XM Review 2020 – Pros and Cons Revealed Before you trade with XM broker

Forex Trading South Africa » XM Review 2020 – Pros and Cons Revealed Before you trade with XM broker
XM Review 2020 – Pros and Cons Revealed Before you trade with XM broker 2020-03-21T08:37:20+02:00

XM Review 2020: XM Group is an online trading broker which was established in 2009. This broker is regulated by the Cyprus securities and exchange commission (CYSEC 120/10). In 2015, Trading point of financial instruments Pty Ltd was established and it is regulated by the Australia securities and investments commission (ASIC 443670) and XM Global Limited was established in 2017 and is regulated by the International Financial Services Commission (IFSC/60/354/TS/19).

XM trades with numerous financial instruments. This broker is directly linked with Forex markets, CFDs and commodities. Today, the company operates in more 196 countries worldwide offering financial trading solutions to their clients. It trades in over 60 currency pairs and over 100 financial instruments including, contracts for difference (CFDs) on commodities, indices, energy, precious metals and stocks.

All these instruments can be traded both online and by phone on 8 advanced trading platforms including MetaTrader 4 and MetaTrader 5 trading platforms.

Types of accounts offered by XM

XM Group offers its clients 4 types of account: MICRO, STANDARD, ZERO and ULTRA LOW with low spreads. The MICRO account allows you to operate with micro lots, lower level of risk and it has minimum initial deposit of $5. The STANDARD account allows you to operate with standard lots and it has minimum initial deposit of $5. The XM ZERO account allows you to operate with standard lots, lower spreads starting at 0 pips and it has minimum initial deposit of $100. XM ZERO account has a $3.5 commission per $100,000 traded. Finally, the XM ULTRA LOW account allows you to trade with either micro or standard lots, lower spreads starting from 0.6 pips and it has minimum initial deposit of $50.

* XM Ultra Low account is not applicable to all entities of the Group. Account availability depends on the client’s country of residency.”

XM platform and apps

  • XM offers you with MetaTrader 4 (MT$) and MetaTrader 5 (MT5) trading platforms for both PC and Mac.
  • XM MetaTrader 4 – The world’s most popular trading platform
  • XM MetaTrader Multiterminal – Manages over 100 accounts at the same time from a single interface.
  • XM MetaTrader Web Terminal – Online trading access to the global financial markets for PC or Mac without any download being required.
  • XM MetaTrade 5 Web Trader – The most powerful trading platform available from your browser, it includes hedging options and exclusive features access without requiring downloads.
  • Mobile Trading – It gives you access to trade on your smartphone or tablet with MT4 or MT5 on iOS or Android platforms. Available for the App Store or Google Play respectively.
  • XM MetaTrader 5 – A multi-asset platform for over 300 instruments, that displays 100 charts at the same time, is state-of-the-art. It supports all order types and has multi-currency tester and alert capability.

Payment and withdrawals

XM broker has no hidden fees or commissions policy. Account funding is processed 24/7 and is 100% automatic. Withdrawals are guaranteed the same day. Clients can choose from a wide selection of payment methods such as credit cards (VISA, VISA Electron, MasterCard, Switch, Solo) bank wire, Neteller, Moneybookers Skrill, local bank transfer and many more.

Prons Cons
Global broker operating in safe regulatory environment XM broker does not accept PayPal
Wide variety of trading tools instruments Does not offer any EFTs
MetaTrader 5 platform available on all devices You have to pay an inactivity fee per month which $5
Apps for iOS and Android devices There is no weekend customer service assistance for your queries
XM broker is licensed and regulated by the EU, CySec, IFSC and ASIC Margin call level is risky for inexperienced traders
Withdrawals process is fast and easy and normally it take 24 hour Both margin levels and opening positions require careful monitoring
You can have up to $5,000 deposit bonus. *Clients registered under the EU regulated entity of the Group are not eligible for the bonus

Conclusion

XM Group has won Best Forex Service Provider for 2017 at the City of London Wealth and Management Awards. The multi award-winning broker serves over 1,000,000 clients world-wide.

Besides winning an award, the broker also offers its clients with flexible leverage up to 1:30, there are personal account managers, 24 hours support service, mobile trading, and withdrawals are fast and easy.