XM REVIEW 2020

According to our XM review, one of the various reasons that XM has been successful  is that in the brokerage industry is because of its attention to detail and client needs. The brokerage company, XM , is well-known for its focus on customer needs, which comforts the clients in the safety in opening a public account.

In this XM review, we will focus on the main features and elements of the XM brand.

Pros

• Licensed and Regulated by CySEC, ASIC, and the IFSC
• Easy and Convenient in Opening an Account
• No Re-Quotes and Tight Spreads Available
• Over 55 different currency pairs available

Cons

• Does Not Have a Banking License
• Increased Spreads on Standard and Micro Accounts
• Does Not Provide a 247 Customer Service Support

Pros

• Licensed and Regulated by CySEC, ASIC, and the IFSC
• Easy and Convenient in Opening an Account
• Holds Clients Funds in Segregated Accounts
• No Re-Quotes and Tight Spreads Available
• Over 55 different currency pairs available

Cons

• Does Not Have a Banking License
• Increased Spreads on Standard and Micro Accounts
• Does Not Provide a 247 Customer Service Support

XM started out as a company called Trading Point Holdings, which was established in 2009. This shows that XM comes from a long line of brokering experience, since they have managed to stay afloat throughout the various financial storms that took place throughout the years.

XM Licenses and Regulation

XM holds multiple trading licenses such as: CySEC, ASIC, and IFSC. The Cyprus Securities and Exchange Commission (CySEC) is necessary, due to its headquarters being in Cyprus. XM is fully compliant with the Markets in Financial Instruments Directive (MiFID) of the European Union, which makes the company completely safe and secure for the clients in the European Union.

How are you protected

With XM, there are several forms of protection for client information and funds. They provide negative balance protection for CFD and Spot Trading clients of the European Union. Along with that layer of protection, in accordance with the financial regulations they are registered under, all client funds are stored in segregated accounts, away from the corporate funds of the company account.

Pros

• No Withdrawal Fee
• No Deposit Fee
• No Account Fees

Cons

• Inactivity Fee After 90 Days
• Relatively Average Forex Fees for Standard and Micro Account

XM Inactivity Fees

XM does not require an inactivity fee per month, which means that traders do not have to worry about being charged until they are inactive for a period of 90 days. However, traders have to consider that the trading fees are relatively average.

XM has offered clients no inactivity fees per month, charging only after 90 days, and there is no deposit fee! This indicates that you can create an open account without any fiscal accountability.

This is considered a huge benefit for XM clients, since they don’t have to worry about the consequences that follow when they want to open or close their account. However, there are serious trading conditions that follow opening a trading account with this broker.

XM Trading Fees and Spreads

XM provides variable spreads, similar to that of the Interbank Forex Market. The spreads do not apply any restrictions on trading processes during press releases on the industry. For trading clients, they benefit a lot from these conditions, as fixed spreads are higher and they consist of more flexibility than other distinguished trading strategies.

There are different types of fees that are provided for each account type. The inactivity fee is charged after ninety days, and it is relatively low, with a fee of 5USD. For the EURUSD asset, it is a relatively average fee, depending on your account type.

For Micro and Standard Accounts, the fees are incorporated into the spread, with 1.7 pips as the cost of spread. When it comes to XM Zero Account, there is a 3.5USD commission for each 100,000 USD traded and an average spread of 0.1 pips.

All trading costs and fiscal responsibilities are available in spread with no hidden fee, which highlights XM and its transparency towards its clients. The trading fees and conditions of XM define its reputation in the brokerage industry, as well as its public status towards clients.

XM Overnight Fees

XM also offers an overnight fee, the fee that a trading client has to financially compensate as a contingency when the position is available longer than a day and it is possible for a swap contract that occurs as a cost for traders. This gives XM the opportunity for clients to keep their status for more than the allotted hours that are commonly provided.

According to our research in comparison with other Forex brokers, there are differences in the trading fees between XM Group and other competitors.

XM Account Types

There are four main trading accounts for traders to choose from, with different perks and different features that are standardized based on the trader’s preference. Along with the four trading accounts, there is always the possibility of using a Demo Account to get you started.

XM Group offers its clients 4 types of account:

 MICRO, STANDARD, ZERO and ULTRA LOW

with low spreads and a level of maximum leverage that can reach the 1:30.

The MICRO account allows you tooperate 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 and XM Zero accounts are not available to all entities of the Group

XM Islamic or Swap Free Account

The trading accounts of XM, such as Standard, Micro and XM Zero accounts, all contain characteristics that can be customized to each clients needs.

Each of the three accounts, based on a client’s requests, can be applied to an Islamic, or otherwise know as swap free, account. This shows that there is no swap interest and the Islamic account is applicable for any client that follows the Shariah laws.

