XM is one of the very well-known brokers for online forex and commodity trading, offering a wide range of features for trading Forex, Stocks CFDs, Equity Indices, Precious metals, Energies, and Cryptocurrencies. XM has a great reputation for no re-quotes or rejections of trading orders and no hidden fees or commissions. It was found in 2009, and they provide full access to MetaTrader platform. They currently offer over 100 instruments which include over 50 currency pairs, and over 350 CFDs. In this XM Review, We will cover most of the important information that traders need to know before deciding their broker.
XM offers three types of accounts to choose from. There are Micro, Standard and Ultra-low accounts. There is also an option for you to choose from commission-free trading for the Micro and standard account or tighter spreads which involve higher deposit requirements for the ultra-low account. They have divided the accounts quite well differentiating for beginners to experts.
Spreads and Leverage
The broker offers a very high industry standard leverage of 1:888 at the most. And their floating spreads as low as 0.6 is I could safely say that it is one of the lowest in the market. Over 100 instruments can be traded on both online and
The Company Status
Based on the island of Cyprus, XM offers excellent trading conditions for trading a wide range of instruments. XM is a name of Trading Point Holdings Ltd, which also owns Trading Point of Financial Instruments UK Ltd, Trading Point of Financial Instruments Pty Ltd and Trading Point of Financial Instruments Ltd.
XM provides a great deal of credibility. Because XM is regulated and licensed, as they should do and they do, keep customers funds in segregated accounts separated from the company’s operating funds.
As a further guarantee to clients’ funds, all companies regulated in UK and Cyprus are covered by compensation schemes as an additional guarantee to clients funds. All deposits with the UK regulated forex broker up to £50,000 per client are guaranteed by the Financial Services Compensation Scheme (FSCS) – UK’s statutory compensation scheme for clients of authorized financial services companies. Similarly, Cypriot Investment Firms are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.
Deposit & Withdrawal
Clients can make payments with XM via the most commonly used payment gateways today including credit and debit card, Neteller, Skrill, bank wire and more. They are quite flexible in their funding methods. XM will cover all transaction transfer fee for payments made via Neteller, Moneybookers and all major credit cards such as VISA, VISA Electron, Mastercard, Maestro and China UnionPay.
XM’s customer services are great. Multilingual personal account managers are at both demo and real account clients available for 14 languages, assisting with professionalism 24 hours, 5 days a week. Average connection time for a phone call is quite short and their professionalism is quite diligent. However, there are reports and review that show that they don’t connect very well with clients by not picking up their customer support phone lines, and being quite slow with any processes.
From this XM Review, we have listed important information for traders to see. All traders always look for a well-regulated, well-operated broker that they can trust. And XM is one of the fine examples of just that. They are regulated by FCA, ASIC, and CySEC, offering safe trading condition, offering a wide range of trading products and well-organized account types on two of the greatest platforms both mt4 and mt5. To top it all off, it provides clients with Negative Balance Protection, as well as excellent bonuses to their clients.