Gaining an advantage in the competitive world of foreign exchange and commodities trading is no easy feat. Individuals who are inexperienced with trading financial products cannot successfully navigate these seas on their own. Brokers that can help people achieve their financial goals are essential. Among them, XM Group, or XM, stands out as a leading online forex and commodities trading broker of the future generation. XM Global is a training ground for aspiring traders. In 2021, the XM ecosystem will have millions of active members throughout the globe, making it one of the biggest networks of traders in the world.
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|Republic of Cyprus
|CySEC, ASIC, IFSC
|Forex, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares
|Minimum Initial Deposit
|5$ or more depending on account type
|MetaTrader 4 (MT4)
|MetaTrader 5 (MT5)
|USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR, and more
|24/5 Live Help
Among the top regulated brokers and trading service providers, XM stands out for a number of reasons. With a demo account, you may try out XM Broker's trading platforms and services risk-free. However, it is crucial to understand the ins and outs of this broker service before entrusting thousands of dollars to them. In this article, we'll take a look at XM to see if this CFD and FX broker service measures up to its stated 99.35% efficiency across the board, from its auto trading services to its commissions spread. As part of an honest and balanced evaluation, this XM review will also discuss the disadvantages of this broker service. Let's learn more about XM and explore the XM review together.
What is XM?
Since 2009, XM Group has provided its customers with a network of licensed internet brokers. In 2015, Trading Point of Financial Instruments Pty Ltd. became a registered service provider. The Cyprus Securities and Exchange Commission (Reg. – CySec 120/10) and the Australian Securities and Investments Commission (Reg. – ASIC 443670) are both now regulating XM. As of 2018, the International Financial Services Commission (Reg. – IFSC/60/354/TS/19) oversees XM Global, which was founded the previous year. In addition, it has accolades like as “The Best Crypto CFDs” at the 2022 Financial Expo Egypt award ceremony.
Online traders have access to XM's brokering services via the platform. Over 1.5 million XM traders from more than 190 countries have signed up for the platform as of 2021. XM's business philosophy is based on the principle of ethical client expansion. The organization is committed to providing superior trade customisation and service. In order to ensure a profitable transaction, XM provides its customers with a number of trading platforms, tools, and services. Each client's unique investing objectives will be taken into account as part of these services.
Multiple XM broker companies are housed under the Trading Point of Financial Instruments Ltd. In many countries, these services are given the same legal standing as XM. The XM Group has offices in Sydney, Australia, and London, United Kingdom, although its headquarters are in the Republic of Cyprus. In London, XM operates under the name Trading Point of Financial Instruments UK Ltd., which has a Financial Conduct Authority (FCA) license (number 705428). XM Global Limited, the company's newest subsidiary, being legally established in Belize in 2017.
XM Group Brokers – How They Work?
The complexity of CFDs must be appreciated before proceeding with the review. The high degree of complexity and risk associated with “contract for differences” means that traders may easily lose money via excessive leverage. Since roughly 75% of investor accounts often incur a loss while trading CFDs, the market for CFD trading is very unstable. The lack of brokers' instruction, such that offered by XM, which demonstrates the potential of efficient CFD trading increases the risk of financial loss for traders.
XM offers its services in several market segments. XM provides its listeners with a choice between four distinct account tiers. Each customer may have up to 200 active or pending positions in the following accounts.
- XM Micro Account: The following currencies are available for trading with micro accounts: USD, GBP, EUR, AUD, CHF, HUF, JPY, and PLN. The account's basic currency may be traded with as little as a $5 initial investment. Micro lots are denominated in 1,000 of the underlying currency.
- XM Standard Account: Standard accounts may be maintained in AUD, USD, GBP, CHF, EUR, JPY, PLN, and HUF, among other currencies. With only a $5 deposit, you may begin trading in this account's basic currency. One Standard lot is equal to one hundred thousand units of the base currency.
- XM Zero Account: Euro, US Dollar, and Japanese Yen are all available as zero-trading-base currencies. You may open this account with only a ten dollar deposit. In terms of the basic currency, one Zero lot is equal to one hundred thousand units.
- XM Ultra-Low Account: Users of Ultra-Low Spread Trading Accounts may choose from the following base currencies: GBP, EUR, USD, AUD, SGD, and ZAR. For Ultra-Low trading, a $50 minimum deposit is required. One Standard Ultra lot is equal to one hundred thousand of the base money, whereas One Micro Ultra lot is equal to one thousand of the base currency. Only certain companies within the XM Group are eligible for the XM Ultra-Low account.
During the hours when the Forex market is open across the world, XM may act as a broker for its customers' investments across all four accounts. XM's official business hours begin at 22:05 GMT Sunday and end at 21:50 GMT Friday, while phone trading is accessible around the clock.
