XM BROKER REVIEW

XM BROKER REVIEW

XM is an online broker for trading on forex with a strict no re-quotes and no rejections policy. As an internationally regulated and licensed broker, XM has more than 3.5 million clients in over 200 countries with access to trading more than 1,000 instruments. Traders with XM can choose between the popular MetaTrader 4 or MetaTrader 5 platforms or access the XM WebTrader through their browser.  Since its founding in 2009, the broker has picked up over 30+ industry awards. This review gives readers in Singapore an in-depth overview of XM and discusses the broker’s advantages and disadvantages.

Pros and Cons of Choosing XM

XM appeals to traders across the world who can rely on support in their language. The broker’s track record of over 2.4 billion trades executed with no re-quotes or rejections is further motivation for traders to consider this regulated broker. XM’s forex fees are average and you can also expect to pay an inactivity fee if your account is dormant for more than 90 days.

What Can You Trade With XM?

XM offers clients access to trading forex and CFDs on stocks, energy commodities, soft commodities, precious metals, and indices. More than 1,000 instruments are available to trade.

Forex Pairs

XM offers trading in more than 55 currency pairs including majors, minors, and many exotics.

Stock CFDs

CFDs on over 100 US, UK, and Germany stocks are available to trade on the XM platform

Commodity CFDs

XM clients can trade popular soft commodity, energy, and metals futures CFDs.

Equity Indices

The indices CFDs offered for trading on the XM platform include cash and futures equity indices

Where Does XM.com Operate?

XM offers trading services to residents or citizens of more than 200 countries. The broker’s head office is in Limassol, Cyprus, while they also have offices in Athens and Sydney. You can go to the XM registration page for the most up-to-date information. This page will also tell you whether you’re eligible to open an account with XM or XM Global.
XM does not provide trading services to residents of certain countries, including: United States of Ameria Canada Israel Islamic Republic of Iran

Website & Support Languages

The XM website is available in 22 different languages, with customer support provided in more than 25 languages.

XM Account Types

Traders can choose from three XM account types: a Standard account, a Micro account, or an XM Zero account. You can also open a demo account to practice strategies and trading. All XM account types offer negative balance protection for EU residents. That means losses cannot exceed deposits as required by ESMA.

What Instruments Do Accounts Have Access To?

Traders can choose forex or multi-asset options when opening their accounts. A multi-asset account allows trading forex as well as CFDs on the MT5 trading platform. Once traders have opened an account, they have access to the XM Member section of the broker site and their trading platform of choice. From here traders can manage their account, including depositing and withdrawing funds, claiming promotions, checking positions and leverage, and accessing the trading tools offered through XM.

XM Demo Account With MT4

XM’s free demo account is popular among traders to practice ideas or even experienced traders to test strategies. Demo accounts have no expiry date, but they are closed when not used for 90 days. Clients may apply for a new demo account at any time. Up to five demo accounts are allowed per trader. Demo accounts have all the features and functions of a real account, including the speed of execution. Traders have access to $100,000 in virtual trading funds with real-time data and analytic tools. Also, traders with demo accounts can make use of XM’s 24/5 support and all the broker’s educational materials.

What Acount Information Does XM Request?

The identification document must contain the following:

Full name
Issue or expiry date
Place and date of birth or tax identification number
Signature

To pass the residential address verification, you will need to provide a recent utility bill no older than 3 months. Acceptable bills include the following:
Electricity bill
Water or gas bill
Phone bill
Television services bill
Internet bill
Traders then need to fund their accounts with a deposit, discussed below in the deposits and withdrawals section of this review.

Deposits and Withdrawals

Traders with Micro or Standard accounts can open and fund an account with a minimum of $5, while XM Zero accounts require a minimum deposit of $100.

How To Deposit With XM

XM offers several funding options for deposits and withdrawals. These include:

Major credit cards
Multiple electronic payment methods
Bank wire transfer
Local bank transfer
Exact details about each payment method are visible when you log in to the ‘Members Area‘. Once you selected a payment method of choice, there are clear instructions to follow to complete the process. Funds are generally available instantly except for Union Pay, which takes 24-hours.

How To Withdraw Funds From XM

XM requires a $5 minimum withdrawal for Micro and Standard accounts. XM Zero accounts have a withdrawal minimum of $100. All withdrawals above $200 processed by wire transfer are included in XM’s zero fees policy. When making a withdrawal, XM transfers your funds back to the original funding method you used to fund your account. If this is not possible, they will transfer the funds to your identified bank account. This account must be in the same name as the account maintained with XM.

Leverage and Margins

CFD traders on the XM platform have access to varying amounts of leverage, from 2:1 up to 30:1, depending on the financial instrument traded and in their country of residence. Margins vary by product type. Calculations are as follows:

CFDsLots * Contract Size * Opening Price * Margin Percentage
ForexNumber of Lots * Contract size / Leverage
Gold & SilverLots * Contract Size * Market Price / Leverage

Traders should keep track of their available margin. Accounts that exceed the allowable margin face the risk of having positions closed out by XM

XM Spreads and Fees

Traders with Micro and Standard accounts pay the XM variable spread on CFD trades instead of a commission. The broker offers variable spreads only, which means spreads can widen above the minimum XM spread as market conditions become more volatile. Micro and Standard account spreads on all majors start as low as 1 pip, while XM Zero account holders can expect spreads as low as 0 pip. Always consult the broker website for up-to-date spreads.

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