XM Review 2020

XM Awards

XM have won numerious industry awards over the 11 years they have been operating as a financial broker. We list the most notible awards and mentions for XM below.

• Global Forex Awards Global Forex Broker of the Year 2019
• Global Forex Awards Most Trusted Asian Forex Broker 2019
• FinTech Age Awards Best Broker 2019
• World Finance Magazine Best FX Broker for Australasia 2019
• World Finance Magazine Best FX Broker for Europe 2019
• Capital Finance International Magazine Best Customer Service Global 2019
• Capital Finance International Magazine Best Market Research and Education Global 2019
• Awarded by City of London Wealth Management Awards Best FX Service Provider 2019
• Shares Magazine Best Forex Customer Service 2018
• Egypt Economic Forum Best International Broker in the MENA Region 2018
• Brokers Billboard Best Local Customer Service 2016

XM General Fees

• XM doesn't charge withdrawal fees
• XM does charge inactivity fees
• XM doesn't charge deposit fees

Broker	XM	eToro	XTB	IC Markets
Min Deposit	5	200	0	200
Withdrawl Fees	No	Yes	varies	No
Inactivity Fees	Yes	Yes	No	No
Deposit Fees	No	No	No	Varies
CFD Commission Fees	No	No	Yes	Yes

XM Commissions

• XM doesn't charge commission on CFD instruments.

Trading on XM web platforms and other applications

XM is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5. To see how the two platforms compare, you can read our comparison of MT4 vs MT5 here.

An XM IOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device

XM also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

XM Trading benefits :

• Allows scalping
• Allows hedging
• Low min deposit
• Offers Negative Balance Protection

XM Trading Accounts Offered :

• Demo account
• Micro account
• Mini account
• Standard account
• Zero spread account
• Islamic account

Can I try XM before I buy?

XM offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

XM withdrawl and funding methods.

XM offer the below funding payment methods. learn more about XM

• Credit cards
• Bank Transfer
• Payoneer
• Neteller
• UnionPay

Broker	XM	eToro	XTB	IC Markets
Bank transfer	Yes	Yes	Yes	Yes
Credit Cards	Yes	Yes	Yes	Yes
Paypal	No	Yes	Yes	Yes
Skrill	No	Yes	Yes	Yes
Payoneer	Yes	Yes	Yes
Neteller	Yes	Yes	Yes	Yes

How can I start trading with XM?

When opening a trading account with XM, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on XM trading platforms here.

Performing trades with XM

XM allow you to execute a minimum of trade of 0.01 Lot. This may vary depending on the account you open. XM allow you to execute a maxium trade of 50 Lot.

As a market maker, XM may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically have larger capital and minimum trade requirements. Market makers typically have lower minimum deposit, smaller minimum trades requirements and no commission on trades.

As a nice bonus, XM are one of very few brokers that claim to have no requotes, so you don't have to worry about slippage (your trades being ordered at a different price to what you executed them at).

As with most brokers, margin requirements do vary depending on the instruments.

XM also offers a number of useful risk management features, such as stop losses (with trailing stops), limit orders, negative balance protection, price alerts, and much more. You can see all of the account features offered by XM here.

XM Leverage and XM CFDs Explained

let's take a look at some of the basics of using XM leverage.

XM offer CFD are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

XM leverage magnifies both profits and losses when trading.

Let's say for example you buy ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the XM trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The XM leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

XM CFDs are typically used for short to medium term trades. For example XM intraday trading.

Limiting Your Risk When Trading with XM Negative Balance Protection

We should say something about negative balance protection with XM. When trading using leverage an adverse move could result in losing more than your trading account balance at XM. Your XM account could potentially become negative. We recommend you making use of negative balance protection. Using negative balance protection ensures your losses will always be limited to the current balance of the money in your account.

Limit Risk When Trading with XM Stop Loss, XM Stop Limit Orders

A stop-loss order is an order placed with a broker like XM to buy or sell once the stock reaches a certain price. A stop-loss is designed to limit a traders loss on a security position.

Most traders need to use stop losses to protect themselves from huge risk unless the trade is hedged against another trade or the trader is not using leverage. Circumstances differ depending on the trade and the markets.

Education resources at XM

To trade effectively with XM, it's important to get a have a good understanding of the XM trading tools and the markets.

XM offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with XM.

Take time to look around the XM platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at XM

XM support a wide range of languages including Arabic, Chinese, English, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish

XM have a double AA grade support rating because XM offer live chat and email support in multiple languages.

Livechat Support at XM

We tested the XM live chat and it works well. We sent messages to XM livechat through their app and website and recieved a response within 30 seconds.

We tested communicating with XM support in multiple languages in multiple countries. XM where able to quickly resolve our customer issues.

Email Support at XM

We sent several emails to XM and answer times overall were excellent. The fastest response from XM was less than 15 minutes and the slowest response was 7 hours. Support response times may vary for you with XM, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall very good email support from XM.

Phone Support at XM

We called XM and the call was answered very quickly. The call was answered in less than 5 minutes.

The XM phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual XM team by calling in varying languages. XM made an effort to make sure our queries were answered.

Overall great phone support from XM.

See how XM Support Compares Against Other Brokers

Broker	XM	eToro	XTB	IC Markets
Support	Live chat Phone support Email support	Live chat Phone support Email support	Live chat Phone support Email support	Live chat Phone support Email support
Languages	Arabic, Chinese, English, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish	English, German, Spanish, French, and Italian	English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish	English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more
Learn More	Visit XM	Visit eToro	Visit XTB	Visit IC Markets
Risk Warning	Your capital is at risk	62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.	Your capital is at risk	Losses can exceed deposits

What you will need to open an account with XM

As XM is regulated by Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investment Commission (ASIC), every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

• A scanned colour copy of your passport, driving license or national ID
• A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore XM's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with XM you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.xm.com on 12th August 2018.

Watch this XM Informational Video

XM review written by Andrew Blumer and Mark Hansen