- Editor Rating
- Rated 4.5 stars
- XM Forex Broker
- Reviewed by:
- Published on:
- Last modified:
- PlatformEditor: 98%
- PricingEditor: 95%
- Customer ServiceEditor: 99%
- FeaturesEditor: 97%
Searching for an authentic XM Review? Is the XM Forex Broker a scam? Lets find out. Trading with XM broker guarantees full transparency, reliability, and quick execution time. These 3 elements of a good FX broker are the founding principles of XM Forex broker, an entity that was formally known as Trading Point of Financial Instruments Ltd. This company was founded by a team of inter-bank dealers who had a common goal of improving the level of service that was being offered in the Forex community at the time. The XM broker company started its operation in the year 2009, and is registered in the Republic of Cyprus.
Cyprus is a member of the Euro-zone, and this means that XM Forex broker meets the minimum fiduciary standards which are required for any financial service provider to legally operate in the Euro-zone. What is more, this company is also registered with the Financial Service Authority (FSA) and Federal Financial Supervisory Authority of Germany, also known as BaFin. This is to give consumers the added protection which they badly need as far as their trading activities are concerned on the platform. So now we know XM platform is a regulated Forex broker. Is it really good? Let me expose it in this thorough XM Forex review 2017.
XM Broker Review – Best And Scam Free Forex Broker
- 1 XM Broker Review – Best And Scam Free Forex Broker
- 2 Unique Features of XM Forex Broker
- 3 Four types of FX trading accounts
- 4 XM Demo Account Details
- 5 Desktop and Mobile Trading
- 6 XM Forex Broker Review – Basic Info
- 7 99.35% of XM Deals are executed in less than a second
- 8 Spreads and leverage of XM Broker Reviewed
- 9 XM Platform Details
- 10 XM Withdrawals and Deposits
- 11 XM Broker Bonuses and Promotions
- 12 XM Support – Are they good?
- 13 Is XM Broker A Scam?
- 14 Conclusion – Our XM Review 2017 is Positive – This Forex Broker is Trusted.
- 15 Related
This broker boasts of a number of unique features which most traders believe to be ideal for their trading activities. Not only does this XM trader offer a wide range of trading instruments to invest in, but they also provide different account options and trading platforms. The following are just some of the features that users can enjoy on the platform.
Unique Features of XM Forex Broker
Four types of FX trading accounts
XM.com has 4 different types of accounts to choose from. These accounts are very specific in terms of features provided, and so traders must choose what suites them most.
a) XM Zero
In this account type, spreads are as low as 0 across 56 asset pairs. Gold and silver is also included in this account as well. The typical leverage of this XM account is 500:1, although you can request to change this as well.
b) Micro-trading account of XM Reviewed!
If you are not comfortable with instantly taking a high risk approach towards trading, this account is ideal for you. This account is affordable to all investors because the minimum investment needed is just $5.
c) Standard trading account
Those who have traded FX before should use this account since it is only suitable for the pros. The benefits of this account type are similar to those found in the Micro-trading account. The only difference here is that you can always adjust your trade volume upwards in standard lots. Standard lots cannot be traded on a Micro-account. You are entitled to get a lot of XM broker bonuses in this account.
d) Islamic account
Even though XM broker is an international Forex broker with a global appeal, our XM broker review found that the platform allows investors to trade in line with their religious beliefs. This account basically offers an opportunity to trade according to Sharia practices.
e) Managed Forex account of XM Trading
If you don’t have knowledge on trading and would still like to earn from Forex trading, a managed account can give you the opportunity to do so. This account is managed by a professional who will offer help when it comes to managing funds and offering appropriate advice for investing in the money markets.
XM Demo Account Details
XM broker offers a demo account for those who would like to horn their skills. Don’t jump into the market if you are not skilled enough. Unless you want to get slaughtered like a pig, there is no point in gambling your entire bankroll in the market. It is for this reason that XM platform offers a demo account funded with $100,000 virtual money. This account is very similar to a live account since it simulates real market conditions.
Desktop and Mobile Trading
XM Forex broker runs the popular MT4 trading platform. This can be used on a desktop as well as on mobile devices. This broker has the most responsive and user friendly MT4 platform. Enough reasons for this positive XM Forex review.
XM Forex Broker Review – Basic Info
|Company Name||Trading Point of Financial Instruments Ltd|
|Regulation||Regulated by CySEC, FSA UK, MiFID, & the BaFin of Germany|
|EURUSD spread||1.9 pips|
|Funding methods||Funding Methods: Credit/ Debit Card, bank wire transfer, local bank transfer, Neteller, Moneybookers Skrill, Western Union, MoneyGram, WebMoney, China UnionPay, SOFORT, iDEAL.|
|Trading platform||Platform Info: MT4 Terminal; MT4 for Mac, Web Trader; iPhone Trader; iPad Trader; Droid Trader; Mobile Trader|
You should also read Forex Broker Rebates Advantages and Disadvantages!
