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XM Broker Review 2024: Features, Pros & Cons
Luis Clark
- URL: https://www.xm.com
- Minimum Initial Deposit: $5
- Maximum Leverage: 1000:1
- Platform App: Desktop/Mobile/Web
- No. of Cryptos: 30+
- Fiats Available: USD, EUR, JPY, RUB, PLN, AUD, NZD, ZAR, RON, DKK, NOK, SEK, and much more (Converts all currencies for deposits)
- Withdraw Method: Credit card, debit card, bank transfer, e-wallets (Neteller, Skrill, WebMoney), and Union Pay
- Payment Method: Credit card, debit card, bank transfer, e-wallets (Neteller, Skrill, WebMoney), and Union Pay.
- Trading Fees: Variable spreads from 0 pips and commissions of USD 7 on $100,000, Rollover/swap fee, dormant account fee
- Headquarter: Belize City, Belize
- Year Founded: 2009
- Promotion: 50% deposit bonus
XM Broker Review: Our Opinion
XM broker stands out for its quick order execution, low minimum deposit and support for the popular Forex and CFD trading platforms MetaTrader 4 and MetaTrader 5.
Its customer service, on the other hand, is arguably one of the lowest-rated in the industry. Clients on various user review platforms complain about extended days in attending to tickets.
There are also numerous complaints about deposit delays and system hitches such as take profit not executing.
Important Risk Warning: Investing in and/or trading CFDs, financial instruments, commodities, and other assets involves a significant level of risk. There is a possibility of losing all the funds you have deposited. Prior to engaging in any such activity, it is essential that you fully understand and acknowledge the associated risks. Please be advised that Skrumble.com does not offer investment or any other form of advice. The information provided in our review should not be construed as financial advice in any way.
An Overview of XM Broker
XM Broker was founded in 2009 as a forex and CFD trading platform. It currently hosts over 10,000,000 customers from more than 190 nations.
The XM team has over 900 employees, which enables support for more than 30 languages.
The broker is regulated in Belize under the Financial Services Commission with license number 000261/397.
Concerning its services, XM allows its clients to participate in forex trading, metals, energy, indices, stocks, and crypto CFD trading with leverage up to 1000:1.
It also supports over 1000 financial instruments and a deposit bonus of up to $5,000 (terms and conditions for withdrawing profits apply).
XM offers more than 50 currency pairs for Forex trading and over 30 cryptocurrencies for cryptocurrency CFD trading.
It is compatible with MetaTrader 4, MetaTrader 5, and WebTrader.
XM not only provides trading services but also delivers educational support through webinars and video tutorials tailored for newcomers.
XM also supports a demo account that holds up to $100,000 in virtual funds.
Pros
- Well-regulated
- Low minimum deposit
- 50% deposit bonus
Cons
- Poor customer service
- Transaction delays
Key Features of XM
XM Demo Account
The XM demo account allows you to practice and test your trading strategies before trading in the live market. While the demo account simulates real trading conditions in the live market, it does not expose you to risk as all trades done in the account are executed with virtual currency.
XM gives you free unlimited access to the demo account where you can learn how to trade on the XM trading platforms, learn to read charts, follow market trends, open and close orders, and test all your trading strategies.
XM allows you to keep your demo account parallel to your trading account. This allows you to test your strategies and still get a feel of the live market by trading in the live account with your funds.
If your demo account remains inactive for over 60 days, it will be automatically closed. You can still open a new account whenever you wish.
XM also allows you to have up to 5 active demo accounts on the different trading platforms at once.
XM VPS
The XM VPS allows you to remotely connect to XM’s Virtual Private Server with optical fiber connectivity This VPS eliminates several challenges associated with effective trading including computer failure, internet connection speeds, or power cuts.
The XM VPS is located about 1.5 km away from XM’s data center in London. It is suitable for expert advisors (EAs). And gives you access to a Windows Server 2019 with 25GB of Hard Drive Capacity, 2GB RAM, and 1vCPU.
The XM VPS is available to all new and existing XM users free of charge for a limited promotional period.
At the end of the promotion period, it will only be available to clients who meet certain conditions.
If you maintain a minimum trading account balance of $500 or its equivalent in other currencies you can request for free VPS.
The request can be made at any time from the Members Area, but on the condition that you trade at least 2 standard round turn lots or 200 micro round turn lots per month.
If you do not meet the set criteria, you can still request the XM VPS but for a fee of $28. The fee is automatically deducted from your MT4/MT5 account on the first day of each month.
To connect to the VPS, do the following:
Click the “Start” button and type “Remote Desktop Connection” in the dialogue box.
The result will be displayed, click on the remote desktop connection option.
