XM Review 2023- Pros and Cons of Trading with XM Review

What is XM?

XM is a renowned global forex and CFD broker that operates under the regulation of Australia's ASIC, CySEC of Cyprus, and Belizean authority IFSC. One of the notable advantages of XM is its low stock CFD and withdrawal fees. The account opening process is user-friendly and swift. XM provides various educational tools to enhance your trading knowledge, including webinars and a demo account. However, it's important to note that XM's product portfolio is limited, mainly focusing on CFDs and forex trading. The fees for forex and stock index CFDs are average, and it's worth mentioning that clients outside the EU are not covered by investor protection. In a comprehensive analysis by BrokerChooser, XM received a rating of 4.5/5 based on evaluating 500+ criteria and testing via opening a live account.

What Are the Pros and Cons of Trading with XM?

👍   Pros of XM

👎   Cons of XM

  • Provides access to a diverse range of CFDs, with 1,429 options available, including 55 forex pairs.
  • Limited product portfolio
  • XM Group's in-house research offering is complemented by the tools and content provided by Trading Central.
  • No Proprietary trading platform
  • To access exchange-traded securities (non-CFDs) with the XM Shares account, a minimum deposit of $10,000 is required.
  • The spreads offered on the standard account are comparatively higher than those provided by industry-leading brokers.
  • Low minimum deposit from $5
  • Average Forex and stock index CFD fees
  • Available in more than 190 countries
  • The average spreads for the commission-based XM Zero account are not publicly disclosed.
  • High leverage available
  • No investor protection for non-EU clients
  • Easy and fast account opening
  • Great educational tools
  • Swap-Free Islamic trading account
Low stock CFD and withdrawal fees

XM Reviews Account Opening

Can you open an account XM?

Opening an XM account is a seamless and uncomplicated process. You can potentially start using your account on the very same day.

To create an account with XM, please adhere to the following steps:

  • Step 1: Enter your personal information, such as your name, country of residence, email address, and telephone number.
  • Step 2: Check your email. Verify your email address. 
  • Step 3: Choose the preferred trading platform (MT4 or MT5) and select the type of account.
  • Step 4: Provide additional personal details, including your date of birth and residential address.
  • Step 5: Select the base currency and determine the desired leverage level.
  • Step 6: Supply relevant financial information and answer questions regarding your financial knowledge.
  • Step 7: Verify your identity and residency by uploading a copy of your national ID, passport, or driver's license for identity verification. Utility bills or bank statements can serve as proof of residency.

How Many Account Types Does XM Offer?

XM presents a diverse range of account types, each featuring unique pricing structures, base currencies, minimum deposit requirements, and contract sizes.

XM Account Micro Standard XM Zero Shares Account
Min Deposit $5 $5 $100 $10,000
Client country EEA Australia Other countries EEA Australia Other countries EAA Non-EEA and non-Australian clients
Negative Balance Protection Yes Yes Yes Yes
Pricing No commission, but a higher spread No commission, but a higher spread There is a commission, but the spread is very low Market spread and commission
Spreads from 1 Pip 1 Pip 0.6 Pips As per the underlying exchange
Contract size 1 Lot = 1,000 1 Lot = 100,000 1 Lot = 100,000 1 share
Commission Fee No No No Yes
Islamic Option Yes Yes Yes Yes

XM Bonus

XM provides a two-tier deposit bonus for traders. The XM deposit bonus is designed as a +50% bonus, with a maximum limit of $500 USD. To open an XM trading account, a minimum deposit of $5 USD is required.

Deposit Bonus Yes
Tier-1 Bonus % 50%
Tier-1 Bonus Amount Up to $500 USD
Tier-2 Bonus % 20%
Tier-2 Bonus Amount Up to $4500 USD

What Is the Leverage Offered by XM?

