What we like about AvaTrade:
- Multiple levels of regulation
- Choice of platform
- Availability of Islamic trading facility
- Availability of Demo Account
XM offers its clients access to Forex, Commodities, and CFDs markets. It is one of my favorite brokers with simple accounts and a $5 minimum deposit. XM’s mission statement is to provide their customers with a top-notch experience, an extensive range of trading tools, user-friendly platforms, and a personalized support desk. I have never had better support than from XM.
Accounts at XM
Clients at XM can trade either the Micro, Standard, or Zero 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.
- The Zero account, has the same trading conditions as the standard account, except a $100 deposit is required to get these super tight spreads. A commission is charged on these trades, but the cost is very low.
- Demo accounts are available for as long as they want to have them open, 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 should this happen.
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.
XM client funds are segregated with Barclays Bank PLC 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.
Fees are paid as a part of the spread, which is standard practice for brokers. Only the zero account has commission per trade where the may be no spread in times of high liquidity.
Trading Platforms at XM
Clients on XM can choose between the XM Metatrader 4, the XM Web Trader a trading solution.
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 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 is a forex brokerage firm founded in 2009. 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.