The Best Forex Brokers For You
If you're considering trading with XM broker, it's important to do your research and understand the benefits and drawbacks of this popular broker. In this comprehensive XM broker review, we'll take a closer look at the broker's features, fees, and customer support to help you make an informed decision about whether it's the right choice for your trading needs.
XM is an internationally regulated and licensed broker with more than 3.5 million clients in over 200 countries with access to trading more than 1,000 instruments. XM traders can choose between the popular MetaTrader 4 or MetaTrader 5 platforms or access the XM WebTrader through their browser.
XM was founded in 2009 and the broker has picked up over 30+ industry awards. This XM broker review found that XM offers an advanced platform for trading and flexible trading conditions to suit a wide range of global customers. XM’s expertise originates from the in-depth knowledge derived from its experience in the worldwide financial & forex markets.
XM Broker 2023 Overview
|📅 Year Founded||2009|
|⚖ Regulating Authorities||FCA, IFSC, CySec, ASIC|
|🧾Account Types||Micro Account; Standard account; Ultra Low Account; Shares Account|
|🎁 Bonus||Yes, $30|
|🧪 Demo Account||Yes|
|💸 Spreads||spreads from 0.6 to 1.7 pips|
|💸 Commission||commission-free trading depending on the account selected|
|🏋️♀️ Maximum Leverage||1:1000|
|💰 Minimum Deposit||$5 or equivalent|
|💳 Deposit & Withdrawal Options||Bank Wire Transfer
Local Bank Transfer
Skrill, and more.
|📱 Platforms||MT4 and MT5|
|🖥 OS Compatibility||Web browsers, Windows, MacOS, Linux, Android, iPhone, tablets, iPads|
|📊 Tradable assets offered||Forex, commodities, cryptocurrency, shares, indices, metals, energies, options, bonds, CFDs, and ETFs|
|💬 Customer Support & Website Languages||23 Languages|
|⌚ Customer Service Hours||24/5|
|🚀 Open an Account||👉 Click Here|
XM Account Types 2023
This XM broker review found that there are a variety of account types offered by the broker.
The XM Micro account users gain access to trading in USD, GBP, EUR, AUD, CHF, HUF, JPY, and PLN currencies. The base currency trading in this account starts with a minimum deposit of $5. There are 1,000 units of the base currency in one Micro lot. The maximum leverage on this account is 1:888. The account comes with negative balance protection and up to 300 open positions/pending orders.Learn more about the XM Micro Account
The base currencies for an XM Standard account include AUD, USD, GBP, CHF, EUR, JPY, PLN, and HUF. The minimum deposit for this account Is $5. There are 100,000 units of the base currency in one Standard lot. This account allows hedging and it also has negative balance protection.Learn more about the XM Standard Account
This XM broker review found that the Zero account base currency options include EUR, USD, and JPY. A minimum deposit of $10 activates this account. There are 100,000 units of the base currency in one Zero lot.Learn more about the XM Zero Account
The XM Ultra-Low trading account has the following base currency options GBP, EUR, USD, AUD, SGD, and ZAR. A minimum deposit of $50 is needed to activate the Ultra-Low trading account. There are 100,000 units of the base currency in One Standard Ultra lot and 1,000 units of the base currency in One Micro Ultra lot.Learn more about the XM Ultra-Low Account
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XM Broker Review: How To Open An XM Real Trading Account in 2023
This XM broker review found that the account opening procedure is simple and it may take only 2 minutes to complete the online registration with XM. Simply follow the steps below.
Click here to access the XM broker portal, where you can find the application form to fill in.
2. Fill in the Registration Form
Fill in the form using your real details. Make sure you will be able to verify these details later as this is necessary for withdrawals. If you use fake details you will not be able to verify your account and you will not be able to withdraw from XM
3. Choose the Trading Platform & Account Type for 2023
XM Group offers both MT4 and MT5 so you must choose your preferred platform first. Then you must choose the account type you want from the ones offered by XM. After registration, you can also open multiple trading accounts of different account types. Over the next pages, you must read and agree to the terms and conditions and fill in further personal details.
