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XM Review

XM Review 2018

Our XM review in 2018 will identify and describe a few key areas that we consider important to the aspiring trader looking for the best forex brokers with whom to register.

What is XM?

XM was founded in 2009 and is a safe and secure brokerage regulated by CySec, FCA, FSA UK, ASIC and the IFSC.  The registered trade name of Trading Point of Financial Instruments Ltd, XM’s main offices are in the beachside city of Limassol, Cyprus. Throughout their short existence, the company has built a solid reputation based around strong client communication, transparent business practices and excellent trading options.

XM USA

Unfortunately, for clients looking to engage in xm usa forex trading, this company currently cannot cater to those residing in the USA. This is due to strict regulatory conditions whereby the controlling regulator in the USA, the SEC, does not allow contract for difference (CFDs) instruments to be made available to residents of this region. So, until SEC regulations are altered, no trader can set up a xm usa account.

Regulatory Agencies

XM is the trading name of Trading Point Holding Ltd, who own the brands Trading Point of Financial Instruments UK Ltd, Trading Point of Financial Instruments Pty Ltd, XM Global Limited and Traditional Point of Financial Instruments Ltd. Each of these entities are regulated by difference regulatory bodies as follows:

Trading Point of Financial Instruments UK Limited is regulated in the United Kingdom by the Financial Conduct Authority (FCA) under license number 705428.

Trading Point of Financial Instruments Pty Ltd is regulated by the Australian Securities and Investment Commission (ASIC) under license number 443670.

XM Global Limited is regulated by the International Financial Services Commission (IFSC) Belize under license number IFSC/60/354/TS/17.

Trading Point of Financial Instruments Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 120/10 and with the FCA (FSA UK) under license number 538324.

Reliability and Security

Because XM faces strict regulation through four highly regarded regulatory agencies, they can be considered a safe and reliable company whose clients’ privacy and security will never be placed in jeopardy.

XM places all client funds into a segregated bank account to ensure that client funds are not placed together with company funds thus adding secure protection. These bank accounts are stored with tier-1 banks that are highly trusted.

In terms of account security, all personal data is registered with the Information Commissioner’s Office (ICO) and kept in accordance with the relevant protection laws of the ICO. All personal data is transmitted using Secure Socket Layer protection that ensures client information cannot be breached.

XM Trading Platform

XM is one of only a few brokers that provides access to both the highly-respected MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading software platforms developed by MetaQuotes Software Ltd. The major benefits in using MetaTrader software are outlined as follows:

  • User Friendly –MT4 is super easy to operate due to a clear and concise navigational interface.
  • Multiple Language Support – MT4 provides many language options for users from all over the world which provides non-English speaking traders with the option of customizing the trading platform to select their native language, hence making trading easier and more convenient.
  • Advanced Chart Packaging – MT4 possesses an advanced chart package which allows traders to investigate further into the forex marketplace. Although the charts are extremely deep and detailed, they are easy to read, to navigate, and are highly customizable.
  • Advisors – This handy option allows traders to automate the trading process by using the expert advisor feature which can provide great advantages to trading success.
  • Improved navigation for multiple trading with MT5- MT5 has provided further enhancements to the navigational interface for traders who are utilizing multiple trading accounts, making it much easier to operate.
  • Technical Indicators – While MT4 provides traders with many technical indicators (TI), MT5 has taken this one step further by adding more highly valuable TI’s. These include Adaptive Moving Averages (MA), Double and Triple Exponential MA and Variable Index Dynamic Average, too name just a few.

Mobile Trading Capability

The XM trading platform, MetaTrader, is available as a mobile app for both Apple and Android from the iOS App Store or at Google Play. The mobile app allows XM clients to access the market and perform trades while away from their desktop and on their smartphones or mobile tablets.

Types of Trading

Our XM review in 2018 has identified the following trade types that clients can choose from:

  • forex trading
  • stock trading
  • commodities
  • equity indices
  • precious metals
  • energies
  • cryptocurrencies

In relation to the highly popular cryptocurrency trading, XM provides the opportunity to trade the following types of cryptocurrency against the US Dollar:

  • Bitcoin
  • Dash
  • Ethereum
  • Litecoin
  • Ripple

Check out our list of the best cryptocurrency exchanges here!

