Australia
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A large number of people are getting into forex trading every day. Trading on the right platform is essential if you have the ability to trade interminably.
Many scams and illegal forex brokers are popping up as opportunities increase.
To trade forex, it is essential to have a trusted and experienced broker. This is the most common mistake forex traders make when they first enter the market.
Today, I will share my experiences through the XM review. This review will help you understand why this platform is the best forex broker to begin with.
What is XM?
XM is the market leader in this industry due to its simple-to-use features and ample opportunities. You can learn to trade, connect with trusted traders, and buy and sell currencies safely all from one platform.
It has been in operation since 2009 and has a proven track record. XM is one forex trading platform that operates under strict regulation.
The platform was currently owned by Trading Point of Financial Instruments UK Limited. The platform was licensed in Cyprus by CySEC. License number 120/10 was granted to its parent company.
The license number 44370 in Australia has been issued by ASIC (Australian Securities and Investment Commission).
Detailed Review of XM
XM, a competitive brokerage house is currently in operation with a trust number of 2.5 million traders. Let’s continue our walkthrough of XM in order to learn more about its facilities and features.
A Quick Look
XM is a force in forex, with many potentialities and numerous awards. XM was awarded the Best FX Service Provider, Best Forex Broker for Europe 2019, Most Trusted Asian Forex broker, Best FX Broker For Europe 2019 and many other awards.
Maybe you’re not interested in this. You want to see how this platform can help you realize your dreams. You’re exactly like me. Let’s take a look at the features and offers first.
Type of Trader Account
Unlike other platforms, you can trade on the platform with 4 types of account access: Micro, Standard and XM Ultra Low accounts.
- An opening balance of $5 is available for Standard and XM Micro accounts
- $50 opening balance for XM Ultra Low accounts
- The initial deposit for XM Zero/Share/ECN accounts requires $10
Leverage
The transaction amount determines the leverage for each account. The minimum leverage ratios for all accounts, except Share accounts, start at XM. There is no leverage.
- 1:188 to 1:188 for $5 – $20,000
- 1:10 to 1:1200 for $20,0001 – $100,000
- For transactions exceeding $100,000, 1:100 to 1:100
However, prior to the XM Zero account the maximum leverage was 500-to-1. It is applicable to USD, JPY or EUR currencies
Floating Spread
The difference between the asking and bid prices is acceptable here on XM. Spreads for all majors apply to all accounts.
- As low as 1pip for XM Micro accounts and XM Standard account
- XM Ultra Low accounts: As low as 0.6 pips
- According to the underlying give and take for Shares accounts
Commission
There is no hidden commission for any account. However, Shares account holders need to be careful as the transaction comes with huge risk for the platform.
Order Volume
XM offers the lowest trade volume compared with other brokerage platforms. You can also bet on low investment. The minimum order volume for Micro (MT4) Standard and Ultra-Low Standard accounts is 0.01 lots.
It is 0.1 lots for Standard (MT5) and Micro Ultra Low accounts. If you have a Shares account, you can trade as little as 1 lot.
Trade Instruments Available
XM’s best feature is that you can trade over 1000 instruments. There are over 55 currency pairs, 600+ stocks CFDs and commodities.
Trade Platforms
XM allows you to trade with MetaTrader 4 or 5, on various platforms such as Windows, Mac, iOS Android, Webtrader, Multiterminal, and Android. Let’s take a look at their unique features.
XM MT4 features
- Facilitates with expert advisers
- With customization support, built-in indicators
- One click trading
- Can take on large orders
- Access to chart and analytics tools
- Backup of data with security
- Mailing system
XM MT5 features
- Support for over 1000 instruments
- Can display 100 charts instantaneously
- More than 80 technical indicators
- Built-in MQL5
- Support for mobile and online trading
- Alerts and currency tester
- Mailing system
- Access to 40+ analytical resources
Why you should trade ON XM
This is not the only reason I recommend XM. XM offers excellent conditions for new traders and is very flexible. You can also trade micro-lots. This was my first choice as a child in the industry.
To talk more about the benefits of trading on XM I would like to focus on its execution flexibility. This is the same execution quality that applies for all accounts. You can also get regular updates and simultaneous information about the industry.
Trading can be viewed and managed from any device, including your smartphone, tablet, or computer. You can also access multi-language support for traders. What else can a trader expect?
The Reasons Why You Should Trade on XM
- Reliable, licensed, and regulated broker
- More than 196 countries offer support in 30+ languages
- Trading platform for beginners
- Start with as little as possible
- A huge selection of instruments
- Multi-analytical tools can produce simultaneous results
Last Thought
The XM review is a reflection of my real-life trading experiences. You can trade well, but it all depends on your trading proclivity. For beginners, however, a trustworthy and opportunistic platform is essential.
This is why I tried to simplify the details and features of XM. These should be enough to help you make the right decision. If you have any questions, please leave a comment. Take care.
| XM Summary | |
|---|---|
| XM Details | Information |
| Regulators | ASIC, CySEC, FCA |
| Country |  Cyprus |
| Base Currencies | USD, EUR |
| Type Of Brokers | ECN, STP |
| Trading Platform | Desktop, Mobile, MT4, MT5 |
| Established Year | 2009 |
| Website Language | English, Chinese, Spanish |
| US Clients | |
| XM Spreads | |
|---|---|
| Option | Information |
| Minimum Spreads | 0.1 |
| Commission | |
| Fixed Spreads | |
| XM Payment & Withdrawal Option | |
|---|---|
| Option | Information |
| Acc Funding Methods |  Skrill,  Wire transfer,  WebMoney,  Perfect Money,  Visa Card,  Master Card |
| Acc Withdrawal Methods | Skrill, Wire transfer, WebMoney, Perfect Money, Visa Card, Master Card |
| XM Suitable For | |
|---|---|
| Option | Information |
| Publicly Traded | |
| Beginners | |
| Day Trading | |
| Weekly Trading | |
| Professionals | |
| Swing Trading | |
| XM Trading Account Options | |
|---|---|
| Option | Information |
| Maximum Leverage | 1:888 |
| Mini Account | |
| VIP Accounts | |
| Segregated Accounts | |
| Free Demo Accounts | |
| Managed Accounts | |
| Pro Account | |
| Minimum Deposit | 5 USD |
| Islamic Account | |
| XM Trading Services | |
|---|---|
| Option | Information |
| Hedging | |
| News Trading | |
| Scalping | |
| Automated Trading | |
| Indices | |
| Commodities | |
| Forex instruments | |
| CFDs | |
| ETFs | |
| Stocks | |
| Bonds | |
| Cryptocurrencey | |
| Trading Signals | |
| Educational Service | |
| Copy Tradings | |
| XM Contact & Support | |
|---|---|
| Option | Information |
| Telephone No | +501 223-6696 |
| support@xm.com | |
| 24 Hours Support | |
| Support During Weekends | |
| Address | No.5 Cork Street, Belize City, Belize, C.A. |
