Founded in : 2009
Headquarters : Cyprus, Australia, Belize
Regulation : CySEC, ASIC, IFSC
Platforms : MT4, MT5, XM WebTrader
Leverage : 1:30
Minimum Deposit : USD$5
Summary of XM Group
XM Group is a broker company that was initiated in Cyprus, in 2009. It provides its services to over 196 countries, with the added bonus of its customer service speaking in 30 languages. XM Group has been fully functioning since 2009 and has continued its rise to success ever since.
One of the various reasons that XM Group has been successful in the brokerage industry is because of its attention to detail and client needs. The brokerage company, XM Group, 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 brand for XM Group.
It is a very common question to ask if XM Group is safe or a scam, for a public account. The answer is yes, it is certifiably safe. XM Group is rewarded with global recognition and reputable awards for its achievements in the brokerage industry and its highly regarded trading aspects.
In XM Group, there are 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 Group 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 EU.
With XM Group, 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.
XM Group started out as a Trading Point Holdings, which was created in 2009. This shows that XM Group 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 Group 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 90 days. However, traders have to consider that the trading fees are relatively average.
XM Group 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 Group 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 an account in XM Group.
XM Group 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 Group define its reputation in the brokerage industry, as well as its public status towards clients.
XM Group 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 Group 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.
Opening an Account
With XM Group, there are many perks in opening an account, but the most important benefit for any trader is that traders are welcome to opening an account, without facing 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.
|Micro Account||Standard Account||XM Ultra Low Account||Shares Account|
|Base Currency Options||USD, EUR, GBP, JPY, CHF,|
AUD, HUF, PLN, RUB, SGD, ZAR
|USD, EUR, GBP, JPY, CHF,|
AUD, HUF, PLN, RUB, SGD, ZAR
|EUR, USD, GBP, AUD, ZAR, SGD||USD|
|Contract Size||1 Lot = 1,000||1 Lot = 100,000||Standard Ultra: 1 Lot = 100,000|
Micro Ultra: 1 Lot = 1,000
|Leverage||1:1 to 1:888 ($5 – $20,000)|
1:1 to 1:200 ($20,001 - $100,000)
1:1 to 1:100 ($100,001 +)
|1:1 to 1:888 ($5 – $20,000)|
1:1 to 1:200 ($20,001 - $100,000)
1:1 to 1:100 ($100,001 +)
|1:1 to 1:888 ($50 – $20,000)|
1:1 to 1:200 ($20,001 – $100,000)
1:1 to 1:100 ($100,001 +
|Negative Balance Protection||Yes||Yes||Yes||Yes|
|Minimum Trade Volume||0.01 Lots (MT4)|
0.1 Lots (MT5)
|0.01 Lots||Standard Ultra: 0.01 Lots|
Micro Ultra: 0.1 Lots
|Minimum Deposit||$5||$5||$50||$10 000|
The trading accounts of XM Group, such as Standard and Micro and Ultra Low accounts all contain characteristics that are custom-oriented conditions. Each of the three accounts, according to the client’s requests, can be submitted to an Islamic account. This shows that there is no swap interest and the Islamic account is accountable for any client that follows the Shariah laws.
How to Open an XM Account step by step guide
Opening an XM 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.
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.
XM Group will define the trading account and the regulations you will follow and abide by.
Choose the trading platform that you prefer and the type of account you want to use from now on.
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.
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, andor driver’s license. As for the proof of residency, bank statements and bills are accepted as proof of your current residence.
XM has a 3 trading platforms that will be reviewed below.
Web Trading Platform
|Customizable selection of options||Design is outdated and obsolete|
|Clear fee report||No alerts or notifications on changes of prices|
XM offers MetaTrader for their web trading platform, which is customizable and completely up to the trader’s preference. However, you will find that the design of the web trading platform is obsolete and there are no alerts or notifications on changes of price
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.
Desktop Trading Platform
|Price alerts||Obsolete design|
|Customizable options selected by trader’s selection|
XM Group provides MetaTrader for desktop trading platform, where it is very similar to the web trading platform. The only major discrepancy is that you will be alerted to any price changes.
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.
Mobile Trading Platform
|User-Friendly||Confirmation on orders are unavailable|
|Great Search Function||No Face recognition login|
|Alerts are possible for price changes|
XM Group is exceptionally known for its mobile trading platform, for MT4. If you’re interested in convenient forms of trading and user-friendly platforms, then you should really consider using the MT4 mobile trading platform.
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.
Withdrawal and Deposit
XM Group has many withdrawal and deposit options that are quick and painless, making the process hassle-free and less burdening on the trader. They also do not provide any deposit or withdrawal fees, so you do not have to worry about that.
|No deposit fees||Wire transfers below 200USD charge a 15USD fee|
|No withdrawal fees|
|Free wire withdrawal above the amount of 200USD|
|Many options for withdrawal and deposit|
XM Options for Withdrawal and Deposit
International Wire Transfe
International Wire Transfer
There are different forms of contacting XM Group: through live chat, through a simple phone call, and they even provided their address for any inquiries at No.5 Cork Street, Belize City, Belize, C.A.
|Different Methods of Customer Support||Customer Service is not available 24\7; only 24\5|
|Phone Support Available||Multiple Questions Decreases Fast Response on Live Chat|
|Live Chat Available|
|Customer Service Available in Different Languages|
Traders can reach the XM Group customer service 24 hours a day, five days a week, GMT time. As an added bonus, the customer service support provides over 30 languages, so there would not be any language barrier throughout the interaction.
Traders Can Communicate With XM Group Through:
– Live Chat
– Phone Call
With this XM review, we want to show you all the additional features and options that make XM Group so appealing. One of the main points is the extensive research materials they have that are for your leisure.
Trading ideas are a new hit in XM Group, 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.
Another research material is the thirty-one different charting tools that XM Group provides for their traders. These charting tools can also be found on the MetaTrader trading platform too. These charting tools are a bit old-fashioned, but still helpful for traders when they need it.
The final research material is the news feed, with live updates on the trading industry. They offer the ability for you to read and watch all the possible news pieces that are relevant to you. They also offer an accurate economic calendar, where it is constantly updated with any live changes in the trading industry.
There are many forms of educational resources with XM; they make sure not to leave any rock unturned. They also appeal to the traders who need visual aid to learn, or prefer reading through the information they need.
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 Learning Tools
You will be to find all of their educational resources under the tab, “Learning Center”
– XM Live
– Live Education
– Educational Videos
– Forex Webinar
– Platform Tutorials
– Forex Seminars
– Demo Account
The biggest perk of XM Group is that they provide a Demo Account for new traders to use, in order to try out the broker and its services. The Demo Account is a virtual account that allows new traders who are uncertain of whether they should trade with XM, try out the broker and see what it’s like. With virtual funds of 100,000USD for traders to use as part of the simulation, they will be able to understand how XM works without facing any financial loss.
STEP ONE: Fill in the application with your personal information
The first step to opening a Demo Account is by filling in the application with your personal information
STEP TWO: Choose your preferred trading account details and your account password
The second step to opening an XM Demo Account is to choose the trading account details and your account password.[/caption]
In conclusion, XM Group is considered a well-known brokerage firm with global recognition with a top-notch reputation. XM Group is found to be a safe brokerage firm because of its transparency towards clients and its intensely customer friendly services.
XM Group will aid the client in finding their preferences and tailor it to their needs. The staffs 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 Group 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.com; they also give the option for traders to fund their accounts through their local banks.