XM.com review: Is Xm a scam or not? The XM exchange was founded in 2009 and is headquartered in Limassol, Cyprus. In addition, XM also has international offices in many places such as London, Athens or Sydney. Currently, XM is one of the leading forex exchanges in the world that have been granted many operating licenses by today’s largest financial institutions such as: FCA, CySEC, ASIC, IFSC.
Table of Contents:
Review the pros and cons of XM.com
For
- Register and verify your account quickly and easily.
- The trading platform is simple to use and easy to use.
- A trusted broker, with FCA registration and CySec regulation.
- It offers high leverage of up to 888:1.
- Instant transaction execution, no latency.
- 24/7 customer support service by phone, email or online chat.
- Fast withdrawal processing with a choice of local bank withdrawal methods convenient for Vietnamese merchants
- Extensive list of account types and trading products.
Against
- CFDs on stocks and cryptocurrencies are only available on MT5 accounts
- High spreads on Micro and Standard accounts.
Basic information about the broker
XM was founded in 2009 with over 1.5 million users from 196 countries. XM is ranked 170th out of 353 in DailyForex’s list of best brokers with many advantages on trading platforms, as well as professionalism and reputation.
The XM brand (XM Group) is a group of online regulated brokers. The first XM institution was founded in 2009 in Cyprus (regulated by CySEC with 120/10 license) under the name Trading Point of Financial Instruments Ltd. In 2015, XM incorporated an entity (under ASIC, license number 443670) in Sydney, Australia, and in the same year obtained legal status in London (regulated by the FCA, license number 705428). , according to uk ltd Financial Instruments Trading Point. Recently, XM Global Limited was founded in 2017 in Belize (as regulated by IFSC IFSC/60/354/TS/18).
XM Group has grown to become an online multi-asset broker offering 57 currency pairs and 1000 CFDs. In 2017, XM Group launched CFDs on major cryptocurrencies including Bitcoin (BTCUSD), Bitcoin Cash (BCHUSD), Ethereum (ETHUSD), Litecoin (LTCUSD) and Ripple (XRPUSD), giving traders investors and traders the chance to gain exposure to digital assets without having exposure to the underlying digital assets. XM Group’s crypto offering does not include leverage (100% margin) with a maximum trade size limited to 1 Bitcoin and a minimum exchange size of 0.1 Bitcoin. In addition, XM has also launched a specialized stock account for investors in corporate stocks. It can be said that XM has provided a full range of assets that investors love in today’s market.
XM offers traders MetaQuotes Software Corporation’s full suite of MetaTrader software, providing clients with a standard and superior experience on popular MT4 and MT5 platforms for desktop, mobile and web. It has significant differences in how the platform is configured to distribute spreads and trading fees, execute orders, and experiment with other tools, features, and areas of administration.
- Meta Trader 4 (MT4) : for PC, MAC, Android, iOS
- Meta Trader 5 (MT5) : for PC, MAC, Android, iOS
- Web Trader: Works on Popular Browsers
XM is one of the companies that supported the MT5 platform very early with many improvements in execution speed, stability and trading tools.
It can be said that XM is a leading and reputable broker that is gaining more and more trust and absolute support from traders all over the world.
Auditing of accounts, commissions and spreads XM.com
Account
XM offers 4 account types including Micro account, Standard account, Ultra-Low account, and Share account.
XM Account for Beginners: Cent is the best type of account for beginners.
If you are a new trader, you will need an account with a low trading margin, trading in small batches in order to practice trading. Trading on a real account will help you train your psychology much better than a demo account.
Why is the XM Cent account suitable for beginners?
- The minimum deposit is only $5.
- Leverage 1:888
- Low trading volume per trade.
- There are no commissions on trading.
- Spreads from as little as 1 pip on major currency pairs.
- Trade 25 currency pairs and 2 precious metal pairs
Standard accounts are supported on both MT4 and MT5 platforms.
XM account for professional traders:
Standard is an account for professional traders with better trading conditions than Cent. That is:
- Spread from just 1 pip with major currency pairs. (less than the account in cents)
- Leverage 1:888
- No transaction fees.
- The minimum deposit is only $5.
