The XM Group (XM) is a group of online governed brokers.
Trading Point of Financial Instruments was founded in 2009 and is overseen by the Cyprus Securities and Exchange Commission (CySec 120/10).
Trading Point of Financial Instruments Pty Ltd was founded in 2015 and is overseen by the Australian Securities and Investments Commission (ASIC 443670).
XM Global was founded in 2017 and is governed by the International Financial Services Commission (IFSC/60/354/TS/19).
This broker claims to be an acclaimed next-generation broker for online forex trading that says to enable traders to trade a range of assets.
It also claims to possess more than 1.5 million clients in 196 countries.
The XM ethics are all about growing big, being equitable and benevolent, and this company exults in things such as outstanding customer service and a scrutinized method for every client, regardless of their investment objectives.
WHAT DOES XM BROKER OFFER?
XM broker claims it offers an extensive broker service to traders of all categories. This means that it doesn’t matter if a trader is just started learning, or if w trader is a professional trader in need of a credible and valuable platform.
XM is designed for amateur and professional traders also who can begin trading with the trading software real account or try with a demo account platform with $100,000USD of virtual currency.
It says it offers an auto trading with no hidden fees or commissions, and with quick order implementations, with 99.35% taking place in under 1 second
XM Forex Broker Trading Platforms
XM claims to offer the MetaTrader 5, MetaTrader 4 and Mobile global forex trading top platforms, as well as over 55+ forex pairs, stocks, CFDs, equities, indices, metals, and energies for a client’s particular investment and trading selections.
In all of these offers, XM bids just 2 trading platforms that are accessible from both real and demo accounts:
• There is the multi-award-winning MetaTrader 4 which is largely a forex trading platform that endorses stop, limit, market, and trailing orders.
• And the MetaTrader 5 platform is a multi-asset trading platform that proposes access to stocks, stock charts, and precious metals.
These two trading platforms are accessible on Apple and Android devices and this creates an easy-to-use mobile trading understanding.
XM trading area also claims to offer more, elective tools, like economic timetable/plan or trade volume stats.
What XM Forex Broker Says it Offers
XM offers 4 levels of trading account:
- Micro Accounts: these accounts uses USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as the bade currency. Users can commence trading with a minimum stake of $5USD. 1 micro lot is 1,000 units of the base currency.
- Ultra-Low Accounts: these accounts use EUR, USD, GBP, AUD, ZAR, SGD as the base currency and clients will employ a minimum stake of $50 USD. 1 Standard Ultra lot is 100,000 units of the chosen base currency.
XM Ultra-Low Accounts are not favorable enough to all entities of the group.
- Standard Accounts: these accounts use USD, EUR, GBP, CHF, AUD, JPY, HUF, and PLN as the base currency and clients can commence trading with just $5USD. 1 standard lot is 100,000 units of the chosen base currency.
- Zero Accounts: these accounts uses USD, JPY and EUR as the base currency and clients will require a minimum stake of $10USD. Like the Standard account, 1 standard lot is 100,000 units of the chosen base currency.
XM Forex Broker Payment Methods
XM broker payment method involves the need for traders to provide a colored copy of an authorized identification document which can be a passport or a driver’s license.
Traders are required to submit a fresh utility invoice dated within the last three months as evidence of their address.
And after registration, the minimum stake amount is $5 for Micro and Standard accounts, while Zero accounts impose a minimum deposit of $100.
Users can deposit employing most major credit cards, electronic payment methods, local bank transfer, bank wire, VISA, MasterCard, Neteller, Skrill.
Also, deposits can be made in any available currency which will be converted automatically into the currency a user selects as their base currency when creating the account.
Withdrawal methods for Xm brokerage include bank wires, VISAs, MasterCard, Neteller, Skrill.
And every withdrawal is processed in 24 hours and XM requires no fees from users to take their money from eWallet.
Is XM Forex Broker Licensed?
Yes, it is.
XM broker was created in 2017 and is licensed by the International Financial Services Commission (IFSC/60/354/TS/19), Australian Securities and Investments Commission (ASIC/443670), Cyprus Securities and Exchange Commission (CySEC/120/10Prohibited).
We recommend the XM broker because it is genuine.
We can say that the XM broker is safe to use as it is accessible globally and is governed by three financial authorities which they answer to.
Although we warn our readers to begin trading with demo accounts to test the waters before investing in completely, we can say that XM is a solid choice.
Asides the drawbacks with the various account options, the platform is understandable for both potential traders and professionals who have been in the field.