XM Forex Broker Review 2020

 XM Forex Broker Review 2020

XM is a licensed forex broker founded in 2009 with over 3,500,000 clients since its founding date. It offers different platforms of trading with more than 1000 trading instruments and superior services in currency trading, CFDs, equity indices, metals, and energies. Supporting more than 25 payment methods with a minimum deposit of $5.

License

XM is a regulated broker by International Financial Services Commission (IFSC) in Belize, the Cyprus Securities and Exchange Commission (CySec) in Cyprus, and the Australian Securities and Investments Commission (ASIC) in Australia.

Account Types

XM offers 4 trading account types:

  • Micro Account
  • Standard Account
  • XM Ultra-Low Account
  • Shares Account

Instruments

XM offers a wide range of trading instruments available to trade on different platforms of trading. Low tight spreads starting as low as 0 Pips and no hidden commissions.

  • Forex
  • Stock CFDs
  • Commodities
  • Equity Indices
  • Precious Metals
  • Energies
  • Shares

Forex Currencies

More than 55 currency pairs are available to trade including major currencies like USD, EUR, CAD, CHF, GBP, and more. With leverage up to 800:1 and tight spreads as low as 0.01 Pips and no re-quotes with no hidden charges. Available to trade the foreign exchange market 24 hours a day and 5 days a week on different platforms.

Stock CFDs

Over 600 companies such as Apple, Tesla, Amazon, Facebook, Netflix available to trade. With no extra fees applied and direct access to the global equity markets. Spreads start as low as 0.01 Pips with a margin percentage starting from 10%.

Commodities

With 8 commodities as sugar, wheat, cocoa, coffee, Corn, Cotton, Soybeans, and Copper available to trade with no stock exchange fees. Low deposits are ideal for beginner traders who want to trade Commodities and the ability to go short or long and making profits. Spreads start as low as 0.01 Pips and with a margin percentage of 2%.

Equity Indices

XM offers 30 Equity Incides such as USDX, US30, EU50, UK100 available to trade with no extra fees applied. With direct access to the global equity markets and offering the option to go long or short and making a profit from the major indices. With spreads starting as low as 0.05 Pips and margin percentage starting from 0.5%.

Precious Metals

Gold and Silver are available to trade on the metals instruments with no-requotes and no extra fees. Leverage supported up to 888:1 and the average spreads starting from 0.03 Pips.

Energies

Oil trading and energies trading with no extra fees applied and margin as low as $5. Available to trade 5 assets in total with spreads starting from 0.03 Pips and margin percentage starting from 4%.

Shares

A total of 100 shares are available to trade with some major shares as Amazon, Apple, Google, Boeing, Adidas, Nike, and more. With a minimum commission per transaction starting from $0.1 and a maximum commission of $5.

Swap (Commission)

Positions opened on overnight may be charged with rollover interest. In forex instruments, the amount credited or charged depends on both the positions taken (long or short) and the rate differentials between the two currencies traded. Rollover interest applies only to cash instruments and the products of the future with an end date are not charged overnight.

Rollover is a process of continuing the settlement date of an open position (i.e. the date by which an executed trade must be completed). The forex market allows two business days for settling all spot trades, which indicates the physical delivery of currencies.

In margin trading, however, there is no physical delivery, and so all open positions must be closed daily at end-of-day (2200 GMT) and re-opened on the following trading day. Therefore, this pushes out the settlement by one more trading day.

Rollover is agreed on through a swap contract, which comes at a cost or gain for traders. XM does not close and re-open positions, but it debits or credits trading accounts for positions held open overnight, depending on the current interest rates.

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Trading Platforms

Two of the most popular platforms in forex trading are available to trade with XM forex broker. MetaTrader 4 and MetaTrader 5 are the most popular forex trading platforms that you can use on your mobile app too. These two platforms offer many features for trading with tools, indicators, and assisting you to trade the market in more depth.

MetaTrader 4

MetaTrader 4 platform is an older version than MetaTrader 5 but it’s more popular with users. It offers many features and tools as pre-installed indicators, expert advisors, and more. It offers 3 chart types with charting tools supported and allowing the functionality of a virtual private server (VPS). With 1 single login access to 8 platforms and available to use in your PC, Mac, Web Browser, iPhone, iPad, Android, and Android Tablets.

MetaTrader 5

MetaTrader 5 is a new and advanced version of MetaTrader 4 with more advanced tools and features. It offers an extra 300 stocks (shares) CFDs available to trade only on the MetaTrader 5 platform. With 1 single login access to 7 platforms and available to use it on your PC, Mac, Web Browser, iPhone, iPad, Android, and Android Tablet. It offers 21 timeframes available for chart analyzing, pre-installed indicators and expert advisors.

Payment Methods Supported

XM doesn’t charge and withdrawal or deposit fees, except for Bank Wire Transfer incurring a $15 fee. They offer payment methods as credit cards, electronic payment methods, bank wire transfer, local bank transfer, and other payment methods.

Deposit

XM offers many deposit payment method with $0 fees covered by the XM. The list of supported payment methods for deposit is below and all the electronic payments are instant except for International Wire Transfer that could several days.

  • Credit/Debit Cards
  • International Wire Transfer
  • Skrill
  • Neteller
  • Much Better Wallet
  • Trustly

Withdrawal

XM broker doesn’t charge withdrawal fees except for Bank Wire Transfer payments that charge a $15 fee. Withdrawals on electronic wallets are completed usually on 1 business day, credit cards on 2-3 business days and bank transfers could take several days.

  • Bank Transfer
  • Credit/Debit Card
  • Electronic Wallets

Education

XM broker offers educational for new traders on its education program manned b 20 market professionals. The educational program contains educational videos, webinars, tutorials, seminars, videos, trading ideas, trading tools, and more. Offering exclusive indicators for VIP Education subscribe, live education, Technical Analysis, and Economic news calendar.

Bonuses

XM broker offers a $30 no deposit bonus for new beginners on trading. The bonus is an offer to all new clients and the existing clients cannot use the $30 bonus. The bonus program is eligible only for 30 days from the date of opening your account and a profit of max $100 is eligible for withdrawing.

To claim the Bonus you need to follow these steps

  1. Open a Real Account on www.xm.com
  2. Log in to the ‘Members Area’ using your credentials
  3. Verify your identity by providing the Identification Documents
  4. Click on the button ‘Claim your Bonus’
  5. Complete the Voice verification process by following the on-screen instructions

50% Deposit Bonus

Deposit bonus offers you 50% up to $500 and 20% up to a maximum combined bonus amount of $500 or currency equal. The profits generated can be withdrawn at any time, however, any withdraw will remove the deposit bonus from your account.

The deposit bonus is available for all existing and new clients who deposit funds in their accounts until the maximum bonus amount of $5,000 is received. However, The XM Ultra-Low Account is not eligible to use for the deposit bonus.

Customer Support

XM offers support for its clients via Live Chat, Phone, or Email. The live chat support is available 24 hours a day and 7 days a week. The phone support is available only on the business days and is not available on weekends. Email support is active 24 hours a day and 7 days a week with 1 day average response time from the customer service.

Create Account on XM

  • To create an account on XM, follow the steps below
  • Go to www.xm.com/register and create an account by filling the details
  • After completing the registration, verify your account from your Email.
  • Verify your identity with an ID document of your identity and your home address.
  • After successful verification, you can deposit funds and start trading.

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