99.35% of XM Deals are executed in less than a second
Speed of execution is very important in the Forex market. That’s why XM broker ensures that speed of execution is not comprised. This broker offers nearly instant execution on orders. Furthermore, no order is rejected as execution is guaranteed. Finally, the platform doesn’t offer re-quotes, meaning that they are strictly an ECN broker.
Spreads and leverage of XM Broker Reviewed
Spreads start at 0 depending on the account you wish to trade with. Investors have the option of either choosing a fixed or variable spreads account. There is no commission because the broker charges spreads instead. Also, since XM Forex broker is a true ECN broker, you should expect very low spreads, except during market news data releases.
Furthermore, XM platform offers the highest ratio of leverage at 888:1. This can always be revised downwards if you request them to do so. Basically leverage is a loan that XM scam free broker gives investors to trade with. This way, you can control bigger contract sizes without actually funding your account with the required amount. However, you need to be aware of the fact that such a high leverage magnifies losses the same way it does to profits.
XM Platform Details
There is a fabulous choice of platforms to use for your trading at XM broker. We checked their platforms before coming up with this comprehensive XM review. They offer the popular Metatrader 4 platform which is highly reliable and simple to use. MT4 comes with all the tools needed to trade successfully. Investors can set it up for manual trading or auto-trading via EAs (Expert Advisors).
Secondly, they offer XM Web Trader platform which eliminates the need to download MT4 software. This platform is also appropriate for those who want to trade on the go, whether they are using a mobile device or a remote desktop.
XM Withdrawals and Deposits
This broker has the widest range of deposit and withdrawal options. XM.com accepts every major Credit and debit card on the globe. This also includes Union Pay and Diners Club cards. In addition to this, XM platform offers multiple ways to transfer money into your account through the bank.
Online payment options include Skrill, Neteller, iDeal, CashU, and WebMoney. What is more, you can also fund your account via Western Union and MoneyGram. Take a look at XM.com to find out the complete range of deposit and withdrawal options supported on the platform.
XM withdrawals is processed within 24 hours, although the amount which has been withdrawn will instantly reflect on your account. We couldn’t find anything fishy about this broker while writing this in disputed XM Forex review.
XM Broker Bonuses and Promotions
The minimum deposit required to open a live XM trading account is just $5. This is also the minimum which can be withdrawn from the platform. This broker wants to open their platform to as many investors as possible, hence the $5 threshold. Furthermore, every new XM account opened will be entitled to a $30 no deposit bonus. Investors can even claim up to 50% welcome bonus which is capped at $500USD maximum bonus. Take note that the welcome bonus percentage will change to 20% thereafter until you reach $5,000 maximum bonus.
XM Support – Are they good?
Generally, beginner support is good on the XM website. XM.com is actually a multi-lingual website. It supports more than a dozen of languages. These include English, Chinese, Arabic, Korea, French, Hungarian, Russian, Spanish, Thai and many more.
Customer support is offered 24/5 through telephone, email, and live chat. This broker will give you a very good experience in terms of trading efficiency. XM broker review orders are executed without fail, and this is a guarantee. 99.35% of trades are executed in less than a second, and this ensures you get the best entry prices in the market. This is a strictly No re-quote broker. So rest assured that your trading needs will be covered as efficiently as possible.
Is XM Broker A Scam?
XM has remained operational since 2009. And because legislation are getting stricter by the day, most scam brokers which opened shop around this time have since closed down. On the other hand, XM Forex broker has remained operational all this time, even going to the extent of fulfilling all the legal requirements needed by the relevant regulatory bodies.
Although complaints and criticisms are a normal part of conducting brokerage business, the manner in which these issues are handled matters. Read any in depth XM review and you will see that this broker is genuinely interested in safeguarding their reputation. They never shy away from tackling issues brought against them head-on, which is a good sign that XM Forex broker is not into scamming investors.
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Conclusion – Our XM Review 2017 is Positive – This Forex Broker is Trusted.
XM broker was rebranded to adapt to the changing market conditions. This means that the broker is keen on accommodating all types of investors. Also, since XM has a no-requotes policy, it means traders can finally take advantage of good prices when entering the market. This differentiates XM broker from other competitors who tend to have requotes, yet they claim that they offer ECN or STP trading conditions. XM support is responsive and mindful of their clients’ needs. All this indicates that XM Forex broker is worth trading with. Hoe our honest and unbiased XM review was helpful.