XM Broker Review
” XM Forex Broker provides most reliable deposit and withdrawal methods”
XM is a no scam Broker. XM Broker is licensed by several top-tier legal bodies. Let’s dive in to learn more.
How does this broker work? What services does it offer? Which is its best account type? What is different about this broker? There are many things to know about XM, let’s go through the whole article to find out more.
XM Broker Headquarters?
XM broker headquarters is located at Suite 404, The Matalon, Coney Drive, Belize City, Belize
Is it good enough? are they reliable? Is XM a legit broker?
XM broker is reliable as they hold all the required licenses such as CySec, ASIC, and IFSC and it’s all actions are monitored by legal bodies the broker has been in the market for more than 11 years now indeed reliable.
XM broker is also legit as it is legally regulated and holds the license required to be running as a broker.
Which licenses does XM hold?
XM holds the following licenses:
XM Global Limited is authorized and regulated by the Financial Services Commission (FSC) (license number 000261/158)
Pros and Cons of XM Broker
Pros
- Easy account opening procedure which means their platform is user-friendly.
- Good Educational Tools
- No fees on deposit and withdrawal
- Chat support available 24*7
- They support major 11 base currency to trade-in.
- No commissions on any account
- Low spread values
- Minimum deposit is USD 5 for both standard and micro account
- Chat support is good and you don’t have to wait in a long queue to get in touch with the support.
- Order execution speed is mostly a fraction of a second, it rarely happens that the order execution speed is delayed
- The broker is well regulated
- They also provide bonuses to help you with your trading but it is not in ultra-low account types
Cons
- Ultra-low accounts have a tight spread but there is no bonus facility on these account types.
- Locating things on a website can sometimes become difficult.
- They charge inactivity fees of a $15 one-off maintenance fee after one year of inactivity, followed by a $5 per month fee if the account remains inactive.
- The Swap short and Swap long are both negative.
What is the maximum leverage XM Offers?
The maximum leverage XM offers is 1:1000
What is the best thing about XM?
The best thing about this broker is that the overall cost of the broker is quite low as there is less spread and no commission on any of the account types, apart from that the broker provides a variety of deposit and withdrawal methods with no charge at all.
XM Account Types Comparison
XM offers 4 types of accounts named Standard, Micro, XM ultra-Low Standard, and XM ultra-Low micro. The maximum trading account that can be opened from one account is 8.
Let’s look at the comparison of the accounts below:
| Account type | Standard | Micro | XM ultra-Low Micro | XM ultra-low Standard |
|---|---|---|---|---|
| Base currency options | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | EUR, USD, GBP, AUD, ZAR, SGD | EUR, USD, GBP, AUD, ZAR, SGD |
| Leverage | 1:1 to 1:888 ($5 – $20,000) 1:1 to 1:200 ($20,001 – $100,000) 1:1 to 1:100 ($100,001 +) | 1:1 to 1:888 ($5 – $20,000) 1:1 to 1:200 ($20,001 – $100,000) 1:1 to 1:100 ($100,001 +) | 1:1 to 1:888 ($50 – $20,000) 1:1 to 1:200 ($20,001 – $100,000) 1:1 to 1:100 ($100,001 +) | 1:1 to 1:888 ($50 – $20,000) 1:1 to 1:200 ($20,001 – $100,000) 1:1 to 1:100 ($100,001 +) |
| Spread | Differ per currency | Differ per currency | Differ per currency | Differ per currency |
| Commission | No | No | No | No |
| Maximum Trades that can be opened | 200 | 200 | 200 | 200 |
| Minimum lot size | 0.01 | 0.01 | 0.01 | 0.01 |
| Hedging | yes | yes | yes | yes |
| Minimum Deposit | USD 5 | USD 5 | USD 50 | USD 50 |
| Order Execution Speed | Fraction of second | Fraction of second | Fraction of second | Fraction of second |
Every Account type has its own features and the ultra-low account is good for you if you are new to trading and want to learn the trade and they hold the cheapest cost.
Minimum deposit amount with XM?
The minimum deposit amount which XM asks for is $5, after which you can trade without any interruptions just be aware that trading can be done as per the balance available in your account.