From the Remote Desktop Connection window, type in the IP address of the XM VPS and click “Connect”
Next, enter your VPS login username and password to connect to the VPS.
If it’s your first time connecting to the VPS, you will receive a security prompt that will require you to confirm that you wish to connect to the VPS despite standard warnings. Click “Confirm“.
That’s it, you have been successfully connected to the XM VPS.
XM Mobile App
The XM mobile app allows you to trade anywhere, at any time on the XM MT4 and MT5 platforms.
With the mobile app, you can trade all the instruments available on XM; this includes Forex CFDs, Crypto CFDs, Stock CFDs, CFDs on Precious Metals, Stock Indices, and CFDs on Energies.
The app is available for download on the Apple App Store and Google Play Store for both iOS and Android devices.
The XM app supports both MT4 and MT5 accounts, this means that new users can open a new MT4 or MT5 account directly from the app and existing users can log in to either of the accounts via the app.
The verification of accounts can be done via the mobile app without connecting to the web or desktop platform. All you need to do is to provide the necessary verification documents and your account will be verified.
If you already have a verified MT4/5 account, you do not need to resubmit your verification document on the app.
The app grants you access to all XM MT4 and MT5 functionality and features including the demo account where you can practice your trading strategies.
The app can also be used to manage the funding of your accounts. You can deposit, withdraw and transfer funds between your trading accounts via the app.
Cryptocurrencies Available and Other Assets on XM Broker
XM Broker supports over 30 cryptocurrency CFDs.
Available cryptocurrencies include Bitcoin, Ethereum, Litecoin, XRP, Cardano, Algorand, Avalanche, Basic Attention Token, Aave, Compound, Bitcoin Cash, Solana, SushiSwap, Stellar Lumens, etc.
XM Broker also offers over 1,000 financial instruments in Forex, Commodities, Individual Stocks, Equity Indices, Precious Metals, and Energies.
XM Broker Review: Fees and Spread
XM Group charges variable spreads rather than fixed spreads. It also offers fractional pip pricing.
Spreads for Forex Trading Instruments (Standard Retail Investor Accounts)
- AUDCAD spread as low as 2.8 with a long position swap value of -5.46
- AUDCHF spread as low as 2.8.with long position swap value of 1.2
- AUDJPY spread as low as 3.2 with a long position swap value of 7.18
- AUDNZD spread as low as 3.7 with a long position swap value of -9.98
- AUDUSD spread as low as 1.6 with a long position swap value of -3.84
- CADCHF spread as low as 3.5 with a long position swap value of 3.03
- CADJPY spread as low as 3.1 with a long position swap value of 10.42
- CHFJPY spread as low as 2.8 with a long position swap value of 1.67
- CHFSGD spread as low as 28.5 with a long position swap value of -24.05
- EURAUD spread as low as 2.7 with a long position swap value of -10.35
- EURCAD spread as low as 2.9 with a long position swap value of -11.93
- EURCHF spread as low as 2.3 with a long position swap value of 0.54
- EURDKK spread as low as 38.5 with a long position swap value of -50.33
- EURGBP spread as low as 1.8 with a long position swap value of -5.97
- EURHKD spread as low as 41 with a long position swap value of -97.03
- EURHUF spread as low as 37 with a long position swap value of -149.74
- EURJPY spread as low as 2.1 with a long position swap value of 11.53
- EURNOK spread as low as 120 with a long position swap value of -99.71
- EURNZD spread as low as 3.9 with a long position swap value of -17.08
- EURPLN spread as low as 55 with a long position swap value of -79.15
- EURSEK spread as low as 76.5 with a long position swap value of -97.48
- EURSGD spread as low as 16.1 with a long position swap value of -15.65
- EURTRY spread as low as 191 with a long position swap value of -1,971.95
- EURUSD spread as low as 1.6 with a long position swap value of -8.15
- EURZAR spread as low as 173.4 with a long position swap value of -446.47
- GBPAUD spread as low as 3.6 with a long position swap value of -5.03
- GBPCAD spread as low as 4.7 with a long position swap value of -6.96
- GBPCHF spread as low as 3.7 with a long position swap value of 4.83
- GBPDKK spread as low as 111.5 with a long position swap value of -24.8
- GBPJPY spread as low as 3.2 with a long position swap value of 16.67
- GBPNOK spread as low as 183 with a long position swap value of -62.23
- GBPNZD spread as low as 6.2 with a long position swap value of -11.12
