XM
Highlights
- 1000+ trading instruments
- Personal account managers
Description
Founded in 2009, XM’s parent company ‘Trading Point Holding’ is a global CFD and FX broker. It has two brands, XM and Trading.com. XM has a global presence and it is regulated by 3 top financial authorities like the Australian Securities and Investment Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), and the IFSC (International Financial Services Commission of Belize).
Highlights
- 1000+ trading instruments
- Personal account managers
- Free access to daily forex webinars
Pros
- Instant online account opening
- Free deposit and withdrawal option
- Great educational tools
Cons
- The inactivity fee is charged
- Phone support is average
- Not listed on the stock exchange
Main Features
Country of Regulation: Australia, Cyprus, Belize
Trading Fees: Low
Inactivity Fees charged: Yes
Minimum Deposit: $5
Products: Forex, Indices, Commodities, Stocks, Metals, Energies
Review
Fees
XM charges low trading fees for CFDs but has an average forex fee and there is an inactivity fee.
A/C opening
The account opening process at XM is fully digitalized, hassle-free, and quick. The minimum deposit is $5. For the XM zero account, the minimum deposit is $100. XM offers three account types i.e Micro account, standard account, and zero accounts. The accounts differ in pricing, base currencies, minimum deposit, and contract size.
The XM account can be opened online. It has a 5 step registration process which roughly takes 10-15 minutes and then accounts verification is done the same day.
Deposit & withdrawal
XM’s deposits and withdrawal functions are quick and inexpensive. It also offers many options for deposits and withdrawals. There is no deposit fee and withdrawal is free. It offers 11 base currencies accounts.
XM charges a withdrawal fee, except for domestic bank transfers and credit cards. To withdraw you have to visit the FP Markets client portal and check the ‘funding and withdraw’ option. It usually takes 1 business day to withdraw money.
Trading Platform
The XM’s trading Platform is Provided by MetaTrader. It is highly customizable and has a clear fee report. The platform does not have price alerts.
Research
XM’s research is user-friendly and has great technical analysis but no fundamental data. The platform provides quality news fees, trading ideas, and other great research tools.
Customer service
You can connect with the XM customer service through email, phone, and Live chat.
Education
XM has great educational material. It offers high-quality webinars, trading platform tutorials, educational videos, and a demo account.
Safety
The broker is considered secured and safe as it is regulated by the top-tier financial authorities like the Australian Securities and Investment Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), and the International Financial Services Commission of Belize (IFSC).