XM's highest leverage rate is 1:888

Details of XM accounts leverage:

  • XM Micro account:

The micro account at XM provides leverage of up to 1:500, competitive spreads starting from 1 pip, and no commissions. This account type allows a maximum of 150 simultaneous open orders at any given time.

  • XM Standard account

The next level offered by XM is designed for seasoned traders. This account type offers maximum leverage of 1:400 and features fixed spreads.

  • XM Zero account

The leverage limit is set at 1:300, allowing for amplified trading opportunities. The spreads will fluctuate, with a minimum starting point of 0.2 pips. Traders can have up to 400 open orders simultaneously, maximizing their potential in the market.

XM Review Deposit and withdrawal

XM provides swift and cost-effective deposit and withdrawal procedures, presenting you with a variety of choices.

👍   Pros of XM

👎   Cons of XM

  • Several account base currencies
  • None
  • Free wire withdrawal above $200
  • Credit/Debit cards available

XM Review Commissions & Fees

XM excels in providing a wide array of account options to ensure a perfect fit for your specific requirements. Their offerings include a commission-free standard account, a micro-account for lower-risk trading, and an Islamic trading account that adheres to Sharia law principles upon request. With the Islamic account, there are no commission or swap fees charged. Additionally, XM offers various other account types, including the popular XM zero account, which further reduces spreads. In the case of zero accounts, spreads start from 0 pips, although the minimum deposit is slightly higher at a competitive $100.

For the XM zero account, a commission of $3.50 per lot traded is charged, providing exceptional value. The broker takes care to minimize other fees, creating a trading environment that offers excellent value for all traders. As a primarily CFD-focused broker, XM does apply overnight fees to all accounts except the Islamic account types. An inactivity fee of $10 per 90 days of inactivity may also be charged, but it remains relatively low.

XM Market instruments

XM broker presents an extensive selection of trading instruments covering a diverse range of financial markets. Here are the key instruments offered by XM broker:

  • Forex:

XM broker provides access to over 55 currency pairs, including majors, minors, and exotics.

  • Stocks:

XM broker opens up a world of stock trading opportunities on renowned global exchanges like NYSE, NASDAQ, LSE, and others. Broaden your investment horizons by accessing major stock exchanges worldwide through XM broker and seize the diverse range of investment opportunities available to you.

  • Commodities:

Uncover a multitude of trading opportunities provided by XM broker, where you have the chance to actively engage in trading precious metals like gold and silver, energy commodities such as oil and natural gas, and agricultural commodities like corn and wheat. XM broker empowers you to expand and diversify your investment portfolio by exploring these lucrative commodity markets.

  • Indices:

Unlock the ability to trade in well-known stock indices like the S&P 500, NASDAQ 100, FTSE 100, DAX 30, and various others. With XM broker, you can seize trading opportunities across a wide range of popular stock indices.

  • Cryptocurrencies:

XM broker offers a diverse range of cryptocurrencies for trading, including popular options such as Bitcoin, Ethereum, Litecoin, Ripple, and more. Explore the potential of cryptocurrency trading with XM broker and seize the opportunities that arise in this dynamic market.

XM Trading Platforms

XM broker exclusively offers Metatrader platforms for trading. You can choose between MT4 and MT5, both of which are available on desktop, mobile, and as a web trader for convenient browser-based trading without any downloads required.

The MetaTrader platforms have earned a strong reputation in the industry and are widely used by top forex brokers. They offer a comprehensive and user-friendly trading experience, praised for their extensive range of charting tools and indicators. With over 50 standard charting tools available, these platforms provide valuable insights into trading and market patterns. This wealth of insightful data contributes to their popularity and makes them a top choice for many traders.

XM Safety and Security

XM broker operates under the regulation of three financial authorities worldwide through its parent company. One of these authorities is the top-tier Australian Securities and Investments Commission (ASIC). With its regulatory oversight, XM ensures compliance with industry standards and provides a secure trading environment for its clients.

