XM Review

One of the fastest growing and youngest markets today is the foreign exchange, or forex, market. With a daily turnover of $4 trillion, it has the largest trading volume. If you take all of the different stocks traded in the US, forex is 30 times larger than all of them combined.

This has led to an explosion of online brokers dealing in forex trading. For you to find the best one for your investing, we are checking them out. This entry focuses on XM.

 

About XM

XM is the forex trading name for Trading Point Holdings Ltd. Trading Point is a financial services provider offering various forms of trading in financial markets around the globe. XM serves it clients in over a hundred financial instruments, including commodities, forex, energies, and equity indices. They utilize low spreads, flexible leverage, and real time pricing to help traders.

 

A group of former interbank dealers joined together to form XM in 2009. XM is a licensed and registered broker in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC). Since Cyprus is part of the Eurozone, XM is also registered with BaFin in Germany and the FSA in the United Kingdom. Also, they comply with European Union regulations. In short, they are highly regulated, so you can be sure your money is well protected.

XM is interesting in that they not only provide a platform for trading, but they also allow you to call them up and place orders when you do not have internet access. They offer a 24 hour per day, Monday through Friday customer service desk. They also allow a 30 percent initial bonus on deposits and subsequent deposits get a ten percent loyalty bonus.

Top Features of XM

XM is all about providing its clients with options. There are too many to list in this review, so we will just cover the best ones. First off, here is a list of some of their features:

• Automated trading
• Simple and fast withdrawals

• 24 hour support
• No commissions
• Tight spreads starting at one pip
• Phone trading
• Personal account managers
• No requites
• 30 percent bonus up to $10K
• Flexible leverage going up to 888:1
• EU licensed

 

XM’s main trading platform is the industry standard, MetaTrader 4. This is a platform that you download to your computer. If you do not want to download software to your computer or you want to access your account from someone else’s computer, XM has options for you. There is Webtrader, which is a web based platform that does not require downloading anything. Also, there are apps for your mobile devices.

MetaTrader 4 features unlimited forex demo accounts, so beginners can get plenty of practice in before having to pay a dime. There are also real accounts, of course, that have the ability to back test or use any expert advisors you want.

XM offers stop loss orders and guaranteed fills on take profit to maximize your profits. The spreads with XM are some of the best in the industry. For example, right now, the EUR/USD spread is sitting at 1.9 pips. They offer over 100 currency pairs for trading as well as commodities and CRDs including gold, silver, and oil.

When using XM, they are very serious about following regulations. This should be a comfort for most traders because it means they will not get shut down, leaving you wondering how to get access to your cash. You can deposit money using Neteller, debit cards, credit cards, bank wire, MoneyBookers, and others.

XM Account Types

As mentioned above, there are demo accounts, so if you are new to the game, you have the opportunity to test your trading potential. This teaches you how to place orders and how to follow market moves without taking on any risk. Once you feel comfortable, there are a variety of paid accounts offered by XM.

The Micro trading account is available with a very low $5 initial deposit. With this account, you have the potential to generate significant profits without taking on much risk. The Standard account is the next step up. It also does not require much of an initial deposit ($5 again), but trading limits are raised, so you have the opportunity to take greater risks.

The Executive account is for the high rollers. With a minimum initial deposit of $100,000 you get the XM VIP treatment with the ability to trade high volumes. There are also Islamic versions of all of the accounts, which allow Muslims to trade without violating Islamic law.

The Downsides of Using XM

We tried hard to find some downsides to using XM, but we came up short. MetaTrader 4 is always a great platform. You would be hard pressed to find better. Everything worked smoothly. We took to the internet to find any dissatisfied customers, but there were no negative comments to be found in the forex discussion forums. XM is on the up and up.

XM Customer Support

You can reach XM’s customer support between 10:05pm GMT on Sunday to 10pm GMT on Friday, the hours forex trading is available. There are customer service representatives available through email, live chat, and telephone. They can help you in over eighteen different languages. If that is not enough, they offer education materials and tutorials on forex rates, forex brokers, technical analysis, commodities trading, FAQs, glossary of terms, currency trading, and fundamental analysis.

We called the customer service near the end of trading on Friday and were greeted by an intelligent and jovial support agent. She was able to provide us with quick and accurate answers, and she also pointed us to backing documentation.

Conclusion

XM puts all of its effort into providing the best trading experience possible with former Interbank dealers with over 25 years of direct experience. Clients have the ability to take advantage of excellent platform execution coupled with tight spreads. All things considered, XM is one of the best brokerages around. We highly recommend it to new traders and veterans alike.