XM Review 2023
Are you planning to trade with the XM brokers? Then it would help if you go through the XM review. XM trading is famous for its trading fee, education & research material, and customer service. Still, before investing your hard-earned money, you need to look into who you will deal with. We will present you ins and out of XM Group to help you decide on the XM forex broker.
The client genuinely prefers to trade with the best forex broker. On searching the forex broker list, you will get thousands of broker’s names around the world. But, the best broker will be the one whom you find meets your maximum requirement. The currency pair, minimum deposit, pricing and charge, and forex trading platform are vital criteria for choosing the broker. Reading forex broker reviews will help you select the best-suited broker for you.
XM Group is a profound brokerage having more than 3,500,000 clients from around 196 countries. The broker is one brand of the Trading Point Holding. Unlike Trading.com ( the other brand of Trading Point Holding), XM global broker is available to both EEA residents and EEA non-residents. Several XM reviews recommend the XM Group for trading forex and CFD at a low trading charge.
XM forex broker started the journey in the forex market in the year 2009. Three top-tier financial authorities regulate the XM – Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), and International Financial Services Commission of Belize (IFSC).
XM trading instruments are,
- Forex trading ( more than 55 currency pairs are available)
- Commodities CFDs
- CFD s on Indices, Stocks, Metals, and Energies
Let us have a look at the advantages of trading forex with XM Broker.
- Entirely supervised by the top regulators, so there is no chance of scam.
- A well-organized website
- Provide equal service irrespective of client’s country, XM account type, trading platform, and minimum deposit.
- Provide quality research tool
- Enriched with educational materials, so incredibly helpful for the newbies.
- Low CFD cost
- Fast account opening and withdrawal of money.
- Demo account and Islamic account available.
- The multilingual platform, trade-in your comfortable language.
- Real-time statistical data and report generation.
- The feed keeps updating with the trending news.
- Rewards on introducing a new client with the XM market.
Several XM review pointed out the following shortcomings of XM.
- A comparatively narrow range of the trading instrument.
- Few options for forex trading platforms
- Ask for an inactivity fee
- Doesn’t accept clients from the USA and Canada
- Don’t provide investors protection to non-EU clients.
XM Market Trading Account
To ensure service to all category clients, XM online broker offers several trading accounts. Such as,
- Micro account
- Standard account
- XM ultra-low account
- Shares account
Let us provide you a pricing comparison of the four accounts in the XM review.
| Micro account | Standard account | XM ultra-low account | Shares account
|
|
| Base currency | 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 |
| Minimum Deposit | $5 | $5 | $50 | $10,000 |
| Contract volume | 1 Lot=1,000 | 1 Lot=100,000 | 1 Lot=100,000(Standard)
1 Lot=1,000(Micro ultra)
|
1 share |
| Minimum trade volume | .01 Lots(MT4) | .01 Lots | .01 Lots (Standard) | 1 Lot |
| Leverage | 1:1 to 1:888($5 to $20,000) | 1:1 to 1:888($5 to $20,000) | 1:1 to 1:888($50 to $20,000) | No leverage |
| Spread | 1 pip | 1 pip | 0.6 pip | As per underlying exchange |
You see, the accounts offer similar prices and services except for the share account. Only the share account takes the commission on the trade. If you have a low initial fund, we recommend you to go for the Micro or Standard account.
The four accounts give negative balance protection. And you have the opportunity to open an Islamic account and demo account as well.
XM Zero Account
The Zero account is not available to all entities of the XM group. The account gives the flavor of the ECN style price quote in a sophisticated platform.
The minimum deposit to open the Zero account is $200 only. The zero account offers spread as low as 0 pip and leverage up to 500:1. Zero account charges commission and permits hedging. Such an account is available on the MT4 platform.
Trading Platform
The trading platform is an essential criterion to reach the position of the best forex broker.
XM online trading uses Metatrader, i.e., MetaTrader 4 and MetaTrader 5, as the trading platform. The two platforms serve almost similar offerings with minor differences. Such as XM market trades CFD on MT5 only.
Benefits of using the MetaTrader platform are,
- Customizable platform.
- Wide range of charting tool
- Available on web, mobile(both Android and iOS), and desktop.
- Multilanguage support
- Placement of basic order.
- Generates clear fee report
- Gives price alert
But what you will not get?
- Two-step verification
- Placement of sophisticated order like one-cancels-the-other
The platforms are user friendly. Users of all levels, i.e., beginners to professionals, find it comfortable using the XM brokers trading platform. The platforms may vary in functionality depending on use over the web/desktop or mobile.
Overnight Fee
The overnight fee is the charge you need to pay for holding the position overnight. The cost depends on the trading instrument mostly. Not all brokers in the forex broker list charge an overnight fee, but XM does. And the overnight fee is unavoidable in the case of trading CFD. Such a payment does not apply to the Islamic account.
Inactivity Fee
XM charges an inactivity charge on the real trading account. After being inactive for 90 days, XM charges $10. XM brokers will deduct the money from your account. If you run short of balance to pay the inactivity fee, the broker has the authority to close your account.
Withdrawal and Deposit
Expert’s XM review says clients always prefer to trade with the trader to make the transaction procedure easier. XM brokers have quite a variation in the withdrawal and deposit procedure. XM offers around 25 payment method. Credit/ debit card, bank transfers, Neteller, Skrill, etc., are available for money withdrawal and deposition. The bank transfer may take several days, whereas credit/debit card transfer is instant.
XM global broker doesn’t charge for money deposits or withdrawals.
XM markets offer you 11 base currency. We suggest you open a multi-currency bank account to avoid the currency conversion charge.
Education and Research
Experts in several forex broker reviews say the educational tool’s abundance has made the XM group a very outstanding broker in the forex market. The research and education section offers,
- Trading tools
- Forex calculator
- Trade idea
- XM Research
- News
- Market overview
- Technical summaries
- Podcast
- Educational videos
- Platform tutorials
- Webinars and seminars
We see from several XM reviews the broker keeps updating the tool and news. The research and technical tools are of great help to plan your trade. XM offers MQL5 access through MT4 and MT5 platforms.
Customer Service
The customer service is available in 21 different languages. XM Broker provides 24/5 customer service. You can get in touch with them through email, live chat, or email. They always give a fast reply to customer’s queries.
The forex broker reviews reflect the user experience of working with the broker. Such a study helps you in picking the best forex broker for you. We prepared the top forex brokers list. We considered the currency pair, pricing, forex trading platforms, account variation, research tool while ordering the brokers. Go through the list to select the best-suited one for you.
People rely on XM trading for their relentless effort to provide the best service to customers. XM broker provides good variation in account with affordable pricing. The broker is continuously improving in their business. We hope our XM review will help you to make a trading decision about XM Group. Try the broker, and we hope you will earn a profit in trading with them.
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