XM Review Is XM a Good Broker? our Analysis
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That would be necessary for fixed spreads since they tend to be higher than the variable spreads. There is access to 18 cash indices CFDs and 12 futures indices CFDs. XM also lets clients trade two spot metals instruments, gold and silver. Shares Accounts are always Islamic and have a minimum deposit of $10,000. There are no trading bonuses, no deposit bonuses, and hedging is not allowed.
- XM offers fractional pip pricing that makes it possible to trade using tighter spreads.
- Depending on your tastes, you can also change the app’s theme colour to light or dark mode.
- The pip calculator will help you determine the value per pip in your base currency so that you can monitor your risk per trade with more accuracy.
- You can proceed with the next available method in your withdrawal options, which could be an e-wallet or bank transfer, depending on your previous deposit methods and XM’s policies for your region.
- While it’s a strong platform, improving some of the issues highlighted by users would make it even better for new traders.
- Still, the Standard account with above-market average spreads, swaps, and possible inactivity fees balances out this advantage.
Forex Trading
In this case, a one-time account maintenance fee of 15 USD (or the equivalent in another currency) is charged, followed by a monthly fee of 5 USD for each month of inactivity. The broker reserves the right to change the inactivity period at its discretion, making it essential to regularly monitor the account status. Here is a table of average spreads and swaps for major currency pairs on XM’s Standard account. XM introduces a new and exciting element to the trading world – Forex contests. These contests allow novices and experienced traders to test their skills, compete with others, and win valuable prizes. Islamic accounts fully comply with Sharia laws and do not include swaps or interest for carrying positions overnight, making them an ideal choice for Muslim traders.
There are 25+ payment methods available to help you finance your account or request withdrawals, and the minimum deposit to open an account with the broker is $5. Besides keeping clients’ funds in segregated bank accounts, XM hosts advanced security protocols, including SSL encryption and two-step authentication preventing unauthorised access. In addition to negative balance protection, funds compensation service is available to claim your losses in case the company faces liquidation. To evaluate brokers, we test the accounts, trading tools and services provided. Over 200 data points are considered, from minimum deposits and trading fees to the platforms and apps available.
Deposits & Withdrawals
For istance, if I trade often and earn 10 XMP per lot at my status, I can collect it. Just 1200 mxp will give me 400$ trading credit, which is just a free account with money basically.. Also the profit made there can be withdrawn, so the possibilities here are a lot. XM levies many non-trading fees, of which traders should be advised.
Is XM an ECN broker?
Moreover, technical analysis posts on a variety of currency pairings, expert commentary, xm forex review and in-depth studies on the most actively traded forex pairs are all part of XM’s extensive research offerings. While you can trade a minimum of 1 share, the spread charge on trading shares depends on the concerned exchange. While all other features look identical to other account types, the company doesn’t allow hedging techniques in the share account. Like all other accounts, the share account is also convertible to swap-free Islamic accounts upon request.
- Clients can also use the broker’s own mobile trading app without compromising the need of mobility.
- The broker offers a variety of payment methods to cater to traders from around the world.
- However, I think it might have to do with region… it might be more popular in some regions than others.
- However, the unavailability of the proprietary trading platform could become a point of concern for some traders.
- Withdrawal requested are normally processed within 24 hours, but credit/debit cards and bank wires can take up to 5 days.
- We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.
Spreads and Swaps
I think the platform is pretty dated though and you can’t trade ETFs. I’ve found XM’s customer support responsive, helpful, and professional. No matter the issue, they’ve always ensured I get the assistance I need, making trading with them a smoother experience. I’ve used their live chat a few times when I needed quick assistance. Once, I was having trouble understanding the differences between accounts, so I jumped on live chat.
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Can I trade shares with XM Group?
XM is a good choice for beginner and intermediate traders, especially since you can start with just $5, use demo accounts to practice, and have lots of additional resources. While it’s a strong platform, improving some of the issues highlighted by users would make it even better for new traders. If you’re thinking of using XM, just keep these potential challenges in mind and evaluate how they align with your trading goals and risk tolerance. XM operates primarily as a market maker broker, maintaining its own dealing desk to execute client orders internally. This model allows XM to set its own bid/ask spreads, which may vary, and act as the counterparty to client trades.
Traders looking for forex brokers accepting M-Pesa and MTN mobile money or Airtel money will love XM. XM is a large and well regarded company with some good offers and is well regulated so you can feel safe when choosing this broker to trade with. There are four account types to choose from, plus the ability to customize an account. A demo account is available and you can open a live account with just $5. Compared to other brokers, XM does an excellent job of offering webinars.
Advanced charting tools, technical indicators, and customized notifications keep users informed about changes in the market. MetaTrader is known for its clean and good feel while trading, also its Charting are among the most powerful offerings in the industry. So, the same as we do, you will enjoy its look and functions offered. When I chose them as the main broker to trade with, they had been already in the business for around a decade.
XM offers a unique loyalty program that allows traders to earn bonus points (XMP), which can be exchanged for credit bonuses. The loyalty program is automatically available to all real account holders, and there is no need for additional registration. The verification process is a standard step in opening a trading account and aims to ensure security and compliance with legislation in anti-money laundering. The broker is interested in the trader’s experience and skills in online trading. In the « Title » line, you should indicate the client’s title depending on the gender – Mr. or Ms. In the account information, you immediately specify the suitable trading platform and type of account.
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