If you’re looking for some impressive figures you won’t be disappointed with XM. The XM website claims the firm have more than 700,000 customers from 196 different countries, and more than 150 million trades executed. It says there have never been any requotes or rejections, and more than 120 cities have been visited by the management team in order to meet partners and clients. With those kind of figures, XM must be doing something right, so let’s see if we can give you some more details and you can decide whether XM is the broker for you.
Introducing XM – A top ranking global Forex broker
The name behind XM is Trading Point of Financial Instruments. This online FX broker entered the industry in 2009 and is licensed and regulated by CySEC, a well-known regulatory body in the industry. The UK’s Financial Conduct Authority have also authorized it to provide regulated products and services throughout Europe. XM offer a lot of trading opportunities aside from just currency pairs. Also available are commodities, equity indices, CFDs, precious metals and energies. There is a good range of promotions and XM bonuses, as well as flexible leverage up to 888:1, no commission trading, an XM mobile trading platform, tight spreads, swift trade execution, and a customer support service 24 hours a day, throughout the trading week.
MT4 is the choice for XMs trading platform
A large number of Forex traders make use of the ever popular trading platform Metatrader 4, and XM is no different with 7 different versions.
- MT4 mobile for Android
- MT4 mobile for iPhone
- MT4 mobile for iPad
- MT4 Webtrader
- MT4 Multiterminal
- MT4 for Mac
- MT4 for PC
Excellent support is available whichever platform is chosen, and all versions are available regardless of account. XM also offer an exciting new option in the form of XM’s FX Arena. This is the world’s first contest platform which has inbuilt FX Arena WebTrader. If you like the idea of a competition there is no deposit requirement and an automatic $15 contest is added to the account so you can participate straight away. Up for grabs every week is $5,000 in prize money, with no restrictions on winnings.
XM demo account along with three real money accounts to choose from
A good place to start with XM is to open a demo account. This offers the perfect opportunity got a spot of experience, and is ideal if you’re a little unsure whether XM is the right broker to choose. Once ready to start live trading there are 3 different accounts to choose from.
- Micro account – Minimum deposit is just $5, with up to 888:1 leverage available. Spreads on all majors can be as low as 1 pip. There are no commission charges and an Islamic account is an option.
- Standard account – Minimum deposit is still only $5 and the leverage is again up to 888:1. The difference from the micro account relates to the lot restriction per ticket. For the micro account it is 100 lots, whereas the standard account has a minimum restriction of only 50 lots.
- XM Zero account – For a minimum deposit of $100 you get spreads as low as 0 pips on all majors. However, this account does raise commission charges. Leverage is up to 500:1.
When it comes time to make a deposit XM support a number of payment methods including Neteller, Skrill, Diners Club, MoneyBookers, credit and debit cards, wire transfer, and a number of other local methods.
Why not take advantage of an XM bonus?
There is a good variety of XM bonuses available both for new and existing clients. To start off your trading experience there is a $30 no deposit bonus. The website states there are no hidden terms and conditions to this offer and all profits can be withdrawn. Choose the Executive level entry to the XM Loyalty Program and a 100% instant bonus will be instantly credited to your account. The bonus can be redeemed as a cash reward or as a credit bonus to use for trading. On a monthly basis XM is also running a Forex World Championship. There is an opportunity to win $50,000 as well as progress to the Final Round, where there is $500,000 available in cash prizes. There is no entry fee and also no risk. A number of other XM promotions are also available including:
- XM Loyalty Program – Offering a wealth of cash rewards and credit bonuses along with special seasonal bonuses
- Free VPS services
- 0% fees on deposits and withdrawals – Includes all e-wallets, major credit cards and wire transfers over $200
Quality of customer service is an important factor to consider
If you can’t get hold of customer service when you need them then we’d consider that broker sorely lacking. However, this wasn’t the case with XM. 24 hours a day, 5 days a week there is a multilingual personal account manager available for both demo and real account customers. It is possible to get in touch by telephone, email, or live chat.
XM also take the education of their customers very seriously and there is a good range of educational material. This includes free video tutorials, weekly interactive webinars, along with market analysis and Forex news.
We spent enough time enjoying the experience offered by XM to appreciate why they have made such a name for themselves and have a long list of loyal customers. They are honest, transparent and offer a good range of services to keep even the most experienced trader entertained. And beginners aren’t going to feel left out either because there is a lot of information contained in their sight that will soon get you up to speed with how everything works. You won’t go far wrong if you start with a demo account, and it probably won’t be long before you take it one step further.