XM Review 2019 | Is XM a Scam or Legit Forex Broker?

Read our XM review to find out if XM is a scam or a reliable forex broker. Unbiased Forex brokers reviews combined with user comments.

Average broker rating

3.8/ 5

Rating breakdown

Protection & Regulations
80% Complete (danger)
4.0/5
Trading platforms
100% Complete (danger)
5.0/5
Tradable Products
100% Complete (danger)
5.0/5
Deposit and withdrawal
100% Complete (danger)
5.0/5
Trading Fees
20% Complete (danger)
1.0/5
Support
60% Complete (danger)
3.0/5
# Broker's Features XM Availability
# Commissions
# Hedging
# PAMM
# Scalping
# Accepts US traders
# 24 hour trading
# Swaps
# Demo account
# Daily analysis
# Automated trading
# Mobile trading
# Trading by phone
# 1st deposit bonus
# Forex contests competitions
# Bonuses Promotions
# Interest charges on the balance
# Free education
# Expert advisors
# Partnership programs
# Trust management
# 24 hour support

The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review XM.

Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. XM offers Online Financial Trading and Investment Services Such as CFD, Forex, Cryptocurrency, Stocks, Futures.

Tradable Products: XM offers clients more than 1,000+ tradable assets to trade on, across Forex, Stocks, Indices, Commodities, Metals and Energies via Spot, Futures and CFD products.

Broker Type: Many types of brokers can be found in the most dynamic market in the world. XM is Market Maker.

Features: XM offers additional algorithmic trading tools and the ability to access trading signals from their own guru, as well as from MQL5.

Executing Trades:

XM allows you to execute a minimum trade of 0.01. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As a market maker, XM may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades. XM also offers a number of useful risk management features, such as Negative Balance Protection, price alerts and much more.

Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. XM recommended minimum capital is $5.

Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. XM is regulated by ASIC, CySEC, IFSC. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.

Investor Protection & Regulations: XM is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the International Financial Services Commission of Belize (IFSC), offering segregated client funds and negative balance protection.

Account currencies: Next lets consider the Account currencies each broker offers. XM offers EUR, USD, GBP, JPY, CHF, HUF, PLN, RUB, SGD, ZAR, different account currencies for each account types.

Account Openning: XM offers 4 different types of trading accounts globally across different regulatory jurisdictions, with each account offering unique features and benefits for beginner and advanced traders.

XM offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.

Languages Available: Next lets have a look at each broker's different Language options. XM offers English, Arab, Bulgarian, Vietnamese, Greek, Indonesian, Spanish, Italian, Chinese, Korean, Malay, Deutsch, Polish, Portuguese, Russian, Turkish, French, Swede, Japanese.

Payment methods: Next lets have a look at each broker's payment options. XM offers Credit/Debit Cards, Netteler, Skrill, Klarna, Przelewy 2 different payment methods for each account types.

Deposit and withdrawal: Uniquely, XM covers all deposit and withdrawal transfer fees for payments made via Neteller, Moneybookers and all major credit cards including Visa, Electron, MasterCard, Maestro and China UnionPay, with instant account funding.

Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, XM makes MT4, MT5, WebTrader available to clients.

Web & Desktop Trading Platforms: XM traders have access to the globally-recognised MetaTrader 4 and MetaTrader 5 trading platforms, accessible on PC, Mac and Web.
Mobile Trading Platforms: XM offers traders the ability to trade on the MetaTrader 4 and MetaTrader 5 mobile trading apps for iOS and Android operating systems, as well as tablets. The broker also offers the XM Trading App which allows users to manage their MT4 and MT4 accounts.

Other

Trader Education
XM offers an impressive suite of unique educational products include Forex seminars, educational videos, webinars, platform tutorials and live daily interactive education rooms.

Promotions
XM is currently offering two promotional offers but this could be subject to change – Free VPS Services and Zero Fees on Deposits and Withdrawals.

Support
XM offers 24 hours a day, Monday to Friday, customer support via Live Chat, Email, Online Contact Form and Phone on more than 25 different languages.

Recup
XM offers 4 different trading account types with the choice of commission-free, or commission-based trading on more than 1,000+ tradable asset classes across Forex CFDs, Stocks CFDs, Indices CFDs, Commodities CFDs,Precious Metals CFDs and Energies CFDs. Traders can use the globally recognised MetaTrader platforms and enjoy access to an impressive research and education section.

Final Thoughts
The XM Standard Account and XM Micro Account offer commission-free trading. The XM Zero Account offers commission-based trading on Forex pairs, albeit with lower spreads.

Trading Experience
XM offers a wide variety of trading accounts giving a unique and flexible offering to trade on more than 1,000+ tradable assets across both MetaTrader 4 and MetaTrader 4 for PC, Mac, Web, iOS and Android. The broker also offers an impressive range of research and educational tools suitable for both beginner and advanced traders.

People Also Asked

Is XM regulated?
Yes, XM is regulated by top-tier regulators, ASIC, CySEC, IFSC inclusive.
Where is XM based?
XM is based in Limassol
How does XM make money?
XM charges a spread between the bid price and ask price. It does NOT charges a commission.
How do I deposit in XM account?
With XM you can deposit money via the following means; China UnionPay, Credit Card, iDeal, Moneybookers, MoneyGram.
How do I withdrawal in XM account?
XM lets you request a withdrawal of funds from your account via the following means; China UnionPay, Credit Card, iDeal, Moneybookers,.
What is the minimum deposit for XM?
XM has $5 minimum deposit.
What are the available account base currencies with XM?
XM trading accounts are offered in EUR, USD, GBP, JPY, CHF, HUF, PLN, RUB, SGD, ZAR,. If your country's currency isn't included in the list, you will need to open an account with another currency base.
What is the max leverage in XM?
XM has a maximum leverage is 1:888 for professional traders.
How do I open an account with XM?
Opening an account with XM is a three-step process. First fill out the registration form, second is to send verification details to the verification department and lastly is to fund your account.
Does XM use MetaTrader?
XM platforms: Yes, XM use MetaTrader as well as the following platforms: MT4, MT5, WebTrader
What type of broker is XM?
XM appears to be a Market Maker broker which offers market access to a variety of traders.
Does XM accept US clients?
No
Does XM offers Islamic accounts ?
Yes
What financial instruments can I trade?
You can trade a wide variety of instruments with XM: You can trade a wide variety of instruments with XM: CFD, Forex, Cryptocurrency, Stocks, Futures

Are you Satisfied with what They Offer?