Is XM a good broker? Detail review of XM broker
Founded in 2009, XM broker has grown to a large and well established international investment firm, with a growing list of 1,500,000 clients from more than 190 countries and support for over 30 languages since its foundation; it has become since then, one of the best brokers in the industry. For its trader's commodity, XM offers a wide array of progressive features in FOREX trading, including precious metals, energies, stock index and more. These features, and no rejections or re-quotes of trading orders, no hidden fees or commissions, and making its orders getting executed in less than a second is what makes XM an outstanding forex broker.
One of XM most attractive offers is its platforms. XM broker offers various types of MT4 for Windows and Mac, and it’s also supported on Android and iPhone operating systems; which means the MT4 application works on every operative system, from PCs to smartphones and Tablets. And the MT5 platform, which is a web-based platform, can be accessed by users at any time of the day and anywhere they want. Using a single trading account, users can access eight platforms in a row. The main difference between MT4 and MT5 platforms is the assets that can be traded; MT5 gives the option to trade stock CFDs to its users. XM platforms are designed in a way where both experienced traders and new users can easily enjoy and make successful trades without experiencing any difficulty while operating. But, for new users, it is recommended to go with MT5 since MT4 is the older version of the MetaTrader software.
XM Broker Accounts
XM has three different accounts at your disposition.
- MICRO Account, with a minimum deposit of $5, users can trade with over 11 base currencies, including USD, EUR, GBP, and JPY. Posses a contract size of 1 lot equal to 1000, its leverage is 1:1 to 1:888, spreads on all major as low as one pip, 100 lots restriction per ticket and many other features.
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- STANDARD Accounts can be opened with a minimum deposit of $5, having a contract size of 1 lot equal to 100000; its leverage is 1:1 to 1:888; as low as 1 pip spread on all major pairs, a maximum of 200 positions on open/pending orders per client, a minimum trade volume of 0.01 lots; Lot restriction per ticket of 50 lots and more features available in STANDARD accounts.
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- XM ZERO Accounts require a minimum deposit of $100. With that done, you can start trading in the FOREX market with as low as 0 pips spreads. Based on your trading conditions, you’ll be charged with a small commission, others features remain the same as a standard account.
Click to learn more Zero Account here
Difference between XM MICRO and STANDARD accounts
Each account offers different advantages for traders, MICRO goes for traders who prefer small trading volumes, STANDARD comes with standard trading conditions, and XM ZERO for those who want low trading cost from 0.0 pip. Although some traders ask which one is better between STANDARD and MICRO accounts if both of them can be accessed with a minimum deposit of $5, well, as said before, it depends on what the user wants; and the main difference between XM MICRO and STANDARD accounts would be the trading volume. As the size of 1 lot is different, MICRO accounts. The minimum trading volume available in the STANDARD Account is 1,000 units, and 100 units in MICRO Account.
Traders can enjoy XM’s tight spreads, which are available to all clients, irrespective to XM account types and trade sizes. XM operates with variable spreads, normally, because fixed spreads are higher than variable spreads, however, anyone who pays for an insurance premium can use fixed spreads. During new releases, XM does not impose restrictions on trading, when FOREX Brokers offer fixed spreads, they apply trading restrictions around the time of news announcements, making insurance worthless, but this won’t be the case with XM.
XM Leverage and Margin
XM offers its users the flexibility to trade using leverages from 1:1 to 888:1. If you’re not sure of what Leverage is, let us explain. By using Leverage, traders can trade positions greater than the amount of money in their trading accounts. The Leverage amount is expressed as a ratio, for example, 50:1, 100:1, or 500:1, if your trading account has $1,000 and your trade ticket sizes of 500,000 USD/EUR, your leverage will equate 500:1.
XM enables its traders, through a free short-term credit allowance, to purchase an amount that exceeds your account value. Depending on the account type you possess at XM, you can choose the leverage on a scale from 1:1 to 888:1. Margin requirements won’t change during the week or at weekends. MX gives you the option to request either the increase or the decrease of your chosen leverage. But, using leverage could cause trouble. You can use leverage even from a small initial investment, there are chances of making a considerable profit or a drastic loose, so be aware of the Leverage risk. Now that you know about Leverage risk, you should know that XM broker lets its users control your real-time risk exposure by monitoring your used and free Margin. Used margin refers to the amount of money you need to deposit to hold the trade. For example, you'll need a margin of %1 of your trading account if you have a leverage of 100:1. The free margin is the amount of money left in your trading account, which fluctuates according to your account equity. It can open additional positions or absorb any losses with it. A margin is known as the amount of collateral to cover any risk that could arise during trading operations, commonly expressed as the percentage of position size. Having funds in your trading account ensures enough making. For example, a 1% margin, in a position of $1,000,000 will require its user to deposit $10,000.
XM Margin Call
XM follows a margin call policy, guaranteeing that your maximum possible risk does not exceed your account equity. To ensure your trading accounts, if your account equity drops below 50% of the margin needed to maintain open positions, you’ll be notified by XM with a margin call warning you that don’t have sufficient equity to support open positions.