Comparison based on spread, commission and swap
XM Spread:
Spread is termed as the difference between the bid and ask price of a currency pair. Spread is measured in pips, and it changes every second because of the market volatility. Spread is different for every currency pair therefore, here I am calculating the average spread value with the data collected all over the week.
Let’s have a look at the average spread values of the different accounts that XM broker offers:
| Currency | Standard Account | Micro | XM Ultra Low Standard | XM Ultra Low Micro |
|---|---|---|---|---|
| XAUUSD | 36.3 | 33 | 23 | 24 |
| EURUSD | 16.9 | 17.2 | 7.9 | 8.3 |
| GBPUSD | 23.3 | 23.3 | 10.6 | 10.2 |
| AUDUSD | 18 | 17.5 | 9.7 | 9.5 |
| USDCAD | 21.1 | 21.1 | 11.4 | 11.7 |
| USDCHF | 20.4 | 19.5 | 9.7 | 9.5 |
| USDJPY | 16.3 | 16.2 | 7.5 | 7.8 |
| GBPJPY | 33.1 | 34.2 | 21.9 | 21.1 |
| EURJPY | 20.6 | 21.6 | 20.1 | 10 |
| NZDUSD | 26.9 | 26.3 | 14.3 | 14.6 |
As from the above table, XM broker spread values are really less as compared to some other brokers that’s why it lies on the top 2 ranking in the best broker list.
XM Commission:
XM broker doesn’t charge any commission on any of the account types, resulting in a low-cost broker.
Let’s have a look at commission charges for a various accounts in the form of tables:
Micro Account
|
XAUUSD |
0 |
|
EURUSD |
0 |
|
GBPUSD |
0 |
|
AUDUSD |
0 |
|
USDCAD |
0 |
|
USDCHF |
0 |
|
USDJPY |
0 |
|
GBPJPY |
0 |
|
EURJPY |
0 |
|
NZDUSD |
0 |
Standard Account
|
XAUUSD |
0 |
|
EURUSD |
0 |
|
GBPUSD |
0 |
|
AUDUSD |
0 |
|
USDCAD |
0 |
|
USDCHF |
0 |
|
USDJPY |
0 |
|
GBPJPY |
0 |
|
EURJPY |
0 |
|
NZDUSD |
0 |
Ultra-Low Standard Account
|
XAUUSD |
0 |
|
EURUSD |
0 |
|
GBPUSD |
0 |
|
AUDUSD |
0 |
|
USDCAD |
0 |
|
USDCHF |
0 |
|
USDJPY |
0 |
|
GBPJPY |
0 |
|
EURJPY |
0 |
|
NZDUSD |
0 |
Ultra-Low Micro Account
|
XAUUSD |
0 |
|
EURUSD |
0 |
|
GBPUSD |
0 |
|
AUDUSD |
0 |
|
USDCAD |
0 |
|
USDCHF |
0 |
|
USDJPY |
0 |
|
GBPJPY |
0 |
|
EURJPY |
0 |
|
NZDUSD |
0 |
As per the above tables, it’s clear that they don’t have commission charges on any type of the account which automatically lowers the cost of the broker, and that is a plus point along with that other services of the broker are also good.
XM Swap:
Swap is the interest charged on orders which are open for more than a day. Swap rates differ per currency pair but are the same in every account type.
There are two types of swaps named swap long and swap short. Swap long is charged on the positions which are opened on the long position whereas, Swap short is charged on the positions which are opened on short positions.
Here, let’s have a look at the swap rates for both long and short.
