XM Broker Review
Did you know that XM is the registered trade name of a company known as Trading Point of Financial Instruments Ltd? Regulated by the CySEC (Cyprus Securities & Exchange Commission), XM has its main offices located in Limassol, Cyprus. XM has been in business since 2009, and since its establishment, the company has cemented a reputation for itself as a company that values business transparency, professional communication with all its clientele and a dedication to providing excellent trading conditions for all who trade under the company.
XM’s financial activities are also regulated by the Financial Authority of Great Britain (FCA). XM is fully authorized by European Union authorizations including the Federal Financial Supervisory Authority (BaFin), the Netherlands Authority for Financial Markets (AFM), and the Comisión Nacional del Mercado de Valores (CNMV). To add further credibility to its services, XM also works under the conditions stipulated by The Markets in Financial Instruments Directive (MiFID)
XM industry quickly grew to become what it is today thanks in part to its expertise which comes from an extensive knowledge of how the global financial markets work. XM works on a philosophy that is simple, with a firm belief that if the clients are satisfied, they will remain loyal and thus has built its reputation around being a credible force to be reckoned with.
The Features that Make XM Stand Out
To really stand out among the competition, a company has to offer outstanding services. Which is exactly what XM does by offering a wide variety of options for trading forex, stock indices, energies, and precious metal. Now, other firms may offer the same kind of service, but what makes XM outstanding is because they have no re-quotes or rejections when it comes to the trading of orders and no hidden fees or commissions that may catch their clients off guard. Operating with complete transparency, just like they promised.
XM has over 60 currency pairs and 100 financial instruments which can be traded by the clients either online or via the convenience of their mobile phone on seven different trading platforms. Very impressive. Besides having no upper limits to deposits, both beginners and seasoned traders stand to benefit from the superior services offered by XM whether they decide to open a demo account or a real account. XM’s flexible trading platforms are also well suited to its diverse and global clientele base.
XM’s Account Options
Clients can choose from the following accounts when getting started with XM:
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The Demo Account – An excellent option for those just starting out on their trading journey. None of the clients’ own money is at risk in this case, and they are able to test their skills and knowledge before attempting to go live.
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Micro Trading Account – A good option for beginners who want to generate profits with minimal or low–risk levels involved
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Standard Account – A minimum deposit of as low as $5 is required to get started. Suitable for more experienced and professional traders
Clients are able to easily open accounts with XM if they utilize any of the following currencies:
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United States Dollar (USD);
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Euro (EUR);
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British Pound Sterling (GBP);
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Japanese Yen (JPY);
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Swiss Franc (CHF);
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Australian Dollar (AUD);
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Russian Ruble (RUB);
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Singaporean Dollar (SGD);
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South African Rand (ZAR). This is great since other big brokers such as eToro do not accept rand!
XM’s Trading Platforms at a Glance
Clients are able to trade on as many as eight trading platforms, whether they choose to open a real account or a demo one. XM utilizes the award-winning MetaTrader 4 platform, which works on an unlimited number of demo and real accounts.
Other trading platforms which are available include the MT4 for Mac, MT4 Terminal, Droid Trader, WebTrader iPhone and iPad Trader, and Mobile Trader. And then there is also the XM MAM Trader which allows fund and asset managers the option of multi-account management.
How are Deposits & Withdrawals Made?
The safety of the client’s funds is one of the primary concerns, which is why account funding with XM is 100% automated and processed with a 24-hour time frame. Same day withdrawals are also a guarantee.
The payment options XM has provided for its clients include credit cards – anything from Visa, MasterCard, Switch, or Solo – Neteller, bank wires, Moneybookers, Western Union, Skrill, WebMoney, MoneyGram, Union Pay (China), iDeal, and SOFORT. There is also an option of local bank transfers, which would allow investors to fund their accounts using their local banks and this currently available in 58 countries in their local currencies. Rest assured that there are no hidden fees or commissions for fund transfers, and XM has even gone the extra mile to cover all transfer fees for their clients.
XM – The Good & The Bad
XM has proven to be pretty impressive so far. So much so that you have to ask, does it have any drawbacks? With XM, the pros in this case far outweigh the cons.
The advantages that XM has to its name include:
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Multilingual personal account managers for its clients on both demo and real accounts
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Support available via live chat, email, or telephone available 24 hours a day, 5 business days a week
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Educational materials available with free weekly interactive webinars and MT 4 video tutorials
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Supports more than 30 languages
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Offers bonuses, like a welcome bonus for example, and a loyal customer program for regular clients
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High reliability of trade executions
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Allows hedging and scalping
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One click trades are an option
The disadvantages that clients experience using XM include:
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PayPal is not available for the use of money transfers
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Customer support is limited to Mondays to Fridays
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No EFTs
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No equities
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A monthly inactivity fee is charged
Conclusion
XM trading certainly has built an impressive reputation for itself and displayed a commitment to looking after their clients by enforcing transparency on its business operations. With more than one million clients since it first began, XM has grown into a large and established international investment firm trusted among its users, and thanks to its impressive reputation, XM has come to be known as a leader in the financial industry.
