XM Reviews – Is XM a reliable broker?
Do you want to know if XM is a good broker?
Before opening an account with a broker it is good to know if he is a legit broker or not. After all we will be sending some of our money to it.
In this review I am going to tell you if XM is a legit broker and why, in addition to seeing the Reviews and comments of customers on online networks, and finally I will give you my opinion.
I already tell you that it is a broker with whom I have negotiated a lot, particularly on its Metatrader 4 platform.
Let’s start by looking at the profile of this broker.
What type of broker is XM?
It is a broker of CFDs and Forex most popular in the world and that has grown its brand more in the last 10 years. There are several reasons for this, but in particular, it has positioned itself as one of the lowest spread brokers in the world.
It is a broker that we will probably find in the first rankings of trading volume in the world of Forex.
As is logical, it is a heavily regulated broker, one of the keys to its success being in different regulatory bodies around the world. His current licenses are:
- CySEC of Cyprus: 120/10
- Australian ASIC: 443670
- Belize IFSC: 60/354 / TS / 19
It is also registered with other European regulators such as: FCA, BaFin, CONSOB and CNMV.
In 2019 XM’s parent company Trading Point opened another broker named UK-based Trading.com.
For more security, it is a broker that has adopted a negative jump protection policy, so we ensure that we do not lose more money than initially deposited.
The main offices are in Cyprus, Australia and Greece.
If we want to contact in Spanish there is no problem since many of the broker’s clients are from Spain and Latin America and have a fairly large team of employees who speak Spanish. In fact, with more than 450 workers, it is one of the largest CFD retail brokers in the world.
The contact methods are:
- Email: firstname.lastname@example.org
- Cyprus Telephone: +357 25029933
- Chat online
Customer service is 24 hours 5 days a work week.
Open account in XM
Opening an account with XM is simple, taking no more than 2 minutes to enter our data.
Later they send us a confirmation email and ask us to send details of our identity and residence, for which a photo or copy of our identity document and an invoice in our name will be worth the address.
Once these documents have been sent, it should not be long until we can deposit money and start operating after having installed one of their platforms.
The minimum deposit of $ 5 XM is one of the lowest in the market.
The methods of depositing and withdrawing money are:
- Rapid (Skrill)
- Debit and credit card
- Skrill Moneybookers
- International bank transfer
As it is a broker with different regulations, you can open an account in the European, Australian or American subsidiary.
This will rather depend on your region of interest, although XM may allow you to open an account in a different region.
XM Types of accounts
The first account you should open with XM is the demo account, called the demo account. With it you can practice on its platform and see in almost real conditions what trading with this broker is like.
Click here and open a free demo account with XM Risk warning
This demo account is available on both Metatrader 4 and Metatrader 5, the two platforms offered by this broker.
Let’s see the main characteristics of the different accounts that can be opened with this broker.
Cyprus XM Accounts:
XM Australia Accounts:
XM Global Accounts (Belize)
Same as Australia but with a maximum leverage of 888 to 1.
XM markets, commissions and spreads
The market offer is quite wide, offering:
- Forex: over 55 pairs
- Actions: more than 1000 values
- Raw materials: more than 10 materials
- Indices: more than 30 cash and futures indices
As I already mentioned, one of the characteristics of XM is to have really competitive trading conditions, especially really competitive spreads.
|Medium spreads||Standard (no fees)||XM Zero (with FX commissions)|
|S & P500||0.7||–|
You only have to pay commissions in the XM Zero account and they only apply to Forex and metals.
The commission in this case is 3.5 USD per purchase or sale (7 USD purchase and sale).
The maximum leverage in the European subsidiary is 30: 1.
If we open an account with the other subsidiaries, we will be able to obtain greater operating possibilities with leverage.
Well, we have already seen above the general conditions of the XM broker.
Now we enter the part of the Reviews , comments and own Reviews .
Being one of the great global CFDs and Forex brokers we can be sure that there are Reviews about it in the vast majority of the main online trading forums.
Let’s first look at the English forums.
The first is Forex Factory, the most important in the world in forex. In this forum we have several threads dedicated to XM and in particular one where there is constant support from broker employees.
One of the things we can find the most there is the fact that it attracts many traders for its low deposit.
One of the comments says: “XM is one of the best brokers out there to give you an opportunity to trade with very little capital. It may not be the best but it is for small accounts. “
If we want to find another site with a large number of Reviews from this broker, we can do so at the babypips forum, another great English Forex site. Almost all are traders asking Reviews about this broker, if it is good, if it is legit, and so on.
In the English forum, trade2win there are several threads dedicated to this broker. XM is named in several threads where it asks about the best Forex brokers.
In another of the great world forums and websites dedicated to the subject, that of forexpeacearmy, we can find an average score of 3 out of 5, which is quite good considering that it is better than most other brokers.
If we go to Spain we can find some Reviews in the Rankia forum.
In the same they answer that it is a broker that is not a scam since it is regulated in Europe and registered with the CNMV.
In some thread of another popular Spanish forum, x-trader, we can find the odd thread about XM. In them we can see how XM is one of the forex brokers considered in Europe.
How is the XM broker? Reviews
As we can see, this is a very popular broker in the world Forex market. In recent years it has been among the top 3 or 4 Forex trading volume positions in the world.
The reason for this?
The excellent spreads that we can find in it.
This is something that is easy to check.
For example, in the GBPUSD we can find a spread of 0.1 pips in the Zero account. This spread as low on a pair like this is almost impossible to find in other brokers. This fact, together with the fact that you can open an account with as little as 5 USD makes this broker so popular.
Without a doubt, we are facing one of the best brokers for small accounts.
As some customer comments said in some forums, it may not be the best broker in the world, but it is the best for small accounts. As much as better I do not know, but it does make it very easy to open accounts with 100 or 200 dollars.
One thing I miss is the absence of cryptocurrencies, something quite unusual in the case of a broker of this size.
I do not understand the reason why they have been introduced to us, but it is not important either, since the vast majority of traders operate on other instruments.
Another advantage of this broker is that it has several subsidiaries with which to open accounts, so there is the possibility of using high levels of leverage in Australian and global subsidiaries. However, this is not something I recommend. Much less leverage is sufficient. You should never use more than 100 to 1, let alone 500 or more.
In this matter of the subsidiaries, it is worth noting that possibly the most attractive is in Europe, the Zero account, which is where we can find better forex trading conditions, paying commissions and with the spreads so low that I mentioned before.
Is XM a market maker? Is it a legit broker?
Yes, XM is a market maker, but so are most of the major CFD and Forex brokers. This is a very delicate point because there is a myth among traders that ECN brokers are better and such, as if they existed in the Forex markets.
What these traders do not understand is that even the so-called ECNs receive liquidity from other market makers, so in the end you are always trading in a market maker.
So here the most important thing is to find a well regulated broker, and XM is, especially with its regulation in the Australian ASIC, which is considered the same level as the American NFA or the English CFA.
Likewise, it is important to see that it is a broker with an important profile, and in this case it seems that XM is, having an important presence in international markets and being one of the most referred brokers on the corporate websites of the sector.
- Country: Cyprus
- Regulation: CySEC, ASIC
- Markets: Forex and CFDs on indices, raw materials
- Type: Market Maker / STP
- Minimum deposit: 5 USD
- Deposit methods: transfer, card, Skrill, Neteller
- Platform: MetaTrader 4, Metatrader 5
- Spread: 1.7 EURUSD; ‘, 1 on account Zero
- Commissions: yes (on Zero account)
- Scalping: yes
Visit the XM website for more information