XM.com Review 2018
XM.com does not accept new customers from US.
We recommend you check out our top rated list and sign up at another provider instead.
- US Traders
- 55+ Pairs
- 2-4 Day Payouts
- Mobile Friendly
- Low Deposit
XM.com pride themselves on being big, fair and human. Established in 2009, they are headquartered in the city of London but have a presence now in 196 countries. With 1,000,000+ traders they are licensed by CySEC, MiFID and the FCA. While they are a big broker, they like to be seen as approachable, accessible and human.
There are many benefits to using XM.com, whether you are new to trading or if you are a more established trader. The technology that they use is advanced, their trade features and payouts are good and they offer a number of bonuses to encourage new and experienced traders. As a company, they are highly visible with good customer support.
While you may have your doubts over which broker you should be using, we are here to guide you. Our comprehensive review of XM.com, along with all of our other reviews, are designed to give you enough detail for you to make an informed decision. The facts are all there, it is down to you to decide whether this is the broker for you.
If you want to trade Forex online than XM.com might be for you. This review will explain:
- All the benefits of using XM.com to execute your Forex trading
- The details of their online trading platform and its ease of use
- If there are any special features that this broker offers that stand out
There are three Forex trade account types available with XM.com. While there are many similarities between each account there are some noticeable differences.
The Micro Account requires a minimum deposit of $5 deposit to open but attracts a welcome bonus of up to 50% for the first $1,000 deposited. There are seven base currency options, 1 lot is 1,000 and the leverage ranges from 1:100 to 1:500. The spreads on majors is as low as 1 pip.
With a Standard Account, you get everything you would with a Micro Account but the major difference is the contract size. Instead of 1 lot being 1,000 it is 100,000 and the lot restriction is 50 instead of 100.
The Zero Account offers a lower spread on the majors and two base currency options, it requires a deposit of $100 and commission is available on client referrals.
A free demo account is available to everyone who signs up to the website however it doesn't require a deposit to enable access.
Trade Features And Payouts
XM.com offer a number of trading features as you would expect. They are very competitive and in some cases, ahead of the competition.
To increase your investment and help you to achieve greater capital, most Forex brokers offer you the option to leverage your money. XM.com offer a large leverage opportunity of 1:500 however this is the maximum you can achieve. For very large investments of $100,000 you will only be able to leverage 1:100.
The spreads on offer depend on the type of account that you have. With the Micro and Standard Account, the spreads are as low as 1 pip. If you have an Zero Account then spreads as low as 0 pips are available.
The great thing about Stop Loss is that it enables you to automatically stop your trade when it gets to the desired point. You don't have to be online. You just set the position that you want the trade to stop at and the platform will do the rest for you. This is a feature offered by many brokers including XM.com.
XM.com boast a massive 16 trading platforms. This is because they offer traders the choice between using their MT4 and MT5 platforms across a multitude of operating systems and devices. The MT5 platform offers everything that the MT4 does but also offers you CFD trading which is unavailable with MT4. You can choose to use either software across Web, Windows, Mac, Android or iOS.
Bonuses And Promotions
Now while many brokers offer both binary options and Forex, not all of them offer a Forex bonus to new traders. XM.com offer not only a welcome bonus, but a $30 no deposit bonus. They clearly state that it is non-withdrawable so you are required to trade with it however the profits are withdrawable. This is good news for new traders as it means is that you can open an account and try before you buy.
In addition to the no deposit bonus there is also a two-tier deposit bonus system. For those depositing up to $1,000 you can get 50% bonus with a further 20% being available up to a maximum of $5,000. This is a tidy sum for those who are looking to invest more. The bonus is instantly credited and is available on a minimum deposit of just $5.
With so many options for living life online, there is no longer a requirement to be in one place glued to a laptop or desktop. With a range of portable devices, that can do so much, there is much more opportunity to live life on the move. This extends to mobile Forex trading.
