XM is a full dealing desk broker which offers floating spreads and suits all kinds of traders. XM offers swap-free Islamic accounts as well as a variety of other account types to suit traders. It is a perfect broker for scalpers, intraday traders as well as long-term traders because of the tight spreads, fast execution times and good analysis software. XM has a low minimum deposit making this broker accessible for traders just starting out. If you are looking for an Islamic (swap-free) account, open a regular trading account with XM, login to your members area to validate your account, and then you are able to request an Islamic account.
XM offers a variety of promotional offers to new traders, that I find quite competitive with the marketplace. Below is a screenshot which was taken at the time of writing to give you an idea of what you can expect as a welcome from XM.
XM Account types
XM offers 4 different account types where 3 of them are real accounts and the other a demo account. All accounts have an optional Islamic account option to make it swap free. The different real accounts offer traders flexibility in the minimum deposits and contract size.
- Demo account: For practicing how to trade as well as for testing trading strategies. You can use it for as long as you want, it does not expire, and you can trade on the live markets, risk-free. For more information on the demo account and sign up, click here.
- Micro account: This is the smallest account with a minimum deposit of $5 and a wide range of base currencies are possible. Contact size for this account is 1 lot = 1000 units and spreads for majors are as low as 1 pip.
- Standard account: This account also has a minimum of $5 deposit and the same wide range of base currencies. The difference is in the contract size where 1 lot = 10, 000 units.
- Zero Account: Arguably my favorite account at XM, is this account. It has a higher minimum deposit of $100 but the spreads on majors can be as low as zero and other spreads will also see a reduction from other account types. Contact size is 1 unit = 100,000 units for this account, but the base currencies are limited to USD, JPY & EUR.
Leverage at XM
XM has a flexible leverage depending on your account type and also the size of the trade. Using a high-level of leverage adds additional risk. The leverage offered is 1:1 to 1:500 ($5 – $20,000), 1:1 to 1:200 ($20,001 – $100,000) & 1:1 to 1:100 ($100,001 +).
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.
There are a variety of ways of depositing and withdrawing cash from your XM account. You can choose to use MoneyGram, credit card, Moneybookers, 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 all the fund transfer fees and does not include any hidden fees or commission for funds deposits.
XM is registered in all the countries where it operates and regulated by several bodies around the world. It is registered with the Financial Conduct Authority (UK), regulated by ASIC (Austria) and CySec (Cyprus). XM is also regulated in Malaysia having obtained a license from the Securities Commission Malaysia and it offers an Islamic account.
Other XM features
- XM offers tight Spreads starting from 1 Pip.
- It offers a Flexible Leverage of up to a maximum of 500:1.
- 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 and hedging on all accounts.