In 2009 XM was founded by the Trading Point of Financial Instruments Ltd. Now you may want to know, what is XM? Well, XM is a Forex broker (Foreign Exchange) based in the Republic of Cyprus. So here a major question arise for the forex traders that, is XM scam broker or a legit forex broker? I will answer this question in this XM Review for you as well as with more details like XM broker advantages, XM broker disadvantages, is XM licensed and regulated, XM broker sign up etc. But you have to do only one thing to know all these valuable information.
And that is very simple!
Just explore this XM broker review with me, go through every step and I promise you will find all the possible details what you may need. By the by let’s come to the point when XM broker was founded it was established by an interbank dealer group with the intention to improve the service level of forex trading. Nowadays, with XM broker traders have the access to the forex markets along with CFDs and commodities.
This review contains the following information:
♦ XM Details
♦ XM Review
♦ XM Pros
♦ XM Cons
♦ XM History
♦ XM Features
♦ XM Licenses
♦ XM Deposit Methods
♦ XM Withdrawal Methods
♦ XM Customer Service
♦ XM Educational Service
♦ XM Accuracy
♦ XM Reputation
♦ XM Complaints and
♦ XM Review Summary
Take a sharp look at the overview of this forex broker:
|Headquarter||Republic of Cyprus|
|Licensed & Regulated By||FCA(UK), ASIC(Australia) & CySEC(Cyprus) & More|
|Investment Grade Banks Use||Barclays Bank PLC|
|Client Deposits Held In||Segregated Bank Account|
|Minimum Deposit Amount||$5|
|Services Offered||Forex, CFDs, and Commodities (Forex, Indices, Oil and Gold)|
|Minimum Trade||0.01 Lot|
|Maximum Trade||200 Positions|
|Spread on EUR/USD||1.8 Pips|
|Carryover charge for EUR/USD||0%|
|Margin Starts||From 2%|
|Mobile Apps||iPhone, iPad & Android|
|Demo Account||Available for Unlimited Time|
|Platform||MT4 for PC, MT4 for Mac, MT4 WebTrader, FX Arena Contests, MT4 for iPhone, MT4 for Android, MT4 for iPad, MT4 for Android Tablet|
|Payment & Withdrawals Methods||Skrill, Allied Wallet, Credit Cards, Visa Cards, Visa Electron, Switch, Solo, MarterCards, China UnionPay, Neteller, Fast Bank Transfer, Electronic Payments, Bank Wire Transfers, Local Bank Transfers, MoneyGram, Western Union, WebMoney, SOFORT, iDEAL Diners Club International, QIWI, Fasapay, PaySafeCard, Giro pay, and Przelewy24.• Customer Support: Phone, Fax, Email and Live Chat|
|User Rating||3.8 (Out of 4)|
|Accepts USA Traders||No|
|Allowed Countries||All Countries except USA, Syria, North Korea, Sudan, Iran, Cuba, Myanmar|
|Official Website||Click Below Button to Visit Option XM Official Website|
Okay mates, here we go:
I already mentioned that XM broker is governed the Cyprus law and a famous name in the forex industry of Trading Point Holdings Ltd. After the establishment of this company in 2009, they grew and become a real contender in this market. This forex broker offers more than 100 types of trading assets for you though this broker is not accepting USA, Syria, North Korea, Sudan, Iran, Cuba, Myanmar traders. Sorry for you mates from these countries, however except these countries all the traders from other countries are allowed in this broker platform.
Do you know the unique thing about this forex broker? I guess not:
Islamic Account is being provided by the XM broker. This account is for the Muslim word who want to trade according to Sariah Law (Islamic Law) and in a Halal (Halal means permissible or allowed) way. Technically these accounts are the swap-free accounts. There is no interest or swap in this account because they are against the Sariah Law. You have to contact the customer service if you want to open an Islamic Account.
Isn’t that great! Well,
This broker values most the trading efficiency and they are trying to give their client the best trading experience. There are many trading tools for you with the professional customer support and cutting edge forex trading platform. On the ability of margin, you can trade 24-hour trading five days in a week. This broker also allows you to trade CFDs which include indices, energies, and precious metals.
