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XM Forex Broker Review- MUST Read This Before opening Account!

XM Broker review

Things you must need to Know about XM Broker?

XM Broker is one of the reputable and prime Forex Trading Platforms, which is commonly known as “Next Generation Broker”. It set up the Trading circle upto the next level. 

For seasoned investors and beginners, XM is the best choice. Before starting a journey, you need to begin with Demo account with more than 1 million of virtual money, that guides you to the right platform.

It was founded back in 2009 and started to rule on the market of Forex world right from the very first day. They are also regulated by the literal regulation called “CySEC.”

The best thing about XM Broker is that they facilitate more than 195 countries around the world. They also have more than 1 million clients who are giving their best.

They are also providing the best customer services and guides you to a suitable platform for you. In addition to this, they offer you different accounts according to your need.

This platform is our favourite one because it has all that an investor is looking for.

Let’s break out all the information related to the XM Broker.

XM Broker Regulation

As mentioned above, XM broker is one of the best market places for investors. One of the main reason to work with XM Broker is its regulation. As you know, regulation is the prime thing for investors, whether it is safe to get in or not?. So for those who are looking for security, have a look that it is regulated by CySEC (Cyprus Security and Exchange Commission) one of the strictest regulations in the Trading circle.

It is also regulated by another regulation known as “Australian ASIC and United Kingdom (FCA).

It means there are zero chances of Scams and Fraud. If your primary concern is only regulation, then we recommend you this place without taking a minute.

Let’s move towards the account type:

Account Types of XM Broker

There are following four types of accounts that XM Broker is offering:

  • Micro Account
  • XM Ultra-Low Account
  • Standard Account
  • Shares Account

Let’s start discussing everything in detail:

Micro Account

Base Currency
USD, EUR, GBP, JPY, CHF, AUD and Other Languages
Contract Size
1 Lot
Leverage1:1 to 1:888 for ($5 to $20,000)
1:1 to 1:200 for ($20,001 to $100,000)
1:1 to 1:100 for (100,001+)
Negative Balance Protection
Yes
Spread
1 pip
CommissionNo commission
Maximum Opening
200 Positions
Hedging Allowed
Yes
Islamic Account
Yes
Minimum Deposit
$5

XM Ultra-Low Account

Base Currency
USD, EUR, GBP, JPY, CHF, AUD and Other Languages
Contract Size
1 Lot
Leverage1:1 to 1:888 for ($5 to $20,000)
1:1 to 1:200 for ($20,001 to $100,000)
1:1 to 1:100 for (100,001+)
Negative Balance Protection
Yes
Spread
0.6 pips
CommissionNo commission
Maximum Opening
200 Positions
Hedging Allowed
Yes
Islamic Account
Yes
Minimum Deposit
$50

Standard Account

Base Currency
USD, EUR, GBP, JPY, CHF, AUD and Other Languages
Contract Size
1 Lot
Leverage1:1 to 1:888 for ($5 to $20,000)
1:1 to 1:200 for ($20,001 to $100,000)
1:1 to 1:100 for (100,001+)
Negative Balance Protection
Yes
Spread
1 pip
CommissionNo commission
Maximum Opening
200 Positions
Hedging Allowed
Yes
Islamic Account
Yes
Minimum Deposit
$5

Shares Account

Base CurrencyUSD, EUR, GBP, JPY, CHF, AUD and Other Languages
Contract Size1 Share
LeverageNo Leverage
Negative Balance ProtectionYes
SpreadAs per the exchange
CommissionYes
Maximum Opening50 Positions
Hedging AllowedNo
Islamic AccountYes
Minimum Deposit$10,000

So, these are the account types that “XM Broker” is offering to you people. Let us know in the comment section mention below, “Which account is best for you.”

Let’s now talk about the trading platforms that “XM Broker” is providing. 

ProsCons
They have different types of accountNone
Islamic Account is available.

