XM is an online forex and CFD broker, which is part of the well established Trading Point Group. This site was launched in 2009 and it has more than five years experience in the online trading industry. XM is a generous operator that takes good care of its customers by offering free cash, deposit bonuses and excellent loyalty scheme. There are many reasons why traders, both rookies and experienced ones, should consider giving this operator a chance. Some of them are the eight trading platforms, mobile trading apps and free deposits and withdrawals.
Trading Offer
XM is a popular forex trading site that also offers trading with commodities, equity indices, precious metals and energies. When it comes to forex trading, users at XM can expect more than 50 currency pairs separated in three basic categories: majors, crosses and exotics. The trading at the site is open 24 hours a day, five days a week and comes with no commission and no hidden costs. The leverage at this site is impressive up to 888:1, plus XM offers tight spreads that can be as low as 1 pip. The minimum price fluctuation depends on the currency pair, but for the popular EUR/USD pair it’s 0.00001. The value of one lot for that pair is 100,000. It has to be pointed out that XM allows users to open standard accounts, micro accounts as well as Islamic accounts. The leverage for the EUR/DKK, GBP/DKK and similar pairs is set to 1:50, while the margin required for positions on all CHF pairs is four times the margin set as per account leverage.
The trading platforms available at XM are MT4 for PC and Mac, WebTrader 4, MT4 Multiterminal, FX Arena and MT4 mobile platforms. Also, the site provides demo account and managed accounts for those that don’t have the needed experience in order to open their own trades. According to the information found on the website, XM understands the importance of stop-loss and limit orders, thus these are featured in its platforms. Also, users can place trailing stop and take profit orders as well. Trading techniques such as sniping and scalping at XM are considered to be fraud traffic and therefore are strictly forbidden by the broker. Using such techniques always results with a termination of the trader’s account.
Spreads, Fees, Margins
XM operates with variable spreads, unlike other forex brokers that work with fixed spreads. Also, the operator offers fractional pip pricing in order to provide its customers with the best prices. XM boasts with tight spreads and no re-quotes. The forex spreads table reveals spreads for EUR/USD, for example, as low as 0.0001, with the average value set at 0.00017. Traders at XM must know that the operator charges rollover fees, but it doesn’t have margin interest. Rollover fees are calculated as the overnight interest rate differential between two currencies and are charged only on the traders’ open positions. They are calculated and applied on every trading night. There are no other hidden fees charged by this fair and transparent online broker. All withdrawal and deposit fees are covered by the operator, while 90-day inactivity comes with a $5 fee; if the account is empty, after the predetermined period of inactivity, it will be closed.
Bonus Information
Not all forex and CFD trading operators offer bonuses and promotions to customers. However, XM has a long list of active bonus offers that can be a good boost for its clients’ funds. The welcome offer at this online broker is a juicy $30/£20/€25 no deposit bonus, which is available to new clients only. This generous offer must be claimed by the user within 30 days from the moment of registration with the operator. Probably the best thing about this risk free investment is that all profits made with its help are cashable and can be withdrawn by the trader. In order to claim the bonus, visitors have to complete the sign up process first and then validate their account. This is done by providing relevant documentations such as copy of ID, utility bill and bank statement. Once this step is complete, the user should claim the bonus by clicking on the appropriate link and complete the SMS verification process.
Receiving the no deposit bonus is only the first step of being rewarded for joining and trading at XM. Users at the broker are eligible to receive a 100% match bonus up to $5,000 on their first deposit, plus entry to the XM loyalty scheme. The bonus is given instantly and automatically and it works in a way that every standard round turned into lot is rewarded with a $10 value credit. The maximum number of lots is 500 and therefore 500 x $10 reveals the max bonus amount of $5k. The loyalty program at XM, on the other hand, rewards players for trading. There are four levels – executive, gold, diamond and elite – and each earns more XM Points per lot. The number of XMP that can be generated by user varies from 10XMP/lot to 20XMP/lot. Additionally, some other ongoing promotions are $20,000 in free forex contents per month, free VPS services and zero fees on deposits/withdrawals.
