XM Review: This is a brokerage outfit that claims to be based in Australia. Can the xm.com owners be trusted or is this another online scam?
The broker like was mentioned above says it is Australian based and it is owned by XM Global (CY) Limited, XM Global, XM Global Limited. It provides the following address on its page:
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36, Makariou & Aglas Elenis, ‘Galaxias’ Building, Fifth Floor, Office 502, 1061, Nicosia Cyprus.
There is also an address registered in Belize by the same company but we could not find one for its Australian office. XM claims that it holds a license from the Australian Securities and Investment Commission (ASIC) and XM Global holds one with the Cyprus Securities and Exchange Commission (CySEC).
It offers up to 1000+ trading instruments according to XM.com and a leverage of 1:888. A bonus offer of $5,000 is also said to be available.
Trading Platform of XM
The broker states that clients can use the MT4, MT5 and a web-based trader for their trading activities.
These are very good platforms in the forex industry, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
XM Brokers offers a leverage that can reach 1:888 and this is generous as well as risky. High leverages can help traders make a lot of profit and also lead to loss. Spreads offered by this broker depends on the account type a trader uses but it is averaged at 1.6 pips.
Trading products includes 57 currency pairs and up to 1000 CFDs, digital currencies like; Dash, Bitcoin, Litecoin are offered.
Deposit and Withdrawal Methods on XM
It is not stated on the page the mediums available for both deposits and withdrawals. Trying to access the information seems to require being a member.
Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. This information should be made available by XM for people upfront.
Minimum deposits differ based on the various account types and they range from $5 t $10,000. Withdrawal charges and fees are not stated as well.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is XM Licensed?
Yes. XM holds a license from the Australian Securities and Investment Commission (ASIC) and XM Global holds one with the Cyprus Securities and Exchange Commission (CySEC). There are also reports about it having one in Belize but it has not been confirmed.
However, the page mentions that it services are not available for people in the US, Canada, Israel and Iran.
There is an online support open to clients via a live chat accessible from the page. Members can also email firstname.lastname@example.org or call +501 223-6696
The fact that XM has a license from the Australian Securities and Investment Commission (ASIC) and XM Global holds one with the Cyprus Securities and Exchange Commission (CySEC)is a plus.
Trading products and options are also commendable as well as the minimum deposit requirement. It offers a good leverage and the trading platform is encouraging.
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