XM Group is a best in Class MetaTrader forex broker. In this review of XM broker; we have looked at their trading platforms, compared spreads and other trading fees with its direct competitors. XM robust forex trading assets offering was tested.
Is XM Global a scam broker or not?
XM Group (XM) is a group of regulated online brokers. Trading Point of Financial Instruments Ltd was established in 2009 and it is regulated by the Cyprus Securities and Exchange Commission (CySEC 120/10), Trading Point of Financial Instruments Pty Ltd was established in 2015 and it is regulated by the Australian Securities and Investments Commission (ASIC 443670) and XM Global Limited was established in 2017 and is regulated by the Financial Services Commission (000261/309).
XM Pros and Cons
- Excellent reputation
- No requotes, No slippages policy
- 11 base account currencies
- Minimum deposit $5
- No deposit bonuses $30 (not for EU)
- 56 currency pairs available
- Low spreads from 0 Pips
- Fast trade execution
- Support in 25 languages
- Competitive bonuses
- Scalping is allowed
- MT4 / MT5 or Webtrader
- Focused mostly on forex
- Not available for USA traders
- No forex options
- No real stocks available (only CFDs)
74,89% of retail CFD accounts lose money when trading CFDs with this provider.
|💰 Broker rating||4,5 / 5|
|💳 Minimum deposit||5 USD|
|📉 Number of available currency pairs||55+|
|💰 Spread EURUSD||from 0 Pip|
|📉 Min. volume size||1000 units (micro lot) - 0.01|
|☎ Headquarters||Australia, Cyprus (European Union) ,Belize|
|💰 Mobile trading||Android and iOS|
|💰 Account types||Zero, Micro, Standard, XM Ultra Low Account**Note: Availability depends on entity|
|💰 Scalping||Yes allowed|
|💰 Segregated Account||Yes - segregated top tier bank accounts|
|💰 Trading Contests||Yes|
|💰 Average spreads||EUR/USD 0,1 Pips USD/JPY 0,1 Pips EUR/JPY 0,6 Pips GPB/USD 0,4 Pips|
|💰 PAMM account||Not available yet|
|💰 Copying profitable traders (Copy trading)||No|
|💰 Islamic Account||Yes swap free account !|
|📚 Languages supported||Arabic, Bengali, Chinese Simplified, Chinese Traditional, Czech, Dutch, English, French, German, Greek, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Persian / Farsi, Polish, Portuguese, Russian, Spanish, Swedish, Tagalog, Thai, Turkish, Vietnamese|
|☎ Regulation & Licenses||ASIC Australia, CySEC (Cyprus), FSC (Belize)|
XM Demo Account
If you are a newbie and want to play with virtual money stress free, you can open a demo account that you can use for unlimited period of time. This means that all platform features and business strategies can be tested completely free of charge and without any risk.
Click here to open a free demo account where you can practice trading indefinitely. You can deposit real money anytime you want. Take your time.
XM Trading Platforms
You can choose between Webtrader + MT4/MT5.
We found webtrader pretty fast and stable. It is based on famous HTML Sirix platform.
XM Trading Instruments
XM is mostly focused on providing top notch forex trading experience!
Currently, you can trade with 53 forex currency pairs.
Regardless of what type of account you open, there are many CFDs on stocks available from the worlds biggest stock exchanges (DowJones, SP500, DAX, CAC40). You can also trade CFD on precious metals like gold and of course crude oil.
Regardless of what type of account you open, with XM you will have access to Metatrader 4, Metatrader 5 two of the world’s most popular charting platforms. In addition to almost infinite amount of technical indicators, MT4/MT5 allows fast and automated processing of different trading positions.
Although we had no time to test XM mobile trading platform, they offer mobile Apps that can be downloaded from Google Play and Apple iTunes. These Apps are designed to work without any limitations with Metatrader 4 and Metatrader 5. Professional traders can manage over 100 different accounts from one platform using the XM Multiterminal.
If you do not want to install any special software, you can use their XM WebTrader directly from your web browser. Actually this was the trading interface that we have used during our test! In addition to its ease of use, this software provides constantly updated economic news as well as an economic calendar and market analysis for even more flexible trading!
XM Trading Accounts
When it is a time to switch from a demo practice account to a real account, you have several options:
XM Group offers its clients 4 types of account:
- XM ZERO
- XM ULTRA LOW
MICRO account allows you to operate with micro lots, lower level of risk and it has minimum initial deposit of $5.
STANDARD account allows you to operate with standard lots and it has minimum initial deposit of $5.
XM ZERO account has a $3.5 commission per $100,000 standard Lot traded, it has minimum initial deposit of $50
XM ULTRA LOW account allows you to trade with either micro or standard lots, lower spreads starting from 0.6 pips and it has minimum initial deposit of $5.
* XM Ultra Low accounts and XM ZERO accounts are not applicable to all entities of the Group.
How to deposit into XM trading account
XM Group offers a wide range of payment options for deposit/withdrawals by multiple credit cards, multiple local electronic payment methods, bank wire transfer, local bank transfer and other payment methods.
Base account currencies
Base currency is the main currency of your account.
By selecting the right base currency, you can avoid currency risk in future.
Usually it is the currency that you are going to use to deposit. For example if you live in Singapore, than you will for sure deposit SGD and make it your base currency. If you are from South Africa we advise you to use ZAR as your base currency.
If you choose your country’s currency as a base currency, you can eliminate currency exchange fees that you would have to pay to your bank and also avoid any possible future currency risks.
You can have one account with XM with one currency and another account in different currency!
There is a time limited opportunity to claim competitive signup bonuses that will be credited right into your newly-opened XM trading account:
IMPORTANT NOTE: XM bonuses are NOT available for traders who signed up through Trading Point of Financial Instruments Pty Ltd.
- $ 30 Non-deposit BONUS to try out a platform for everyone (no deposit required )
- + 50% up to $ 500 bonus (Example: You get 50% on top of all deposits up to $500)
- + 20% up to $ 4500 bonus (Example )
I personally do recommend XM broker.
My experience with this platform just confirmed a rock solid XM reputation among the forex traders from all across the world!
Verification process was fast and smooth. I must emphasize the fact that the webtrader XM platform did not freeze a single time during the testing, all orders were executed very fast. Spreads and fees were just fine, exactly as stated on the website.
I was able to withdraw my money back almost immediately, and there has never any issue with price re-quotes.
Full regulation of XM broker under Australian ASIC is a big plus in my opinion.
As far as XM Webtrader’s user experience is concerned, I think it is one of the world’s best trading platforms. I can say that the overall XM trading experience was fantastic and that is important! Unfortunately, I was unable to test the mobile app, but maybe next time.
|Risk Disclaimer: |
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74,89% of retail investor accounts lose money when trading CFDs 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.
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