Best Forex Brokers:XM Review
XM, formerly known as XEMarkets, is a trading name of Trading Point Holdings Ltd headquartered in Cyprus. It is regulated by CySec, ASIC in Australia, FSP in New Zealand, and FCA in the UK.
At XM, investors can access currency trading, along with CFDs, equity indices, precious metals, and energies.
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Accounts
There are two accounts to choose from at XM. The Micro trading account is suitable for beginners who wish to generate profits with a relatively low level of risk. More experienced and professional traders with a more in-depth knowledge of the financial markets would prefer the Standard account.
The Micro account has a contract size of 1000 and leverage of 1:1 to 1:888 ($5 – $20,000) while the contract size for the Standard account is 100,000. The same leverage applies.
Both accounts have a minimum deposit requirement of $5, a spread of 1 pip on all major pairs, and a maximum open/pending order of 200 positions.
Clients who maintain a minimum amount of (Equity-Credit) USD 5,000 or equivalent in other currency are eligible to request a free VPS from the Members Area at any given time on condition that they trade at least 5 round turn lots per month.
Free demo accounts can be opened using either of the two accounts and each trading account has access to the MetaTrader4 trading platform. Traders can use demo accounts as long as they want but demo accounts that have been inactive for longer than 120 days from the last login will be closed. However, a new one can be opened at any time.
In addition, Forex Islamic accounts, also known as swap-free accounts as they imply no swap or rollover interest on overnight positions, are offered to clients following the Muslim faith. Islamic accounts can be opened in either the Micro or Standard forms.
XM Trader Dashboard
Features
XM is proud of its history and its accomplishments. Its 'Milestones in our Corporate History' chart goes back to 2011 and points to a background of trustworthiness and corporate involvement.
The XM management has visited over 120 cities around the world to connect with their clients and partners in order to interact with them on a face to face basis. They have hosted more than 100 seminars to educate traders, enabling them to make better trading decisions. These activities have helped XM reach the highest levels of client retention of any Forex broker, anywhere.
In fact, XM prides itself on having over 300,000 real accounts opened to date from 196 countries and over 150,000,000 trades executed with zero re-quotes or rejections, ever.
There are over 100 financial instruments to choose from and no commissions or hidden fees.
Education
In the XM Learning Center, account holders can benefit from weekly webinars in 13 different languages including Arabic, Bengali, Indonesian, Polish and others given by 18 expert instructors whose pictures are presented on the site.
The list of video tutorials seems endless and cover topics as basic as how to open a Forex account to how to use a MT4 Droid pad on the Mobile Trader app.
Upcoming XM workshops and seminars are listed as are ones that have already taken place. At the time of this XM review, the schedule had already ended and no new events had been posted, the last one having taken place in Kuala Lumpur, Malaysia on March 28th 2015.
In addition, their economic calendar posts any upcoming events taking place in markets throughout the world.
There are market reviews, a Forex news report and technical analysis that appear on a daily basis.
XM Market Reviews
The FAQ section covers all types of questions and the answers are very informative and beneficial.
Bonuses/Promotions
XM has some super bonuses. When this review was being written, a bonus of 100% up to $5000 was being awarded on all new deposits. This was a limited offer and it came with an entry to the XM Loyalty Program where traders can earn infinite cash rewards and credit bonuses. It also included free VPS services such as the use of EA’s, greater trade execution time, access from any location 24/7 and optic fiber connectivity.
Several times a year, XM will offer special seasonal bonuses as well as highly exclusive bonuses made available on an invitation only basis.
Deposits/Withdrawals
At XM there is no minimum deposit required. However, system restrictions limit the minimum deposit amount to $5 for electronic funding such as Moneybookers, Skrill and Neteller as well as credit cards and bank wire transfers. Moneygrams and Western Union payments are also accepted.
Withdrawals can be made using the same methods. In fact the deposit and withdrawal options are listed side by side on the website and a trader needs only click on “make a deposit” or “request a withdrawal” in order to effect a transaction.
Customer Support
The XM customer support desk is available 24 hours a day, from Monday to Friday. Representatives speak English, Greek, Japanese, Chinese, Bahasa Malay, Bahasa Indonesia, Hungarian, Russian, French, Spanish, Italian, German, Polish, Hindi, Arabic, Korean, Portuguese, Czech, Slovakian, Bulgarian, Romanian and Dutch.
Traders can contact a rep at different departments in several international locations via email of telephone. Live chat is also available.
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Conclusion
XM is a leading force in the online trading sector and is committed to the people it serves. The UK based organization, Investors in People, has recognized XM for its efforts in helping their clients to realize their full potential and achieve their goals.