Account Types

Our XM review has identified that there are four main account types that they offer to users. The account types that this company offers are as follows:

XM Demo Account: For those looking to investigate whether this may be an appropriate broker suitable for their trading needs without outlaying any money, then consider an xm demo account setup. Creating an xm demo account login will give the user access to the MetaTrader platforms where they can spend time familiarizing themselves with the total experience prior to spending any real cash.

Micro Account:  If happy with the xm demo account setup and keen to start trading real money, then the trader may want to consider creating a micro account. This is the best method for a trader who is still learning the forex market but who wants to do so with a low-risk approach. The aspiring client can open a micro account for as little as five dollars.

Standard Account: The next step up is to open a standard account. This is the usual account type selected by more experienced traders who are keen to expose themselves to a medium level of trade risk. The major difference in this account type is the larger contract sizes that are available.

XM Zero Account: New to XM is the zero account. The benefit of this account type is the floating spreads offered that start as low as zero pips. This account type will largely appeal to the experienced forex trader who is after a sophisticated platform that possesses ECN style pricing.

Spreads and Commissions

XM provides over 60 currency pairs that can be traded both on a desktop and on their mobile trading apps. Much like many other forex brokers, XM’s spreads will largely depend of the account type that the clients have selected. While spreads can start as low as zero pips, this is not the case with all account types. A major benefit with XM is that pips are listed at fractional pricing with five digits offered instead of the four digits at many other brokerage firms.

There are zero commissions charged by XM. Rather, they make a profit on the spreads of the trades. Hence, there are no hidden fees and any gains made by the trader are actual.

Payment Options

When it comes to deposits and withdrawals, account funding is 100% automated with same day withdrawals guaranteed. There are several payment options available to XM clients including:

  • Credit card payments (Visa, Mastercard, Switch, Solo)
  • Bank wire transfer (Skrill, MoneyBookers, Neteller, SoFort, Western Union)
  • Local bank transfer (enabling investors to fund their accounts through their own local banks and in their own local currency)

All XM transfer fees are covered by the company and there are no hidden fees or commissions for fund transfers.

Promotions and bonuses

There are three types of promotional bonuses that XM offer their clients. These offers are:

$30 No deposit bonus – When you open a new account with the company, excluding a xm demo account setup, then you will instantly receive $30 of your chosen currency without having to make a deposit. The bonus can’t be withdrawn but any profits made using the bonus money can be.

Up to $5000 in deposit bonuses – If you have deposited $5000 you are eligible to receive a 50% bonus on your first $1000 plus a 20% bonus on the remaining $4000, giving you $1300 in bonus money.

Loyalty reward bonus points – Loyalty points can be earned through every trade and converted into bonus funds. These points can be earned on micro accounts, as well as standard and zero, and is a great way to build additional credit as you trade.

Customer Support

Our XM review in 2018 found that the customer support offered by XM is of a high-quality. They provide their clients with email support, a telephone support line and live chat help in over 20 languages. This support is available 24 hours a day from Monday through Friday. So please be aware, if a question is lodged on a Saturday it will not be addressed until the next business day.

Positive Attributes

  • High level of safety and well-regulated
  • XM demo account setup available
  • A choice between MetaTrader 4 and MetaTrader 5 as XM trading platforms.
  • A high-level of customer support available
  • Highly beneficial bonuses
  • Minimum required deposit to trade is only $5USD

Negative Attributes

  • Small fee of $5 per month needs to be paid in months where inactive
  • PayPal unavailable as a payment option
  • Not a very expansive range of cryptocurrency options
  • Lack of Social Trading Platforms and Social Trading options
  • No binary options

Conclusion

Our XM review in 2018 found that there is little wonder that this company has turned themselves into one of the fastest-growing, most highly respected forex brokers in the industry.  Their wonderful customer service, safe and reliable service and use of MetaTrader 4 and 5 has resulted in over 700,000 traders joining their ranks. Suitable for both beginner traders and the more experienced, this may very well be the forex broker that you have been looking for. Create a xm demo account login today and give them a test run. We feel that you won’t be disappointed.

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