You will struggle to find a better mobile trading experience than you will get on the XM.com trading platform or should we say platforms? Because of their extensive options to choose MT4 or MT5 for a variety of devices, there is much to choose. You can use MT4 or MT5 for iPhone or for iPad. Then there are the Android versions and the Mac versions. In fact, the mobile trading opportunity is so good that all you need is the right device and an internet connection.
Deposits And Withdrawals
If you are looking to make a deposit it couldn't be easier. In fact, there is a whole page dedicated to account funding with separate tabs for deposits and withdrawals. On the account funding page, you will see the credit cards and the base currencies accepted along with the minimum deposit required and any fees. Visa, Mastercard and Maestro give you instant access to your trading funds whereas Union Pay takes 24 hours to clear. There are many electronic wallets accepted and wire transfer, however it takes much longer for the funds to be available.
With regard to withdrawals you will find a separate tab which gives you all the same information as you will find on the deposit tab. It clearly shows you any fess and how long it will take your transaction to be processed. You won't often find so much detailed information on broker sites.
The amount of detail and clarity on their website has to be a strong contender as a special feature along with a number of other benefits that set them apart from some Forex brokers:
Forex Site Reviews
XM.com pride themselves on being a "human" company. While everything is carried out online they like to have a visible presence. They offer personal account managers in many different languages and their customer support is accessible via a number of avenues. There is a live chat option as well as telephone numbers and e-mail contacts.
Like the rest of their website, the "contact" page is extremely detailed with a list of contact options for the many countries that XM.com operate in. The support desk is open 24 hours a day, 5 days a week, in addition to being able to contact the support desk there is also a number for the sales department.
XM.com seem to have the answers to all of your questions, perhaps even the ones you haven't thought of. The detailed information featured on their website is of a very high standard and they seem to have all bases covered. They are considerate of new and experienced traders and work hard to cater to every trading need. There is lots of information available about the Forex markets and any major news or events.
The platform itself has been carefully thought out and you can expect a good all-round trading experience. They are licensed by CySEC, MiFID (EU regulators) and the FCA (UK Financial Conduct Authority). If you are looking for an informative, safe and technically advanced broker then this is a wise choice.
Reviewed by: ForexTradingExpert.net
Frequently Asked Questions
Is XM.com legit, will they scam me?
Established in 2009 and now with 1,000,000 members in 196 countries, XM.com have a good reputation in the Forex industry. With several licenses including CySEC, MiFID and FCA, they are heavily regulated. They also adhere to trading laws around the globe, not offering their services in countries where it is restricted. If you are looking for a safe and reliable Forex brokers, XM.com seems a wise choice for both new and experienced traders.
Do they have a decent mobile or tablet app?
Their mobile trading experience is designed for everyone, regardless of which device they are using to trade. With many different platforms available for many different user experiences, whether you are using an iOS or Android or even a Mac operating system, there is a trading platform to suit. You can choose between the MT4 or MT5 platform with the major difference being the ability to trader CFD with MT5.
What bonus do they offer for new traders?
There are a number of bonuses on offer from XM.com. These include both a no deposit bonus and a two-tier deposit bonus. There is also a loyalty reward programme which gives you points for trading. These points can then be converted to trading credits. The no deposit bonus of $30 is great for those new traders who want to try the platform before they commit their own funds. For those investing higher sums, the extra trading funds can come in very useful.
Can I start trading on a free demo account?
Yes, with XM.com you can start trading on a free demo account. This account is perfect for those who are new to Forex trading and unsure as to how it all works. Simply sign up for the demo account and you will get $100,000 of virtual funds to use in a specific time frame. Use this simulated version of the live platform to get used to the various functions and Forex pairs. Then, once you are confident, you can start trading on the live platform.
What's the min. deposit and ideal trade amount?
Micro and Standard Accounts require a minimum deposit of just $5. For a Zero Account it is $100. You can use your funds to leverage more capital if you want to grow your investment further. The deposit bonus will then top up your funds further giving you more to trade with. The more you deposit, the more bonus you will get. With a recommended trade amount of 1%, you may wish to consider investing a bit more as you won't see much profit from a $5 balance.
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