As a well-established brand in the financial industry, XM has earned a solid reputation among traders. However, it is important to note that XM is not listed on any exchange and does not publicly disclose its financial information. Despite this, XM continues to serve as a reliable and trusted broker for traders, offering a range of services and features to support their trading activities.

👍   Pros of XM

👎   Cons of XM

  • Negative balance protection
  • Does not hold a banking license
  • Regulated by the top-tier ASIC
  • Not listed on a stock exchange
  • Financial information is not publicly available

XM Awards

XM was Awarded as Best FX Broker 2022 in 4 regions.

XM has achieved an exceptional feat by being honored as the Best FX broker for the year 2022 at the prestigious World Finance Forex Awards. This remarkable achievement marks the sixth consecutive year that XM has received this esteemed recognition. Such consistent recognition highlights XM's commitment to excellence in the Forex industry and its ongoing dedication to providing exceptional trading services to its clients.

XM Review Research

XM provides traders with an extensive selection of technical tools and a comprehensive economic calendar to assist in their trading decisions. However, it is important to note that XM does not offer fundamental data on assets, which could be considered a limitation for traders who rely heavily on such information in their analysis. Nonetheless, XM's range of technical tools and economic calendar can still be valuable resources for traders seeking to enhance their technical analysis and stay updated on important market events.

👍   Pros of XM

👎   Cons of XM

  • Trading ideas
  • No fundamental data is available
  • User-friendly
  • Quality news flow

XM Customer Support

XM excels in providing an exceptional customer support experience, setting a high standard in the industry. To address the most frequently asked trader questions, XM offers an extensive FAQ section accessible on its website. It covers a wide range of topics, providing detailed answers and valuable information.

In the event that the FAQ section does not address your specific query, XM ensures that you are well taken care of by a dedicated and professional support team. This team is available in a remarkable 21 languages, emphasizing their commitment to assisting clients from diverse backgrounds. You can easily reach out to the support team through multiple channels, including phone, email, or the convenient web-based live chat feature accessible on the XM website. With this comprehensive support infrastructure, XM ensures that your inquiries and concerns are promptly and effectively addressed.

👍   Pros of XM

👎   Cons of XM

  • Live chat
  • None
  • Phone support
  • Fast response time

XM Education

XM understands the importance of education in your trading development and future success. That's why they have dedicated a comprehensive section to education, catering to traders of various skill levels and experiences. This educational content is available in an impressive 19 languages, ensuring accessibility for a diverse global audience.

In XM's education section, you will find a wealth of resources to enhance your trading knowledge. This includes over 60 video tutorial lessons covering a wide range of topics, from the fundamentals of trading to more advanced techniques. These video lessons provide valuable insights and practical guidance from industry experts.

Additionally, XM offers live broadcasts of educational material delivered by their experts on a daily basis. This interactive approach allows you to stay up-to-date with the latest market trends and trading strategies. Furthermore, XM hosts multiple webinars, offering ample opportunities for continuous learning and growth in the industry.

By providing such extensive educational resources and opportunities, XM empowers traders to enhance their skills and knowledge, ultimately supporting their success in the trading arena.

XM Summary

XM has established itself as a renowned and reputable broker globally, earning a solid track record and receiving numerous positive reviews and industry awards. The broker's exceptional reputation is well-deserved, as it consistently excels across various categories.

XM has gained recognition as an award-winning broker for its exceptional performance and unwavering commitment to excellence. The broker places a high priority on providing a secure trading environment, ensuring that traders feel confident and at ease during their transactions.

What sets XM apart is its ability to deliver an outstanding trading experience while fostering continuous development for traders. Whether you're a novice trader entering the industry or an experienced trader, XM caters to your needs with a diverse range of features that accommodate different preferences and requirements.

When it comes to size, reputation, and overall quality, XM stands unrivaled. The broker consistently delivers excellence and offers traders a strong value proposition. Regardless of your level of experience, XM provides a compelling package that distinguishes it from its competitors.

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