XM Broker Review

” XM Forex Broker provides most reliable deposit and withdrawal methods”

Is XM broker good and reliable?

XM has all the required license such as CySec, ASIC and IFSC and it’s all actions are monitored by legal bodies along with that the broker is in market for more than 11 years now, so it is indeed reliable.

Pros

Cons

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 type, apart from that the broker provides variety of deposit and withdrawal methods with no charge at all.

Which Account type you recommend and why?

The best account type in my point of view is standard with the cheapest cost and best services among the other account types.

What can be traded with XM

XM provides to trade in currency pairs, crypto currencies, Stock, Commodities, indices, metals, and energy. Some of the things which we can trade with XM with:

FOREX

METALS

AUDTRY

XAGAUD

CADMXN

XAGEUR

EURUSD

XPDUSD

GBPJPY

XPTUSD

NOK.SEK

Crypto

USD.SGD

BCHUSD

Energies

BTCJPY

UKOil

ETHUSD

USOil

XRPUSD

Web and Desktop Platform offered by XM

XM offers three platforms in which one can trade which are MT4, MT5 and Web Platform.

MT4

This is the most common platform which is used by many of the traders throughout the world. This platform is considered best for the beginners but there is no restriction for the same even professional traders use this platform to trade. This Platform itself provide several plus points which are as follows:

1. Easy to use and Understand

2.Many types of indicators are in this platform which makes easy to analyze the market trend.

3.Access to various currency pairs, CFDs and cryptocurrency.

4.Can be used on any operating systems such as windows, mac, Linux etc.

5.Allows you to trade any time in 5 days (Monday to Friday).

XM MT4 Platform

The above picture shows the MT4 platform, on the left side the first partition is the market watch panel, below which the navigation panel is shown, the black screen is showing the graph of the currency pairs, the tab in the bottom is the terminal where you can see your ongoing trades.

MT5

This is a bit advance from MT4 providing everything that is needed for flexible trading. There are several powerful tools provided by this platform to analyze the market better and make right choices of investment. With the availability of 31 languages into which it can be translated, this adds plus point to the platform. There is also option to subscribe the signals, use technical indicators, run trading robots, and rent a virtual server. This platform is most suitable for professional traders.

Web

This offers the direct access to the trading platform online without any requirement of downloading any software. You can access to all of the trades online as well as can open the trades and close them.

Mobile Trading Platform XM Offers

To trade with XM account on mobile you are required to download MT4 for mobile application on which you can login using XM server, account number and password. On the mobile application you will be able to see the market watch and along with that you can open and close the orders.

MT4 Mobile Application

In the above picture meta trader 4 app is shown, which is available in play store.

Account Comparison

XM offers 4 types of account named as Standard, Micro, XM ultra-Low Standard and XM ultra-Low micro. Maximum trading account that can be opened from one account is 8.

Let’s look at the comparison of the accounts below:

Account typeDefinitionStandardMicroComparisonXM ultra-Low MicroXM ultra-low Standard
Base currency optionsThis is the currencies which you can be trade. XM standard and micro account have various options.USD, EUR, GBP, JPY, CHF,‎
AUD, HUF, PLN, RUB, SGD, ZAR
USD, EUR, GBP, JPY, CHF,‎
AUD, HUF, PLN, RUB, SGD, ZAR
In comparison to XM standard and micro account, XM ultra-low account types have fewer currencies to trade withEUR, USD, GBP, AUD, ZAR, SGDEUR, USD, GBP, AUD, ZAR, SGD
LeverageLeverage is the amount which you have borrowed from the broker in order to trade with smaller amount.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 +)
In comparison to the standard and micro account with ultra-low account type leverage is same except for 1:1 ratio the investment in low account type needs $50 to start trading with1:1 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 +)
SpreadThis is the difference between bid and ask price.Differ per currencyDiffer per currencyAs compared to normal type of accounts spread of ultra- low account is quite low and these account types are quite good for beginners.Differ per currencyDiffer per currency
CommissionCommission is the fees charged by broker to open trade with themNoNoNo commission is charged on any of the account type by XM BrokerNoNo
Maximum Trades that can be openedThis is the maximum number of trades which can be open.200200Same number of position can be open in all types of account.200200
Minimum lot sizeThis is the minimum size of the lot which one can open0.010.01This is same for all account types0.010.01
HedgingHedging is the strategy to balance the losses and gain more profityesyesIs allowed in every account typeyesyes
Minimum DepositThe minimum amount which is require to start trading withUSD 5USD 5Ultra-low account types have deposit amount of $50 and normal account type has deposit amount of $5USD 50USD 50
Order Execution SpeedThis is the speed by which order can open and close.Fraction of secondFraction of secondThis is same for every account type.Fraction of secondFraction of second

The best part of XM is that there is no commission in any type of account, but there are two account with ultra-low category which has less fluctuation rate, meaning after certain pips of movement only the loss or the profit value changes, this thing is the first time I have ever seen in any type of the account. My first reaction was that there is something wrong with the account type why there is no change even after the movement in the chart is the same, then I asked the support about the same after which I came to know that the fluctuation rate of the price is not much so one who is learning to trade can use this account for the minimal loss or can choose demo account at first.