A demo account may be created so that the user can test out the XM broker services in a risk-free environment. With an XM demo account, you may trade virtually with a real broker. Users may practice trading with a $100,000 virtual balance in the platform's demo mode. The XM sample account's one-of-a-kind algorithmic processing replicates real-world market circumstances, showing customers exactly how their trades will perform. In addition, a sample account's time on the site may be used as much as you want. An XM demo account is not available for testing purposes.
The XM services and trading speeds are supported by a free virtual private server. This virtual private server is always up and may be accessed from any location. This server ensures XM's smooth operation and allows for uninterrupted brokering. The VPS additionally enhances global XM service quality. Due to XM's compliance with ESMA's regulations as an EU regulator, the $30 deposit incentive is no longer available to EU traders. XM is a broker that offers access to over a thousand different financial products. It acts as a broker for contracts for difference (CFDs) in equities, commodities, foreign exchange, energy, and precious metals. The Forex trading software supports over 55 different currency pairings, including USD, GBP, EUR, and JPY. Although XM is a broker, it does not provide futures or binary options.
Services Offered by XM Group
The services provided by this broker are basically research, training, and platforms, and they are all broken down in the XM forex review. Under its market research tab, the firm provides a variety of offerings. Services teaching traders how to improve their performance in the market are similar. Additionally, the firm offers the MetaTrader 4 and MetaTrader 5 platforms for licensing as part of its software services.
- XM TV: Daily, this service updates its subscribers with an accurate real-time commentary on the internal markets. CMC Markets and Saxo Bank, two market leaders in trading video streaming, collaborated on the production of the show. The firm also provides its most traders with an end-to-end high-quality video content bundle, and the market research videos are aired outside of trading platforms. The reliability and authenticity of the daily forex news delivered by this business keeps its customers happy. The videos include interview-style broadcasts of market analysis. For the convenience of the trading community, the audio from these videos is also provided as a podcast.
- Research and Educational Articles: The organization also distributes written pieces covering market news in addition to videos. The latest market research papers are included in the group's news section on their official website. Users may easily access the most relevant bits of information by filtering the content of these articles based on asset classifications. Users get access to a library of research papers covering the topics of stocks, currency, indexes, and cryptocurrencies. These articles enhance the evaluation of market research information, allowing the company to provide better brokering services. Daily market recaps backed by fundamental and technical analysis are provided in these informative articles. The finest training available is provided to the traders via a series of 53 written articles organized gradually across six chapters. Learn the fundamentals and the finer points of foreign exchange trading with these 13 articles. Nonetheless, the organization has room to grow in terms of educational material related to CFD via these articles.
- Webinars: Fifty expert webinar teachers created and run this program. These seminars are offered on a weekly basis and are translated into 19 different languages. The firm meticulously plans webinar delivery, taking into account subscribers' and traders' time zones and experience levels, among other factors.
- Market Trading Signals: Under the “Trade Ideas and Technical Summaries” tab, the company advertises its enlightening services by compiling data from the market's intelligence community. The trading signals are only available to active user accounts. Tools like Analyzzer and Autochartist transmit these signals in real time. The broker also provides access to trading suggestions made available via Trading Central. In addition to the MetaTrader signals, the team also allowed social trading duplication from Analyzzer's associated experts and trading advisers, so that trades could be copied automatically.
- Tradepedia: The broker's provision of an in-house video course on advanced Forex and CFD trading is a one-of-a-kind service. There are a total of 39 videos spread over seven parts to teach novice traders advanced strategies. The Avramis River indicator, one of the company's unique tools, is used as an example in a live presentation of how the course teacher interprets the market.
According to this analysis, the broker collective deserves great marks for providing such rich and varied educational and scholarly information. When compared to rivals like FXCM and IG, XM Group stands out because to its exclusive videos and trading recommendations.
In addition to the aforementioned offerings, XM is well-known for its provision of the MetaTrader 4 and MetaTrader 5 trading platforms. These systems are the engines that power the company's successful live and demo accounts. All features of the award-winning MetaTrader 4 and 5 trading platforms are available to users of the organization. For years, XM customers have relied heavily on these forex trading platforms to facilitate their trading of many assets. In addition to facilitating trading in stock indices, equities, and precious metals, these platforms also provide customers with mobile apps that allow them to trade while on the move.
For further details, please refer to the next section, which provides a brief overview of the whole MetaTrader suite (MT4 and MT5). Brokerage firms consistently improve their MetaTrader platforms by incorporating user feedback and releasing new features. Through the many custom indicators available on the MetaTrader platform, XM Group is able to provide its customers with cutting-edge services.