How to Open Xm Account Step by Step Guide

Pros

• No deposit fees
• No withdrawal fees
• Free wire withdrawal above the amount of 200USD
• Many options for withdrawal and deposit

Cons

• Wire transfers below 200USD charge a 15USD fee

XM Withdrawal Options

•  Bank Wire Transfer
•  Credit / Debit Card
•  Electronic wallets

XM Deposit Options

•  Bank Wire Transfer
•  Credit / Debit Card
•  Electronic wallets

Pros

• Customizable selection of options
• Clear fee report

Cons

• Design is outdated and obsolete
• No alerts or notifications on changes of prices

To place an order, you can be able to use any or all types of basic order types. There are all fairly simple, and the order types that are available are: market, limit, and stop. You can also place the order time limits of: Good Til Time (GTT), and Good Til Cancelled (GTC).

You can also see your profit-loss balance, and all the commissions you have paid. This can be found under the “History” tab, which provides all the information needed in your portfolio.

With XM web trading platform, there is a two-step verification process, for security measures, in order to login on the website where you can deposit and withdraw funds. However, the trading platform of MetaTrader itself does not have a two-step verification process.

For notifications and alerts, there are no alerts on price changes in the XM web trading platform. This particular option is only available on the desktop trading platform.

The MetaTrader web trading platform is very susceptible to customizing the platform to your choosing, you can be able to customize it as you please, and that is despite the fact that its design is a bit obsolete. You will be able to use their search functions well, which are grouped into several classifications.

XM has provided traders with web trading platforms such as: MT4, MT5, and Webtrader.

Pros

• Price alerts
• Customizable options selected by trader’s selection

Cons

• Obsolete design

There is no difference between the MT4 and MT5 web trading platform and the desktop trading platform. Both types of trading platforms have the same designs, the same languages, and you can place the same order types.

The basic order types are: Market, Stop, and Loss. The desktop trading platform also provides the same order time limits of GTT and GTC, even the same search engine functions.

You can also look through your past commissions, fee reports, and portfolio history. It also does not require a two-step authentication process, but the website of XM does.

The MetaTrader desktop trading platform is very similar to that of the web trading platform, but there is one major perk and one drawback to the desktop trading platform. The main difference between the desktop and the web trading platform is that you can set alerts on price changes on the desktop trading platform, in the form of email notifications or mobile push alerts.

The main drawback to the desktop trading platform is that it could improve its search functions to match the web trading platform.

Pros

• User-Friendly
• Great Search Function
• Alerts are possible for price changes

Cons

• Confirmation on orders are unavailable
• No Face recognition login

There are two types of trading platforms that offer mobile services, MetaTrader4 and MetaTrader5. There are many languages that are available for you to choose from, so you do not have to worry about not finding the right one.

With the XM MT4 mobile trading platform, it is very user-friendly and you will be able to find all of the features easily. You will not need to go through a two-step verification process, but you will need to go through a two-step login process, for safety measures. Because of the two-step login, you will not be able to find the Face Recognition feature useful.

Along with the web trading platform and the desktop trading platform, you will find the same order types available for you. These basic order types include: market, stop, and loss. There is also the order time limit of Good Til Cancelled (GTC), and Good Til Time (GTT).

With the mobile trading platform, you will be able to put alerts on your cellular device, which is considered easier than that of the desktop trading platform option.

XM has more than a total of 1000 financial instruments which can be traded on the MetaTrader 4 and MetaTrader 5 platforms. This does include Forex Trading, Commodities CFDs, Stocks CFDs, Precious Metals CFDs, Equity Indices CFDs and Energies CFDs.

XM does not offer binary options or future and Forex trading is available on over 55 pairs, including the major EUR, USD, JPY, and GBP sets.

Trading ideas are a new hit at XM, since it is one of the most recent extensions to the website and trading platform. Trading ideas give traders the idea of where to invest next, showing you different symbols, what was the last direction they moved in (up or down), and when did the last position take place.

Pros

• Different Methods of Customer Support
• Phone Support Available
• Live Chat Available
• Email Available
• Customer Service Available in Different Languages

Cons

• Customer Service is not available 24\\7; only 24\\5
• Multiple Questions Decreases Fast Response on Live Chat

• Email
• Live Chat
• Phone Call

XM Group has a one-of-a-kind educational resource, which is XM Live. They offer a podcast for traders to listen through, where you can learn about their products and if you have any trading-related questions, they will answer you! XM Live also provides daily competitions where you can win prizes. The podcast is in English, Monday to Fridays, from 4PM to 5PM GMT.

XM provides live webinars and educational videos that will give you all the guidelines and instructions you need to understand the trading service provider and how it works. Most of their educational content is through videos, which makes it easier to learn and keep track of.

• XM Live
• Live Education
• Educational Videos
• Forex Webinar
• Platform Tutorials
• Forex Seminars
• Demo Account

XM will aid the client in finding their preferences and tailor it to their needs. The customer support officers are very attentive and they have a hands-on approach to their clients. Their target audiences are new and experienced traders, so they are flexible in dealing with any form of clients.

The benefits of XM are that they appreciate the human touch, when it comes to brokerage services. They are considered a safe and transparent brokerage firm that is approved, with multiple licenses.

There are no deposit and withdrawal fees, but there is a minimum deposit amount of 5USD. An added bonus is that transfer fees are paid by XM; they also give the option for traders to fund their accounts through their local banks.