With the multiple tools, options, account types XM forex broker is extraordinary and you can trade with a low amount like $5, I think it’s the lowest trading amount in the market right now.
Ah! Let’s know the advantages of this broker:
- XM broker is licensed and regulated by the EU, CySec, FCA and ASIC
- You will have Tight Spreads from 1 Pip
- Very flexible Leverage for you which is up to 888:1
- There are no commissions charges
- You can have up to $5,000 deposit bonus
- 24-hour customer support for 5 days
- There are no Re-quotes in this platform
- Withdrawals process is fast and easy and normally it take 24 hour
- You will have multiple withdrawal and deposit methods
- There are no fees for depositing and withdrawing
- You can have a Personal Account Managers
- This broker offering Automated Trading System
- Trading via phone is available
- One click trades are allowed
- They have trailing stops
- Hedging is allowed
- Scalping is also allowed
- Offering VPS services for you
- Offering DMA/ECN/STP Account for the traders
- Offers Islamic accounts for the Muslim countries (If you want)
- You can access this platform in multiple languages
- This platform is suitable and reliable for all types of traders with an amazing trading platform
- You can have a leverage of up to 888:1
- With a short transaction time, they guarantee you No re-quotes
- Helpful and effective customer service and available for 24/5
- They have multiple methods for contacting with you, their customer support has email, telephone, fax and live chat
- This broker has more than 100 assets for you to trade
- Webinars and training resources is available for the traders
- Free Forex signals
- This platform has negative balance protection
- 8 trading platforms you will have for trading
- Demo Account is available for unlimited time
- Up to $5,000 deposit bonus
- Efficient trade execution rate is 99.35%
- There is no rejection, 100% execution
But you have to face some catches too: the disadvantages
- XM broker does not accept PayPal
- This broker does not offer any EFTs
- They also do not offer Equities
- You have to pay an inactivity fee per month which $5
- There is no weekend customer service assistance for your queries
- The benefits difference between different trading accounts is not so much
It is important for you to know about a broker background, explore with me:
In this review, I already mentioned that XM broker is founded in 2009 and a registered name of Trading Point Holdings Ltd. This forex broker is completely regulated by the CySec, FCA, and ASIC, so need not to worry about this broker. They are an international forex broker and their head office is in Limassol, Cyprus.
After the establishment in 2009 of the business transparency, professional customer communication, and amazing trading conditions they become a giant forex broker. With the full authorization of European Union which includes the BaFin, CNMV, FIN, FI and AFM they are operating their services.
So, what about the features? Here they are:
XM broker becomes the next generation broker for the forex trading as well as commodity trading. They offering you a wide range of assets of forex, energies, indices, stocks and precious metals and that makes this broker outstanding. You already know there is no re-quotes as well as no rejection, no commission charges, and no hidden fees. This broker is offering a leverage of 888:1 with more than 100 trading assets. You can trade both in web and mobile from any place of this world. Moreover, there is no limit the deposit amount.
A free demo account is available, term and conditions are same for all types of traders and account types. You can use this platform in multiple languages. Minimum deposit amount is $5, lowest in the forex industry and in a demo account, you will have 100,000 virtual money. They have all the major currency pairs and with tight spreads which are low as 1 pip you will be benefited.
Now check, from where they have got their license:
From the several licensing authority they have got their license and they are –
CySEC (Cyprus, License Number – 120/10), BaFin (Germany, Registration Number – 124161), FCA (UK, Registration Number – 538324), CNMV (Spain, Registration Number: 2774) as well as AFM (Netherlands), FI (Sweden), FIN (Finland), PSZÁF (Hungary), CONSOB (Italy), ACP (France), KNF (Poland) and the ASIC (Australia). They also got a license from the New Zealand licensing authority and that how this broker is global.
These licenses allowing them for banking with Barclays Bank PLC, these licenses also assure the safety of trader’s funds. In the case of company insolvency to protect the clients they offered Investor Compensation Fund. There is no negative balance in this broker and for monitoring the funds XM broker has an automated system.
