Introduction XM Broker
Choosing the right forex and CFD broker can make a significant difference in your trading success. Our in-depth review of XM, a leading broker established in 2009, provides a comprehensive look at its strengths and weaknesses. Whether you’re a novice trader or an experienced one, this review will help you decide if XM is the right fit for your trading goals.
Our Rating System
We’ve developed a proprietary rating system based on extensive research and hands-on evaluation by our expert reviewers. Each broker is meticulously assessed over more than 50 hours of testing, analyzing over 250 variables. This ensures our ratings are based on firsthand knowledge and experience, covering key aspects like trustworthiness, fees, platforms, customer support, and more.
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Key Highlights of XM Broker
Overall Rating: 4.5
Trust: 4.3
Fees: 3.9
Platforms and Tools: 4.2
Tradable Instruments: 3.8
Customer Support: 4.7
Research: 4.7
Deposit and Withdrawal: 4.9
Account Types and Terms: 4.9
Education: 4.4
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Detailed Analysis
Trust and Safety
XM operates under the regulation of four entities, including two Tier-1 regulators (CySEC and ASIC). The broker ensures negative balance protection and segregated client funds, making it a safe option for traders. Their transparency and adherence to a ‘best execution policy’ further enhance trustworthiness.
Fees and Commissions
XM offers competitive fees on its raw-spread accounts, though its Standard accounts have above-average trading costs. The broker does not charge for deposits and withdrawals, and its inactivity fee is relatively low. This makes XM a cost-effective choice for both casual and active traders.
Platforms and Tools
XM supports MetaTrader 4 and 5, available for web, desktop, and mobile. The platforms are equipped with robust tools, including one-click trading, alarm settings, and market depth tools. XM also offers VPS hosting for low-latency trading, essential for high-precision strategies like scalping and automated trading.
Tradable Instruments
With over 1,300 tradable instruments, XM provides ample opportunities across forex, commodities, indices, and stocks. However, the broker does not offer cryptocurrencies or ETFs, which may limit diversification for some traders.
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Customer Support
XM excels in customer support, offering 24/5 assistance via live chat, email, and phone in more than 25 languages. Their agents are responsive and knowledgeable, providing reliable help when you need it most.
Research and Education
XM offers a wealth of research tools, including an economic calendar, news screener, daily market breakdowns, and trading ideas. Their educational resources, comprising videos and webinars, cater to both beginners and experienced traders, helping you stay informed and improve your skills.
Deposit and Withdrawal
XM provides a wide range of deposit and withdrawal options with no handling fees. Most transactions are processed within one business day, ensuring quick and hassle-free funding.
Account Types and Terms
XM offers three retail accounts with a minimum deposit of just $5, making it accessible for all traders. Their account types cater to various trading needs, from cent trading to professional trading with raw spreads.
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Pros and Cons
Pros
- Multiple regulations ensure high safety standards
- Extensive instruments offering across various asset classes
- VPS hosting for low-latency trading
- Robust research and educational content
Cons
- Above-average trading fees on Standard accounts
- Limited platforms offering (only MetaTrader)
- No cryptocurrencies or ETFs available
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Is XM Right for You?
Casual Trading: Acceptable Choice
XM’s extensive instrument offering and user-friendly platforms are suitable for casual traders. However, the above-average fees might be a drawback.
Social and Copy Trading: Perfect Choice
Support for MetaTrader 4 and 5 makes XM ideal for social and copy trading.
Swing Trading: Acceptable Choice
XM’s low to average swap charges and comprehensive research content support longer-term trading strategies like swing trading.
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Day Trading: Acceptable Choice
With access to over 1,300 instruments, day traders can find ample opportunities. However, higher trading costs could be a concern.
Scalping: Perfect Match
The VPS hosting and swift execution speeds make XM perfect for scalping strategies.
News Trading: Acceptable Choice
While XM offers useful news screeners, its average execution speeds necessitate the use of VPS for effective news trading.
Automated Trading: Perfect Choice
MT4 and MT5 support automated trading with Expert Advisors (EAs) and strategy testers, complemented by VPS hosting for low-latency trading.
Investing: Not Recommended
XM does not offer real stocks or low-risk securities like ETFs, making it unsuitable for value investing.
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Final Thoughts
XM stands out with its comprehensive offering, making it a solid choice for various trading strategies. Its robust research and educational materials, combined with reliable customer support and diverse account types, cater to traders of all levels. However, the higher fees on Standard accounts and the lack of certain instruments might be a consideration for some.
FAQs
Where is XM based?
XM is headquartered in Cyprus with offices in Australia, Belize, and the UAE.
Is XM safe?
Yes, XM is regulated by multiple authorities, ensuring client fund segregation and negative balance protection.
What is the minimum deposit for XM?
The minimum deposit is $5.
Does XM offer a demo account?
Yes, XM provides a demo account for practice and strategy testing.
Is XM suitable for scalping?
Absolutely, with VPS hosting and fast execution speeds, XM is perfect for scalping strategies.