XM Platforms – MetaTrader 4 Overview
MetaTrader 4, one of the most widely used trading platforms, is intended to aid novice Forex traders by providing accurate broker estimates. The site is used by more than 85% of brokers as a crucial resource for learning about and investigating trade brokering operations. This trading platform's interface is incredibly user-friendly. The features are intuitive, and different parts of the app are consolidated into a single dashboard. The real-time market state is shown in the top left panel of the navigator window, assisting traders in making informed trading decisions. In the right panel, you'll see a chart window where several charts revealing market data may be viewed. Immediately below that section is a terminal window displaying the current market status, trade balance, news, and broker emails. MetaTrader 4 is not only accessible over the web, but also runs natively on Windows, iOS, and Android.
XM Platforms – MetaTrader 5 Overview
The next installment is the professional-grade multi-asset trading platform MetaTrader 5. Large financial institutions rely on this feature-rich trading platform to manage their stock and commodities trading operations. Compared to MetaTrader 5, it is less focused on the foreign exchange market, although the two platforms have several similarities. MetaTrader 5 may be used on a computer, a mobile device, or the online. It's simple to use and includes all the tools found in MetaTrader 5. The trading platform also includes a library of trading methods that can be accessed by the public and built-in trading robots.
The website supports 31 different languages for its user interface and provides a virtual hosting and copy trade service. Expert and day traders alike will find that MetaTrader 5 meets their needs. All XM account types benefit from the platform's intuitive design and range of cutting-edge analytic features. In addition, there are 21 possible intervals for eight distinct kinds of awaiting orders. It provides a broader range of assets and monitors key market events with an economic calendar. The intricate programming and advanced capabilities of the MetaTrader 4 and 5 trading platforms might be overwhelming to first-time users.
XM Reviews – Pros and Cons
The strengths and weaknesses of XM have been weighed in the assessment. Below, we've outlined some of the benefits and drawbacks of using the broker's trading account.
|The platform charges low fees for CFD trading and withdrawals.
|The platform has a limited product portfolio for traders.
|Opening a new account is fast and very user-friendly.
|It deals with trading CFDs and forex and does not accurately support cryptocurrency or other financial instruments.
|The platform offers multiple educational tools and hosts webinars regularly.
|The forex fees are average and not necessarily affordable for all types of users.
|Users get access to a demo account with simulations of all features and no time limit.
|There is no protection for investors onboarded as non-EU clients.
|The platform runs a full-service package on educational content for all users, beginners as well as experts.
|The customer support is available only from Monday to Friday.
|It is best for forex trading and creates strong foundations for new users’ first steps into forex trading.
|There is very little diversity between the account types for users, creating a degree of low personalization for traders.
|It offers relatively affordable access to expert analysis and advanced market tracking tools.
|The Micro, Standard, and Zero trading accounts are more or less similar.
|It maintains robust customer service.
|Currently, the platform does not allow users to deposit money via PayPal.
|Users from different regions get technical support with the platform’s multi-linguistic support.
|Users from certain regions, particularly Canada and the United States, are restricted from using the platform due to regulatory non-compliance and regional licensing limitations.
The positives of the group are given more consideration than the negatives in the XM.com evaluation.
XM Fees & Commission Structure
Reviewing XM's pricing and commission structure provides in-depth information on how customers might profit from various account configurations. The XM broker payment and commission system was built on standard KYC practices. Users must provide a color copy of their official ID evidence, such as a passport or driver's license, in order to use the service. Users must also provide a copy of their utility bills from the previous three months as confirmation of their permanent residence.
- Deposit: Every new user who registers an account and deposits at least $5 (depending on the account type) is immediately eligible to start making money. There's a $5 minimum deposit for Micro and Standard accounts, and a $100 minimum for Zero accounts. These payments are nonrefundable since they are broker fees. Users are also given the option of transferring funds by wire transfer, local bank transfer, or electronic payment gateway. XM deposits are limited to the exchange rates of the platform's accepted currencies. When creating an account with the broker, customers may have their local currency converted immediately into one of the available base currencies.
- Account Commissions: Commissions and fees are assessed by the firm on a per-account basis. The organization dealing with the client's finances also plays a role. The Micro and Standard accounts have no commission but are somewhat pricey compared to the Zero account, which does.
- Spreads & Commissions: The average spread on the USD/EUR exchange is 0.1 pips with the commission-based XM Zero account. When customers include in the $7 fee for each direction, the spread is effectively 0.8 pips. Commission-free Standard and Micro accounts are less appealing to XM Group customers since the average spread on EUR/USD currency pairings is 1.6 to 1.7 pips. These commissions ensure all money transfers and same-day withdrawals and pay the associated costs since XM has a strict “no hidden fees” or “no extra commission” policy.