Opening Account Procedure

  1. Visit their website www.xm.com
  2. On the main page click on “Open an Account” as shown below.

3. Fill up the required details

4. Registration form

5. Select Account type

6. Confirm by agreeing the policies

7. Login to your account and upload required documents such as ID proof and Address Proof

8. Make a deposit by choosing desired funding channel

9. Login to MT4 platform and start trading

The broker doesn’t accept clients from United States, Canada, Israel, Iran, Portugal, Spain.

Deposit and Withdrawal Options

For depositing funds click on deposit and on the next page you will see the channel details with which you can deposit funds with. For reference, please check the below image

I deposited with the method of online banking, you can choose any as per your convenience, one more thing to note is that they recently have launched UPI payment method as well which is the easiest and the best way to deposit.

For withdrawing funds, they have the below channels

They have few options for withdrawal but if you deposit funds through UPI, you can withdraw funds back by online bank transfer and it takes 24 hours to max 5 business working days for the amount to credit back to your account, mostly it is done within 24 hours.

There are no charges for deposit and withdrawal, so the cost is less for this broker.

Comparison based on spread, commission and swap

Spread:

Let’s have a look at the average spread values of the different account which XM broker offers:

CurrencyStandard AccountMicroXM Ultra Low StandardXM Ultra Low Micro
XAUUSD36.3332324
EURUSD16.917.27.98.3
GBPUSD23.323.310.610.2
AUDUSD1817.59.79.5
USDCAD21.121.111.411.7
USDCHF20.419.59.79.5
USDJPY16.316.27.57.8
GBPJPY33.134.221.921.1
EURJPY20.621.620.110
NZDUSD26.926.314.314.6

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.

Commission:

Let’s have a look at commission charges for various account in the form of tables:

XAUUSD

0

EURUSD

0

GBPUSD

0

AUDUSD

0

USDCAD

0

USDCHF

0

USDJPY

0

GBPJPY

0

EURJPY

0

NZDUSD

0

 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

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.

Swap:

Below is the table for short swap 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)

Swap Short Values

The below table shows the 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)

Swap Long Values

Kindly note that every currency has different swap values, but the swap values are same in all types of account for that same currency which is also clear from the above tables.

Customer Support

For getting in touch with chat support you can select the option of live chat which in 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 that 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 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.

Research and Education

XM provides a lot of things for research and education; they have different section for the same. In research option you can check market overview, news, XM research, trade ideas, Technical summaries and much more.

In Learning Centre, you can get knowledge about Live Education, Educational videos, Forex Webinars, platform tutorials and forex seminars.

There are some tools also which they provide such as trading tools, MQL5 and Forex calculators which help you in trading well.

The below image shows the things they offer in overall research and education.

Under research category when you click on the market overview option the page will look like as follows:

As per the above picture you can also see that the top tab has the options which lies in research category, you can click on any of them and accordingly the page will open.

Now, Let’s have a look at the learner page:

In this category you have to click separately on the option which you want to see, I have opted to have look at the educational videos they offer.

Next option in research and education is about tools let’s have a look at them also.

In this category also select the relevant option which you want to look on.

Trading Experience

With XM even without any knowledge about trading you can trade. They do provide the relevant sources for you to learn so there is no restriction that a non-trader can’t trade with them. The most important thing is that if you are new and want to learn about trading then use any of the Ultra-low account type as it will make you lose less amount while learning or you can go with demo account also if you don’t want to lose any money at all.

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 has license such as ASIC, IFSC and CySec which basically strengthen the reliability of the broker.

XM offers 4 types of account named as Micro, Standard, XM Ultra-Low Standard and XM Ultra-low Micro in which there is no commission charged in any of the account type which automatically reduces the cost of the broker along with that they don’t charge any fees on deposit and withdrawal. They also have launched UPI payment system few months ago which also is a plus point for them to spread their wings in Indian Market.

Support services of the broker is also up to the mark and the availability of the support system is 24*5 days. The platform is simple and easy to use.

Research and Education material is also provided by the broker in order to gain knowledge about how to trade. The broker is definitely good option to be a trading partner.

The best account type in my point of view is standard with the cheapest cost and best services among the other account types.