XM Review 2020 and Technical Opinions
Did you search XM review to figure out XM’s real value?
Would you like to fully understand if XM is reliable or if it’s a scam?
Do you want to find out everything you can do with XM, expert opinions, and user reviews?
In this XM review, you’ll find everything you need to dispel any doubt, including our feedback on XM, both practical and technical, after years of experience on the platform.
The best thing you could is to open a free demo account to try out first-hand the XM platforms, to be able to fully follow this review.
PART 1 – XM Legal Review – Company and Legal Information
One of the foremost things to note about XM, or any other trading broker, is just how important trust is in the relationship with traders.
This is obviously something that XM.com also takes very seriously.
They want to ensure that there is never even anything close to an XM forex scam headline, and they conduct themselves in a manner which ensures that will not happen.
Is XM a scam? Is XM reliable? XM review and legal opinions
XM trading company undertake many steps to ensure that they are completely transparent and trustworthy with their traders. This includes regulation in several jurisdictions under financial regulatory bodies whom are recognized as some of the toughest in the world.
Added to this, XM broker has been offering services worldwide since 2009 to a customer base which has expanded greatly over the years, and continues to do so.
This leads us to surmise that there is absolutely no possibility of XM being a scam operation.
When I make a deposit to XM, where does my money go?
Due the regulatory requirements already mentioned, which are imposed upon XM, an XM deposit is sent to a top-tier financial institution for placement in a segregated account.
This account is one which is completely transparent, and to which the company personnel have no direct access.
Is XM regulated? XM Regulations – XM license opinions
XM is globally regulated by a number of the most well-respected regulatory bodies in world finance. These include, CySEC in EU, ASIC in Australia, and IFSC in Belize.
This is in addition to the up and coming financial hub of Belize, where many operations are based to allow more flexibility for traders.
Overall, comparative to other brokers in the industry, XM forex traders can be pleased with the compliance of the broker. They are regulated in both developed and emerging nations, and hold a strongly positive compliance record within these areas.
How to check the XM licenses
XM broker licenses can be reviewed directly through the sites of the regulatory bodies where they are overseen. These can be found in the following locations.
- CySEC (EU) (120/10)
- ASIC (Australia) (Ref: 443670)
- IFSC (Belize) (60/354/TS/19)
What type of broker is XM? XM technical opinions
XM is a well-known market maker broker.
Whilst many may presume this means they are working against the interests of traders, they are actually very well-known and respected in the industry for the fair approach we they take, and the lower minimum requirements they offer in terms of deposit and spread on many occasions can facilitate new traders in entering the industry.
XM are also one of the top no ESMA brokers. This gives traders much improved freedom to trade with increased leverage and conditions.
How does XM profit?
XM broker, like many others, profit from a marginal increases in the spread which they offer traders.
This is somewhat offset by the commission-free trading environment which is offered on XM.com.
XM forex trading, particularly for new users, often works out as better value than some brokers who may charge commission. This is particularly true at smaller trading levels.
Where is the legal office of XM?
XM have legal offices in the following locations:
12 Richard & Verengaria Street,
Araouzos Castle Court,
3rd Floor, 3042
Level 13, 333 George Street,
Sydney, NSW 2000, Australia
No. 5 Cork Street,
- Regulations: Trading Point of Financial Instruments Pty Limited licensed by ASIC (443670); XM Global Limited by IFSC (60/354/TS/19); Trading Point Of Financial Instruments Ltd regulated by CySEC (120/10).
- Type: Market Maker
- Leverage: 888:1 (IFSC), 500:1 (ASIC), 30:1 (CySEC)
- Min Deposit: $5
- Platforms: MT4 (PC, Mac, web platform, iPad/iPhone, Android/Android tablet), MT5 (PC, Mac, web platform, iPad/iPhone, Android/Android tablet)
- Headquarters: Trading Point Of Financial Instruments Ltd is headquartered in Limassol, Cyprus; XM Global Ltd is headquartered in Belize; Trading Point of Financial Instruments Pty Ltd is headquartered in Australia
- US Customers: No
- Other instruments: CFDs on indices, commodities, stocks, metals, and energies
PART 2 – XM Account Opening
What can you do with XM? XM features opinions
XM trading stretches across a total of 5 asset classes. This includes offering 57 forex currency pairs of all types. Major, minor, and exotic pairs are offered.
This broker has more than 1000 financial instruments which can be traded on the MT4/MT5 platforms and this includes Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs.
This is as many markets as offered by many other major brokers, and XM excels in its stock CFDs offering.
XM demo: how to open a free virtual account
Opening an XM demo account, collecting your login details, and downloading your choice of platform, funded with up to $100,000 virtual dollars to precisely recreate live trading, takes no more than a few minutes.
This can be completed with the most basic of personal information and you can get an inside look at what XM is really like to trade with.
XM Live: how to open a Live XM account
Opening an XM live account involves a few more steps than the demo account registration.
With that said, it is still a very easy and convenient process to complete. All you need to add are verification of your residence and identity. Both of these can be added online within a very secure and fast electronic process to allow you to get on with trading.