- Leverage:Users may achieve leverage anywhere from 2:1 up to 30:1 depending on the instrument used. Leverage risk management possibilities are provided, and the range maintains its adaptability. Every single week, the margin requirements for these leverages are exactly the same. The organization does not relax its standards after hours or on the weekends. Only customers of an XM company licensed in the EU are eligible for the leverage.
- Shares trading: XM Group brokers enable customers to trade shares. To make a leverage-free, direct investment of $10,000 in the non-CFD trading shares, the customer must first deposit that amount. Only select members of the family may open an account to trade shares.
- Execution: Only XM Group brokers and executes deals as a lone proprietary dealer and primary market maker. Up to $50 million in the base currency may be traded in a single transaction, which it handles automatically. Comparatively cheap when stacked up against other groupings of forex broker vendors, it also allows such transactions for 200 open positions concurrently.
- Withdrawals: Withdrawals are processed promptly by the XM broker, usually within a day. There are no hidden costs associated with making a withdrawal. Users have the option of withdrawing the funds or storing them in an eWallet like XM Wallet. Users are not permitted to requote withdrawals in order to ensure their immediate execution. With XM, you may make deposits and withdrawals without paying any fees or commissions in certain circumstances.
Mobile Trading with XM
Examining the XM mobile applications very briefly reveals why this broker service is so well-liked by traders all around the world. The MT4 and MT5 mobile applications power the mobile trading capabilities of XM Group's customers, who can run the MetaTrader platforms' user editions on their smartphones and mobile devices. There are other broker-specific mobile applications for use with MetaTrader. The apps may be used on both iOS and Android devices. There is a native development package for both MT4 and MT5 available on the Google Play Store and the Apple App Store. XM Group currently does not have a dedicated mobile app, but one is being developed and should be available in the near future.
XM's services are compatible with both Android and iOS devices. These applications are compatible with the iPhone, iPad, and any other device that runs the Android operating system. The applications are routinely updated and have a secure login system for maintaining user anonymity. Clients may check in on their transactions from anywhere with the aid of XM's mobile trading platform. MetaTrader's online interface may be accessed from any device with a web browser and allows for XM trading with a single tap.
Is XM Safe for Trading?
Nearly all reports have given XM Group's service an average risk rating. When compared to its competitors, the XM forex broker does not pose a particularly significant risk to its clients. The average trustworthiness of XM is 84 out of a possible 99. XM Group is not a financial institution and is not traded on any public exchanges. However, the XM Group has authorization from several authorities. It's been given a seal of approval from two different highly regarded regulatory bodies. One of the regulatory authentications is a tier-2, which indicates an average level of trust, while the other is a tier-3, which indicates a low level of trust. In the eyes of the ASIC and the FCA, the XM Group and Trading Point of Financial Instruments Ltd. are completely secure.
The XM Group and Trading Point of Financial Instruments Ltd. are largely controlled by the Cyprus Securities and Exchange Commission, as mentioned in the introduction of this assessment. Since 2015, Trading Point of Financial Instruments Pty Ltd has been successfully trading without any interference from any government agencies. Australia, the United Kingdom, Thailand, South Africa, Hong Kong, Singapore, France, Norway, Germany, Sweden, Denmark, Italy, Luxembourg, the United Arab Emirates, Qatar, Saudi Arabia, Kuwait, and India are just some of the nations where you may find XM, a reputable broker. Investors in the US, Canada, Israel, Iraq, or Iran should avoid using XM because of the high risk of fraud.
XM Review – Key Takeaways
According to the aforementioned XM broker evaluation, XM Group is a well regarded financial services provider. The company has been providing financial services in more areas and countries since 2009. The XM report shows that the band has become more practical with age. With two authentications from top-tier jurisdictions, the risk to the trader is around average. Trading forex and CFDs with this broker is relatively risk-free.
The XM trading review also mentioned the excellent customer service that XM Group provides. New traders may get the best possible guidance through the profession's learning curve by making use of the live chat facility. The group's success in customer service stems from its live chat feature and its commitment to teaching consumers about the MetaTrader platforms. Once the customer has paid the necessary fees, they may utilize the full MetaTrader suite that the broker provides.
XM Group's prices vary by account type but are generally reasonable. In comparison to IG or CMC Markets, the broker turns out to be a cost-effective option. The CMC market review is discussed in our piece. Despite these issues, the XM family of brokers will continue to be a popular option among both novice and seasoned investors for the foreseeable future.
Although there are certain constraints on the markets and areas where XM's financial services may be used, the broker does not neglect to improve the customer experience. Each trader's demands may be met with the help of the included tools, which include customizable indicators. When compared to other brokers, XM Group is the most in-depth in its analysis of the market.