XM is a reputed online broker that allows their client to trade their assets in the Forex industry. XM is owned by Trading Point Holding, which has been in action from 2009. They project an image of trust and reliability in the market. XM is regulated and licensed by Cyprus Securities and Exchange Commission (CySEC), The Australian Securities and Investment Commission (ASIC) and The International Financial Services Commission of Belize (IFSC). These institutions are known for their strong policies and XM also values them.
XM offers a worldwide range of currencies for their clients ease. They even support some less popular languages along with the major ones, and that is what makes XM a very special broker amongst newbie traders. With their knowledgeable education centers for their clients, one can easily say XM is a perfect online broker for anyone who is willing to start their Forex trade journey.
Yes, XM.COM is totally safe for traders. XM offers only 1 step login feature for the platform, but a 2 step account login option to access deposit and withdrawal options for your security. What is most attractive about XM is that they offer a negative balance protection, which is pretty rare in this business. XM is regulated and licensed by Cyprus Securities and Exchange Commission (CySEC), The Australian Securities and Investment Commission (ASIC) and The International Financial Services Commission of Belize (IFSC).
The longer the broker is around it means that we have more proof that they are trustworthy. XM was first established in 2009. The private company behind XM.COM is “Trading Points Holdings”. For safety of their clients XM provides them with negative balance protection for Forex, spot and CFD trading, but the catch is that it is only for retail; clients from the European Union. Non European Union traders are not covered under any kind of negative balance protection.
Overall there are no major safety concerns for the traders; we can simply call XM a safe broker. The broker is regulated by leading and prestigious financial jurisdictions. They work within strict accounting and risk management frameworks because of the license they have.
There are some positive and negative aspects of XM.com broker and we are sharing some of the important ones under the Pros and Cons sub-headings below.
XM has a lot of pros. We will be discussing some of the important ones.
Different account types supporting every traders:
XM offer various account types which were created considering the needs of every type of trader there is. They offer the following trading account types:
XM has very low CFD fees when compared with their competitors.
Brilliant educational section:
Their education section is the best any trader is ever likely to come across in the FX industry. Even a novice trader can get the gist about trading in no time by watching expert videos on the broker’s website.
XM doesn’t give us much to complain about, but there are few and we will discuss it.
They charge an inactivity fee of $5 per month after 90 days of inactivity until the balance reaches $0.
The platforms looks and feels outdated, there are other brokers in this business with better and modern platforms. Furthermore, they send no price alerts to their clients.
XM offers two trading platforms 1st is MetaTrader4 (MT4) and the 2nd is MetaTrader5 (MT5). The positive thing about XM’s trading platform is that the fee report they project are very clear. The second good thing is that they offer great customizability for workspace and charts. But the look of the platform is pretty outdated and there are no price alerts for their clients. You can use both their MT5 & MT4 trading platforms on web, mobile and desktop.
XM offers us their top class broker service on our mobile phones too. Now you can use your phone to trade on the go. With XM you can have the broker in your pocket, it does not matter which mobile phone you have because XM provides their services to Android, iOS and Windows too.
Their mobile trading option is very innovative and still growing as you read this broker review. The mobile trading app they offer is very easy to use and supports both MetaTrader4 (MT4) and MetaTrader5 (MT5) trading platforms.
The good news is that XM offers a ton load of bonuses for their existing and new clients. Every new trader who signs up on their website instantly gets a 15% welcome bonus up to $500. This bonus is instant and automatic; you can deposit in order to maximize your bonus. This bonus is available for both MetaTrader4 (MT4) and MetaTrader5 (MT5) trading platforms. This is a non withdrawal bonus, keep that in mind.
The next bonus is the 10- year anniversary promotion. On the occasion of its 10 year corporate anniversary, XM gives lucky draw prizes to new and existing clients. This goes on for 10 months and each month 50 lucky winners are selected at random and they get prizes worth $1,000,000.
Yes, XM offers a free demo account option to all the new traders. Now traders can use XM demo accounts for as long as they want because XM provides an unlimited period of demo accounts. But if a demo account has not been active in the last 90 days, it will be automatically terminated by the system. A person can open up to 5 demo accounts only from a single device.
For a XM Demo account, all you need is your full name, country of residence, phone number, email id, preferred language. Now you will be asked to choose your trading platform, account type, base currency, leverage, investment amount. Now choose a password and you are all done.
No, XM is not a scam. It is a very reputed online broker with an unblemished reputation. Their parent company, Trading Point Holding is in business since 2009 and has made quite a name for themselves. Furthermore, XM is regulated by 3 different leading and prestigious financial jurisdictions, 1st is Cyprus Securities and Exchange Commission (CySEC), 2nd is The Australian Securities and Investment Commission (ASIC) and 3rd is The International Financial Services Commission of Belize (IFSC). So, definitely it is not a scam, and you can use their services to trade without any second thoughts.
Unfortunately XM does not provide their clients with VIP programs.
XM has an extraordinary client support system with 24/5(GMT) working hour support for its clients. They can easily remove any doubt from your mind within a few minutes if you explain your problem properly. With Live chat, Phone support, Email support and Rich FAQ section they are sure to help you out with anything you need to know about them and trading with them.
They are so good at client support that their shortcomings look insignificant before them. The only drawback of their client support system is that their services are only 24/5, if they were to offer 24/7 services then they would be second to none in this line of business.
XM offers a tremendously rich trading guide section on their website. There are only pros, no cons about it. The biggest trading guide they could offer is the free unlimited Demo account for your practice. Next is the best trading platform tutorial you can find. They have exceptional educational videos which will surely help if you are new to trading.
XM is a wonderful broker which excels in every field. There are only a few traders which have no or very less cons like XM. They are regulated and licensed under very prestigious institutions due to which they are trustworthy. Furthermore they are rather unique when it comes to ease of use; their UI is very simple yet attractive. We would definitely recommend you to try XM.COM.