XM Review

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Who are XM?

XM are a group of regulated online brokers that have been in business since 2009 and are regulated by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC). They have a very good reputation in the industry and are offering top quality trading platforms (MT4/MT5) across several workstations. Let’s take a deeper look at the opportunities offered by those broker and the pro and cons of opening a trading account with them.

How is XM Trading Platform?

XM can offer a very big range of MetaTrader 4 and 5 platforms that are all accessible from just one account. If you want to run them on desktop you can install them and they will be compatible with both Windows and Max operating systems. If you are on the go you can also take advantage of the dedicated apps that will work with smartphones and tables and that are compatible with Apple or Android operating systems. If you don’t fancy downloads than you can also use their WebTrader platform that will be available from every browser. So in short they have solutions for every computers or devices.

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How is XM Platforms Design?

XM have worked hard on the design of their trading platform as their interface is really inviting and has a very trendy layout. In addition to a full list of instruments, graph and customisable configurations they also have an All News section which will show all the most important updates that can have an effect on the financial markets. You can even customise further as there is an option to switch between two different themes (dark and light) which is not something common in trading platforms interfaces. Regardless of the device you use you will be able to easily log-in and trade without slow waiting time or delays.

XM design

What is XM Minimum Deposit?

XM is a very affordable trading broker as you can open a new account with just a minimum deposit of £5. This is surely the lowest requirements of all the brokers we have analysed. This low minimum deposit allow everyone with a low trading capital to start trading almost immediately and it permits proper fund management.

What are XM Tradable Assets?

This broker offers to his clients more than 300 instruments which is a really good number to allow traders to seek good opportunities. You can trade on forex, cryptocurrencies, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs. Surely having so many opportunities is a plus point for XM as it allows traders to choose the financial instruments they feel more confident in trading.

What are XM’s spreads & fees?

XM’s spreads are tight and this is good news as the prices don’t have to move too much in order for the traders to make a profit. The spread for the EUR/USD currency pair is 1.8 pips which is one of the best that most brokers can provide.

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Deposit and Withdrawal Methods

Making deposits and withdrawals with XM is really simple as they do accept most of the payment methods like credit and debit cards, Neteller, Skrill, Paypal but also Bank Wire Transfers and others e-wallets.

Customer Support

Reaching XM is really simple as you can do so so via phone, email, livechat or fax. When we contacted them the waiting time was really small as it only took less than 10 seconds to get a response. Also their response are very qualitative and have resolved all the queries we had. We were never experienced any marketing push from the agents which is a very good sign for a broker brand. So all in all very good feedback to report on XM customer service.

How is XM Quoting Accuracy?

Quoting accuracy is a really important thing to consider when trading with a forex broker. As you trading with their prices those has to be as accurate as possible as you making decisions based on those. The good news is that with all the tests we have done with XM there was no signs of delays or manipulation and the price shown both pre and post deal was exactly the same.

Conclusion

XM is a fully regulated trading broker and this is surely a big plus. Aside from this tough there are many other reasons why they are one of the best providers out there: the range of instruments that they offer is impressive and same can be said for their platforms. They have very low minimum deposit and their demo platform is unlimited. All in all a very good reputable broker that is up there with the best in class.

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Your capital is at risk

XM Key Information

  • Founded – 2009
  • Minimum account size – £5
  • Minimum lot size – 0.01
  • Tradable assets – 300+
  • Maximum margin – 1:500
  • Demo account – Unlimited time
  • Regulated – FCA(UK), ASIC(Australia), CySEC(Cyprus)

Your capital is at risk

PROS

tickUnlimited demo account

tickOver 20 supported banking methods

tickRegulated by Financial Conduct Authority (FRN 509909) and Cyprus Securities and Exchange Commission (License No. 250/14)

tick£5 minimum deposit

CONS

ConsDoesn’t offer VPS (see alternatives)

ConsDeposits via PayPal not accepted

(see alternatives)

General Fees

  • XM does charge inactivity fees
  • XM doesn’t charge withdrawal fees

Overnight fees & swap rates 

  • The rollover fee for long positions on EUR/USD is -$8.85
  • The rollover fee for short positions on EUR/USD is $2.85

Commissions

  • XM doesn’t charge commission on CFD shares