You will also get the chance to set up your account password. Make sure you use a password that you can easily remember so that you will not be locked out of your account. Click on the ‘Open Real Account‘ button to proceed.
4. Confirm Your Email & Account
You will then get an email from XM Group asking you to confirm your email address. Press where it says “Confirm email address“. After confirming your email address new browser tab will open with welcome information. The identification or user number that you can use on the MT4 or Webtrader platform is also provided. You will also get an email with the XM real account login credentials.
You can then log in and start trading as you would have finished the XM real account registration.
XM Deposit & Withdrawal Review
This XM Group review found that the broker offers a variety of deposit and withdrawal methods for traders. These methods include Credit cards, Debit cards, Neteller, Skrill, UnionPay, Web money, and Bank Wire. The minimum deposit and withdrawal at XM is $5 depending on the method used.
XM Group allows deposits to be made in any currency. However, they will be automatically converted into the base currency that the client chose when they opened the account.
How long does it take to withdraw from XM?
Their withdrawal requests are processed by the back office within 24 hours. You will receive your money on the same day for payments made via e-wallet, while for payments by bank wire or credit/debit card it usually takes 2 – 5 business days.
How Do You Deposit Money on XM Broker
This XM broker review found that depositing funds with the broker is easy and seamless.
- Login to the XM Member account.
- Select the deposit method such as Credit card, Bank Wire, or some wallet method.
- Type in the cell the deposit amount.
- Confirm the account number and deposit amount.
- Make payment.
XM is known for offering a range of bonuses and promotions to its clients. These bonuses can be a great way for traders to boost their trading capital and take advantage of additional trading opportunities. In this section, we will take a closer look at the bonuses and promotions offered by XM.
$30 No Deposit Bonus
The $30 no deposit bonus is available to new clients who sign up for an account with XM Group. The bonus is credited to the client's account as soon as the account is verified, and it can be used to trade on the platform.
The bonus is available for 90 days, during which time the client can use it to trade on any of the financial instruments offered by XM.
One of the main benefits of the $30 no deposit bonus is that it allows new clients to trade on the platform without risking any of their own money.
This is a great way for new traders to get a feel for the platform and to test out their trading strategies without any financial risk.
However, clients should be aware of the limitations of the bonus, including the limited timeframe, withdrawal restrictions, and limited profit potential.
This comprehensive guide explains all you need to know about the XM $30 no deposit bonus.
XM Group offers deposit bonuses to its clients as a way to reward them for their loyalty and encourage them to trade more. These bonuses are based on the client's deposit amount and can range from 10% to 100% of the deposit amount.
The bonus is credited to the client's account as soon as the deposit is made, and it can be used to trade on the platform.
One of the main benefits of deposit bonuses is that they can boost the client's trading capital and allow them to take advantage of additional trading opportunities.
The deposit bonuses offered by XM are subject to terms and conditions, which clients should be aware of before accepting the bonus. These terms and conditions can include trading volume requirements, which means that the client needs to trade a certain number of lots before they can withdraw the bonus.
The trading volume requirements can vary depending on the bonus amount and the client's account type.
It is important to note that deposit bonuses are not free money, and clients should not view them as such.
The bonus is intended to be used as trading capital, and clients should use it to take advantage of additional trading opportunities.
XM Loyalty Program
XM's loyalty program is designed to reward clients for their trading activity and encourage them to trade more. The loyalty program has several levels, and clients can move up the levels by increasing their trading volume.
The loyalty program offers cashback and bonus rewards based on the client's trading volume.
The loyalty program has four levels: Executive, Gold, Diamond, and Elite. Clients are automatically enrolled in the loyalty program when they open an account with XM, and they start at the Executive level.
Clients can move up the levels by increasing their trading volume, and the rewards increase as the client moves up the levels.
The loyalty program offers cashback and bonus rewards based on the client's trading volume. The cashback rewards are paid out on a weekly basis and are based on the client's trading volume for the previous week.
