This review is a result of months spent with the brokerage firm, XM. The review team had performed an exhaustive examination of all the firm’s offers and services which can be found on its offered trading platform and live website.
In the aim of giving a pointed and well-informed assessment, the review team had looked into the following facets of XM’s overall service:
1. XM’s regulatory status
2. The trading instruments that XM’s clients are given access to
3. The trading accounts available to XM’s clients
4. The trading platforms offered through XM’s trading accounts
5. The commissions and leverages provided through the firm’s different accounts
About XM
The brokerage entity, XM operates under the XM Group, a group of regulated brokers who run all their trading operations online. Founded back in 2009, Trading Point is XM’s original trading legal name.
The firm had found regulation through the Cyprus Securities and Exchange Commission (CySEC) in light of its base of operations.
A company that had come out of Trading Point, Trading Point of Financial Instruments Pty Ltd., was established back in 2015. With this arm of the business being based in Australia, the company takes cues from the strict regulations implemented by the Australian Securities and Investments Commission (ASIC).
Furthering its reach, XM incorporated its global counterpart named, XM Global in 2017. Global in scope, the firm is being regulated by the International Financial Services Commission (IFSC).
Since its founding, XM had gathered over 1.5 million clients from a total of 196 countries.
Preliminary Findings
Preliminary data gathered by the review team strongly illustrate a positive picture regarding the firm’s reputation. It had been observed that the firm’s strength lies in the consistency and fast response of its customer support team. XM is also lauded by the online trading community in light of its offering of personalized trading methods and strategies that its experts provide its clients. The company’s provision of such are not discriminated; all investment goals are entertained.
Offers and Services
Accessible Trading Instruments
XM’s asset offerings amount up to 1000 financial instruments. The accessible asset markets are as follows:
- Foreign Currency (trades over 55 Foreign Exchange Currency pairs including the major currencies such as the USD, GBP, EUR and JPY)
- CFDs (in Stocks)
- Commodities
- Equity Indices
- Precious Metals
- Energies
Despite its already wide range of asset selection, the review team thinks that it could further its offering by introducing Binary Options and Futures in its artillery. Given that the firm is already firm in its industry standing, allowing room for more offers could do its reputation further good.
Available Trading Accounts
Four types of trading accounts are available through XM. Its features are detailed below:
Micro Account
The Micro Account uses the currencies such as the USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN base currencies. The minimum deposit required to open this type of account is only $5USD. In this account type, 1 micro lot is equivalent to 1,000 units of the base currency.
Ultra Low Account
The currencies, EUR, USD, GBP, AUD, ZAR, and SGD are used as base currencies in an Ultra Low Account. This account can be opened for only $50 USD. In this account, 1 Standard Ultra lot is equivalent to 100,000 units of whatever base currency the trader chooses to do trade in. The 1 Micro Ultra lot equals 1,000 units of the base currency. It must be noted however that the Ultra Low Account may be restricted to some XM entities.
Standard
The Standard Account allows transactions to be done through the currencies, USD, EUR, GBP, CHF, AUD, JPY, HUF, and PLN. This type of account can be opened for only $5USD. One 1 standard lot is equal to 100,000 units of the account holder’s base currency of choice.
Zero Accounts
Zero Account holders may use the currencies, USD, JPY, and EUR as base currencies. This type of account may be opened through a deposit of $10USD. The fee structure of lots is similar to that of the Standard Account.
Offered Trading Platforms
Having partnered with MetaQuotes, the firm has been licensed to offer industry-leading trading platforms, MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The firm is wise in offering these platforms as given their efficiency and speed in processing transactions.
MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is praised by the online trading community for its many advantageous features. It is widely used and frequently reviewed; it had received a number of positive reviews to which the review team mostly agrees with.
Among MT4’s many offerings are its one-click trading, a wide selection of technical indicators, a number of charting tools, and a number of Expert Advisors (EAs) that allow automated algorithmic trading. The more advanced order types are also offered through MT4.
MetaTrader 5 (MT5)
While not as popular as MT4, the MT5 platform offers a number of notable features. Among these offerings are flexible lot sizing, a considerable number of funding and withdrawal options, tight spreads, and market depth just specify some.
Any of the two trading software assures XM’s clients of top quality and speedy transactions. As this is the case, the review team finds the provision of these to be beneficial to the brokerage.
Spreads
The Spreads being offered depend on the type of account the trader had opened. Regardless of the account, the leverage starts at 0.1 pips. The average major pairs are given the same leverage.
XM’s stringent “no hidden fees or commission” policy is seen as a plus. Only the XM Zero accounts are qualified to receive of commissions. XM pays for all the pertinent fees.
XM clients are also given the benefit of same-day withdrawals.
Leverage
As already discussed through the preceding segment, the leverage being offered by the firm ranges from 2:1 to 30:1. This is with consideration to the trader’s choice of trading instruments.
On the other hand, margin requirements are consistent throughout the week, regardless of the time.
The specified leverage applies to clients registered under the firm’s EU counterpart.
Trade With XM Today!
With the discussions made within this review, enlisting the services of the brokerage firm, XM might prove to be a wise and fruitful decision. This is made solid through these specific points of discussion:
1. The regulatory status of the brokerage firm
2. The firm’s offering of the MetaTrader platforms (MT4 and MT5)
3. The good trading conditions fostered through the firm’s trading accounts
4. The decent and competent commission and leverage offerings