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General Information
Broker Name:XM.COM (Trading Point of Financial Instruments Ltd.)
Broker Type:Forex
Country:Australia
Operating since year:2009
International offices:Cyprus, Belize
Regulation:CySEC, FCA 120/10
Address:No.5 Cork Street, Belize City, Belize, C.A.
Broker status:Regulated
Customer Service
Phone:+501 223-6696
Email:[email protected]
Languages:English, Spanish, Russian, Chinese, Arabic etc.
Availability:24/5 GMT
Trading
Trading Platforms:MetaTrader 4
Trading platform(s) timezone:GMT+2
Demo Account:Yes
Mobile trading:Yes
Web based trading:Yes
Bonuses:• A $30 no deposit bonus offered to all new clients;
• An instant and automatic 100% bonus upon executive level entry to the XM Loyalty Program;
• A monthly opportunity to win $50,000 and gain entry to the final round of the Forex World Championship (Prizes include: $500,000 in cash prizes, and 12 rounds of $1,000,000 in prizes)
Other trading instruments: Forex, stock indices, oil and gold
Account
Minimum deposit ($)$5
Maximal leverage (1:?)1:888
SpreadVariable
Scalping allowedyes

XM Review (2021 update) The right broker for you

Review Contents:

  1. Introduction;
  2. Trading Account Types at XM;
  3. XM Trading Conditions;
  4. Trading Elements Offered at XM;
  5. Safety of Funds, Regulations, and Licenses;
  6. Additional Information;
  7. XM Review Conclusion.

 

Introduction: Many Assets and Strong Regulations

XM is a part of the XM group, a part of the Trading Point of Financial Instruments UK Ltd.

It was established in 2009. Since then, it managed to become one of the biggest trading firms in the industry. XM has over 1.5 million clients from 196 countries. They pride themselves on being fair, understanding, and big. Furthermore, they provide many elements that have become useful to traders.

This XM review will analyze all of the advantages and disadvantages of the broker. We urge you to read the full review before you trade with XM. It is always important to gather much information about any broker before investing money with them. Thus, we hope this review will help you make the right decision.

XM.COM home page

Trading Account Types at XM

 

XM global limited offers four account types to traders. See the full list of their features below.

Micro Account

  • Base currency options: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR
  • Contract size: 1 lot=1,000
  • Maximum leverage: 1:888
  • Negative balance protection: Yes
  • Average Spread on all majors: From 1 pip
  • Commission: None
  • Minimum trade volume: 0.01 on MT4, 0.1 on MT5
  • Trading bonuses: Yes
  • No deposit bonuses: No
  • Islamic account: Optional
  • Minimum deposit: $5

Standard Account

  • Base currency options: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR
  • Contract size: 1 lot=100,000
  • Maximum leverage: 1:888
  • Negative balance protection: Yes
  • Average Spread on all majors: From 1 pip
  • Commission: None
  • Minimum trade volume: 0.01 Lots
  • Trading bonuses: Yes
  • No deposit bonuses: No
  • Islamic account: Optional
  • Minimum deposit: $5

XM Ultra-Low Account

  • Base currency options: USD, EUR, GBP, AUD, SGD, ZAR
  • Contract size: 1 lot=100,000 or 1 lot=1,000
  • Maximum leverage: 1:888
  • Negative balance protection: Yes
  • Average Spread on all majors: From 0.6 pip
  • Commission: None
  • Minimum trade volume: 0.01 Lots or 0.1 lots
  • Trading bonuses: No
  • No deposit bonuses: Yes
  • Islamic account: Optional
  • Minimum deposit: $50

Shares Account

  • Base currency options: USD
  • Contract size: 1 share
  • Maximum leverage: None
  • Negative balance protection: Yes
  • Average Spread on all majors: Varies
  • Commission: Yes
  • Minimum trade volume: 1 Lot
  • Trading bonuses: No
  • No deposit bonuses: No
  • Islamic account: Optional
  • Minimum deposit: $10,000

choose a big fair and a human broker

Trading Conditions at XM

XM has been in the industry for a decade. They have developed enough experience. Thus, they have the right tools to provide to their traders. We’ll start our XM trading review by looking at the conditions that most relate to forex markets. The broker offers over 1000 trading instruments and spreads as low as 0.6 pips, leverage of up to 1:888. On top of that, XM has very generous bonuses of up to $5000.

