Warning: Trading CFDs is high-risk and you may end up losing more than your initial deposit. Please make sure you fully understand the risks involved before you start CFD trading.

XM review

0% commission $5,000 bonus

XM review

Overall rating:

XM is a regulated Forex broker based in Cyprus, that now offer trading platforms for CFDs, commodities and forex. XM meets the required standards of a financial service provider operating in the Eurozone and is also registered with the BaFin (Germany) and the FCA (UK).

Platforms for Trading

XM offers a range of trading platforms for their clients, making it ideal for a range of traders, with the two main trading platforms being MetaTrader4 and WebTrader.

MetaTrader4

Like most financial trading brokers, XM offer the MetaTrader4 Forex trading platform which is both reliable and popular. The platform offers advanced tools and traders can set up MetaTrader4 for manual trading and automate trading with Expert Advisors.

WebTrader

XM WebTrader offers traders the option to trade in financial markets via the internet. The platform does not require specialised software downloading.

Account types

XM offers three main trading accounts. The company also offer additional accounts, available with other advanced features. The main trading accounts are Micro Trading Account, Standard Trading Account and Executive Trading Account.

Micro Trading Account

XM offer the Micro Trading Account to traders who want to adopt a low risk approach towards trading. This account requires a very low minimum initial deposit of $5, making it ideal for new traders.

Standard Trading Account

For professional and more experience traders, XM offer the Standard Trading Account. This account provides many of the same benefits as the Micro Trading Account, however this trading account allows traders to trade with a larger contract size.

Executive Trading Account

Executive Trading Accounts offer traders the chance to take bigger risks. XM offer this account for traders interested in trading in larger volumes. With an XM Executive Trading Account traders must deposit and initial minimum amount of $100,000

Commission and Spreads

XM do not charge any commission but instead charge a spread on trades executed through them. Spreads start from as low as 1 pip and spreads are dependent on instruments and account types. Traders may choose between fixed spreads or variable spreads. XM also offer fractional pip pricing so prices may be quoted to the fifth digit.

Customer support

XMs website is multilingual and the languages supported are various. Customer support is available to traders via live chat, email, telephone and facsimile and can be accessed 24/5.

Reliability

XM offer efficient trading, with 99.35% of all trades completed in less than a second. All orders and 100% executed and XM operate a strict NO re-quotes policy. Funds can be deposited securely through a range of methods, including Western Union, Credit Cards and Wire Transfer etc. Funds may also be withdrawn through a variety of methods. XM is regulated and authorised by a number of financial bodies.

Pros

XM have numerous advantages: - Efficient trade execution (99.35%) - Strict NO re-quotes - Leverage up to 888:1 - Deposit bonus up to 5000 USD - No rejection of orders (100% executed)

Cons

XM does not offer PayPal as a funding option and trading accounts do not differentiate much in terms of benefits offered.

Conclusion

XM has made numerous positive moves to adapt to the changing market environment. Their focus on the 'No requote' policy makes XM an appealing broker, since it has posed numerous problems to traders in a rapidly changing market. This policy is not offered by many trading brokers at the moment.