The bonus rewards are credited to the client's account on a monthly basis and are based on the client's trading volume for the previous month.
The cashback rewards and bonus rewards increase as the client moves up the levels.
XM Review: Platforms
XM offers several trading platforms to its clients, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These platforms are widely used in the industry and offer a wide range of features and tools for traders.
The platforms are available for desktop, web, and mobile devices, which means that clients can trade on the go.
MetaTrader 4 (MT4) is one of the most popular trading platforms in the industry and is widely used by traders around the world.
MT4 offers a wide range of features and tools, including advanced charting capabilities, a wide range of technical indicators, and the ability to automate trades using expert advisors (EAs).
MT4 also offers a user-friendly interface and is easy to navigate, which makes it a great option for both new and experienced traders.
MetaTrader 5 (MT5) is the successor to MT4 and offers even more features and tools for traders.
MT5 offers advanced charting capabilities, a wide range of technical indicators, and the ability to trade on multiple markets, including forex, stocks, and commodities.
MT5 also offers a built-in economic calendar and news feed, which can be a great way for traders to stay up-to-date on market events.
In addition to MT4 and MT5, XM also offers its own proprietary platform called XM WebTrader. This platform is web-based and does not require any downloads or installations.
XM WebTrader offers a user-friendly interface and a range of trading tools and features, including advanced charting capabilities, a wide range of technical indicators, and the ability to trade on multiple markets.
XM also offers mobile trading platforms for both iOS and Android devices through the XM App.
The mobile platforms offer a user-friendly interface and a range of trading tools and features, including advanced charting capabilities, a wide range of technical indicators, and the ability to trade on multiple markets.
The mobile platforms also offer push notifications and alerts, which can be a great way for traders to stay up-to-date on market events.
Overall, XM's trading platforms are a valuable feature of the platform and offer a wide range of features and tools for traders.
Which Instruments Can You Trade On XM?
This XM broker review found that clients can trade more than 1000 instruments anytime and anywhere. These include:
- CFDs on Forex, Shares, Indices, Commodities, Metals, and Energies
- Forex Trading on 55+ global currency Pairs
- CFDs on Indices – Major global indices
- Commodities CFDs – Sugar, cocoa, wheat, and more
- CFDs on Stocks – Over 600 companies
- CFDs on Metals – Gold, Silver, Palladium, and more
- CFDs on Energies – Oil, Gas and all major energies.
Is XM a reliable broker?
We consider XM a reliable broker to trade Forex, Cryptocurrency, Shares, and CFDs. It is regulated and licensed by several top-tier financial authorities including FCA, ASIC, and CySEC. Therefore, it is so secure and low-risk to trade. The major drawback is that XM does not provide synthetic indices offered by Deriv.
XM Broker Review: Customer Support
According to our XM broker review, XM.offers offer 24/5 hour live help by a professional Customer Support department. Support is provided in 28 languages making it very convenient for clients from all over the globe.
A comprehensive FAQ page provides you with guidance and answers at any time and within minutes. If you can't find answers on this FAQ page, you can contact XM.com via their email address or live chat.
XM Broker Review: Education
XM is committed to the success of its clients. To this end, it provides a comprehensive learning section designed for both beginner and expert forex traders. Every XM client can access numerous educational materials through XM Learning Center.
The centre has resources that include Live Education offerings, Educational Videos, Forex Webinars and regularly held Forex Seminars in various destinations. In addition, there are very well-organized tutorials, videos and tools at your disposal.
XM Broker Review: Awards
Additionally, third parties have shown their approval for XM through accolades and awards. XM segregates its wide array of awards into three main categories: Forex Services Awards, Forex Broker Awards, and Forex Platform Awards. Some of the recognitions that XM has earned in 2019 include:
- Best Customer Service Global 2019 by Capital Finance International Magazine (CFI.co)
- Best Market Research and Education Global 2019 by Capital Finance International Magazine (CFI.co)
- Best FX Service Provider by City of London Wealth Management Awards 2019
- Global Forex Broker of the Year, Global Forex Awards 2019
- Most Trusted Asian FX Broker, Global Forex Awards 2019
- Best Broker, FinTech Age Awards 2019
- Best FX Broker for Australasia, World Finance Magazine, World Finance Forex Awards 2019
Main Advantages and Disadvantages of XM
By analysing all the features of XM, we have found a number of common advantages and disadvantages that we would like to show you.
