XM.com is a licensed broker that is regulated by CySEC and the FCA, UK that allows you to trade forex and CFDs. It offers both the MetaTrader 4 and 5 trading platforms for desktops and mobile devices, in addition to a mobile app. It also provides demo accounts that let you trade with virtual money. To protect the interest of its traders, it has a strict no-requotes policy.
Introduction: XM.com offers traders a superior trading experience, whether they are experienced or just starting out. They are licensed by reputable regulatory bodies such as CySEC and the Financial Conduct Authority, which ensures that their operations are honest and follow the best practices of the industry. All new traders are provided with a welcome bonus that augments their trading funds so that they can make more trades and increase their potential profits. XM.com also offers user-friendly trading platforms, including MT4 (MetaTrader) and MT5 as well as WebTrader.
Since there is no one central body that regulates online brokers, the most trustworthy ones voluntarily sign up with reputable regulatory organizations. They do this because they want to assure potential clients that they are honest and will adhere to the best practices of the industry.
XM.com is licensed with the following regulatory bodies:
XM also ensures that the interests of its traders are upheld through a strict no requotes and rejections policy. Basically, requotes happen when the price of the asset changes between the time you executed the trade and when the broker received it. Although asset prices can change quickly in volatile markets, many traders are justifiably suspicious of requotes since the broker may be trying to charge them more for the trade. It may also be a sign that the broker did not immediately execute your trade, thus accounting for the price change. To avoid this issue, XM ensures that 99.35% of its trades are executed in less than a second.
XM has also won many accolades and awards for the quality of its services, including the 2017 Best Forex Broker Europe from World Finance Magazine and 2017 Best Trading Support from Capital Finance International Magazine.
There are many reasons why you should sign up with XM.com and we will tell you about them here. Because we want to be fair to our readers, however, we will also present some negative aspects of XM.
XM.com does not accept traders from the US and Canada, which are two of the biggest markets.
Foreign exchange or forex trading involves making money from the fluctuations in the value of particular currency pairs, i.e. EUR/USD. Every time you make a trade, you buy some units of one currency in exchange for another currency. XM.com offers more than 55 currency pairs, including major and minor pairs as well as some exotic (less traded) pairs.
Contract for differences (CFDs) allows you to make money by speculating on the changing prices of certain asset classes. They are similar to options trading in that you never actually buy or sell the underlying asset but only trade an instrument representing them. You can trade CFDs in the following asset classes:
Opening an account at XM.com takes just a few minutes. All you have to do is to fill up the online form, and once you’ve submitted it, you will receive an email with login details that will provide you with access to the Member’s Site. To be able to start trading, you will have to submit some identification documents to verify your account and make an initial deposit.
Once you are ready to trade, you will have to download a trading platform. The available trading platforms are MetaTrader 4 and MetaTrader 5 and there are sixteen platform variants all-in-all for PC, Mac and various devices. MetaTrader also has interconnectivity “bridges” that allow the platform to be connected with others.
MT4 has become the industry standard and is used by thousands of brokers all over the globe. It is known for being user-friendly and has advanced charting capabilities so you can analyze markets to identify trading opportunities. MT5 is the updated version with more advanced features including more technical indicators and timeframes. It is also compliant with the regulations of the major exchanges and markets.
XM.com allows traders to trade on the go with their platforms that can be installed on their smartphones and tablets. MT4 and MT5 are available for iPhone, iPad and Android devices. You can access your account on these platforms using the same login and password that you use on your desktop computer. These mobile platforms also have the full account functionality of their desktop versions since they are native applications that are designed to work on a specific device.
In addition, there is an XM app that is available on Google Play for Android devices. It provides you with the same functionality as the mobile platforms but with some benefits that make some traders prefer to use them. For instance, they load content more quickly than mobile platforms that make them more convenient to use. Apps also provide push notifications so that you can be alerted immediately of updates. In addition, you can use apps even when offline so that you still have access to content even when not connected to the Internet.
If you open an account with XM.com you can avail of a welcome bonus that will give a strong start to your trading career. You can build your bonus and avail of as much as $5,000 or the equivalent in your chosen currency.
The way the bonus works is that for every standard round turn lot that you trade, you are entitled to a value credit bonus worth $10 (except for trades involving the USD/JPY currency pair, which gives you a $7 bonus). You earn the bonus as soon as your position is closed, which allows you to control the amount of bonus you receive. If you are able to trade 500 lots within the 30-day redemption period, you are entitled to get the maximum $5,000 bonus.
Once the bonus is credited to your trading account, you can start using it to trade. Any profits that you generate from trading these funds can be withdrawn at any time. However, you cannot withdraw your funds under penalty of the removal of the bonus.
In addition, new traders automatically enrolled in the XM Loyalty Program. Under this program, you will earn XM points for trading activity that you can redeem for credit bonus rewards. These rewards are credited to your trading account and will increase the funds that you can use to trade.
XM.com provides all its traders with demo accounts that allow them to trade in the markets without having to risk real money since you are using virtual currency. You can test all of your trading strategies under simulated conditions that are close to real ones. You can also learn to use the trading platform before you start to make live trades, practicing features such as how to open and close trades, use the charting software and analyze market trends. Demo accounts are available for free and you can open up to five accounts. There is no expiration date on an account but if it is inactive for ninety days, it will be closed but you can open another one.
However, you should realize that using a demo account lacks an essential aspect of live trading, which is the feeling of risk. Without the feeling that you are risking real money, you may not learn how to trade with discipline or to manage your risk so that you won’t lose that much if your trade is not successful. Thus, while using a demo account will allow you to master the technical aspects of trading, you will still need to learn how to manage your emotions when making live trades.
XM is one of the most reputable online brokers in the market. To reassure its traders that they are trustworthy, XM has voluntarily been licensed by reputable regulatory organizations such as the Financial Conduct Authority in the UK and the Cyprus Securities and Exchange Commission. In addition, it protects its brokers by providing Negative Balance Protection to ensure that losses from unsuccessful trades will not exceed the amount of money in your trading account.
XM does not have a loyalty program per se but its loyalty program rewards you for your trading activity. The program has four rewards levels, starting with Executive, where all traders start. You can then proceed to Gold, Diamond and Elite levels that give you more XMP per lot. At the highest Elite level, for instance, you earn 20 XMP per lot traded.
Online support is available 24/5 that you can access through live chat and email. Phone support is available 24/5. The customer support is available in 20 languages. Complaints that are received during the weekend will be addressed on the next working day.
If you have any concerns about the services provided by XM, you can first contact your Client Relations Manager or the Customer Care Department. If the issue is not resolved to your satisfaction, you can get in touch with the Compliance Department. You can file your complaint by filling up the Complaint Form that can be found in the Member’s Area.
The site provides a wide variety of educational resources for its traders in its Learning Center. Forex Webinars are available seven days a week in nineteen languages, which are taught by 39 instructors. There are video tutorials available on a variety of topics including how to use the various features of the MT4 platform.
There are also a variety of useful tools that are available, such as a Forex Calculator that allows you to compute important data such as the pip value and the required margin for a trade. You can also avail of free forex signals for your trades and view an economic calendar that lists all the important economic and political events in the coming months that can affect the markets. If you have more advanced skills, you can avail of free forex market research to help analyze the markets and identify trading opportunities.
XM.com is a good choice for traders of all skill and experience levels, since it provides a superior level of service. You are provided with virtually everything you will need to start trading, including a wide range of trading tools. If you are starting out you can avail of a demo account as well as educational resources to help improve your trading skills. No matter the type of trader you are, you are assured of an exceptional trading experience.