Trading Platform

They facilitate you with a lot of platforms for `“Forex Trading.” Here they are:

  • MetaTrader4`
  • MetaTrader5
  • Web Trading

You can easily download the trading platform on any of your available devices and start trading without any difficulty. Have a quick look at the screenshot down below:

ProsCons
You can customize the tools
You can now trade from mobile devices.
None
MetaTrader 5 availability makes this platform worth it.

Now, let’s talk about the most crucial things related to the XM broker. 

Here you go!

The Spread of XM Broker

Spread vary according to the account type with which you’re dealing, and it dramatically affects your trading platform. The difference in Spread, leverage, and commission of all the account types is the crucial thing to notice. 

There are following four types of accounts that “XM Broker” is offering, and they also have different Spreads.

Scroll down to get more:

  • Micro Account (Spread Starts from 1 pip)
  • Standard Account (Spread Starts from 1 pip)
  • XM Ultra-Low Account (Spread Starts from 0.6 pips)
  • Shares Account (Spread entirely depends on underlying exchange)

So, these are the leading spreads for all the account types of XM Broker. You can choose the account on the bases of the above-mention spreads.

Now, let’s talk discuss the execution time and have a look at what kind of Execution they are offering to their investors:

Execution Time

According to the official website of XM Broker, they implement all the orders within less than a second. Have a quick look at the screenshot down below:

Like the other brokers, they do offer two types of “Executions.” They are as follow:

  • Instant Execution
  • Market Execution 

Instant Execution is all about instantly selling your property, whereas, in the Market Execution, you have to concern only the volume of the reserves and leave the rest on the broker. 

Both the Executions have pros and cons, and you must have a great piece of knowledge about “Execution Time” before you select any of them. So, which Execution are you working with? Do Let us know in the comment section down below. 

Note* We recommend only Market Execution to you people because there are fewer risks in it. 

Commission and Fee

The plus thing about XM Broker is that they are doing brilliant work with the business and it has no comparison with any other Broker. 

All the accounts have almost no commission and fee, let’s take a look at the Commission and Fee down below:

  • Micro Account (No Commission)
  • Standard Account (No Commission)
  • XM Ultra-Low Account (No Commission)
  • Shares Account (They charge a commission)

It means, if you want to open a shared account according to your needs, you’ll have to pay them the commission; otherwise, they won’t charge you any fee/commission for Forex Trading.

Isn’t it surprising? 

Leverage/Margin

They are offering 4 types of accounts, and each account has its own unique leverage/margin. Have a look at the margins/leverage down below:

  • Micro Account 1:1 to 1:888 for ($5 to $20,000) 1:1 to 1:200 for ($20,001 to $100,000) 1:1 to 1:100 for (100,001+)
  • Standard Account  1:1 to 1:888 for ($5 to $20,000) 1:1 to 1:200 for ($20,001 to $100,000) 1:1 to 1:100 for (100,001+
  • XM Ultra-Low Account  1:1 to 1:888 for ($5 to $20,000) 1:1 to 1:200 for ($20,001 to $100,000) 1:1 to 1:100 for (100,001+)
  • Shares Account (No Leverage)

The leverage is much low and is same for all the account types. 

Customer Service for XM Broker

The customer service of XM Broker is quite good, and you will find the answers to every single question in your mind related to “Forex Trading.”

You can contact them through:

  • Phone Call
  • Live Chat
  • Email

All the given options are available on their official website, and you’ll also find the email address and Phone number. 

ProsCons
24/7 Support
Live Chat Support
A separate FAQs portion in the website to answer all the questions
None

Now, we are finally done with the critical information related to XM Broker, let’s discuss the next two “Hot topics.” 