Website
User friendly and easy to navigate website is a crucial thing for traders that want a pleasant online trading experience. XM provides exactly such a website, which is additionally spiced up with a sleek design. The operator offers several trading platforms and users can either access them instantly via their Internet browser or download them into their Windows or Mac devices. All the platforms have superb functionality and respond extremely fast to all commands. They’re designed in a way to make possible for users to complete various actions with just one click. In addition to trading on desktops, customers at XM can get the MetaTrader 4 platform on both iOS and Android mobile devices. The mobile version of the platform is designed to perfectly fit smartphone and tablet screens. Its loading time takes only several seconds and traders will most definitely enjoy trading on the move as long as they have a strong Internet connection.
Not only this impressive website provides access to XM trading platforms, but it also treats users with a wide range of educational materials, useful market news and trading tools. The first tab in the research centre at XM is called Market Analysis and there users can find market research, market reviews, forex news and technical analysis. The second tab in this section is the learning centre that provides forex webinars, video tutorials and forex seminars. Finally, the last tab related to becoming a better trader is the tools tab that features forex signals, MQL5 and economic calendar. All the information included in the Research & Education section at XM is most certainly crucial for opening smart trades. With the help of the tools and news, users are well informed about latest happenings in the market at any given time of the day.
Banking and Payment Options
Members at XM can use more than 25 safe and secure banking options for making deposits and requesting withdrawals. Some of the methods are credit/debit cards (Visa, MasterCard, Diners), e-wallets (Neteller, WebMoney, Skrill) and prepaid vouchers such as Paysafecard. Additionally, users also can make wire transfers in order to make money transactions from and to their trading account. The maximum deposit amount at XM is extremely low $5, which is far more acceptable than FXCM’s $2,000 for example. Depending on the selected deposit method, traders may have their funds credited instantly or they may have to wait 2-5 business days. All deposits at XM come without any processing fees.
Withdrawals also don’t come with any fees since the broker is covering them for the traders. The minimum amount customers can cashout is low $5; for bank transfer the minimum withdrawal amount is $200. All withdrawal requests at XM are processed within 24 hours, which is pretty fast in comparison with other trading operators. Naturally, the sole exception to this rule is bank transfer cashouts that may take anything between two and five business days. XM uses the latest SSL encryption and thus users can be sure that their information is 100% safe.
Additional Details of the Broker/Company
XM provides a professional customer support service to all its customers as well as to visitors that have any questions about the platform and the operator. However, unlike most of the leading online trading sites, XM doesn’t offer support that works around the clock, seven days a week. Instead, agents are available 24 hours a day, five days a week only. Customers can contact the general support desk or several other departments by using the appropriate phone number or e-mail address. In addition, they have the option to get live help using the live chat window. XM, however, provides support in more than 15 different languages.
Nobody likes to invest money and trade at a site that’s not regulated. Luckily for XM customers, this is not the case with the broker that, actually, holds more than one licence. XM is licensed by CySEC in Cyprus (under number 120/10) as well as registered with the FCA, UK (under number 538324). Furthermore, this online trading broker is registered with BaFin Germany (under number 124161) and ACP France (under number 73640). Among other things, some of these licences oblige XM to store clients’ funds separately from company’s funds in order to keep them as safe as possible.
XM is in ownership of Trading Point Holdings Ltd., a company registered and regulated in Cyprus. This group was founded back in 2009 and first launched a trading product different than XM. Since the moment it entered the online trading market, this company managed to scoop several prestigious awards such as the one from Arabocom Group in 2013 for Best Innovative Forex Product. Some of the most impressive facts about the operator include over 300,000 accounts, traders from 196 different countries and eight full feature trading platforms. The group has three international locations in Cyprus, Greece and Hungary.
Conclusion/Experiences/Comparison
In conclusion, XM is a trading site that perfectly suits the needs of new traders that want to learn the art of trading without investing large amount of money. The site is pretty generous and, unlike Trading 212 and FXCM, it has a lucrative welcome offer as well as several ongoing promotions. Additionally, the minimum deposit amount at XM is very low, a fact that also makes it attractive to rookie traders. This broker is regulated by several authorities and uses SSL encryption; therefore, customers can trust it 100% with their personal information and money.