XM Customer Support for Beginners
XM customer care
Something that attracts newbie traders into XM are the XM demo accounts, which let traders experiment with them as long as they want, without the risk of losing (or gaining) profits. These accounts have no expiration date, but if they have 90 days without showing activity since its last login, they will be closed. Demo accounts only expose its users to virtual risk, which intention is to test the basic, learning how FOREX and its options works and training, so after that they can open a real trading account and get into the real business. For both demonstration and real accounts, XM offers multilingual personal account managers with support available via live chat, telephone or email in over 14 languages, professional support accessible 24 hours on five business days. XM broker offers free weekly interactive webinars, as well as free uniquely developed video tutorials to understand MT4, FOREX courses that cover from A to Z, and many other features to support and help its traders, including multilingual economic calendars, FOREX Calculators, MQL5, FOREX Signals, market reviews, FOREX news and market analysis provided by financial experts in the XM’s research zone. Their mission is to help clients follow market changes and adapt their trading decisions accordingly. Users can also go to the PRO education centre, where XM presents FOREX Webinars, video tutorials and seminars for their customers. All these educational features can help traders with reducing their losses and earn maximum profits from FOREX trading. Get XM support here
XM free educational course
This option is a must-see for users who are new to online trading or merely want to refresh or update their knowledge about the bare essentials in FOREX trading, leading them through all the steps necessary to master the FOREX market. It counts with six chapters, each one covering the basics and more elaborate ways to understand FOREX trading, from “What is Trading” and “Getting Ready with FOREX” all the way to “Mastering Technical Analysis” and “Major Currency Fundamentals”.
XM Payment Methods
XM has support for a vast variety of payment methods. The accept quite a variety of credit cards for deposits, including; VISA, VISA ELECTRON, MasterCard, Maestro, XM MasterCard, Union Pay and Diners Club International, every single one of them, except for Union Pay, has support for instant deposit, Union Pay must wait 24 hours.As for electronic payments, XM has support for SKRILL, NETELLER, WEB money, SOFRONT Banking, PaySafe card and other options. XM broker also has support for Local Bank Transfer, Western Union, Money Gram and Bank Wire Transfer. For withdrawing funds, you can use all credit cards mentioned earlier. For electronic withdrawal, there is support for SKRILL, NETELLER, FasaPay and Web Money. Even though there are some restrictions, XM offers a vast list of methods to support bank transfer.
XM Bonus and Promotions
XM has plenty of promotions, making your trading experience better than with other FOREX brokers. Checking XM promotions site, you can find:
- XM Trading Bonus, which is available to all traders who open an XM Real Account for the first time. The $30 Trading Bonus allows users to test the quality of XM execution in a real trading environment, with no investment risk. After creating an account, you can claim the bonus, which will be credited instantly to your account, ready to be used in trading. Profits generated can be withdrawn at any point in time. However, this will cause the proportional removal of your trading bonus.
- Zero Fees, XM broker makes sure to cover all deposit and withdrawal transfer fees for payments. Deposits and withdrawals above 200 USD which are processed by wire transfer are included in the Zero Fees policy.
- Free VPS Services, clients that maintain a minimum amount of 5,000 USD or equivalent in other currency can request a Free VPS from the Members Area and enjoy the XM VPS, allowing them to remotely connect to XM Virtual Private Server located near their data centre in London. With this advantage, you do not need to worry about other actors who can ruin your ability to trade effectively.
- XM Loyalty Program is available as soon as you sign up. Trading at XM gives you XM Points. Said points can be redeemed for credit bonus rewards. Real Account clients start at “Executive level”, and trading and earning XM Points automatically upgrade their level after periods of trading activity. Each time your loyalty status upgrades, the amount of XM Points you earn per lot increases, allowing you to receive XM Point at faster rates. The more XM Points you have, the faster you’ll be able to redeem a credit bonus reward.
XM Security and Customer Service
Being a regulated company, licensed by many organisations, XM provides the highest protection according to payment processing, operating with SSL technology. Every deposit and withdrawal is fast and secure. With outstanding customer support, they provide quick solutions to their traders’ problems. They are in charge of providing all the necessary information and answers about the deposit and withdrawal, technical issues and solutions, guidance on how to trade in the FOREX market, an FAQ section, and more.
Should I trade in XM? The real question is why aren’t you already? Being an established broker, XM is known to be reliable and professional in what it does. They have a friendly, interactive and helpful support staff assisting its traders online, available 24 hours, five days a week. To make the best out of your trading skills, XM provides a vast number of features to their traders, including numerous assets to be traded, bonuses and promotions, instant withdrawals, professional customer support, video tutorials, courses, a user-friendly trading platform and more. XM is not only recommended for experienced and professional traders, but they also help beginners most efficiently. XM is always finding new ways to offer the most exceptional experience and service to its clients.