limited was established in 2017 and is regulated by the International Financial Services Commission (IFSC/60/354/TS/19).

Awards

XM is a well-renowned company which makes it in the limelight. It has been awarded several times, but 2019 is XM’s best year so far. In 2019, the firm has been awarded:

 

  • Best Customer Service Global by Capital Finance International Magazine.
  • Best Market Research and Education Global by Capital Finance International Magazine.
  • Best FX Service Provider by the City of London Wealth Management.

With this large portfolio, traders can trust the brand without any hassle. The best time to join is now as they are well-established and on their way to even more success.

Conclusion

Concluding our review of XM.com, we think it is one of the best platforms available. If you are starting in trading or an expert, XM accommodates every level of trader. It was actually difficult to find a negative of this broker.

 

What we like is the amount of training and education the platform provides, as well as the amount of investments available and the great customer service provided. This all allows XM to be used for all sorts of traders, easily and safely. We rate XM 4.5 stars out of 5. To improve, XM could allow its clients to find their own research on their platforms, as other than sending out regular updates, there is not always enough readily available for the clients.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68.15% of retail investor accounts lose money when trading with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. This does not constitute as investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results.

This website and the information provided does not constitute investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results. The information given is a reflection of opinion. Trading CFDs on leverage involves significant risk of loss to your capital.