The leverage varies on the deposit, available funds on the account, and trading size. See the list below:

  1. 1:1 to 1:888 for $5-20,000
  2. 1:1 to 1:200 for $20,001-100,000
  3. And 1:1 to 1:100 for $100,001 and more

It is great that XM gives an option to choose your own leverage. Nevertheless, leverage only lowers with large amounts of deposits. Higher leverage involves much higher risk, so it makes sense why it is higher for lower deposits. XM wants to protect its users from losing too much money at once. Thus it offers 1:100 maximum leverage of $100,000 or more.

The spreads are average for the industry. Though the lowest available spread is 0.6 pips, it is still not good enough for the industry, especially that the lowest spread is on the micro account.

The minimum deposits are shallow. $5 to open a live account is more than what traders could ask for. In fact, this makes XM a great broker for beginners.

XM offers both MT4 and MT5 platforms to the users. You can download either one of the platforms on your mobile, desktop or trade from the web. The advantages of both platforms are that they are versatile, provide charting analytics, expert advisors, and more.

Overall, the trading conditions at XM are good. However, there are some drawbacks. Such as having high leverage on small deposits. But overall, the specs offered to outweigh the disadvantages.

 

 

Review of Trading Elements Offered at XM

XM offers over 55 currencies to trade. They have major, minor, and some exotic currency pairs. Additionally, XM offers five cryptocurrencies, including Bitcoin, Litecoin, and Ethereum. Their CFDs are vast, offering over 940 options such as precious metals, oils, stocks, and more. As we said earlier in our XM review, their asset selection is quite formidable.

The options for tradable financial instruments are pretty good. Though the currency list is comparably short to other brokers, it still offers all the basic pairs. The CFD list is large, giving you a chance to dabble into whichever commodity or stocks you want. It is also great that XM offers cryptocurrencies since we have come across many brokers who do not. As crypto continues to become more popular daily, it is essential to have an option to trade it.

XM.COM logo

Safety of Funds, Regulations, and Licenses at XM

XM prides itself on its regulations. They are active in many different countries and have strong licenses to prove their trustworthiness to their users.

ASIC regulates XM with license number 443670. Another branch, Trading Point of Financial Instruments Ltd, is under CySEC 120/10. The broker has further regulation by International Financial Services Commission with the number IFSC/60/354/TS/18. Lastly, we have FCA under 705428.

ASIC is the regulating financial institution in Australia. They are strict and demanding. The fact that ASIC regulates XM is definitely reassuring.

Next, IFSC is also quite important in global regulations. They are relatively new to the market but still provide strict regulations.

CySEC is not seen as the most trustworthy regulator, as they are offshore. Still, the watchdog regulates many great brokers. In the end, it depends on the broker itself to prove users their trustworthiness.

FCA is one of the toughest regulators in the world. Receiving their regulation is hard, as there are many requirements. As such, seeing FCA on the list of XM regulators is definitely a hugely positive sign.

Overall, we consider XM to be a well-regulated broker. We believe them to be trustworthy. Your funds are guaranteed to be safe with XM.

 

Additional Information About XM

The XM website is overly simplified, which comes in handy when looking for any information about the broker. Their menu lists everything without having to open any dropdowns. The website is available in a good amount of languages. The options include English, Malaysian, Chinese, Greek, Russian, Indonesian, French, Italian, German, Polish, Arab, Spanish, Korean, Portuguese, Vietnamese, and more. We are happy to see XM including so many cultures in their user base.

