XM Review

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    • Zero Account – Spreads as low as Zero!
    • Low Minimum Deposit in Halal Accounts
    • Licensed by the Securities Commission of Malaysia
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XM ( which is a trade name of Trading Point of Financial Instruments Limited) has its head offices in Limassol, Cyprus. It was founded in 2009.  In addition to the main offices in  Cyprus, it also has offices in Austria, Greece, and Hungary.

XM is a full dealing desk broker which offers floating spreads.  XM is one of the forex brokers that suits all kinds of forex brokers. It is a perfect broker for scalpers, intraday traders as well as long-term traders.

Regulations

XM forex broker is registered and regulated by several bodies in all the countries where it operates. It is registered with the Financial Conduct Authority (UK) and also regulated by ASIC (Austria) among many other regulating bodies in every country where it operates.

It is a registered forex broker in Malaysia having obtained a license from the Securities Commission Malaysia and it offers an Islamic account that sticks to all the halal Muslim needs to cater for the large Islamic population in Malaysia.

Trading platforms offered by XM

XM offers a variety of eight trading platforms which include: MT4 Terminal, iPhone Trader, MT4 for Mac, Web Trader, Mobile Trader, iPad Trader, Droid Trader and XM MAM Trader.

The iPhone Trader platform allows you to trade using your iPhone, the MT4 for Mac platform allows you to trade using your Mac computer, the Web Trader platform is for trading on the website (don’t have to download it), the iPad platform is for trading using an iPad device, the Droid Trader is for use on an Android device and the XM MAM Trader is for traders with multiple accounts.

All the XM platforms allow the use of Expert Advisors (EAs) and indicators.

XM Account types

XM offers two main types of accounts; namely: the real account and the demo account. The real account is for real forex trading while the demo account is for practicing how to trade as well as for testing trading strategies.

There are three types of real accounts that a retail forex broker can choose from. These types of real accounts are:  micro (1 lot = 1000 units), standard (1 lot = 10, 000 units and ZERO (1 unit = 100,000 units) accounts.

Banking options

There are a variety of ways of depositing and withdrawing cash from your XM account. You can choose to use MoneyGram, credit card, Moneybrookers Skrill, SOFORT, bank wire, Western Union, Neteller, WebMoney, China UnionPay and iDEA.

The account funding process is normally open for 24 hours a day and it is fully automatic. XM also covers for all the fund transfer fees and does not include any hidden fees or commission for funds deposits.

Other XM features

  • XM offers tight Spreads starting from 1 Pip.
  • It offers a Flexible Leverage of up to a maximum of 888:1.
  • It offers a 24 Hour Support to its customers.
  • It does not allow Re-quotes.
  • XM also assigns its traders with Personal Account Managers that advise them on important issues.
  • XM also offers a $30 + Deposit Bonus up to $5,000.
  • XM allows scalping.
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