How to activate an account on XM Broker

Opening the account first time on the XM Broker is quite simple and easy. You can open the account by step following the instructions given below:

  • The very first step is to point towards the official website of “XM Broker” by clicking here, and you’ll finally end up finding yourself on the front page of the website as mention below:
  • After doing this Click on the open an account button, and you’ll be again directed to the page asks you to select your account:
  • Then choose the account, and you’ll then be promoted to the next page asking you to enter the complete details to activate the account:
  • After you enter the information, click on the second step and declare your bonus. 
  • You’re finally done

That’s how more comfortable it is to activate the account. Do let us know if you have any problem while opening the account; we will add the resolution to it in our write-up. 

Pros and Cons of Account Opening

ProsCons
Super Easy
No Complications

Bonuses
None

Now, it’s time to break out “How to withdraw the profited money from XM Broker?”

Here’s the way out!

How to withdraw money from XM Broker

If you wish to withdraw the profited money from XM Broker, then you have to follow the instructions carefully given below:

  • The very first step is to log in to your account and then point towards the “Withdrawal Button” in the menu
  • Now after that, select the method that you want to pursue withdrawing the money:
  • Now enter the exact amount you want to withdraw, and you’re finally done.

That’s how simple it is to withdraw money from your account.

ProsCons
No Fee
Within 24 hours
Notify you for your transactions
Limited Withdrawal Options

Let’s have a quick overview of the customer reviews related to XM Broker and check whether this place is right for you or not.

Customer Reviews and Comparison with FXTM.com

Customer views are the essential thing to convince the investors for the platform. Here, we have mentioned some of the top best reviews that you might find friendly before choosing the platform for trading. Let’s break them out!

  • Customer Review 1: Such a fantastic place for naive and professionals. I have no difficulty opening the account, withdrawing money and executing the gratuity take no time.
  • Customer Review 2: I would recommend this place to everyone. Customer Services is brilliant, and I am a big fan of this Forex trading marketplace.
  • Customer Review 3: I have no difficulty with this platform; go ahead.

Let’s now relate the XM Broker with FXTM.com to make things more convenient for you people to choose the perfect one for you. 

Comparison with FXTM.com

XM Broker
FXTM.com
Overall Ratings: 4.8/10Overall Ratings: 4/10
Trust Score: 90Trust Score: 70
Founded: 2007Founded: 2009
Publicly Traded: NoPublicly Traded: No
Bank Transfer: YesBank Transfer: Yes
Authorized in EU: YesAuthorized in EU: Yes
ASIC Authorized: YesASIC Authorized: No

So, this is the detailed comparison of XM Broker with FXTM, and distinctly, the XM broker is the winner. 

Before we wind up things, why not talk about the Advantages and Disadvantages of XM Broker?  move down and check out “What are the advantages and disadvantages of the world’s biggest trading platform.”

Advantages and Disadvantages of XM Broker

Advantages

  • There’s no withdraw fee for any of three account types
  • The account opening is quick and easy
  • They have excellent education gadget
  • They are trading with the newest and most authorized trading tools
  • Islamic Accounts are also available.
  • The deposit money for all the account types is much low.
  • They give you “Bonuses” for the account opening.

Disadvantages

  • They charge you for not being active for a specific time
  • They have CFDs and Forex Trading platforms just for Europeans.

So, these are the critical Advantages and Disadvantages of the XM Broker, and if you know any other, do let us know in the comment section down below. We will add everything possible here. 

Now, before we exit, let us highlight you about the bonuses, contests, and promotions of the XM Broker. 

So, let’s discuss it without taking additional time.

Bonuses, Contests, and Promotions

XM Broker is providing you with a 15% signup bonus, and you can earn up to $500 signup bonus. Circumstances for the signup bonus are given down below:

  • You can’t withdraw the reward unless you deposit the amount and earn some interest
  • You can deposit more money to increase your bonus
  • The prize is accessible for both the MT4 and MT5 accounts
  • You’ll get the bonus in no time 

Nowadays, they have a promotion going on, which means “You can win up to 1 million Dollars. They will choose 50 winners every year, and they will be reimbursed for the amount.

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