XM Review 2021

XM review
XM Awards

XM have won numerious industry awards over the 12 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 review
XM Fees Explained

• XM doesn't charge withdrawal fees
• XM does charge a fee for inactive accounts.
• XM doesn't charge deposit fees.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company. Brokers may charge clients various trading fees that you need to be aware of as they may affect your bottom line.

How XM Fees Compare Against Other Brokers

XM Minimum Deposit

XM require a minimum desposit of 5 GBP/USD/EUR when opening an XM trading account.

A minimum deposit is the minimum amount of money required by XM to open a new online brokerage account with them.

Dont be scared off by brokers like XM charging a minimum deposit to open a trading account. Brokers that charge higher minimum deposits often offer additional premium services on their platforms that are not available for free on other platforms.

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make some way, so transaction commissions and other trading fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

XM Withdrawal Fees

XM doesn't charge withdrawal fees.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees, processing times and a potential currency conversion fee. The Conversion fee is dependant on your base currency, your receiving currency and your payment provider.

XM Group is accepting Multiple Local Payment Methods including Credit / Debit Card, Skrill, Bank Wire Transfer, etc.

XM Inactivity Fees

XM does charge a fee for inactive accounts.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts, clients may have to fulfill.

If a clients trading account does not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

XM Desposit Fees

XM does not charge deposit fees. Although bank / 3rd party merchant fees may apply.

You must always review deposit fees as some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee. The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

XM Commission Fees

XM does not charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

XM review
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.

A 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.

See XM's platforms

Is the XM Trading Platform Secure?

XM safeguards the personal information of its clients through SSL encryption in its PC and mobile platforms. XM also urges its clients through its web platform to always look for the SSL security sign (a lock sign) on the browser while operating XM.

XM Trading Platform Options

Once you have logged into your XM account you will see the below trading platform options available to you.

• MetaTrader 4 (MT4)
• MetaTrader 5 (MT5)

XM does not offer the cTrader trading platform. You can find a broker that supports cTrader here

Lets explore each of these trading platforms in detail and what options XM gives you.

XM review
XM MetaTrader 4 (MT4)

MetaTrader 4 also known as MT4 is the number one trading platform on the planet and has been in active use on financial markets since 2005. The MetaTrader 4 software delivers a feature-rich, user-friendly interface and an extremely customisable trading environment, designed to ful fill all of your trading needs and boost your trading performance. Charting functionality and advanced order management tools make certain you could monitor your positions quickly and economically.

Understand that the MetaTrader 4 (MT4) trading platform was developed primarily to trade Forex but you can also trade other types of financial instruments through CFDs and Spread Betting. You will not be able to trade Stocks, Indices, Commodities, ETFs, Futures on any MetaTrader 4 (MT4) platform unless they are CFD contracts or Spread bets. You will not own any underlying assets with CFDs or Spread bets as you are speculating on price movements with XM. You can learn more about the MT4 Platform here.

You can start using the MetaTrader 4 platform with XM in multiple formats including through an online web platform, Through a downloadable application for Windows PC's and Apple Macintosh computers. XM MetaTrader 4 is compatible with the latest macOS Mojave. XM allows traders to trade on mobile devices through Android and iOS devices like the iPhone.

Metatrader 4 Webtrader on XM

MetaTrader 4 is the most popular trading platform in the world as most and more traders begin to trade online Metatrader 4 is available as a web based application available through your web browser. MetaTrader 4 web software provides the same easy to use performance as the desktop version using advanced charting, a highly customisable trading environment, easy to access online trading tools and many different indicators. You can enjoy our Raw Pricing trading environment without a Dealing Desk from anywhere in the world.

Trade XM MetaTrader 4 on iOS Devices

You can download the XM app or also trade with XM through the MetaTrader 4 application on the Apple app store.

Download the Metaquotes MetaTrader 4 Program for free of charge from Apple's App Store. XM customers have instant access to this Financial markets, with the ability to completely manage a Portfolio on the go.

Trade XM MetaTrader 4 on Android Devices

Andorid mobile devices and tablets are used by millions of people globally. XM provides its clients access to the MetaTrader 4 platform on Android supported devices so that customers can monitor the financial marketplace and trade directly from their Android-based Smartphones and tablets. The Android XM MetaTrader 4 Android application enable traders to make the most of multiple advanced trading features which enables them to monitor and trade Forex quickly on the go, simply and securely.

Trade XM MetaTrader 4 Trading Central

Trading Centrals Alpha Generation Indicators is a Bundle of three Major indicators including:

• Analyst Perspectives - A go-to resource for leadership and key levels.
• Adaptive Candlesticks - Identifies chart patterns which illustrate important changes in demand and supply.
• Adaptive Divergence Convergence (ADC) - Much like MACD however useful at shorter lengths and provides more timely signs.

XM MetaTrader 4 Advanced Trading Tools

The XM advanced trading tools for MetaTrader 4 are aimed at improving the total trading experience and providing traders with a competitive advantage. XM offers access to 20 exclusive tools which includes feature rich trade execution & management programs, sophisticated notification alarms, messaging facilities, innovative market data & more.

Trade XM MetaTrader 4 MultiTerminal

MetaTrader 4 MultiTerminal provides a intuitive easy to use dashboard where traders can administer and supervise several trading accounts. MultiTerminal will let you manage over 100 Accounts simultaneously allowing you to place market orders, pending orders, view live market prices and track all accounts and equity at real time. All Trading accounts must be in on the same MetaTrader server. MultiTerminal doesn't support Automated Trading scripts like Expert Advisors.