- GBPSEK spread as low as 94.5 with a long position swap value of -58.9
- GBPSGD spread as low as 28 with a long position swap value of -11.45
- GBPUSD spread as low as 1.9 with a long position swap value of -4.52
- NZDCAD spread as low as 3.8 with a long position swap value of -3.55
- NZDCHF spread as low as 3.8 with a long position swap value of 2.4
- NZDJPY spread as low as 2.5 with a long position swap value of 8.8
- USDHUF spread as low as 32 with a long position swap value of -121.6
- USDJPY spread as low as 1.5 with a long position swap value of 10.33
- USDMXN spread as low as 220 with a long position swap value of -436.15
- USDNOK spread as low as 140.5 with a long position swap value of -40.9
- USDPLN spread as low as 42.5 with a long position swap value of -53.96
- USDSEK spread as low as 64 with a long position swap value of -40.26
- USDSGD spread as low as 20 with a long position swap value of -7.81
- USDTRY spread as low as 190 with a long position swap value of -2,001.49
CFD Trading (Retail CFD Accounts Standard/Micro)
- BTCUSD spread as low as 30.55 with a minimum/maximum trade size of 0.01/80
- LTCUSD spread as low as 0.75 with a minimum/maximum trade size of 0.01/720
- AVAXUSD spread as low as 0.21 with a minimum/maximum trade size of 0.01/7000
- GRTUSD spread as low as 0.00300 with minimum/maximum trade size of 0.01/7000
- SKLUSD spread as low as 0.00200 with minimum/maximum trade size of 0.01/7000
- XLMUSD spread as low as 0.00185 with minimum/maximum trade size of 0.01/7000
- BCHUSD spread as low as 1.15 with a minimum/maximum trade size of 0.01/460
- ETHEUR spread as low as 5.50 with a minimum/maximum trade size of 0.01/400
- ETHGBP spread as low as 4.85 with a minimum/maximum trade size of 0.01/400
- OMGUSD spread as low as 0.06 with a minimum/maximum trade size of 0.01/400
- SNXUSD spread as low as 0.100 with a minimum/maximum trade size of 0.01/400
- UMAUSD spread as low as 0.07 with a minimum/maximum trade size of 0.01/400
- ADAUSD spread as low as 0.00385 with a minimum/maximum trade size of 0.01/3000
- ALGOUSD spread as low as 0.00600 with minimum/maximum trade size of 0.01/3000
- BATUSD spread as low as 0.01500 with a minimum/maximum trade size of 0.01/3000
- SOLUSD spread as low as 0.17 with a minimum/maximum trade size of 0.01/3000
- STORJUSD spread as low as 0.0150 with a minimum/maximum trade size o f0.01/3000
- ZRXUSD spread as low as 0.00650 with minimum/maximum trade size of 0.01/3000
- BTCEUR spread as low as 40.00 with a minimum/maximum trade size of 0.01/30
- BTCGBP spread as low as 37.50 with a minimum/maximum trade size of 0.01/30
- COMPUSD spread as low as 1.37 with a minimum/maximum trade size of 0.01/1600
- ENJUSD spread as low as 0.00550 with a minimum/maximum trade size of 0.01/1600
- FETUSD spread as low as 0.01165 with a minimum/maximum trade size of 0.01/1600
- XRPUSD spread as low as 0.00320 with a minimum/maximum trade size of 0.01/1600
- ETHUSD spread as low as 2.65 with a minimum/maximum trade size of 0.01/1180
- AAVEUSD spread as low as 2.00 with a minimum/maximum trade size of 0.01/1000
- AXSUSD spread as low as 0.45 with a minimum/maximum trade size of 0.01/1000
- LINKUSD spread as low as 0.15 with a minimum/maximum trade size of 0.01/1000
- MATICUSD spread as low as 0.00900 with a minimum/maximum trade size of 0.01/1000
- SUSHIUSD spread as low as 0.045 with a minimum/maximum trade size of 0.01/1000
- UNIUSD spread as low as 0.07 with a minimum/maximum trade size of 0.01/1000
Commission Fee
XM Group charges a commission based on the trade volume on XM Zero accounts every time you open or close a position. The commission is USD 7 on a USD 100,000 transaction (round-turn). Average commissions are not published for XM Zero Account but are competitive for the industry.
Dormant Fee
XM Group charges a dormant fee of $5 on retail investor accounts, the XM Zero account, and retail CFD accounts if there is no activity (trading, withdrawal, deposit) for 90 days. The amount charged can either be $5 or the full free balance of the account.
Payment Methods
XM supports a broad range of deposit options including credit and debit cards, bank transfers, e-wallets (Neteller, Skrill, and WebMoney), and Union Pay.
The only instant deposit option is credit and debit card. Other options like bank transfers and e-wallets take 2 to 5 business days.
Security
XM is a regulated broker that is subject to strict regulatory requirements. It holds clients’ funds in segregated bank accounts with reputable EU institutions. It is regulated by the Dubai Financial Services Authority, and the Australian Securities and Investment Commissions among others.
