XM.com Review

XM.com was founded in 2009, and is the brand name of Trading Point Holdings Ltd. They are a fully regulated global forex brokerage firm servicing customers  throughout much of the world. XM.com offers over 55 currency pairs and over 300+ financial instruments to its clients. They have won many awards for their excellence in the industry including Best FX Provider 2017, Best Local Customer Service 2016, and more.

XM.com strives to provide their clients with the best user experience in the industry.  As such, they offer a wide range of value added products to clients including proprietary trading tools and educational materials. 

In addition, XM has a No Re-Quote policy with trade executions occurring within one second nearly 99% of the time. XM.com offers customer support in dozens of different languages, and opening an account with them is fast and easy. Traders can open an account for as low as $ 5 to get started.

Regulation

XM.com holds licenses in many different territories which allows them to accept traders from most regions around the world.  They are regulated by UK’s FCA – Financial Conduct Authority under the reference number 538324, CySEC – Cyprus Securities and Exchange Commission under the reference #HE322690, ASIC – Australian Securities and Investment Commission, and others.

As with most other forex brokers based outside of the United States, they do not accept clients from the US territories.

Safety

Per regulation requirements, XM.com does not co-mingle client funds with their own internal business accounts. Instead all client funds are held in segregated accounts at established banks. This ensures that client funds are safeguarded at all times. In addition to segregation of client funds, account holders are afforded additional protection as follows:

UK citizens are protected under FSCS (Financial Services Compensation Schedule). Under this rule, citizens of the UK that have opened an account with XM.com can be guaranteed upto a maximum of £50,000 in the event that XM.com is unable to meet its obligations.

CySEC protects European Union citizens with the Cyprus Investors Compensation Fund which covers account holders upto €20,000 in the event that XM.com is unable to meet its obligations.

Trading Platforms

XM offers the full suite of Metatrader platforms. Metatrader is developed by MetaQuotes Software Corporation and is the most popular trading platform in the forex industry.  Traders can access their platforms from both a Windows and Mac computer and get full account functionality from mobile devices including iOS and Android smartphones.

XM’s Metatrader platform offers one login access for all platforms, EA functionality, spreads staring from 1 pip, and a full suite of technical analysis tools and indicators. The full range of XM.com Metatrader platform offering is listed below:

XM MT 4 –  Industry standard Metatrader 4 platform which is customizable and fits the needs of both novice and professional traders. The MT4 platform includes One Click Trading for discretionary traders and enables systems trading via Expert Advisors. Available in both Windows and Mac operating systems.

XM WebTrader 4 –  XM’s web based platform that allows traders access to the trading terminal directly from their web browser. This platform has all the functions and capabilities of the downloadable version of MT4 including one click trading, advanced charting features, technical indicators, and much more.

XM MT4 Multi-terminal – The Multi terminal platform enables traders to access multiple MT4 accounts from a single terminal and with a single Master Login credential.  This is geared for traders with multiple trading accounts and managers who handle trading accounts on behalf of their clients. The platform facilitates placing multiple orders simultaneously. Many feature that are in the standard MT4 are available but the ability to run Expert Advisors is not.

XM MAM – This is a more advanced version of XM MT4 Multi-terminal platform. With XM MAM, you gain access to the full feature set of MT4 combined with multiple account management features. With XM MAM you can program Expert Advisors and manage a fund or portfolio in a much more efficient manner.

XM iPad Trader – For iPad users, this platform provides the ability to trade with a full set of features including zoom and scroll functions and easy navigation around real time charts.

XM Mobile Trader – XM Mobile Trader lets mobile users enjoy the powerful capability of the Metatrader platform and puts all the essentials of the platform at their fingertips.  Traders can view real time quotes, initiate new trades, manage existing trades, apply technical indicators to their charts, see their trade history, and much more.

Trading Instruments

XM offers traders access to a range of markets including currencies, precious metals, equities, and CFDs. There are over 300 financial instruments available to trade at XM.

