XM Review 2022

Is It Safe Or A Scam?

It is a very common question to ask if XM is safe or a scam, for a public account.
The answer is yes, it is certifiably safe to trade with this broker. XM is rewarded with global recognition and reputable awards for its achievements in the brokerage industry and its highly regarded trading aspects.

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.

Awards

Overall, XM has achieved to create a client-centric culture and manages to offer very competitive trading conditions. Apart from its highly good results and reputation among the trading community, XM received many reputable awards for industry achievements including Best Forex Broker for Europe and Most Trusted Broker. More information can be found on XM’s website.

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 Inactivity Fees

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 Inactivity 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

With XM, there are many perks in opening an account, but the most important benefit for any trader is that traders are welcome to open an account, without facing any trouble whatsoever.

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

• MICRO Account
• STANDARD Account
• ZERO Account
• ULTRA LOW Account
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The MICRO account allows you to operate with micro lots, a lower level of risk and it has a minimum initial deposit of $5.

The STANDARD account allows you to operate with standard lots and it has a minimum initial deposit of $5.

The XM ZERO account allows you to operate with standard lots, lower spreads starting at 0 pips, and has a 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 has a minimum initial deposit of $50.

* XM Ultra Low and XM Zero accounts are not available to all entities of the Group

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

Each of the three accounts, based on a client’s requests, can be applied to an Islamic, or otherwise known 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.

Opening an XM trading account can be done digitally, with no delay, and on the same day as you apply. All you need is to fill out the application, by choosing the language that you prefer.

The languages available are: English, Arabic, Bengali, Chinese, Czech, Dutch, Filipino, French, German, Greek, Hungarian, Indonesian, Italian, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Vietnamese.

Once you do, you will need to fill out the information required in the online application.

How To Open XM Account Step By Step Guide

1. Fill out your name, email address, telephone number, and country of residence. Put in your personal information, mostly your date of birth and current address.
2. XM will define the trading account and the regulations you will follow and abide by.
3. Choose the trading platform that you prefer and the type of account you want to use from now on.
4. You will need to provide your financial information, which includes your deposit and withdrawal method options, and you will need to answer several questions about your financial background and knowledge. XM wants to make sure you understand the risks and benefits of trading, before entering into an account.
5. You will need to verify your identity, with a form of identification, and proof of residency. In order to verify your identity, you will need to upload a copy of any form of identification such as ID, passport, and/or driver’s license. As for the proof of residency, bank statements and bills are accepted as proof of your current residence.