Client funds are not stored in the account as the company’s funds and are not used for any business.
As a licensed Securities Service Provider, XM is obligated to submit its monthly and quarterly financial reports to the Financial Services Commission of Belize. It also conducts an annual external audit of its financial statements.
The customer’s personal information is transferred to XM over a secure 128-bit SSL connection and is only accessible to authorized personnel via username and password.
All XM clients benefit from the Negative balance protection. Negative balance protection prevents them from losing more than they invested when trading CFDs.
Users’ accounts are secured with several security features including password and two-factor authentication.
Supported Countries
XM is available in over 190 countries. Supported countries include Singapore, France, Australia, Germany, India, South Africa, Nigeria, Dubai, etc.
The broker does not provide services to residents of certain countries including Canada, Iran, the United States of America, and Israel.
Licenses Held by XM
XM is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC), the International Financial Services Commission of Belize(IFSC), and the Australian Securities and Investments Commission (ASIC), the Dubai Financial Services Authority.
Other Legal entitie associated with XM such as Trading Point of Financial Instruments Ltd are also regulated.
Trading Point of Financial Instruments Pty Ltd is a member of Trading Point Group and regulated by Cyprus Securities and Exchange Commission.
Trading Point MENA Limited, regulated by the Dubai Financial Services Authority (DFSA), serves clients in the Middle East.
Opening an XM Group Account
To open an XM Group Account go to https://www.xm.com/register
Next, choose your country of residence, enter your email, and create a password.
Tap the green Register button.
Go to your registered email address and click the verification link sent to you.
Login using your email address and password.
Once in, tap the green “Open a Real Account” button.
You’ll need to enter your details like address, first and last name, street number, etc.
Enter your forex and CFD trading experience then choose your preferred trading platform, account type, and leverage on the next page.
XM supports MetaTrader 4, WebTrader, and MetaTrader 5.
Create your trading password and click Complete.
That’s it! You’ve created an XM Group account.
Trading Experience
The trading experience on XM broker is basic. It offers popular trading platforms like MetaTrader 4 and 5 as well as WebTrader that feature no requotes or rejects plus flexible leverage.
However, users have complained about system hitches on take profit trades and it offers a limited set of instruments when compared to other platforms.
You can also access the trading platform from any device (iOS, Android, PC, and MAC).
Different Platforms Used to Trade
XM supports 3 platforms: MetaTrader 4, MetaTrader 5, and WebTrader. These trading platforms are available on XM for all devices.
How to Trade Cryptocurrencies on XM Broker
Trading cryptocurrencies on XM is via crypto CFDs, which allow you to speculate on the price movements of digital assets you do not own.
To do so, launch the XM MetaTrader or WebTrader app and open the cryptocurrency tab then choose your preferred pair to buy or sell.
Customer Service
XM offers 24/7 customer services via phone, email, and Live chat.
The broker also has a Help Center. Information on their contact page shows that the Help Center is the most efficient way to get answers to your questions.
XM also has several educational resources and videos that can educate beginners on all they need to know about the crypto market and trading CFDs on the platform.
It also offers great bonuses and runs a loyalty program for active traders.
Customer Satisfaction
Reviews from XM users on third-party review platforms show that the broker offers poor customer service. There are several complaints about difficulty withdrawing funds and poor responses from the customer support team.
Does XM Group Offer Education?
Yes, XM offers an education group that covers mainly beginner topics via webinars, video tutorials, and written articles. There are also live educational sessions where experts give trading advice on the services offered by XM and CFD trading in general.
Is XM Broker Right for You?
XM is right for intermediate traders looking to use popular trading platforms like MetaTrader 4 and MetaTrader 5 with high leverage.
Final Thoughts
XM Group is a CFD trading platform with years of experience in the industry (since 2009). However, it offers a limited selection of instruments and has a large number of complaints on user review platforms about order execution timing and customer service.
XM is best for investors interested in a simple Forex and CFD trading platform that offers a wide selection of tradable instruments and markets.
Broadening your options and exploring new platforms can lead to better trading decisions and outcomes. Our in-depth FXpro study might introduce you to features and tools you felt were lacking in XM, enhancing your trading strategy.
FAQ
Most frequent questions and answers
XM has been on the scene since 2009 so they offer the reliability of duration. However, XM has poor user reviews on platforms like Trustpilot.
On Trustpilot, XM has a rating of 1.7/5, which is tagged as bad.
No, XM is regulated by the Belize FSC.
The primary advantages include a robust educational resource center, high leverage, and access to popular trading platforms like MetaTrader and WebTrader.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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