XM is one of the leading Forex, stocks, indices and other instruments broker in the market. In this business since 2008, within time XM managed to gather more than 1,5 million traders around the world. The company supports Usain Bolt (the superstar sprinter) proudly.
With more than 25 payment methods available, a deposit procedure is clear and simple. Also, customers are able to see a content in 30 different languages (full list of supported languages is provided in the table below this XM review).
XM has acquired 19 awards so far, including Best Market Research & Education 2018 by Capital Finance International Magazine, Best FX Service Provider for 2017 by City of London Wealth Management Awards, Best FX Broker Europe for 2017 & 2018 by World Finance Magazine. We are sure that more awards come within time.
XM Fees and Spreads
XM covers all the fees which sustain when making a deposit. The broker doesn’t take any additional fees at the moment of withdrawal as well. Just keep in mind, that they cover the fees on their side only so if a transaction is made using a bank, some charges may appear.
Spreads are low compared to other brokers. They vary depending on the account type and traded instrument. We provide more information about the spreads in the table below this XM review. But we highly recommend checking relevant spreads in the broker’s page, because average spreads change from time to time. Also, as it’s mentioned before, every single instrument may have its own spread.
XM Trading Experience
As most of the brokers listed on Snugtrade, this one isn’t an exception. It provides an option to use all the biggest trading platforms around. Starting with Webtrader, ending with MetaTrader 4 and MetaTrader 5. Of course, MT is available for almost all OS – iOS, Android, Windows, and MacOS.
Furthermore, XM offers opening a zero-spread account. As you may understand it has only 0 spread. Besides that,
XM offers leverage up to 30:1, but the same applies for probably all the brokers which operate in the EU. The leverage of 500:1 may work for Australian customers though. And a margin doesn’t change on weekends and non-working hours.
The best part about XM – it has tons of trading instruments, more than 700. Starting with Forex, ending with a long list of stocks (more than 120 pages of stocks). This also includes commodities, metals, energies, and cryptocurrencies.
XM VPS is worth mentioning too. It can be accessed from any place in the world 24/7. That’s a perfect solution for EAs. The clients trading more than 5,000 in their currency get it for free, while others can get it by paying $28 monthly. The VPS locates 1,5 km from a data center in London, that ensures stability and high speed.
Insights, Informational Tools, and Education
The broker has several available options for learning. Everything can be found in the Learning Center which contains webinars, video tutorials, and seminars. The last option should be followed as they have a calendar with dates and locations. The best part is, they do a lot of these seminars in various countries. Check, maybe one of the seminars will be in your area soon. They all are FREE, but the real money account must be active on the XM. Also, keep in mind that seat number is limited.
Besides these learning tools and seminars, XM provides daily market analysis, market news, events calendar, forex previews, special reports, analysis videos, forex signals, and calculator. The pretty long list, isn’t it?
XM Customer Support
The broker gives customers several methods of support. One and the most popular – live chat. Also, customers can drop an email, or simply make a call.
Sadly, support is available 24/5 only. So do not wait for a help on weekends. On the other hand, markets are closed on the weekends so it is not a big deal.
However, before asking for a help, make sure you have read FAQ. It covers most of the details and there is no need to wait for an answer.
Conclusion. Is XM legit?
To sum up, XM is one of the top brokers in the forex market. With the very long list of available trading instruments, the broker has attracted more than 1,500,000 traders from around 190 countries. The learning center is awesome, as well as daily analysis, news, and video reviews. Customers stay up to date always and wherever they are.
In addition, XM offers VPS which is ideal for EAs, covered deposit and withdrawal fees, orders execution in less than 1 second (XM states that 99,35% of all orders are executed in less than 1-second time frame).
What we found great about XM more? Well, the broker is licensed and regulated by 4 different regulators – ASIC (Australia), FCA (UK), CySEC (Cyprus) and IFSC (Belize). Furthermore, it’s registered at more different authorities around the world – BaFIN (Germany), CNMW (Spain), MNB (Hungary), CONSOB (Italy), ACP (France), FIN (Finland), KNF (Poland), AFM (Netherlands), and FI (Sweden).
By the way, customers which aren’t familiar with technologies or MetaTrader can place an order by a phone call.
However, we’ve found some cons. Support isn’t available 24/5, but as we mentioned it before, it isn’t a very huge problem. Furthermore, traders can only hold up to 200 positions open simultaneously (per client and including pending orders). Just keep that in mind since some other brokers have no limits or they are much higher. On the other hand, this number is more than enough for most traders.
Also, it’s very important to mention that an account may be archived after 90 days of inactivity. Make sure to log in and check it periodically or contact XM support for an additional support regarding this particle.
Attention: Terms, spreads, and information provided on this page may get outdated due to terms and rules changed by the broker. Please double check them before making a deposit and start using XM.
Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.39% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Last updated of this XM Review – 05/01/2019
Spreads depend on the single instrument. All spreads provided here are of a standard account. It may vary depending on its type. Also, please double check it on the broker’s page.
|Excluded countries||USA, Canada, Iran, Israel|
|Languages||English, German, French, Italian, Portuguese, Spanish, Indonesian, Malay, Chinese, Korean, Arabic, Thai, Turkish, Vietnamese, Polish, Greek, Swedish, Czech|
|Licenses||FCA - 705428; IFSC - IFSC/705428; CySEC - 120/10; ASIC - 443670|
Trading Point of Financial Instruments UK Limited is incorporated in England and Wales (no. 09436004)
Citypoint Building 1 Ropemaker Street
Phone no.: +44 2031501500