Though XM does offer many asset classes and financial instruments to choose from, they specialize in currency trading and offer a very wide range of forex pairs to trade. This includes over 50 currency pairs encompassing all majors, most minors and over twenty exotic pairs.

Account Types

XM.com offers customers both Demo and Live Accounts. Demo accounts come with a $100,000 virtual balance that traders can use to test the platform or their strategies before committing real dollars.

There are three real account types at XM. This includes the Micro Account, Standard Account, and the Zero Account. The Micro and Standard accounts are commission free but the spreads are higher than the Zero account, which is commission based but has much tighter spreads.

Each of these three account types offer floating spreads, and in addition, Swap-free accounts, also referred to as Islamic accounts are also available for those clients that require a non-interest earned account due to religious reasons.

Below is a breakdown of each account type:

Micro Account

  • Minimum Deposit – $ 5
  • Contract Size – 1 lot = 1000
  • Minimum Trade – .01 lot MT4 / .1 lot MT5
  • Maximum Leverage – 888:1
  • Avg EURUSD Spread – 1.7 pips
  • Commission – None

Standard Account

  • Minimum Deposit – $ 5
  • Contract Size – 1 lot = 100,000
  • Minimum Trade – .01 lot
  • Maximum Leverage – 888:1
  • Avg EURUSD Spread – 1.7 pips
  • Commission – None

Zero Account

  • Minimum Deposit – $ 100
  • Contract Size – 1 lot = 100,000
  • Minimum Trade – .01 lot
  • Maximum Leverage – 500:1
  • Avg EURUSD Spread – 0.1 pips
  • Commission – $ 5 per standard lot (per side)

Clients that maintain at least 5000 USD or equivalent in their trading account are eligible to receive a Free VPS ( Virtual Private Server) service. In order to keep the VPS service, clients must have a minimum of 5 traded lots in their account per month.

Learn more about opening an account with XM.com – Go Here

Commissions and Spreads

XM offers variable spreads on its trading platforms. The commissions and fees charged will be dependent on the type of account chosen. Micro and Standard accounts have no commission, but the dealing spreads are wider; the Zero account charges a $ 5 commission per turn but has a much narrower dealing spread.

Comparing the EURUSD for example, the typical spread is 1.7 pips on the Micro and Standard accounts and zero commission for an all-in cost of 1.7 pips. The Zero account on the other hand has a commission cost of $ 5 per turn per lot which would equal $ 10 per round turn per lot plus an average dealing spread of 0.1 which would equate to an all-in cost of 1.1 pips. The Zero account would be more cost effective from an all-in cost perspective.

Though XM does operate as a Dealing Desk for some of its order processing, most trades at XM are handled via an STP model, meaning that client orders are routed to an outside liquidity provider. XM is committed to a no re-quoting policy across all its account types which ensures quick execution and minimal slippage.

Customer Support

XM offers customer support via phone, email, and live chat. The customer service team is available 24 hours a day, 5 days a week, excluding weekends. XM clients can receive support in many different languages including but not limited to English, Greek, Italian, German, Portuguese, Spanish, Dutch, French, Russian, Chinese, and more. You can get support from either a member of the Customer service team or from your personal account manager.

Bonus and Promotions

XM is well known for offering new signups some of the most generous bonuses in the industry. They have various types of bonus and promotion programs running on a consistent basis, which makes it quite attractive for new traders to sign up with XM.

Some current promotions at XM include the following:

  • $ 30 No Deposit Bonus
  • 50% Welcome Bonus upto $ 500 and then 20% upto $ 5000
  • Win $ 50,000 or more during their Forex World Championship contests
  • Free VPS services for qualified accounts
  • Cash Reward Loyalty programs

Click Here for more details on Markets.com Bonus and Promotions.

Mobile Trading

XM offers mobile trading to users via their Metatrader supported apps. The iOS MT4 and MT5 apps can be downloaded from iTunes, and the Android MT4 and MT5 apps can be downloaded from the Google Play store.

