XM Broker Review
Choosabroker XM Brokerage Review
Growing since 2009, Cyprus-based brokerage XM caters to a wide variety of traders with over 1,000 markets accessible on any device. This brokerage is particularly suitable for small-to-medium sized traders given its attractive trading conditions available to these users.
| XM Broker Benefits | XM Time Broker Drawbacks |
|---|---|
| Over 1,000 financial markets available to trade | Not ideal for large scale traders |
| Financial products are accessible on all devices and browser | No cryptocurrency markets available |
| Serves niche needs such as allowing users to open an Islamic account | No social trading available |
Headquartered in Cyprus, online brokerage XM provides services for traders in over 190 countries. With over 1,000 markets available to trade, XM has become a popular trading service for a wide variety of market enthusiasts.
Our expert team of analysts at Choosabroker have reviewed XM to provide our readers with the need-to-know details of this online brokerage. Furthermore, we highlight who this broker is most suitable for and what kind of traders should look elsewhere.
XM is licenced to operate in several regions worldwide. Its services have expanded to traders in over 190 countries. The brokerage is regulated by ASIC, CySEC, FCA, IFSC, and DFSA. Major markets for XM’s trading services include South Africa, Asia, the UK, and China
XM started briefly after the great recession of 2008. Founded in 2009, the brokerage began in tough economic conditions where credit was tight. It is a testament to the quality of the forex brokerage that it started in such conditions and managed to build its online brokerage to serve numerous regions.
While XM is available to a wide variety of customers, it should be noted that the XM brokerage services are restricted for US-based customers. XM brokerage services are also currently restricted from third-world territories. However, most potential customers will be able to access XM trading services in their region and in their local languages with 22 languages available on the XM homepage.
Over 1,000 Markets Accessible On Every Device
| Asset Class | Number of Markets Offered | Major Instruments |
|---|---|---|
| Forex | 55+ | EUR/USD, USD/CHF, NZD/JPY |
| Stocks | 1,186 | Apple (AAPL), Barclays (BARC), Cisco (CSCO) |
| Commodities | 8 | Cocoa, Coffee, Corn |
| Equity Indices | 30 | EU50 (futures market), US100 (futures market), GER30 (futures market) |
| Precious Metals | 2 | Gold, Silver |
| Energies | 5 | Oil, Natural Gas, Brent |
The forex markets are available to XM clients five days each week for 24 hours. XM customers can access stocks, indices, commodities, and metals through CFD products which allow traders to go both long and short. XM can also apply leverage in some of these markets up to 30:1.
This leverage capability means that traders can increase the total value of their trade up to thirty times their equity in the position. However, it also means that the trade will be automatically liquidated if the trade moves in the wrong direction to such an extent that it eradicates their equity in the position.
XM traders can access the available markets on several devices with a choice of various trading platforms. The trading platforms offered by XM include MetaTrader 4 (MT4), MetaTrader 5 (MT5), and WebTrader. Between all the trading platforms, XM traders can access the market on PC, MAC, Android, iOS, tablet, and web browser. The WebTrader is a convenient option for forex traders who want to access the markets on any device when it is not suitable to log in on their usual trading platform.
The most popular choice among the trading platforms is MT4. MT4 is a widely used platform for forex traders. Traders have access to an enormous suite of analysis tools and order types on the trading platform.
Traders will find a wide variety of technical analysis indicators on MT4 and can also execute more advanced features such as trading through a virtual private server or one-click trading. Expert Advisor (EA) is also a function at the disposal of XM traders using MT4.
EAs are software which can signal to traders when to trade based on predetermined conditions. EAs can also be programmed to trade automatically on specified conditions.
XM brokerage services are particularly suitable for small-to-medium sized traders. Both micro and standard accounts are offered.
The contract sizes in the XM standard account are 100 times larger than the contract sizes in the XM micro account. There is no commission charged on either of these XM account types. Spread sizes can be as low as 1 pip with the XM standard and micro-accounts.
An XM Zero Account is also available where spread sizes can be as low as 0 pips. However, XM traders are charged commissions on such accounts.
There are no special account types which offer more attractive terms to larger traders such as corporate trading accounts or VIP accounts. One of the missions of XM is to provide equal trading conditions to all their trader customers.
XM Trading Content
XM also provides news, analysis, and tools to their audience. This news and analysis include:
- Technical analysis
- News developments
- Educational webinars and seminars
- Forex calculator
- Trading tools
- Tutorials
- Video content
Market reviews are published daily by XM with several technical analysis pieces also being released each day. The technical analysis reports cover various markets.
The XM team of analysts distribute their content in both written and video format. Analysts from the XM team have appeared on finance media outlets such as Bloomberg and traders can also access content on their YouTube channel.
XM customers can also find several tools to improve their trading experience. Trading tools include algorithmic technical analysis indicators, forex calculator to establish margin requirements, and a trading signals community.
Who should trade with XM?
Those who have large account sizes may find more attractive trading terms with other online brokerages given that XM does not offer corporate accounts. One of XM’s visions is to offer the same trading conditions to all clients regardless of account size.
