Our Review of XM
XM is a trademark that has been registered by Trading Point Holdings Ltd., a company which owns a number of other trading companies, including Trading Point of Financial Instruments Ltd, which is located in Cyprus, and Trading Point NZ, located in New Zealand. XM specializes in creating an environment online that can be used for online trading for forex, futures, and CFDs. It advertises that it will not have any re-quotes, will not reject any trades, and will execute all trades. It has a 100% success rate. It was founded in 2008.
There are three different types of accounts that are offered by XM. They are very similar to one another, offering the same number of currencies, the precise same leverage, spreads on majors, maximum number of pending orders, and commission fees, which are none. The only differences is that the Micro account has 100 lot restrictions per ticket, while the Standard and Executive accounts have 50 lot restrictions per ticket. The Micro account also has a contract size of 1,000, whereas the Standard and Executive accounts have a contract size of 100,000.
Commissions & Spreads
There is no commission fee charged for any of the accounts or any of the other trades that can be made, including on Forex, spread betting, CFDs, stocks, futures, or options.
The trading software that is used by XM is MetaTrader 4, by MetaQuotes. It offers a web application, as well as a mobile application that allows traders to continue to trade even while on-the-go. There is no monthly fee to pay for using this trader. Instead, the monthly fee is paid for the account that is created by XM. There are demo accounts available with MetaTrader 4. This trading software offers enough tutorials and help packages for beginners, as well as enough options to satisfy those who are considered to be advanced and expert traders. It has charts, indicators, and studies that are fully integrated with the platform, but does not offer live support or news integration. It allows stop order to be made, as well as market orders and trailing stops. The trading types that MarketTrader 4 supports are swing trading, mid term trading, day trading, and long term trading. Finally, it is possible to build both proprietary indicators and systems on MarketTrader 4.
Deposits & Withdrawals
There are no fees for making a deposit or a withdrawal. It is possible to use multiple credit cards to make deposits, electronic payments for withdrawals and deposits, bank wire transfers, and local bank transfers. In order to make a withdrawal, the trading account needs to be validated as a security precaution. It is also possible to transfer funds from one account that is used for trading to another account that is used for trading.
XM offers comprehensive customer support. There are many different tutorials that those who are new to trading can utilize in order to get into the game. They also have customer helplines that can be called if a customer has a question. The only problem is that there is no live support offered with the trading platform.
Regulators & Safety
All customer money is kept completely safe because it is stored in Barclays Bank Plc, which has been rated highly by all credit agencies. It is also licensed by the Cyprus Securities and Exchange Commission and the Financial Service Providers Register. XM has registrations through the Financial Conduct Authority, the Bundesanstalt für Finanzdienstleistungs-aufsicht, the Commissione Nazionale per la Società e la Borsa, and many other highly rated financial organizations throughout the world.
Leverage, or the multiplication of an account, is present at XM. The maximum leverage is 888:1. It is the same for all accounts.
Sign Up Bonuses
When a new trader joins the contest arena, he or she will be awarded a free $20. There is also a 30% bonus of up to 10,000 for every deposit that is made. These bonuses do not stop after a person has joined and has been trading for an extended period of time.