The mobile apps provide direct access to your account and come with a rich set of features that traders can use to place and manage trades, perform technical analysis, and view their trade history along with other related tasks.

Automated Trading

Automated trading is available at XM.com with the use of Metatrader’s Expert Advisor feature. In addition, XM clients have access to the MQL5 community where they can access a vast array of trading signal providers and copy the signals directly into their own trading accounts.

Below are some features of the MQL5 signals service with XM.com

  • There is no additional installation required
  • Simple and easy to setup
  • Large selection of signal providers
  • Auto-Copy feature
  • Can be used alongside Expert Advisors
  • Cloud based technology for fast execution

Deposits and Withdrawals

XM prides itself on making the account opening and funding process simple and easy. There are no hidden charges for funds transfer; XM covers all fees associated with account deposits. 

Clients can deposit funds using a wide variety of methods including:

  • Bank Wire Transfer
  • Credit/Debit Cards
  • Neteller
  • Skrill
  • Western Union
  • SOFort,
  • iDeal
  • MoneyGram
  • WebMoney
  • China Union Pay

Unique Features

XM.com has many features that give them an edge over many other brokers. They are well regulated by two highly respected regulatory bodies, the FCA, and CySEC. In addition, they offer their traders access to over 300+ trading instruments including 57 currency pairs.

XM.com is committed to providing their traders with all the tools they need to enhance their trading performance. For example, they have weekly educational webinars for new  traders to help hone their skills. XM has a No Re-quote policy which ensure speedy execution and also protects account holders with Negative Balance Protection.

Pros and Cons

Pros – Reasons to trade with XM

  • No-Requote Guarantee
  • Excellent Deposit Bonus
  • Low Minimum Deposits
  • Guaranteed Stop Loss
  • Negative Balance Protection
  • Multiple Trading Platforms
  • Tight Spreads from 1 Pip
  • Personal Account Managers
  • High Leverage Offered

Cons – Some downsides with XM

  • Does Not Accept PayPal
  • $5 / Month Inactivity Fee

FAQs

Is XM a regulated broker?

Yes, XM is regulated by UK’s FCA, EU’s CySEC, Australia’s ASIC, along with others.

How safe is XM?

Traders at XM can rest assured that their funds are held safely in segregated accounts at Tier 1 banks. Additionally, account holders are protected thru FCA and CySEC compensation funds in the event of default.

What trading platforms does XM offer?

XM offers the full suite of Metatrader platforms.

What Trading Instruments are available at XM?

You can trade over 55 currency pairs, and over 300 different financial instruments at XM.

What is the Commission / Spread structure at XM?

XM offers variable spreads. There is no commission on the Micro and Standard accounts. The Zero account offers the tightest spreads with a STP model. The commission charged on the Zero account is $ 5 / lot traded per side.

How many account types does XM have?

You can choose a Demo account or Live Account. For Live Accounts, there are 3 primary account types – the Micro account, the Standard account, the Zero account. The minimum deposit is $ 5 on the Micro and Standard accounts and $ 100 on the Zero account.

How is customer support at XM ?

Customer support is available 24/5 via phone, live chat and email. XM offers support in over 15 different languages.

What bonus does XM offer?

XM offers various bonus programs including a $ 30 No Deposit Bonus, a 50% Welcome Bonus upto $ 500 and then 20% upto $ 5000. They also offer free VPS and Cash Reward Loyalty programs.

Does XM offer Mobile trading?

Yes, Mobile trading is available via the Metatrader 4 and 5 apps.

What options are there for Automated trading at XM?

Automated trading is available thru the MT4 platform and the MQL5 signals service.

What are some unique features at XM?

XM has a No Re-quote policy to ensure fast executions, and has Negative Balance Protection to safeguard account holders.

What’s the minimum deposit to open a Live account at XM?

The minimum deposit to open a Live account is $ 5.

What is XM’s max leverage?

Max leverage at XM is 888:1

Go To XM.com