Last updated: May 25th, 2020
In this XM review, we checked XM trading platforms and compared XM spreads and other trading fees with direct competitors. We have also looked at XM’s robust trading assets offering. So, is XM trading a scam or not?
- Excellent reputation
- 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
- Choose from 11 base currencies
- Focused mostly on forex
- Bonuses not offered for EU traders
- Not available for USA traders
- No forex options
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, smartphone trading apps or 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 review – 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:
- ULTRA LOW with low spreads and a level of maximum leverage that can reach the 1:30.
The MICRO account allows you to operate with micro lots, lower level of risk and it has minimum initial deposit of $5. The STANDARD account allows you to operate with standard lots and it has minimum initial deposit of $5. The XM ZERO account allows you to operate with standard lots, lower spreads starting at 0 pips and it has minimum initial deposit of $100. XM ZERO account has a $3.5 commission per $100,000 traded. Finally, the 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 $50.
* XM Ultra Low account is not applicable to all entities of the Group. Account availability depends on the client’s country of residency
How to deposit into XM trading account
XM Group offers a wide range of payment options for deposit/withdrawals by multiple credit cards, multiple electronic payment methods, bank wire transfer, local bank transfer and other payment methods.
Which base currencies are available at XM ?
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.
- JPY – Japanesse Yen
- SGD – Singapore dollar
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 Ltd.
- $ 30 FREE 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 )
XM review verdict
I personally do recommend XM broker to you.
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.
Quick summary of XM benefits :
- Low trading costs (starting from 0 Pips for EURUSD)
- No sneaky tricks, stop loss hunting and no price requotes
- Above the average speed of trade execution
- Negative balance protection (you can NOT loose more than your deposit)
- You can play with practice demo account for unlimited period of time
- Instant deposit, real trading on the same day
- They are offer competitive BONUS structure for new and existing traders
- Cyprus CySEC regulated broker under CySEC 120/10
- International Financial Services Commission in Belize (IFSC/60/354/TS/19)
- Australia ASIC regulated forex broker under reference nbr.ASIC 443670