XM Review

xm-forex-logo-80-height

$5
Minimum Deposit
500:1
Maximum Leverage
0.0
Minimum Spread

XM Group (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.  

Promotions

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 Group 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 = 100,000 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 Group

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 +).

Trading platforms

XM offers a variety of eight trading platforms which include: MT4 & MT5 Terminal, iPhone Trader, MT4 for Mac, Web Trader, Mobile Trader, iPad Trader, and Droid 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.

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

Banking options

There are a variety of ways of depositing and withdrawing cash from your XM account. XM Group accepts the most commonly used Local Payment Methods today including Credit/Debit Card, Neteller, Skrill, Bank Wire Transfer, etc

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 Group Regulators

XM Group is a group of regulated online brokers.

  • Trading Point of Financial Instruments Ltd was established in 2009 and it is regulated by the Cyprus Securities and Exchange Commission (CySEC 120/10)
  • Trading Point of Financial Instruments Pty Ltd was established in 2015 and it is regulated by the Australian Securities and Investments Commission (ASIC 443670)
  • Trading Point of Financial Instruments UK Ltd was established in 2016 and it is regulated by the Financial Conduct Authority (FCA 705428).

Other XM features

  • XM offers tight spreads starting from as low as 1 Pip for Micro and Standard account and as low as 0 pip for XM Zero account.
  • 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 to 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.