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  • Regulated: ASIC, FCA, CySEC
  • Platforms: MT4, MT5
  • Min Deposit: $5
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XM Review 2019 and Technical Opinions

by | Feb 8, 2019

In a bid to help you make the most informed choice on your next move within the forex industry, we have compiled this comprehensive review of one of the industry’s top trading brokers. XM have been around in the sector now for a decade, with many having chosen XM trading as their go to when it comes to trading forex and other markets.

Knowing the industry as thoroughly as we do, we aim to offer the most insightful XM broker review possible, that we hope can assist in making your selection of a 2019 forex broker easier.

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

Yes. XM is globally regulated by a number of the most well-respected regulatory bodies in world finance. These include, CySEC, FCA in the UK, and ASIC in Australia. 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.

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:

Cyprus (HQ)
36, Makariou & Agias Elenis,
‘Galaxias’ Building, 5th floor,
Office 502,
1061, Nicosia, Cyprus

Belize
No. 5 Cork Street,
Belize City,
Belize, C.A

XM
  • Regulated: ASIC, FCA, CySEC
  • Platforms: MT4, MT5
  • Min. Deposit: $5
(69.75% of retail CFD accounts lose money)

 

  • Regulations: Trading Point of Financial Instruments Pty Limited licensed by ASIC (443670); Trading Point of Financial Instruments UK Limited authorised & regulated by the FCA (705428); Trading Point Of Financial Instruments Ltd regulated by CySEC (120/10).
  • Type: Market Maker
  • Leverage: 1:500
  • 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
  • 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. Beyond that, traders can choose between commodities, indices, metals, energies, 5 cryptocurrency pairs, and over 1,000 stock CFD markets.

This is as many markets as offered by many other major brokers, and XM excels in its stock CFDs offering. Users of XM trading crypto will also be satisfied with choices that include Bitcoin, Litecoin, Ethereum, Ripple, and Bitcoin Cash pairs with the US Dollar.

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, Visa/MasterCard, UnionPay, Neteller, and Skrill.

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.

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.

XM
  • Regulated: ASIC, FCA, CySEC
  • Platforms: MT4, MT5
  • Min. Deposit: $5
(69.75% of retail CFD accounts lose money)

 

PART 3- IC Markets Review – Accounts, Conditions, and Fees

IC Markets Account Types

The broker offers three distinct account types, these are cTrader account, which offers ECN services through the use of cTrader, IC Markets True ECN, which utilizes the same ECN trading capabilities with low spreads and the use of MT4, and a standard account option which offers variable spreads, and utilizes MT4 as a trading platform.

Commissions, Fees, Spread and Market Trading Hours on IC Markets

In the cases of the cTrader and MT4 True ECN account types, spreads from 0.0 pips are offered to traders. This is thanks to the direct access provided to competitive intermarket rates. These accounts do feature trade based commissions however.

In the case of cTrader accounts, the commission is $3.50 per lot of 100,000 currency units, on a per turn basis. This commission is slightly lower, at $3.00 per lot, per turn, through the MT4 True ECN account.

Standard account types through MT4 operate on a commission free basis, though everything Is incorporated into the slightly higher spread on markets through this account. These spreads start at a minimum of 1.0 pips, and an average of approximately 1.1.

IC Markets Islamic Account

Yes, IC Markets Islamic account is offered to traders. This allows for swap-fee trading for users in order to correspond with their legal and belief systems.

IC Markets Leverage – What it the highest leverage IC Markets offers?

IC Markets leverage is offered at up to 500:1 on major currency pairs through all of their accounts. This is the maximum leverage which the broker facilitates.

IC Markets Cryptocurrencies

IC Markets offers trading in 10 cryptocurrency markets. IC Markets cryptocurrencies are traded as CFDs on a 24/5 basis, and are commission free with a variable but highly competitive spread. Markets include Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash, Ripple, EOS, Emercoin, NameCoin, and PeerCoin CFDs. This is comparative more selection than many other major brokers.

IC Markets CFD

CFDs trading is widely available through IC Markets. This includes hundreds of products and pairings, not limited to only forex, through commodities, indices, bonds, futures, cryptocurrency, and over 100 stocks. 

IC Markets Privacy Policy

The broker has a detailed privacy policy which is fully adherent to the rules of its financial regulator ASIC, and does the most comprehensive job possible in protecting the privacy of traders. More detailed information on the IC Markets privacy policy can be found here.

XM
  • Regulated: ASIC, FCA, CySEC
  • Platforms: MT4, MT5
  • Min. Deposit: $5
(69.75% of retail CFD accounts lose money)

 

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 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.

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. It is always useful however, to engage additional third-party sources. In this cases, extensive trading and strategy guides as well as in-depth industry reviews can be found at Investingoal. These, like this review, have been developed by industry experts with the sole purpose of helping advance your forex knowledge and skill. 

XM
  • Regulated: ASIC, FCA, CySEC
  • Platforms: MT4, MT5
  • Min. Deposit: $5
(69.75% of retail CFD accounts lose money)

 

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.

Research

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.

Educational Material

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
  • Regulated: ASIC, FCA, CySEC
  • Platforms: MT4, MT5
  • Min. Deposit: $5
(69.75% of retail CFD accounts lose money)

 

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 are 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. Here you can have the flexibility of no ESMA which means access to higher leverage and the possibility of bonuses among other benefits. 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.
  • 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.
XM
  • Regulated: ASIC, FCA, CySEC
  • Platforms: MT4, MT5
  • Min. Deposit: $5
(69.75% of retail CFD accounts lose money)