XM Broker Review explained by professional Forex trading experts the “ForexSQ” FX trading team, Finding out all about XM.com Broker Review before invest with the XM broker.
XM Broker Review
|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average Spreads|
|Micro||$5||0.01||1:888||1.7 pip on EUR/USD|
|Standard||$5||0.01||1:888||1.7 pip on EUR/USD|
|Zero||$100||0.01||1:888||0.1 pips on EUR/USD + commission $5 per standard lot (per side)|
XM Broker offers its clients three types to choose from: Micro, Standard and Zero. You may choose from commission-free trading (in Micro and Standard accounts) or tighter spreads, involving commission fees and higher initial deposit (Zero account). The broker offers high leverage levels and floating spreads. Beginners can sign up for Micro accounts with as little as $5, and micro lots are available for trade on all accounts.
What is more, swap-free (Islamic) accounts are available, designated for clients who are not willing to earn interest for religious reasons.
XM Broker Security of Funds
|Trading Point Holdings Ltd.||Cyprus||CySEC|
|Trading Point of Financial Instruments UK Limited||UK||FCA|
|Trading Point of Financial Instruments PTY Ltd.||Australia||ASIC|
Launched back in 2009, XM Broker is the brand name, consolidating the former Trading Point and MegaTrader FX. Based on the sunny island of Cyprus, the broker offers great trading conditions for trading in a wide range of instruments, including 55currency pairs, CFDs on commodities, indices, cryptocurrencies, precious metals, energies and stocks on two trading platforms (MT4 and MT5). What is more, XM Broker provides ultra-fast execution (99.35% of all trades executed in less than 1 second), as well as awesome bonuses & promotions.
XM Broker is the trading name of Trading Point Holdings Ltd., a Cypriot Investment Firm (CIF), registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC). The company has also set up an units in Australia and UK – Trading Point of Financial Instruments PTY LTD, regulated by the Australian Securities and Investments Commission (ASIC), and Trading Point of Financial Instruments UK Limited, which got licensed by UK’s Financial Conduct Authority (FCA)in 2016.ed financial services companies. Similarly, Cypriot Investment Firms are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.
XM Broker Trading Conditions
XM Broker Minimum Deposit
In order to open an account with XM Broker , traders have to invest just $5. Such low minimum initial amount is rather attractive, as typically brokers require $100 – $300 as a start.
XM Broker Spreads & Commissions
XM Broker offers variable spreads. The typical ones on commission-free accounts amount to 1.7 pips on EUR/USD, which is comparatively high. According to us, the conditions on the Zero account are the most attractive ones: spreads averaged 0.1 pips on EUR/USD and commission $5 per standard lot traded (per side). So basically trading costs on the Zero account amount to around 1.1 pips, commission included, which is quite competitive for the forex industry. What is more, you can open a Zero account with just $100.
For purposes of comparison, another leading Cypriot broker, Exness, provides average spreads of 0.4 pips on EUR/USD with $5 commission per standard lot (round turn) on ECN accounts, available against $300 initial deposit. For further information, you may look up real-time spreads of 15 leading brokers here.
XM Broker Leverage
The maximum leverage with XM is high, reaching 1:888. Some jurisdictions cap leverage ratios at considerably lower levels (1:50 in the USA, 1:100 in Poland). At the end of 2016, CySEC also proposed the dafault leverage provided by Cypriot brokers to be 1:50.
XM Broker Trading Platforms
When trading with this broker, you will be offered both MetaQuuotes;s platforms – the Metatrader 4 (MT4) and MetaTrader 5 (MT5).
MT4 is an internationally acclaimed trading software, offering a full array of trading tools and features: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work, no human emotions involved. The MT4 with XM.com Broker is available in all forms and shapes: desktop, web, and mobile.
What is more, XM Broker provides MT4 MultiTerminal, which offers a practical and convenient way to manage multiple accounts simultaneously from a single interface (PAMM).
Recently MetaQuotes has been putting a stronger emphasis on the MT5: the hedging function was finally added to it and all versions of the platform have been ehanced. As a result, the number of brokers that support the platform has been on the increase. XM Broker also followed suit and added it to its offerings.
Besides, free Virtual Private Server (VPS) hosting is offered to both new and existing customers of XM.com Broker who deposit a minimum of $5,000 and trade at least 5 round turn lots per month. VPS hosting allows the execution of orders 24 hours, 5 days a week.
XM Broker Promotions
XM Broker is famous for its awesome bonuses and lucrative promotions. By the time of writing this review, XM Broker runs the following promotions:
– 100 % Deposit UP TO $5,000 (only available for Micro and Standard Accounts);
– $30 No deposit bonus;
– Forex World Championship with 41 million pool prize;
– Cash rewards and credit bonuses available under loyalty program.
What is more, as a result of XM’s partnership with rebate service provider PayBackFX, clients of this broker can now participate in a rebate program and get back $5.25 for each closed trade. All they have to do is open a new account, since traders’ existing accounts are not qualified to get cash back.
XM Broker Deposits and Withdrawals
XM Broker supports a wide range of payment methods: credit/debit cards (Visa, Visa Electron, MasterCard, Maestro, China UnionPay, Diners Club International), bank wire transfer and e-wallet payment systems Skrill, Neteller, WebMoney, Paysafe, iDeal, Sofort, Qiwi, CashU, giropay, Przelewy24, FasaPay. Payments through Western Union are also available.
XM Broker covers all deposit and withdrawal transfer fees for payments made via Neteller, Moneybookers and all major credit cards (including VISA, VISA Electron, MasterCard, Maestro and China UnionPay). Additionally, all deposits and withdrawals above 200 USD processed by wire transfer are also included in our zero fees policy.
XM Broker Review Conclusion
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