What are the methods of Deposits and Withdrawals?
Deposits and Withdrawals Methods
By the Barclays Bank account traders funds are being kept and they assure the safety, this process is totally automated and process within 24/7 and same for withdrawals. There is a wide range of deposit and withdrawal methods in this broker platform and they are –
Skrill, Allied Wallet, Credit Cards, Visa Cards, Visa Electron, Switch, Solo, MarterCards, China UnionPay, Neteller, Fast Bank Transfer, Electronic Payments, Bank Wire Transfers, Local Bank Transfers, MoneyGram, Western Union, WebMoney, SOFORT, iDEAL Diners Club International, QIWI, Fasapay, PaySafeCard, Giro pay, and Przelewy24.
For fund transfer there is no commission charges or any hidden fees, XM covered all the charges. Within 24 hours all deposit and withdrawal request are processed, but in the case of bank wires or credit/debit cards, it may take 2 to 5 business days.
Let’s discuss customer support:
Personally, I am impressed with the XM forex broker exceptional multilingual customer service with an account manager for all types of account including the demo account. They have a very professional customer support team who are ready to solve your problem as soon as possible over your queries via live chat, email, fax, and telephone.
This broker has client from about 196 countries and they are able to contact you in 20 different languages and these languages are – English, Arabic, Indonesian, Malaysian, Chinese, French, German, Greek, Hungarian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Thai, Swedish, Italian, Turkish, and Vietnamese.
Their customer support is smart with interactions, queries over live chat and telephone are available 24/5. On weekend can email them because email service is always open for the clients. Before joining this forex broker I suggest you read their FAQ to know every detail about the customer service. You should not hesitate to contact their support team because they are highly capable of solving your issues.
Is XM broker providing educational service? The answer is ‘YES’.
XM forex broker provides rich educational materials for the clients which include the weekly interactive webinars, video tutorials over unique MetaTrader 4 development, forex market news, market analysis, economic calendar (multilingual) as well as experts help regarding the market change and trading strategy.
Price Accuracy is very important:
I observe that XM broker has the accurate market prices of the assets, it is important because your decision largely based on the accurate prices. My test result showed me there are no signs of delay with the asset price update issue and these prices are all real. If I rate them in this case, they are 10 of 10.
A good reputation is the main asset of a broker, it shows the legitimacy.
Previously I told you that XM is regulated and licensed by CySEC, ASIC and by the EU authorities and it means this broker is bound to follow the rules and regulations of the financial authorities so that you and I can trade smoothly.
Considering the fact of regulation this forex broker is one of the most popular brokers among the forex traders and multiple positive trader comments prove their flexible conditions of trading.
Are there any complaints about XM forex broker?
I figure out that generally, traders have complaints about the spreads, stops and trading platform considering the forex brokers, but you will be happy to know that I didn’t found any major complaints about XM forex broker. Though they have some soft issues.
I’m going to discuss them below.
About the spreads, I found few complaints, but they are not major issues and by comparing with other brokers I saw this forex broker is the best in the market. You should trade with other brokers if you find better spreads than this broker.
Every forex broker has complaints about stops but XM has fewer complaints on this issue. During the review, I had no stops, but I suggest you start with small lots until you are sure that this broker has fewer stops than others.
Final Verdict: XM Forex Broker is not a Scam! It’s Licensed and Regulated!
Few last words:
XM Review Conclusion
The only negative issue of this broker is that they are not accepting customers from the USA, Syria, North Korea, Sudan, Iran, Cuba, and Myanmar. Also, their terms and conditions can be long and convoluted considering the bonuses. But XM is one of the best forex brokers in this industry for many years.
This broker’s trading platform is suitable both for new and skilled traders. You will have a free demo account for practicing and with real money when you start trading micro lots you will have deposit bonuses.
You should try their free resources and trading for a better result. Don’t make mistake by ignoring this resources. They are really helpful and will help you to be a skilled trader. I always believe in learning to gain a better result. Get your free XM broker access with a free demo account and bonuses without wasting your time, because time is the most important thing in this world.