Rating: 100%

Min Deposit

$ 5

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Last Updated:Feb 13, 2024

XM Forex Broker Review - All You Need to Know About XM Group

Q: Is XM Forex Broker Good for Beginners?

XM broker is suitable for both beginners and experienced traders. New traders can benefit from the various educational content available on the company's website. These include webinars, market analysis, and trade ideas. Beginners also have an opportunity to interact and learn from experienced traders on the broker’s trading platform.

XM is an FX brokerage that was founded by Trading Point Holdings in 2009. The broker is globally available and allows traders to buy and sell various financial assets including forex, crypto, metals, and CFDs. XM is regulated by the Financial Services Commission, Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). Its users have access to both MT4 and MT5 platforms in addition to low trading and withdrawal fees.

XM forex broker also provides comprehensive educational content, low spreads and fees and has high quality account protection; however, there is no investor protection for clients outside the EU. With that said, let us review XM broker and all the key features of the platform.

It has:

Low withdrawal fees
Comprehensive educational content
Low trading fees and commissions
Low minimum deposit
Bonus of up to $5,000
Low spreads of up to 0.6 pips

XM Broker Summary

XM is a highly regulated and trusted broker with over 5 million clients globally. The platform is great for both new and experienced traders who prefer to use MT4 or MT5 while trading forex and CFDs. The broker charges minimal fees. The platform is regulated by the Financial Services Commission, ASIC, and CySEC. From our XM forex review, we discovered that the account opening process is quite straightforward, with abundant educational content available for free.

Licenses

XM is regulated by the Financial Services Commission, ASIC, and CySEC. This makes it a globally trusted platform.

Platforms

XM broker allows traders to use MT4 and MT5 platforms because it currently has no proprietary trading platform. You can use either of these two platforms, depending on the asset you are trading.

Privacy and Protection

As a trusted broker, XM is regulated by tier-one regulatory bodies and takes measures to guarantee the safety of your funds and information.

Spreads/Fees

XM broker provides ultralow spreads of up to 0.6 pips. This helps traders execute trades seamlessly. Their fees are, overall, highly competitive.

Mobile

XM has a great mobile trading platform, which is offered on MT4 and MT5. The platform is highly user-friendly and provides a great search option.

Customer Care

XM's customer service is easy to access and provides support in multiple languages. Users get access to these services via phone, email, or live chat features.

Safety and Regulatory Compliance

Investor protection is important because it provides confidence to potential investors that their money is safe and protected. It also ensures that financial markets are fair and transparent, which promotes stability and growth. To keep funds secure, segregated accounts are sometimes held with top-tier banks.

When it comes to choosing a broker, there are many factors to consider—and one of the most important is whether the broker is regulated by a reputable authority.

XM trading broker is regulated by several regulatory bodies, which ensure that it keeps users' funds safe and secure at all times. These regulatory bodies include the Financial Services Commission, ASIC, and CySEC. These agencies ensure that XM consistently complies with best practices and remains transparent when dealing with clients. This makes it one of the most trusted brokers as far as investor protection is concerned.

Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.25% of retail investor accounts lose money when trading CFDs with this provider.

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Tradable Instruments and Assets

The more assets there are to trade, the more opportunities there are to make money; and the more diverse the assets, the more likely it is that you will find something that fits your trading style. Of course, not all brokers offer the same type or number of assets. Some specialize in foreign exchange (forex) trading; while others focus on stocks, options, or other securities.

XM forex trading broker offers a wide range of assets, including major currency pairs, stocks, cryptocurrencies, and CFDs. Traders can use the MT4 or MT5 platform to buy and sell CFDs with high leverage, and this makes the platform suitable for both new and experienced traders. XM offers over 1000 trading instruments as well as 24/7 trading on crypto and CFDs. This is great for traders who love to trade multiple assets as they can get access to these assets on a single trading platform. You can trade crypto pairs, such as BTC/USD and ETH/USD; or crosses, such as BTC/XRP. This variety allows traders to gain access to many assets, thereby allowing them to maximize their trading strategies.

XM offers a wide range of trading instruments, quality customer service and an in-dept educational platform.

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XM.COM - For the Traders

XM Spreads, Commissions, and Other Fees

Commissions are fees charged by a broker for processing transactions and trades. Commissions can be a fixed amount or a percentage of the value of a trade, depending on the broker. Fees, on the other hand, are charged for services, such as account maintenance, withdrawals, and deposits. Both of these costs can eat into your profits if you are not careful. That is why it is important to choose a broker with low commissions and fees.