XM Deposits and Withdrawals – All the options
There are a variety of XM deposit options available for all traders. These include:
- Bank transfers
Withdrawals are available through the same mechanisms, and all fees for both deposits and withdrawals are met by XM so long as the minimum deposit and withdrawal are satisfied.
XM minimum deposit
The XM forex minimum deposit is $5.
This applies to many of the XM deposit methods, and trading accounts. To know more, just visit our detailed XM minimum deposit guide.
XM Bonus and Offers
XM broker bonus is offered to all traders who register an account through the company, depending upon their country of residence. Traders who qualify for the XM.com bonus will be entitled to a number of bonus options. The first is a $30 no deposit required bonus.
In addition, there is a 50% deposit bonus on amounts up to $500, and a 20% deposit bonus on amounts up to $4500 or currency equivalent.
XM also run a loyalty program which offers seasonal bonuses to traders.
Please note that clients registered under the EU regulated entity of the Group, are not eligible for the bonus.
What type of trader are you?
69.75% of retail CFD accounts lose money
PART 3 – XM Review – Accounts, Conditions, and Fees
XM Account Types
XM trading offer 5 specific account types which are suitable for all types of trader’s deepening upon their style. These are:
- the XM Micro Account
- the XM Standard Account
- the XM Zero Account
- the XM Ultra Low Account
- the XM Shares Account
Each account features slightly different characteristics, though the minimum deposit remains between $5- $100 (with the exception of XM Shares account which has a minimum deposit of $10.000), and with pips starting from as low as 0.6.
Please note that XM Ultra Low, XM Zero, and XM Shares account are not applicable to all entities of the Group, and will not be eligible to receive trading bonuses.
Commissions, Fees, Spread and Market Trading Hours on XM
XM offers commission-free trading throughout all of their accounts.
Spreads on all major currency start as low as 0.6pips. The average spread noted is between 1.5 – 1.7 pips on major currency pairs.
XM trading hours are between Sunday 22:05 – Friday 21:50 GMT, although some of the markets have different opening hours.
When it comes to non-trading fees, XM is also very reasonable. They do feature an inactivity fee, though this is lower than many brokers at just $5 per month after an inactive period of 90-days.
The broker does also charge varied rollover fees depending upon the markets which you are trading.
XM Islamic Account
An XM Islamic account option is available to those traders who require it. This can be activated through contact with customer support after initial registration.
The XM broker maximum leverage depends on the entity you register in and the financial instrument traded.
- Europe (CySEC) – 30:1 (500:1 for professional traders)
- Australia (ASIC) – 500:1
- Belize (IFSC) – 888:1
Any XM broker review would not be complete without mention of their extensive offering in terms of CFDs.
These cross between multiple offerings in commodities, energies, metals, and indices, though by far the most extensive CFDs offered through XM broker are on stocks. The broker has more than 1,000 stock CFDs available.
This is more than adequate to please the needs of any trader, and an ideal starting point for those looking to break into CFDs trading.
PART 4 – XM Trading Platforms Review
XM Trading Platform Review
XM is a Metatrader only broker.
This means they focus solely on the provision of MT4 and MT5 in all of its various formats.
XM MT4 and MT5
XM forex MT4 and MT5 are both offered in much the same format as with other brokers. This means the desktop versions of both platforms retain their fundamentally basis visual appearance, backed by the renowned and respected charting and customization capability for which the platforms are always recognized.
All of the major controls are managed from the top and left side toolbars, with the bottom collection of tabs available to chart open positions, the latest news, and alerts. Automated trading and strategy implementation through the well-known Metatrader EA function is of course also readily available.
As always though, focus remains on the platforms ability to chart more technical indicators and implement more drawing tools for use than any other. This has not changed. The center console is populated with chart windows which can be customized any which way, and the Market Watch feature displays the most popular markets to the left side with the most use of color visible on the platform.
XM Web Trader and Mobile
The web trader is visually a little more vibrant, but operational functionality remains much the same, with only a few less research options available to choose from when compared with its desktop counterparts.
Moving to mobile, and the platform again encompasses more technical capability than most every other third-party of proprietary trading platform in the industry. It is also easily navigable and the same application can be used to log in to you various MT4 accounts, just by changing the provider on the login screen.
Order execution is as always top-notch, and the all-round experience, whilst appearing basic on the eye, is anything but.
With hundreds of indicators and drawing tools available, and more being developed daily, a fast and secure execution procedure, and so many nuanced features and add-ons available as traders progress in terms of experience, it is easy to see why XM has kept faith in the industry’s most popular and dominant trading platform.
XM Tutorial: Where to find the best XM Guides
XM trading is complemented by the provision of a top-quality educational and research section. Here you can find a multitude of guides and useful material.
PART 5 – XM Support, Research and Educational Material
XM Customer Support
XM customer support is thorough and available in three primary forms. These are, telephone based support, email, and a website based live chat service where you can connect almost instantly with a customer support agent.
The services and support offered function well, and provide up to date information in a fast and concise manner. All services are available on a 24/5 basis.
