XM.com, XeMarkets or simply just XM is a relatively new forex and CFD broker, founded in 2009 in the financial heart of the European Union - in Cyprus. The company is one of the fastest growing brokers and its story is beginning to resemble the success of the past number one on the market - Plus500. Accommodating customer service, easy to understand trading platform, wide range of trading instruments and most of all, a bonus of $30 for everyone who simply registers an account, are the reasons why the broker has more than 400 000 real trading accounts.
Review of XM's trading platform
XM.com offers the client primarily the classic MetaTrader 4, which is the most popular trading platform in the world. If you are transferring to XM.com from another broker, or if you are new trader, MetaTrader is always the right choice.
Trading software offers whole selection of advanced functions including the option to program your own automated trading, create your own trading indicators, download components or copy trading of other traders using the PAMM function.
At XM they also keep in mind users who want to trade while traveling and on the go and therefore MetaTrader is offered on Android and iOS. It will run as well on a smartphone or a tablet as on a desktop computer or laptop.
Trading is very fast thanks to MetaTrader 4. The broker's servers perform at the top speed and execution of orders happens practically instantly. During our testing we have not encountered any requotes, slippage or any deviations in the quality of the connection to the server, therefore all orders were on time and correct.
The broker offers more than 50 currency pairs, precious metals, commodities and stock indices among others so everyone can chose their instrument with which they are most successful. Important aspect of every trading is, of course, the transaction fees. Since XM is market maker type broker, there is no commission and the broker's profit is incorporated into the difference between the buy and sell price of an instrument, so called spread.
At XM spread begins at 1 pip per pair EUR/USD, which is one of the best values that competing companies can offer today. Trading at XM is strengthened by the fact that financial leverage at this broker is 1:888, thanks to which trading can be done at 888 times the amount of money deposited by the trader.
Bonus with XM.com
Main reason why XM is recently enjoying enormous popularity is the $30 no-deposit bonus which every new trader gets for simply verifying their phone number. Obtaining the bonus is easy – just visit the broker’s website, click on promo offering this bonus, register your account within 2 minutes, copy the verification code from the text message and $30 is in your account! Those are real money with which you can make real money. It is very easy to start trading through XM without any risk.
Even more exciting bonuses are available to the traders if they deposit at least $100 - then they get 50% bonus - $50. Maximum amount of the 50% bonus is $500 for deposits up to $1000. Even bigger bonus is available with the 20% bonus for large deposits, when it is possible to earn up to $5000 with a deposit of $25 000.
Types of accounts and customer support
The company offers two types of trading accounts: Standard and Micro. The Standard account has a lot size of 100 000 units of currency with maximum position of 50 lots. Micro account works the other way around, with so called Micro lots – the size of a lot is 1000 units of currency and the maximum position of 100 lots. Minimum trade volume for both accounts is 0.01 lots, which is 10 currency units for Micro and 1000 for the Standard account.
Broker with hundreds of thousands of traders needs adequate costumer service which can resolve all of the clients’ needs and inquiries in a timely manner. XM knows this very well and therefore customer service is available online, on phone, email or live chat 24/7.
Demo account with XM and Education
The best way to get acquainted with a new broker or the world of online trading in general is to set up a fee- and risk-free demo account. With XM it takes around 1 minute to open a demo account and it allows trading with the exact same conditions as on the real market. Trial money, which can be replenished free of charge in case of loss, is available. The functionality of the demo account is in no way limited. Clients with demo accounts will welcome the contests organised by the broker. $5000 USD is offered to be won each week.
Every trader has access to free video guides where the basics of trading and navigating the trading platform MetaTrader are explained. Apart from that, XM Company is also offering various webinars, free of charge to all clients. And with all of the above, XM is also offering economic calendar and trading signals.
Deposits and withdrawals
XM allows its clients to deposit and withdrawal money via all widespread payment methods. Bank transfer within EU, through more economical SEPA, along with all credit cards such as Visa, MasterCard and AmEx are available. Deposit and withdrawal is also possible through internet merchants such as Skrill, Neteller, WebMoney and prepaid payments Pasafe Card, CashU or through international money transfers Western Union and Money Gram. The transaction possibilities with XM are truly endless.
Beginner traders will appreciate the fact that the minimum deposit amount is $5 and that it is also possible to withdraw from accounts with low funds. Thanks to this anyone can try the broker with minimal risk and make sure that both deposits and withdrawal are working smoothly.
Licence and Safety
As we have mentioned previously in the review of XM, the company originates in Cyprus, a member of the European Union, and is obeying European laws. Clients’ deposits are insured up to €20 000 in case the broker would default. XM does not have a licence from CySEC, but is authorised by one of the strictest watchdogs in Europe – British FCA.
Experiences with XM.com
According to the biggest foreign discussion board focused on trading, the experiences with XM are mostly positive. The majority of traders value the speed of withdrawals and the lack of complications while getting the bonuses. The platform is also enjoying big popularity.
Some complaints are from angry traders from Pakistan, as this country was made famous with the broker due to considerable fraud concerning the no-deposit bonuses, which lead to stricter conditions when it comes to obtaining these bonuses.
Summary of the Review
Broker is interesting primarily because of the combination of MetaTrader 4 and the no-deposit bonus which allows clients to acquire real money for trading without any risk on one of the best platforms of our time.
Accommodating customer service, various deposit and withdrawal options and the necessary European licences are the reason why XM.com is trusted by more than 400 thousand clients. Starting trading with XM is easy thanks to the no-deposit bonus and the fact that it only takes 2 minutes to get it. The first step to try the broker is to visit the website XM.com and become a successful forex trader.
Share your opinions about XM broker. Is this company reliable and pays on time or is it a scam? Based on our experiences the broker appears as honest and reliable and we really appreciate all your opinions in the comments under this review.