A minimum deposit of 10,000 USD or equivalent is required to open an XM Shares account which is quite pricey. Withdrawal costs are also waived at XM (withdrawal processing times vary from instant to 1 business day). XM’s zero-fee policy also applies to any deposits and withdrawals above $200 that are processed by wire transfer.
- This review delves into the benefits of each account type, alongside XM’s trading platforms, extensive range of CFDs, and low minimum deposit requirements.
- This account is made for stock brokering, though the minimum deposit remains quite high here at $10,000.
- However, even then, many other brokers would charge a fee of up to $25 for all wire withdrawals.
- Self-confessed Forex Geek spending my days researching and testing everything forex related.
- They are a human company that put client satisfaction first which explains why they have such a high level of client retention and a loyal user base.
Although it is not a public company or has a bank attached, we believe they have a strong track record. Live analysis content is also a feature of XM’s research offering. XM TV is a great addition for videos whilst podcasts are also now on the site.
The conventional way of judging the quality of regulation that a broker holds that the more the merrier. XM has been gradually expanding its regulatory licenses over the years and is now up to three. Starting with the regulation in Cyprus (which covers the EU’s ESMA regulation), expansion has included Australia (a strong, tier-one jurisdiction) and latterly in Belize. In this broker review, we will highlight all key factors you should consider when deciding on whether you should use XM as your broker. The profit and loss calculator helps you evaluate the projected profit or loss from any transaction you intend to make in the forex market. The currency converter enables you to convert to and from various currencies by using live currency rates.
Besides, one of the advantages you will get as a trader is Negative Balance Protection, so there is no risk to lose more than the available balance. ForexBrokers.com has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. That said, XM falls behind with its limited pricing, range of markets, and platform offering — none of which can compete with the best brokers in this space. Starting from customer support to withdrawals they have been there for me.
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XM Web Platform
XM also takes steps to adapt to changing client needs as they become more demanding and sophisticated. XM is proud to have never compromised on factors impacting client performance. This directly leads to the broker’s ability to deliver the best execution and tight spreads.
This is positive for you as a trader in the sense that if the company had any financial troubles like bankruptcy or insolvency, your money would remain untouched. XM also steps up in this regard to offer the best in protection for you and your funds while you are a trader with XM. These protective measures include negative balance protection worldwide.
Previous incentives, available to global clients, have included a $30 no-deposit bonus. Here, profits generated using the credit could be withdrawn once the account volume reaches 10 micro lots and 5 round turn trades have been completed. Up to $5,000,000 is available in virtual credit and you can test strategies risk-free on any of the broker’s trading accounts. MT4 and MT5 are both powerful platforms, built for multi-asset trading. They offer dozens of indicators, multiple charting styles, timeframes and order types, plus support for automated trading through expert advisors (EAs) and scripts.
Deposit
Below is a table of minimum spreads across different asset classes in different accounts. XM is a forex and CFDs broker with a platform for trading foreign exchange currency pairs, metals CFDs, energies CFDs, indices CFDs, crypto CFDs, stocks CFDs, commodities CFDs, and shares. This amounts to an impressive total of 51 charting indicators and 31 drawing tools provided as standard through trading platforms that the industry respects as being among the most customizable.
Copy Trading Review
Looking also at the number of base currencies available, there are 11 to choose from. It is always important for would-be traders that they understand the flip side of trading with a dealing desk broker. On the home page of the website, XM claim to have 16 platforms available. However, drilling a little deeper and you will see in reality that they only offer platforms based around MetaTrader4 (MT4) and MetaTrader5 (MT5). It is just that XM counts the various device versions of the same platform.
What trading instruments does XM offer?
However, it is a great option if you are new to trading and need some guidance along the way. XM, established 15 years ago, has carved a niche in the online brokerage industry with its diverse offerings and client-centric approach. These resources are integral to XM’s commitment to providing a thorough educational experience, helping traders to understand market dynamics and develop strong trading strategies. XM offers a wide array of educational materials, designed to cater to traders of all levels, enhancing their trading knowledge and skills. XM provides a comprehensive suite of research and educational resources, including trading guides, webinars, and fundamental analysis tools.
Is XM Group safe?
XM does not have strict rules on withdrawal methods compared to deposit methods. We registered our account on 23 February 2023, and it was verified on 25 February 2023. Our account was approved after submitting all the required documents. XM has also really put the effort in when it comes to Research and Education. The website is jam-packed with content to give traders the most assistance they could ask for on their journey. There are almost 1300 individual stock CFDs from 18 countries around the world.
However, even then, many other brokers would charge a fee of up to $25 for all wire withdrawals. The website suggests that XM offers 1377 instruments, but the vast majority of these are stock CFDs. Despite this, MT4 is considered the industry benchmark for platforms and is xm group review very popular with retail clients, especially beginners. Brokers that are offering stock CFDs are now also pushing clients on to MT5 (an upgrade on MT4) as stocks are not available on MT4. Inactivity fees are another of the important non-trading fees that you can incur.