XM charges little to no fees on the processing of most transactions. The trading fees on CFDs are extremely low and there are no withdrawal fees. The broker charges a commission of $3.5 per lot on the XM zero account. In addition to paying commissions, you may have to factor in the cost of spread while trading.

You will not be charged a fee for opening an account on the platform. However, if you are inactive for 90 days, you will have to pay an inactivity fee of $15. Subsequently, you will be charged $5 monthly if this inactivity persists.

XM Account Types and Signup Procedure

XM provides different account types to cater to different traders and their unique preferences. Opening an account is relatively easy and can be done in a few steps:

Step 1: Log onto the Website

The first step is to log onto the company's website. This gives you access to the different sections of the platform.

Step 2: Choose “Open an Account”

Once you have opened the website, you may choose to open an account.

There are several account types available and you can choose whichever suits you during the signup process.

Step 3: Fill in Your Personal Details

As with most regulated platforms, XM broker requires your personal information and details while setting up an account. You will need to provide accurate information as these will be verified later using a government-issued ID.

You have to provide your name, country of residence, phone number, and email address. All the information provided should be accurate because it can help you secure your account or reset your password when necessary.

Step 4: Choose a Trading Platform

Once you have provided your personal information, you will be required to choose a trading platform.

Two platforms are available: MT4 and MT5. MT5 is overall more advanced than MT4 and provides access to more tradable instruments, such as stocks. However, you can choose whichever meets your trading needs.

Step 5: Choose an Account Type

Once you have chosen a trading platform, you need to choose the account type that suits your trading style. XM broker provides four types of accounts:

Micro accounts
Standard accounts
Ultra-low standard accounts
Ultra-low micro accounts

Trade Responsibly. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.25% of retail investor accounts lose money when trading CFDs with this provider.

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Withdrawal and Deposit Methods

Deposits and withdrawals are essential parts of trading on a brokerage platform. XM provides multiple deposit methods with no deposit fees and several account base currencies. Since there is no deposit fee, XM broker will not deduct any amount from the deposits you make.

The deposit methods available include:

bank transfer
credit/debit card
e-wallet
local bank transfer
NETELLER
Skrill
UnionPay
WebMoney

Pros

No deposit fee
Low minimum deposit ($5)
Deposit process is easy and instantaneous

Cons

Crypto deposits not supported
PayPal not supported

Deposit Method	Deposit Processing Times	Min Deposit	Withdrawal Procesing Times	Min Withdrawal
Credit / Debit cards	2-5 business days	$5	2-5 business days	$5
eWallets	Instant	$5	Instant	$5
Bank Wire	2-5 business days	$5	2-5 business days	$5

*18+ T&Cs apply to each offer.

To make a deposit, you simply need to log into your trading account and go to the deposit option. Then select the deposit method and make the deposit. The process is usually fast and instantaneous and you can immediately start trading with the deposited funds.

XM offers free withdrawals. The supported withdrawal methods are:

bank transfer
credit card
debit card
e-wallet

If you are withdrawing to your domestic bank, you will be charged a fee for withdrawals above $200. However, no fees are charged for higher amounts. Unlike deposits, withdrawals on XM tend to take more time. On average, it takes one to two business days for the funds to arrive.

Privacy, Data, and Fund Protec

XM broker is regulated by three financial authorities and strives to keep its platform secure for users around the world. It is regulated by the Financial Services Commission, ASIC, and CySEC. The platform takes several measures to protect users and their accounts.

First, there is negative balance protection, which means that even if markets move rapidly against your trades, your account will not be negative. XM does this to protect clients from highly volatile market conditions, such as news releases.

When it comes to data protection, XM broker does not disclose users’ private information and strives to provide them with the best possible trading conditions.

Pros

Negative balance protection
Regulated by three regulatory agencies

Cons

Financial information is not publicly available
Not listed on a stock exchange

XM Trading Platforms

XM provides different trading platforms to meet the needs of traders with different levels of experience. Traders can use webtrading platforms on Android and IOS. Furthermore, the broker provides access to desktop and webtrading via an MT4 MultiTerminal and an MT4 webtrader for PC and Mac, respectively.

Whether you are using the Mac webtrader or a Windows PC, you will get access to multiple tools and functionalities, including one-click trading, sophisticated charting tools, an internal mailing system, custom indicators, database management tools, and built-in help guides. These tools will help you learn how to trade on XM trading platform even if you are a first-time user.

Furthermore, you can get access to the MT4 MultiTerminal. This helps you manage multiple accounts at once and maximize your gains by organizing your trades and accounts in a convenient manner. To gain access to this feature, you only need to follow two steps:

Simply log into your XM account.
Select the trading server and login.

