What we like about XM:
XM is a forex brokerage firm formerly known as Trading Point of Financial Instruments Ltd, upon being founded in 2009. XM is headquartered in Cyprus and offers its clients access to Forex, Commodities, and CFDs markets. It is of huge advantage to clients knowing that XM is a brokerage firm regulated by an EU member country, in addition to being registered with the UK’s Financial Services Authority (FSA) and the Federal Financial Supervisory Authority of Germany (BaFin).
XM’s mission statement is to provide their customers with top-notch experience, including an extensive range of trading tools, user-friendly platforms, and a personalized support desk.
XM has a strong regulatory background with licenses in different territories through its parent company, Trading Point of Financial Instruments Ltd, and in addition to those listed above includes licenses from MiFID (EU), FI (Sweden), FIN (Finland), PSZÁF (Hungary), CONSOB (Italy), CNMV (Spain), AFM (Netherlands), ACP (France), KNF (Poland), ASIC (Australia) and CySEC (Cyprus). It also holds a license from FSP (New Zealand), which empowers it to operate in all territories.
XM reports that its funds are tucked away and segregated with Barclays Bank PLC, a British banking giant, allowing for maximum funds safety in the case of insolvency. XM also has in place an automated control that monitors client trading activities to ensure they never reach negative balances on their accounts, thus keeping them from losing excessively.
Clients at XM can trade either the Micro or Standard account. The Micro account is tailored to suit the needs of beginners, thus exposing them to low levels of risk in an industry that is highly volatile. Some of the unique features of this account type includes a 1000 contract size offering and a leverage setting that allows 1:1 to 1:888 ($5 – $20,000), 1:1 to 1:200 ($20,001 – $100,000) and 1:1 to 1:100 ($100,001 +), thereby allowing traders ramp up their leverage as their confidence and trading knowledge improves.
The Standard account, on the other hand, supports traders with more experience, offering the same leverage structure as seen with the Micro account and also a minimum deposit requirement of $5. However, the contract size for this account type is set at 100,000.
In addition to this, clients on XM can access a free demo account for as long as they want to, but a demo account will be closed if it is inactive for over 120 days from the last login. Traders are free to get a new one in the verge of this.
Also available is the Islamic account that caters for Muslims who want to trade in accordance with their faith. These accounts offer swap-free trades and can be opened within a Micro or Standard account.
There are no payable commissions or fees on XM that we aware as at the time of writing this review.
Clients on XM can choose between the XM Metatrader 4 that is powered by Meta Quotes and the XM Web Trader a trading solution by Leverate Technological Trading Ltd. The XM Metatrader 4 is supported on Android and IOS devices. Both trading platforms have awesome features, with the XM Metatrader 4 supporting both manual and automated trading via its Expert Advisors or EA. The Metatrader 4 is a downloadable client while the XM Web Trader is a web based trading platform that requires only a browser, with no need for a software download.
XM’s website is available in 19 languages i.e. Arabic, Chinese, English, French, German, Greek, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish. Traders are able to reach support desk 24/5 via Email, Telephone and Live Chat.
XM stands out following its newly introduced “No Requote” policy that places the brokerage firm in a position of advantage. XM is increasingly poised to deliver unique FX trading services to both new and advanced traders.