XM MetaTrader 4 & MetaTrader 5 AutoChartist

XM Autochartist provides the world's first Market Scanner available for MT4 & MT5 using a non-trading Expert Advisor script. Scan markets for trading opportunities while viewing all symbols and time intervals from a single graph. Gone are the days of launching a lot of graphs on which you can't remember which currency you're taking a look at. Autochartist offers a simple user interface that can be customized to suite how you like to trade.

XM review
XM MetaTrader 5 (MT5)

MetaTrader 5 also known as MT5 is a multi asset trading platform that provides a wide range of trading features and financial research tools, MT5 also allows the use of automated trading systems (trading robots) and copy trading. New features like additional timeframes and advanced charting tools can give you a competitive advantage in the financial markets.

MetaTrader 5 was released in 2010 and is the updated version of MetaTrader 4.

MetaTrader 4 was built specifically to trade Forex and CFDs, MetaTrader 5 on the other hand facilitates trading of Forex, Futures, Stocks, Algorithmic Trading, ETFs and Indices.

You can learn more about the MT5 Platform here. You can also learn more about the differences between MT5 and MT4 here.

Trade XM MetaTrader 5 WebTrader

Access your XM MetaTrader 5 accounts from any web browser. It features a huge range of tools like additional timeframes and the most up to date technical indicators to give you all the trading resources you need to trade on and analyse the financial markets.

XM review
XM MT5 Buying and Selling

XM MetaTrader 5 on iOS Devices

XM MetaTrader 5 Can Operate on the and newer IOS devices like the iPhone and iPad. MetaTrader 5 requires a mobile internet connection or a connection to Wi-Fi. It's suggested that you upgrade the iOS MetaTrader 5 app regularly. New versions provide improved functionality and increased stability. XM MetaTrader 5 allows traders to look at market statistics of financial instruments traded in the market execution mode.

XM MetaTrader 5 on Android Devices

MetaTrader 5 for Android may be used on a Android smartphone or a tablet powered by the Android 5.0 or higher operating system. Additionally, to connect to XM trading server. Take the time to understand all of the Android MetaTrader 5 features. With Metatrader 5 for Android you can trade a selection of financial instruments at any time, in any place.

XM Metatrader Mobile Application Features

MetaQuotes the developers of Metatrader have listened to the feedback of their millions of users and have built the most popular mobile trading platform in the world. MetaTrader features include :

• Financial instrument quotes
• View in depth price charts of financial instruments
• Manage trades and open positions
• View your trading history
• View market news
• MetaTrader internal messaging
• View and research market statics of XM financial instruments
• Position opening and closing
• Lookup symbols in the quotes section
• Display of deals on graphs
• Timeframe selection for graphs and charts
• Additional vertical scaling of graphs
• Capability to transfer accounts to other devices using QR codes
• Information is available only if it's supplied by XM
• Access the OTP generator through FaceID or fingerprint

XM MetaTrader 5 Advanced Trading Tools

XM MetaTrader 5 has many advanced trading tools for the more advanced users. Understanding these tools can give you a competitive edge.

• Depth of market bids and asks
• Price Data
• Margin Calculation, Futures, Forex
• Advanced Techincal Analysis
• One click trading
• Spreads
• Futures
• Trading Reports

XM Trading benefits

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

XM Trading Accounts Offered

Below we give an overview on the account types that XM offer. Whatever you are looking to trade the varying XM account types will be able to provide you with what you need.

• Demo account
• Micro account
• Standard account
• XM Zero *XM Ultra Low and XM Zero Accounts are not applicableto all the entities of the Group.
• 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

Your capital is at risk

XM withdrawal and funding methods

Please note that the list of XM payment methods below depend on the XM Entity and the Clients Country of Residence.

All available XM payment methods available to you can be found in your XM members area checked on the XM website.

XM offer multiple local payment methods. learn more about XM

XM Payment Methods

• XM accepts Credit cards
• XM accepts Debit cards
• XM accepts Bank Transfer
• XM accepts Electronic wallets (eWallets)
• XM accepts Moneta
• XM accepts ABAQOOS
• XM accepts PRZELEWY24
• XM accepts Neteller
• XM accepts PerfectMoney
• XM accepts WebMoney
• XM accepts UnionPay
• XM accepts FasaPay
• XM accepts CashU
• XM accepts Payza
• XM accepts QIWI
• XM accepts SOFORT
• XM accepts Giropay
• XM accepts Payoneer
• XM accepts Skrill

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. You will need to provide some basic documentation to prove your identity as part of XM onboarding and normal KYC identity checks. These checks are standard practice and help XM provide a safe financial environment for their 3,500,000 users.

Your capital is at risk

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.

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.

CFD Trading on XM

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

XM offer CFD which 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 CFD trading. Although high risk because CFD trades are separate from the financial markets, a CFD trade can be more flexible than a traditional market trade where you own the underlying asset. CFD trades give access to CFD fractional shares, CFD international markets and CFD short selling. More advanced traders can also use CFDs to hedge.

Always be aware that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Your capital is at risk

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. If your broker is regulated by the FCA Negative Balance Protection should be set in place by your broker as standard. 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. Make sure you make full use of all education tools. This includes eduction tools with XM and externally.

XM offer a good selection of educational resources. Take your time, learn how the financial markets move. Take the time to learn how your trading platform works. Make buy and sell trades, learn how to take advantage of global trading times and most importantly learn how to mitigate and manage investing 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

As part of our XM review we review customer service options, response times and XM trading platform problem resolution effectiveness.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

What you will need to open an account with XM

As XM is regulated by International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments 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:

Be aware that the expiration date of Proof of address document for different entities under XM Brand may be different.

• 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 5 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 the XM trading platform 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 October 21, 2021.

Watch this XM Explainer Video

XM review written by Andrew Blumer and Mark Hansen