A Review & Guide to Trading with XM

Toptenforex.com – XM was established in 2009 and is regulated from Cyprus (CySEC) as well as through the ASIC and the FSP. Many Forex traders will first note that as XM is located out of Cyprus, it is fully covered by the stringent regulations required within the Europe. Furthermore, this platform is covered by the Financial Conduct Authority in the United Kingdom and the BaFIN within Germany. Thus, clients can rest assured that their security will never be put into jeopardy. Let us take a quick look at some of the basic features of this platform which are important to note when considering XM as an online broker.

Trading Systems

The two main types of trading platforms offered are Web Trader and Meta Trader 4. Web Trader is excellent due to the fact that a client can access real-time market information directly through the website without having the need to download any software. This is ideal for those with limited hard disk space or who wish to access their account through a smartphone.

Meta Trader 4 is one of the most popular systems currently in place. Not only are all prices and movements clear, but its user-friendly nature will vastly increase the performance of any trader. It should be noted that both manual and automatic trading options are available through Meta Trader 4.

Types of Accounts

The first level of trading account is known as their Micro trading account. This is the preferred method for those who are learning the Forex markets or who wish to embrace an extremely low-risk approach. One is able to open up a profile for as low as five dollars.

Their Standard trading account represents the next level up. As the name suggests, this is the type that is primarily used by seasoned traders who are willing to expose themselves to a moderate amount of risk. One of the primary differences with this account is that larger contract sizes are available.

The Executive account requires a minimum deposit of $100,000 dollars to become activated. While there are larger risks (naturally), the capability to enjoy massive gains is likewise increased. Those who trade in high volumes may be interested in this type of account.

Demonstration accounts are also available. These are intended for those who wish to try out the platform before making an ultimate decision. Interestingly enough, no less than $100,000 dollars in virtual funds are provided. It should be mentioned that XM also offers Islamic accounts for those who wish to trade under the principles set forth by Sharia law.

Spreads and Commission

As with most online Forex brokers, the spreads will depend upon the trading system and the type of account. Spreads can start as low as one pip. An added benefit in regards to these pips is that fractional pricing is available; five digits are provided as opposed to the standard four digits offered in other sites. Both fixed and variable spreads can be chosen by the trader.

There are no commissions charged by XM. Instead, the company makes a profit on the spreads of the trades themselves. There are therefore no hidden fees and the gains (or losses) which a trader makes are quite real.

Underlying Assets

There are several different instruments that can be traded through XM. Some of the most popular are:

  • Currencies
  • Gold and silver
  • Oil
  • CFDs
  • Commodities
  • Indices
  • Stocks

No EFT trading is supported by this platform.

Reliability and Efficiency

XM.com is considered by many to be one of the most reliable platforms available for those who wish to execute real-time trades (nearly 100 per cent are completed in less than one second). There will be no re-quotes and all figures are as they stand upon the execution of a position. Due to the use of the previously mentioned trading platforms, there is little lag times between the observed prices and their actual market equivalents. However, this will partially rely upon the processing power of one’s computer and its connection speed.

Payment and Withdrawal Methods

There are several transfer options provided by XM. A handful of these include:

  • Credit Cards
  • IDEAL
  • Moneybookers
  • Skrill
  • Neteller
  • SOFORT
  • Western Union

It needs to be noted that there is currently no possibility to use PayPal to deposit or withdraw funds.

Customer Support

XM boasts appreciable levels of client engagement and support. A live chat widget, email and telephone number are offered as standard to clients of all account levels. One of the most interesting features of this support is that (currently) XM provides customer service in no less than 20 different languages. Facsimiles are also able to be sent to four different numbers depending upon one’s physical location. These support services are only available from Monday through Friday. Any requests put forth during the weekend will be addressed on the next business day.

Conclusion

XM.com is quite a popular online broker for traders of all skill levels. Its primary benefits are the high reliability of trade executions, easily manageable platforms, no order rejection and amenable leverages of up to 1:888.

Still, there are some downsides to be noted. As mentioned previously, the use of PayPal for money transfers is currently not supported. There is little difference (besides the risk and trading volume) of the three account types. A minimum deposit of $100,000 dollars has enabled the upper-level account to cater to only the wealthiest of individuals. Finally, the fact that customer support is only available from Monday until Friday may slightly aggravate some traders who wish to execute positions during the weekend. XM.com is nonetheless a powerful online Forex broker which should not be overlooked.

 

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