XM is a Forex and CFD broker based in Cyprus, which is regulated by the Cyprus Financial Services Authority CySEC. In today’s article we will take a closer look at the services it offers.
Access to two trading platforms
XM.com broker offers its clients a specially designed trading platform. For all those who for some reason are afraid to use it XM.com offers access to the leading MetaTrader4. The vast majority of people who have ever had experience in foreign currency trading will know MetaTrade as a renowned platform. Some see a disadvantage in the fact that the above mentioned software has to be downloaded and installed, so in response to the needs of XM.com users, XM.com has introduced a practical WebTrader, which is also available as MobileTrader. It is characterized by a user-friendly interface, providing instant access to financial markets and the latest news, charts and technical analysis. Furthermore, the broker guarantees full trading security and continuous access to real-time quotes.
It’s rather average. Any user who wants to trade in foreign currency can choose between 55 currency pairs. Additionally, Xm.com offers CFD trading. The most important stocks, indices and commodities are available through that trading instrument.
Three account models
An undeniable advantage of XM.com is its flexibility, as it offers its clients three account options. Beginners often choose the so-called micro account. Its great advantage is the possibility to trade with a small deposit of only five euros. Another option is the standard account, where the deposit is also 5 euros and the minimum trading volume is 100,000 currency units. A third option is an exclusive account, which is suitable especially for transactions of high volumes. The minimum deposit is 100,000 Euros, so this account model is suitable for both private and institutional clients who already have a given contribution.
The security and regulation of deposits at XM.com is partly located in Cyprus and New Zealand, so it is protected, among others, by the Cypriot financial supervisory authority CySEC. In addition, the broker is registered in other supervisory authorities such as the UK FCA and BaFin. The relevant authorities are responsible for the broker’s offices, which are located around the world. Unfortunately, we could not find information on the broker’s website concerning deposit insurance.
Xm.com provides its investors with a free demo account that can be used at any time. This is a particularly interesting proposition for beginners who would like to gain experience in this field of foreign currency trading. This is an excellent option as the trial version of the account can be used even if no deposit has been made into a real account. Anyone who decides to use a free demo account should remember that the login to the demo account must be done at least once every 120 days, otherwise the account will be deactivated.
Terms and Conditions
As far as trading conditions are concerned, the XM.com broker stands out from its competitors by offering the most advantageous conditions for its clients. It offers a maximum leverage of 888:1, an extremely low minimum deposit of only 5 euros and a minimum trading amount of only 1000 units for a micro account. The broker is also cheap in terms of spreads, as trading in currency pairs is possible from one pip.
Deposits and withdrawals
The XM. com broker takes over all transaction costs that may arise when making deposits and withdrawals. This means that they are completely free. In addition, it covers transfer costs from $200 a year and the account is immediately credited.
International direction of Xm.com broker is proven by its customer service, which is available in almost 200 countries. The employees speak about 20 languages, so the vast majority of traders can communicate in their native language. Moreover, customer service is available 24 hours a day. The only disadvantage in this category is the fact that in case of a telephone contact, it is necessary to call the number of the headquarters, which is located in Cyprus. This means that additional costs may be charged for the phone call, but these can be avoided by contacting the employee via live chat or e-mail.
Development of investors
XM.com Broker takes care of the development of its users. Among other things, it offers weekly webinars, during which topics such as the fundamentals of currency trading or the use of the trading platform are discussed.
It’s hard to judge a broker’s offer unequivocally. It is worth noting that every trader has different priorities in trading. It is important to bear this in mind when reading each review. Clients’ opinions about XM.com are extremely different. Some say that using the services of an online broker is very transparent and enjoyable, while others criticize the high fees and incorrectly executed trades. From our side, we can recommend using the opportunity to create a demo account and enjoy the personal experience of the proposed services.