The customer service at XM has won multiple awards. They provide help in fourteen languages. You can get in touch with customer support via telephone or email. They are available 24 hours during trading days. Their live chat does not pop up on the homepage; you have to go to the menu and find it. Once you click the tab, the chat will pop up at the window’s end, leading you to a representative.

 

forex awards

XM provides a large list of educational content, with some of the best materials to offer in the industry. They have beginners, intermediate and professional levels. That’s a big boost for our XM broker review since it helps users a ton. Whichever type of trader you are, you will definitely benefit from their courses and ebooks. They are easy to find on their website. Everything is listed on the menu.

The Payment options are inclusive to many countries, and XM keeps updating its options. They offer:

  • Credit/Debit cards
  • Bank wires
  • E-wallets

They recently added more e-wallet options, such as Moneta, Qiwi, Cashu, Abaqoos, Przelewy24, GiroPay, and FasaPay. They have no fees for transfers unless it involves international bank wires. The e-wallets vary depending on the bank itself, but XM does not add any additional charges.

 

XM Review: Customer Service

Another thing we’d like to mention in our XM review is the broker’s excellent customer support.

Online Support

 Working hours: 24/5 GMT
 ‎Live Chat
 [email protected]  

Phone Support

 Working hours: 24/5 GMT
 +501 223-6696

 

XM Broker Review Summary: Is it Good?

At the end of this XM review, we have to state that we are quite satisfied with XM. They have high security and regulations, due to which we consider XM to be a trustworthy broker. We consider the safety of funds to be one of the most important aspects of trading. As seen, XM seems to provide the highest level of security possible.

They provide a good amount of options for account types. Whether you wish to develop demo and novice XM zero accounts or trade professionally, you receive good benefits. We would also like to mention their bonuses which include:

  • No deposit bonus for specific XM zero accounts
  • Welcome bonus for all XM zero accounts
  • Loyalty programs
  • Special seasonal bonuses

It is great to see brokers reward their users from the get-go. Loyal users receive many benefits which give you tradable points. The welcome bonus is equal to a 100% match for up to $5,000. Furthermore, the no deposit bonus is $30 and can be used immediately upon registration.

Overall, we are happy with XM. We think they might be worth your time, especially if you want to develop your knowledge thoroughly with educational materials. They provide good tools for traders. Because of that, we think you will be satisfied with what you receive.

General considerations

Thus, you see that XM is providing a wide range of possibilities for trading. Moreover, you can choose your own leverage. Nevertheless, leverage only lowers with large amounts of deposits. Thus, higher leverage involves much higher risk. XM is concerned about protecting users from losing too much money at once.

As we already said in our xm.com review, the minimum deposits at XM are shallow. You can open $5 to open a live account. Thus, XM is a perfect broker for beginners as well.

Moreover, the XM is offering over 55 currencies to trade. They have some exotic, minor, and major pairs. XM is also offering five cryptocurrencies, including Ethereum, Litecoin, and Bitcoin. The broker offers over 940 options such as precious metals, stocks, oils, and more. As such, their CFDs are vast.

The XM website is straightforward. When looking for any information about the broker, that can be very handy and useful. The website is also available in various languages. The languages include Vietnamese, Indonesian, Russian, Greek, Chinese, Malaysian, English, etc.

At XM, the service of customers has won multiple awards. They are providing help in fourteen languages. Moreover, via email or telephone, you can get in touch with customer support. They are available during the forex trading days 24 hours.

It would be best to find the live chat in the menu, as it does not pop up on the homepage. Thus, the chat will pop at the end of the window once you click the tab.

Bottom line – regulations and safety

As we said earlier in our XM review, the broker also XM has regulations and high security. As such, XM is considered to be a trustworthy broker. One of the most important aspects is the safety of funds. Thus, XM provides that aspect: the highest amount of security possible.

Lastly, if you want to develop your knowledge with educational materials, then XM is the right choice for you. Good luck!

XM.COM logo

Overall
4.6
  • Support
    (4.5)
  • Platform
    (4.5)
  • Spread
    (4.5)
  • Trading Instrument
    (5)


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