If you trade using MT4, your webtrading will be done on the XM MT4 webtrading platform.

To use it, you will need an MT4 account. You cannot use an MT5 account on the MT4 trading platform, so make sure you create your MT4 account beforehand. The webtrading terminal offers instantaneous trade execution and allows traders to buy and sell various assets, such as stock indices, forex, cryptocurrencies, precious metals, and energies.

Mobile Trading: Android, iOS, and Other Platforms

XM has a mobile trading app available on Google and Apple stores. The XM trading app download is free.

Android
iOS

To access the mobile platform, you need to:

Download the app.
Login with your MT5 details. This is crucial because you need an MT4/MT5 account to trade with XM.
If you do not have an account, then you need to open one.
Click the XMGlobal-Demo icon if you have a demo account, or XMGlobal-Real if you have a real account.
Enter your login and password, and start trading!

The mobile trading platform allows traders to gain access to multiple tradable assets, including forex, crypto, and CFDs. The XM login procedure is extremely easy and straightforward.

One unique feature of the XM mobile trading terminal is that it is easy to use: most of the tools and functionalities can be accessed readily from the app's homepage. However, the trade execution speed is similar to that of the regular MT4/MT5 platform. If you want to easily execute trades and manage your XM trading account simultaneously, then the XM mobile trading platform might be best for you.

Trading Platform Review

XM allows traders to gain access to several features on their trading platforms. Unlike other forex brokers, it allows hedging on more than 1,000 financial instruments, including 55 forex pairs. This makes it versatile as it permits traders to use various styles of trading to maximize their gains. Clients also get access to trading ideas and analysis to help them better understand financial markets.

Customer Service and Support Features

XM offers great customer service, which is currently available in over 20 languages. You can get support via live chat, phone, or email.

The live chat feature is not available 24/7: XM only provides support 24/5. Although the live chat support offers great service, it is not quick to respond.

The phone support is also great and you can access it in various languages. However, the response time can be slow if there is high demand.

XM email support works well and typically provides answers in 24 hours or less.

Live Chat

Yes

E-Mail

[email protected]

Phone

+357 25029933, ‎+357 25345225

What languages does XM support?

XM is available in the following languages:

Bengali

English

French

German

Greek

Hindi

Hungarian

Italian

Korean

Malay

Mandarin Chinese

Polish

Portuguese

Russian

Spanish

Turkish

Vietnamese

Other Resources and Benefits

When it comes to education, XM does a great job of teaching both new and experienced traders several strategies and approaches to trading financial markets. If you are a new trader, you can learn by watching videos on the platform, then practicing with a demo account. The educational videos are valuable as they contain useful information and insights.

The broker’s webinars are of commendable quality. They are offered for free and in multiple languages. These can be combined with the technical and market analyses provided daily. The market analysis includes trading ideas and a high quality research and education section on the website.

Visit “FOREX BROKERS ACADEMY” for more information.

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Awards and Recognitions

XM has been acknowledged as the “Best FX Service Provider” for the year 2022 by the City of London Wealth Management Awards. This is in recognition of the high standard of services provided by the platform.

Best FX Service Provider

City of London Wealth Management Awards 2022

Best FX Provider

Best FX Broker

Best FX Tools / Service

Best FX Platform

FAQ

Is XM Broker Regulated?

Yes, XM is regulated by the Financial Services Commission, ASIC, and CySEC. XM is regulated by tier-one financial regulatory agencies, which ensure that it adheres to best practices when dealing with clients.

Is XM Secure?

XM is regarded as one of the most secure brokers as it takes measures to protect users' funds and privacy. XM does not share the personal information and account information of users. XM Group is licensed by several regulatory bodies, is not publicly traded, and does not operate a bank. Overall, the broker is considered to be highly secure and trustworthy, and this has increased the number of traders on the platform. As discussed in this XM review forex and financial traders trust XM as it complies with many regulatory standards.

Is XM Forex Broker Good for Beginners?

XM broker is suitable for both beginners and experienced traders. New traders can benefit from the various educational content available on the company's website. These include webinars, market analysis, and trade ideas. Beginners also have an opportunity to interact and learn from experienced traders on the broker’s trading platform.

Final Thoughts

Ultimately, XM is a reputable broker with many tools for new and experienced traders to maximize their trading strategies. The platform offers low fees and spreads as well as comprehensive educational content for traders. However, the range of deposit and withdrawal options as well as commissions charged per trade can be improved upon. Before deciding to trade with this broker, make sure that it meets your trading needs.

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