While this is a great feature for traders with small to medium amounts of capital, those forex traders with larger account sizes may be seeking more attractive trading terms. In this case, we suggest considering brokerages such as City Index, FP Markets, and Saxo Bank. All of these forex brokerages offer more advanced trading accounts and attractive trading terms for large customers. Check out our leading brokers for beginners and best day trading brokerages for more information.
XM is an extremely good choice for online traders who want access to a wide variety of markets. With over 1,000 markets available in stocks alone, most traders will find the market which they are looking for.
Cryptocurrency traders are an exception but traders can find such markets with other online brokerages such as eToro, XTB, and easyMarkets. In addition to offering a wide variety of markets to traders, XM offers their services in over 30 languages and caters for the niche needs of certain traders such as opening an Islamic account or trading through a virtual private server. Overall, XM is a strong choice for small-to-medium-sized traders and traders in a wide variety of regions will find they can access XM trading services in their local language.
Education
The XM forex review reveals that this broker offers various educational platforms for the audience, such as webinars, in-house video courses, trading signals and more. In addition, you can trade with XM on the popular MetaTrader 5 and 4 platforms.
The live market commentary service of XM TV is designed to provide you with a precise and timely view of the markets. It is carried out through the partnership between two leading producers of trading video content, namely, CMC Markets and Saxo Bank. You can also access a variety of high-quality video content packages on its website.
This service aims to provide you with the most authentic and credible daily forex news. Videos are produced to provide market analysis in a format that is televised. The audio from these broadcasts is then added to a podcast to help you access these content in various media formats.
Besides the videos, the group also provides educational content in the form of articles. These articles are regularly updated and feature the latest market research. The group’s website provides a list of these articles that can be easily filtered by asset classes.
Users can access research articles on stocks, currencies, indices and forex. These are useful for assessing the group’s market research content and delivering better services. The educational content also includes daily market recaps supported by technical and fundamental analysis.
XM also has 53 articles designed to help you improve your trading skills. These are split into six chapters and cover 13 lessons. Although the articles are focused on forex trading, you can expect more content on CFD education soon.
XM’s professional instructors create and orchestrate weekly webinars scheduled to be conducted in 19 languages. They do so by adjusting the time zones and creating a detailed schedule to accommodate the varying experience levels of their clients.
XM also has a market intelligence division that generates market data and technical analysis reports under the “Trade Ideas and Technical Summaries” section. Only live accounts can access these services, which are delivered through the live feeds of Autochartist and Analyzzer.
You can access numerous trading ideas offered through the Trading Central platform if you have a live account. Additionally, the group has a feature that allows you to automate your trade setups by connecting your social trading accounts to the services of Analyzzer and related experts.
The broker offers a unique service that allows you to receive high-end education about trading with XM. Through its in-house video course, the company can provide various educational videos designed to help improve your skills. The series features 39 lessons that are split into seven chapters.
Safety
Since 2009, XM group has been providing regulated online trading services to its customers. It was initially registered as a service provider under Trading Point Financial Instruments Pty Ltd. In 2015, it was renamed and became a regulated subsidiary of XM Global. Currently, XM is regulated by the Cyprus Securities Exchange (CySEC), the International Financial Services Commission (IFSC) and the Australian Securities & Investments Commission (ASIC).
The broker also has a license from the Financial Conduct Authority (FCA), London-based financial services regulator. In 2017, the company’s latest subsidiary, XM Global Limited, gained regulatory status in Belize.
XM is a leading online trading platform that caters to a wide range of clients. As of 2021, it has over 1.5 million registered users across various countries. The company’s trade ethos is focused on providing you and other traders with fair practices and exceptional customer service.
FAQ
What are XM’s minimum withdrawal and deposit?
The minimum withdrawal and deposit amount that XM allows its clients to make are $5 for multiple payment methods. Please note that the amount can vary depending on the method that you prefer to use.
How long does it take to process the withdrawal on XM?
Withdrawal is rarely instant, which is different from deposit options. It generally takes around 2 business days.
Is there a deposit fee on XM?
No fees are charged when deposits are made into an XM account. The broker also allows its clients to have multiple payment methods, such as bank wire transfers and local bank transfers.
Can XM provide same-day withdrawal?
For same-day withdrawals, XM only provides its clients with several payment methods, such as credit and debit cards, Skrill and Neteller.
Is there an inactivity fee on XM?
Yes. A dormant account is charged a monthly fee of $5.
Fixed spreads
Variable spreads
Stop losses
Limit orders
One-click trading
Trailing stops
Expert advisors (EAs)
Virtual private server
Direct market access
STP broker
ECN broker
Market maker
Price alerts
Signal trading
Watchlists
Charting tools
iOS App
Android App
Windows App
Major Stock markets (US UK Germany)
Indices
Penny stocks
Forex
Majors
ETF
CFDs
Bitcoin
Commodities
ETFs
IPO
Options
Futures
Bonds
Hong Kong stocks
Japanese stocks
Listed on Stock Exchange
Scalping
Hedging
Demo account
Islamic account
Micro account
Standard account
VIP account
Zero spread account
Managed account
Credit cards
Bank transfer
PayPal
Neteller
Skrill
Electronic wallets