- MetaTrader 4 and 5 in all versions: XM provides its clients with the possibility to trade with any of the known variants of the MT4 and MT5 platform, either for PC with Windows or Mac operating systems, mobile devices with Android or iOs operating systems, as well as their corresponding web versions through its WebTerminal.This ensures that you are not trading with a makeshift platform by any means, but with robust trading terminals loved by most traders.
- Spreads of less than 1 pip for a large number of instruments: Undoubtedly many clients opt for brokers that offer low trading commissions as is the case with the spreads at XM, which can be considered significantly low for many of the financial assets on which it allows trading.It is worth noting that spreads are variable and may be subject to increases from time to time depending on market conditions and volatility.
- Multiple currencies as the base currency of the account: We will be able to choose from a large number of currencies for our account. The base currency is the currency in which we will trade and in which our profits or losses will be reflected.XM allows you to have any of these base currencies (USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR), with the exception of XM Zero accounts where you can only choose base currencies such as USD, EUR and JPY.This means that there are fewer currency exchange fees when trading, so you save a little money on these operations.
- No extra fees: With the exception of the XM Zero accounts which are subject to trading fees once a certain trading volume is reached, the most popular accounts, either the Micro account or the Standard account, are free of fees, not counting of course those charged for price difference when opening a position (spread).
- Considerably low minimum deposit: With as little as $5 or its equivalent, you can open an account of any type with the XM broker, be it Standard, Micro, or even the XM Zero account.
- No cryptocurrency trading in Europe: XM does not allow cryptocurrencies to be traded in the European region, which is undoubtedly a sought-after asset for most investors.
- Small number of tradable cryptocurrencies: XM allows trading with only 5 types of cryptocurrencies in accounts whose region includes this type of assets, a relatively low number for these times when these types of assets are so popular.
All in all, XM is a reliable broker that offers many advantages to Zimbabwean traders. It is one of the top five forex brokers for traders in the country.
FAQs On XM Broker Review
yes, Xm is a trusted broker that is regulated and has won many awards for great customer service
Their withdrawal requests are processed by the back office within 24 hours. You will receive your money on the same day for payments made via e-wallet, while for payments by bank wire or credit/debit card it usually takes 2 – 5 business days
The minimum deposit on XM is $5
XM does not charge anything for withdrawals
XM is an online trading platform that offers a wide range of financial instruments to its clients. The platform has been in operation since 2009 and has built a reputation for providing a safe and secure trading environment.
Yes, XM is regulated by several reputable regulatory bodies, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC).
XM offers a wide range of trading instruments, including forex, stocks, commodities, and cryptocurrencies.
XM offers several trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. The platform also offers its own proprietary platform called XM WebTrader.
XM offers several account types to suit the needs of different traders, including Micro, Standard, XM Zero, and Islamic accounts.
Yes, XM offers a range of educational resources to help clients improve their trading skills, including webinars, video tutorials, and a range of educational articles and guides. You can access them here.
The maximum leverage offered by XM is 1:888 for Micro and Standard accounts, 1:500 for XM Zero accounts, and 1:200 for Islamic accounts.
XM offers a wide range of deposit and withdrawal methods, including credit/debit cards, bank wire transfers, and e-wallets such as Neteller, Skrill, and WebMoney.
Yes, XM is a great platform for beginners because it offers a wide range of educational resources and a user-friendly interface. The platform also offers a $30 no deposit bonus for new clients, which can be a great way for beginners to get started with trading.
XM does not charge any fees or commissions on trades. However, clients should be aware of the spread, which is the difference between the buy and sell price of a financial instrument.