The Standard account is the most popular account chosen by many traders. Suitable for many different trading styles and no commissions on trading.
Standard accounts are supported on both MT4 and MT5 platforms.
Ultra-Low Account
- Initial minimum deposit $50
- Spreads from 0.6 pips on major currency pairs.
- There are no commissions on trading.
- Leverage 1:888
The Ultra-Low account is the account with the best trading conditions on XM with the lowest spreads. However, the initial minimum deposit will be $50 larger than Standard or Cent accounts. But compared to other exchanges this is a relatively low minimum deposit to enjoy such a good trading environment.
If your capital is more than $50, you should choose an Ultra-Low account to maximize profits.
Share account
Using this account, you can trade European and US stocks (by capitalization) and diversify your portfolio with competitive trading conditions.
Stock products from many countries such as UNITED STATES, United Kingdom, Germany, France, Netherlands, Spain, Australia… with 1184 stock codes.
This is a very suitable account for traders who like to trade stocks.
Why should you own an XM Shares CFD account?
Trading stocks of large companies in countries around the world
- Receive dividends.
- There is a commission.
- Trade easily through the MT5 platform.
- Leverage does not apply
- Minimum deposit $10,000
Spread XM.com Review
The spread is one of the strongest advantages of XM. The broker has an average spread – between 1.6 and 2.6 pips.
The special thing is that the XM group acts as the sole agent in all the transactions they make and does not requote on all its account types, but provides the market price directly to its customers. This allows you to offer lower spreads under certain market conditions.
Review of XM.com transaction fees
XM does not charge commissions and trading fees. XM pays all transaction fees (for bank transfers, it is more than 200 USD).
XM does not charge any fees for deposits/withdrawals. This offer is applicable to all deposits with credit/debit cards and e-wallets. For deposits/withdrawals via wire transfer, XM will pay all fees imposed by XM’s banks, except for deposits of less than 200 USD (or equivalent amount).
Review of deposit and withdrawal on XM
XM applies many online payment gateways for traders. Some payment gateways for depositing and withdrawing money to XM accounts include credit card, debit card, Neteller, Skrill, UnionPay, bank transfer.
- XM has withdrawal ports including Skrill, Neteller and Bank Wire.
- XM Recharge payment gateways include: VISA, Master Card, Maestro, Diners Club International, UnionPay, XM Card, Skrill, Neteller, Web Money, Bank Wire
Customer Support at XM
XM supports live chat in more than 30 languages. Customer support channels include phone, email, or live chat. XM’s customer support service has Vietnamese-speaking support staff who respond very quickly and live 24/7. XM support time via live chat from 8:00 a.m. to 7:45 p.m. on weekdays (Monday to Friday)
Resources & Training
XM is a highly regarded exchange that is very dedicated to educating its customers. With an extensive trading documentation system, it constantly sends traders’ instructions via email.
In addition, it organizes both online and offline seminars so that experts can share knowledge on the topics to help clients trade better. It is worth it for novice or inexperienced traders to learn from the experts.
Review the promotion on XM
XM is quite famous for its bonus programs and promotions for customers such as a $30 bonus when registering an account (no deposit required), 15% bonus on first deposit.
Free $30 no deposit
This program applies to customers who first register for an XM account, just verify the account and the account will be automatically added 30 USD without having to deposit money or anything else.
To get a 30 USD trading set or a trial trading on the exchange you need:
- Sign up for an XM account
- Verify your account in the members area by sending a proof of address and proof of identity
- Click the Request button
- Complete the SMS confirmation process.
After completing the above procedures, if your XM account is successfully verified, the money will be automatically added to try trading.
To withdraw money, XM also offers very simple requirements such as:
- Minimum Trading Volume 0.1 Standard Lot
- The minimum number of trading orders is 5
15% Deposit Bonus
With this program, you will receive a 15% bonus on all deposits within 24 hours (from the moment of the first deposit). The maximum bonus amount is 500 USD. This bonus will not be possible to withdraw, its meaning is only to increase the free margin for client accounts.
Loyal customers
XM regularly organizes promotions throughout the year for its loyal customers. You can see that XM is quite generous in promotions and bonuses.