The XM broker website also features a wide-ranging FAQ section to answer any questions you may have without the need to contact support, or outside operational hours.
XM.com provides an extensive selection of research materials which are almost exclusively developed by their own team of market analysts, writers, and experts. This ranges from the latest news, to more in-depth market reports, analysis, and technical reports on individual markets and sectors. These areas are often updated on a daily or weekly basis.
Furthermore, the broker provides signals, a comprehensive economic calendar, and a range of trading calculators which assist traders in determining precise values and costs.
These include a swaps calculator, and a pip value calculator alongside four others. The broker’s analysts also broadcast both daily and weekly technical analysis, news, and forecasts which can prove very informative and useful to traders in every category.
The educational material which can be found in the XM learning center encompasses a range of video guides, expertly scheduled and produced live webinars, and a broad selection of live seminars which traders can attend to improve their industry knowledge.
As mentioned, XM provide much of the forex news and analysis in their research section. This can also be utilized in parts as further educational materials.
XM Trading Academy
XM learning center is the educational hub of the broker, and one which they utilize to quite impressive impact.
Here you can find a range of basic video tutorials to guide you through every step of the way when setting up your account and using the Metatrader trading platform. These guides are concise and informative and will be especially welcomed by new traders who may otherwise be daunted by the new experience.
Also through the learning center, traders of all experience levels have the opportunity to accumulate new knowledge through the XM brokers live webinars.
These are delivered in 18 languages, 7 days a week, by a strong professional, global team of 36 instructors. This is a very impressive undertaking by the broker who also host a range of live forex seminars around the globe on an annual basis.
XM users, customers and bad reviews
Before moving on to our final opinion on XM, for completeness we want to give you the opportunity to read some comments and experiences written directly by other users. However, important prerequisites must be made:
WARNING: in the world of online trading, very often users who do not know how to operate professionally, and therefore lose money, vent their frustrations by giving bad reviews on the broker, reviews that have nothing to do with the quality of the broker in question.
WARNING 2: There have been many cases where non-professional rival brokers paid fake users to write false negative reviews on other brokers.
That said, it can still be useful to take a look at the direct reviews of other users, if for no other reason to understand what to pay more attention to when you start working with that broker.
PART 6 – Final Thoughts and Opinions on XM
Following this exhaustive XM broker review, we hope to prove insightful in your decision making based on the objective facts which have been outlined in regard to the FX broker features and other factors related to the trading environment.
Finally, we will conclude with some of our own subjective opinions as to why or who should choose to trade forex through XM.com or the XM broker in general.
XM review, XM opinions and final comments
There is little doubt that XM is one of the major players in the forex broker industry. This is illustrated by the sheer number of global clients they have picked up within the last decade. This number is now close to 1.5m. With such a huge client base, there is also little debate about the fact that XM has to deliver in every possible way for traders.
This delivery means a platform which is trusted and transparent from the core, concise, and accurate in its execution, and which provides a service traders value. Thankfully for XM broker and its traders, these are all key area which they do succeed in.
Managing to provide in all of these key areas , in our opinion, is what sets XM apart from many other brokers as a major player within the industry, and one which will remain in its position for many years to come.
Why You Should Choose XM
There are a wide range of reasons why you may choose to trade with XM depending on your stage of development in the industry.
Beginning from the perspective of a new trader, XM delivers much of the ideal infrastructure you will require in order to hone, or further advance your trading skills and knowledge.
This is, a productive learning environment with the availability of quality educational resources, and an account structure which is accessible in terms of cost, developed in such a way as to support your growth through the stages.
As a more experienced trader, there are also attractive elements to XM trading and what they offer. XM is a broker regulated by multiple top-tier financial regulators all around the world, which means that XM customers could potentially access to higher leverage and the possibility of bonuses among other benefits. However, said benefits are not available under the European entity of the group.
Furthermore, with being positioned as a Metatrader only broker, you can be certain that you know and are experienced with the general trading platform setup. This should save valuable trading time and a learning curve which would be involved with picking up a new platform.
XM Reviews – PRO
- XM is regulated across a number of regions. This functions positively to improve broker trust and transparency with the operation, whilst still providing enough flexibility for traders to access high leverage and optimal trading conditions.
- Low minimum deposits and highly competitive spreads make it relatively easy for any form of trader to get started and provide the best possible opportunities for profitable trading.
- The XM broker bonus structure is very healthy and attractive to new traders particularly with the $30 no deposit bonus made available. However, this bonus (including every other bonus offered by XM) is not available to clients registered under the European entity of the broker (Trading Point of Financial Instruments Ltd)
- The extremely wide range of live webinars available, and delivered daily by industry experts in multiple languages, further opens up the world of forex to a new and global community in ways which other brokers sometimes do not consider.
XM Reviews – CONS
- Although MT4 and MT5 are highly regarded in the industry. Many traders may like to see XM launch their own proprietary trading platform to increase diversity.
- The website based live chat can be more difficult to communicate with for those new users operating on a demo account or who have questions prior to account opening.