Broker review

XM

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Introduction

XM.com is an online Forex and CFD broker founded in 2009. It was previously known as XEMarkets. It is run by Trading Point Holdings Ltd (Trading Point Group). The group is a FCA regulated entity and EU passports under the MiFID. It is a CySEC regulated in Cyprus and it also has an ASIC-regulated entity in Australia.

XM.com has more than 1.5m clients from 196 different countries, and it has executed over 1.4bn trades with zero requotes or rejections.


Xm.com offers 3 different account types. The first two, are commission free, called Micro and Standard accounts, and the commission based XM Zero account. XM Zero account has a per-trade commission.  

The minimum deposit is $5 and can be done through various payment options such as; credit cards (VISA, VISA Electron, MasterCard, Switch, Solo) bank wire, Neteller, Moneybookers Skrill). One can also fund the account through local bank transfer (available in 58 countries).  

In addition the accounts can be funded in the following currencies. AUD, JPY, GBP, CHF, PLN, HUF, USD, ZAR, EUR, SGD and RUB, which is an wide range not offered amongst all brokers.

As can be noted below one can leverage up to 1:888 in for example the standard account. Various lot sizes are also offered depending the sophistication and experience of the client. The spreads are as low as 1 Pip for non-commission accounts and 0 Pips for the commission account. In addition, XM offers “Islamic accounts” (also known as known as swap-free accounts) for those clients that want those.

One can trade CFDs in Forex, Stocks, Commodities, Equity Indices, Precious Metals, Energy and Cryptocurrencies. Important to note is that XM.com only offers CFD Trading.

XM.com offers a competitive fee structure, which is fairly transparent. In addition it does offer a negative protection balance, something which not all brokers due offer.

Customer Support: XM.com offers 24/5 customer support through phone, email or live-chat with a customer representative. The support is also offered in multitude of languages as they have clients from all over the world. The languages offered are; English, Greek, Japanese, Simplified Chinese, Traditional Chinese, Bahasa Malay, Bahasa Indonesia, Hungarian, Russian, French, Spanish, Italian, German, Polish, Hindi, Arabic, Portuguese, Czech, Slovakian, Bulgarian, Romanian, Bengali, Urdu, Thai, Nepali, Tagalog, Cebuano and Serbian.

XM.com offers various platforms from their web trading platform up to the Metatrader 4 (MT4) and Metatrader 5 (MT5) for more advanced traders. The web trading is very easy to use and well suited for the novice trader and is very easily understandable, and one has access to the most functions needed and available on other platforms. In addition, XM.com offers mobile versions of its website with availability to download and install their apps both for iOS and Android based mobile devices.

 

XM.com is a good forex broker. Main thing that sets them apart from other Forex brokers is their efficient execution, and no re-quotes strategy is a strong positive.

Education: XM.com has a Learning Center

 

General

Positive

  • Easily usable trading platform
  • User friendly trading platform
  • Efficient and fast execution
  • Smooth and fast account opening process
  • Great customer service in various languages
  • Very low deposit required
  • Can fund account in multitude of currencies and payment forms
  • No minimum trades required and no charges for dormant accounts

Negative

  • Does not have a mini account option something experience trades would prefer.
  • Does not offer any trading on Bonds or ETF trading.

 

Products

  • Equities
  • ETFs
  • Forex
  • Indices
  • Precious Metals
  • Energies
  • Cryptocurrencies

 

Fee Structure

Positive

  • Extremely good and transparent fee structure

Negative

  • Commissions are charged on their XM Zero accounts, whilst not on their other account types

 

The Account and Regulation

Positive

  • CySEC ,FCA and ASIC regulated as well as other regulatory bodies around the world
  • Offers optionality to open “Islamic account”

Negative

  • Does not offer managed account services
  • Paypal is not available as option for deposit and withdraw  
  • No OCO orders

 

Trading Platforms

Web Trading Platform (MT4 and MT5, note MT4 is FX only)

Positive

  • Very simple and straight to the point platform
  • Intuitive for novice traders

Negative

  • Lacks more advanced charting options
  • No proprietary tools that can enhance trading
  • No news ticker or more advanced features
  • Too simplistic platform but ok for pure trading

 

Mobile Trading Platform

Positive

  • Offers most basic features with perfect use for novice trader
  • Easily navigate between various functions in the app
  • Charting is intuitive on app.  

Negative

  • Lacks substantial features that are available on web version
  • Certain account functions can be confusing

 

Research/Education

XM.com offers extensive access to not only research but also learning center, which beginners and experience traders can use extensively.  They offer weekly webinars in 13 different languages. In addition there an extensive database of video-tutorials which assist with topics ranging from how to open an account to how to use MT4 droid pad on the mobile trader.

XM.com also offers Economic calendar of upcoming events around the world, Forex Calculators of various kinds. Both can be seen below.

XM.com research website is an exhaustive research offering. It offers;

  • Market Preview on a daily basis
  • Equity Market News
  • Cryptocurrency News
  • Forex Previews
  • Technical Analysis
  • Commodities
  • Indices  

Furthermore, the Research website offers video analyses about the markets, as well as various XM.com Investment analysis.

The Platform

Web Trading Platform

XM.com Platform is fairly straight-to the point. One can start using it fairly directly and put on trades. Please note that Demo account is only available for the MTD/4/MTD5 platforms, and no the web based function.

Basic layout is simple. Initially one has on top-right “Market watch” which is different FX pairs. Subsequently one has “Navigator” bar, which allows various forms of analysis/technical indicators (such as Bollinger Bands, Oscillators and so forth). On the right you have charts of various pairs of FX.

Placing order functions are straight to the point and fairly simple. Finally bottom of the page one has a “Terminal” Bar, which shows previous trades, outstanding balance, exposure, News and Expert features.

All these functions are useful but quite cumbersome to navigate and view through, which is important as trader. A trader needs to manage the system easily.

The charting functionality of XM.com is fairly simple, and clean. This works very well for a novice trader that does not want to have too many signals that affect the trading.  For an advanced trader, these features might be lacking.

Placing an order on XM.com platforms are extremely simple, as can be seen below. Putting buy/sell orders both on market and stop-loss orders.  This is perfectly suited for someone who wants to quickly put on a trade and focus on that.

Charting analysis can be somewhat simplistic, but these functions work perfectly for a less advanced investor that wants to focus on few pairs and most important indicators. More advance traders might prefer more bells and whistles on the charting analysis tool.

Mobile Trading Platform

XM.com mobile platform is very intuitive and easy to use. It provides the most important features that are available on the online function. On the same token, it misses some of the advanced components such as news and experts’ opinion that is available on the web platform.

Pricing information is straight to the point as can be seen by the chart below.

 

Placing an order functionality works very well, and has the same layout as the web version.

Balance and exposure functionality are also very easy to follow on the mobile app. This is very useful as on can see these basic functionality straight away. You can see your P&L and margin exposure instantly.

 

The charting functionality on the mobile version is surprisingly good, allowing one to chart in various forms, plus adding various technical indicators/factors (for example Bollinger Bands) that will help one analyze and conduct the same work that one would do on the web-based platform.

Finally XM.com also offers Economic Calendar Feature. These are useful tools to be aware of ahead of potential market moving events.   

Conclusion

XM.com is one of the most price competitive CFD brokers around, providing very efficient execution. Their web-based and online platforms are easy to use (all are Metatrader) and the company offers extensive research and learning tools. Mobile trading functions offer basic features.

Commissions

XM.com is a CFD broker and makes all revenues from the spread (commissions). Below is a sample size of various spreads/fees that XM.com offers. Please visit their website for further details.

Forex Commissions

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