Below is the table for short swap values:
Swap Short Values
|
Currencies |
Standard |
Micro |
Ultra-Low Micro |
Ultra-Low Standard |
|
XAUUSD |
(-5.51) |
(-5.51) |
(-5.51) |
(-5.51) |
|
EURUSD |
(-0.78) |
(-0.78) |
(-0.78) |
(-0.78) |
|
GBPUSD |
(-3.15) |
(-3.15) |
(-3.15) |
(-3.15) |
|
AUDUSD |
(-2) |
(-2) |
(-2) |
(-2) |
|
USDCAD |
(-4.04) |
(-4.04) |
(-4.04) |
(-4.04) |
|
USDCHF |
(-4.91) |
(-4.91) |
(-4.91) |
(-4.91) |
|
USDJPY |
(-4.03) |
(-4.03) |
(-4.03) |
(-4.03) |
|
GBPJPY |
(-4.77) |
(-4.77) |
(-4.77) |
(-4.77) |
|
EURJPY |
(-2.3) |
(-2.3) |
(-2.3) |
(-2.3) |
|
NZDUSD |
(-2.19) |
(-2.19) |
(-2.19) |
(-2.19) |
The below table shows the swap long values:
Swap Long Values
|
Currencies |
Standard |
Micro |
Ultra-Low Micro |
Ultra-Low Standard |
|
XAUUSD |
(-10.49) |
(-10.49) |
(-10.49) |
(-10.49) |
|
EURUSD |
(-5.58) |
(-5.58) |
(-5.58) |
(-5.58) |
|
GBPUSD |
(-4.05) |
(-4.05) |
(-4.05) |
(-4.05) |
|
AUDUSD |
(-2) |
(-2) |
(-2) |
(-2) |
|
USDCAD |
(-3.18) |
(-3.18) |
(-3.18) |
(-3.18) |
|
USDCHF |
(-.09) |
(-.09) |
(-.09) |
(-.09) |
|
USDJPY |
(-1.76) |
(-1.76) |
(-1.76) |
(-1.76) |
|
GBPJPY |
(-2.97) |
(-2.97) |
(-2.97) |
(-2.97) |
|
EURJPY |
(-4.6) |
(-4.6) |
(-4.6) |
(-4.6) |
|
NZDUSD |
(-1.49) |
(-1.49) |
(-1.49) |
(-1.49) |
Kindly note that every currency has different swap values, but the swap values are the same in all types of accounts for that same currency which is also clear from the above tables.
One thing to note here is that the swap short and long both are negative.
XM Trading Platform
XM offers three platforms on which one can trade which are MT4, MT5, and Web Platform. Every platform has its own specific features in which MT4 is the maximum used. And the web platform is something similar to Exness broker where you can trade on the website without actually downloading any kind of software.
We have a detailed article in which the platforms are described in detail and you can find out which platform is best suitable for you to go with. Click here to know more about the trading platforms.
XM Open Account Procedure
To open an account with XM there are some steps which are needed to be followed. Opening an account with XM is quite easy and to open a real account with them you are required to submit your identity proof and address proof.
To know more click here.
XM broker Bonus
With XM, you can also get up to a 20$ bonus with a minimum deposit of $5, along with that they also provide you an offer to refer XM to your friend while doing so you get $35 for each person who joins with your referral code.
They also provide bonuses on special seasonal occasions, which is rare to find not all brokers provide such a way to earn more with them.
Click on the below button to know more.
XM Deposit and Withdrawal Options
XM Broker offers a lot of deposit and withdrawal methods and they don’t charge any fees on deposit and withdrawal. I have been using the UPI Payment mode and I suggest others to use the same mode of transfer to transfer their funds whereas, they provide many other methods.
To know in more detail, click here.
Customer Support
For getting in touch with chat support you can select the option of live chat which is on top bar, for reference please check the below image
When you click on live chat a small window on the bottom right corner will be opened where they will ask you to start chat, once you click on that option it will automatically connect you to their agent. Let’s have a look at the chat window
The chat support services are available 24*5 days a week which means from Monday to Friday. The good thing about support is that they mostly clear all the doubts and problems you are facing. Once you are done with the support you can close the chat and when you close the chat window, they will ask for your feedback, which is impressive because you can let them know if you are satisfied or not, and then they can improve their services if required.
Conclusion
XM broker was established in the year of 2009, and they have been in the market for over 10 years. With their good services and less cost, they also have established themselves in the list of top brokers. XM hold license such as FSC (Financial Services Commission) which strengthen the reliability of the broker.
XM offers 4 types of accounts named Micro, Standard, XM Ultra-Low Standard, and XM Ultra-low Micro in which there is no commission charged in any of the account types which automatically reduces the cost of the broker with that they don’t charge any fees on deposit and withdrawal. They also have launched a UPI payment system a few months ago which also is a plus point for them to spread their wings in Indian Market.
Support services of the broker are also up to the mark and the availability of the support system is 24*7 days. The platform is simple and easy to use.
Research and Education material is also provided by the broker to gain knowledge about how to trade. The broker is a good option to be a trading partner.
The best account type in my point of view is Ultra-low account types with the cheapest cost and best services among the other account types.