XM Review 2020

XM is one of the finest forex brokers of the world. This XM review guides about their services, products, researches, and many other aspects of this company.

xm review
4.4/5
69.10% of retail CFD accounts lose money

Short Summary

Minimum Deposit

$5

Assets

CFDs, forex, cryptos and stocks

Demo Account

Yes

Islamic Accounts

Yes

Caution: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this broker. Your capital is always at risk.

XM review guides people about the pros and cons while trading with them. Let us discuss them.

Pros
  • Educational tools are great
  • Low trading fees on CFD
  • Fast account opening
Cons
  • Limited portfolio for EU
  • Inactivity fee is high
  • Forex fees is not low

Introduction

69.10% of retail CFD accounts lose money

More than 3,600,000 clients over the globe, XM has a significant position in the list of top forex brokers.

Year Founded

  • XM was founded in 2009.
  • Trading Point of Financial Instruments was founded in 2015.
  • XM Global was founded in 2017

Owner and Team

Avatrade is the fruit of the mutual efforts of its owner and its hard-working team.

  • Emanuel Kronitz is the founder and CEO of this company. He has been managing successfully finance and consumer goods for more than twenty years.
  • Negev Nostakzi is the founder and also working as the Chief Marketing Officer.
  • Joshua Abramovitch is the president of this firm.
  • Ken Sandroffy is the Director of Marketing.

Headquarters

Headquarters are located in Australia, the UK, and Cyprus. They are located in more than 10 countries.

Choosing clients

Like other reputed brokers, XM brokers are also choosy in accepting clients.

Acceptable Clients

XM chooses clients from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, and Denmark. It also accepts clients from India and Pakistan.

Not Acceptable

It does not accept clients from the United States, Iran, Iraq, and various Middle East countries.

Regulation

69.10% of retail CFD accounts lose money

XM is reputable and a regulated forex broker. It is regulated by two regulatory bodies including one top-tier regulatory authority.

  • Cyprus Securities and Exchange Commission (CySEC) under license of 120/10.
  • Australian Securities and Investments Commission (ASIC) under license  ASIC 443670.
  • International Financial Services Commission of Belize and the license code is IFSC/60/354/TS/19

Some important traits of the XM brand.

  • It is not listed on the stock exchange.
  • The financial information is not public.
  • It does not hold any banking license.

Safety

XM market is working for a long time. Moreover, XM review shows that it is safe to work.

  • It gives negative balance protection.
  • It is regulated.
  • It provides negative balance protection to both European and non-European countries.
  • It gives the amount of €20,000 to the European countries as negative balance protection.

Assets

XM market provides CFDs, forex, and cryptos for Europeans. And for non- European countries they can trade some real stocks along with CFDs, forex and cryptos. This broker has more than 1000 financial instruments.

Currency pairs
56+
Stock index CFDs
15+
Stock CFDs
1000+
Commodity
15
Cryptos
5
Real Stocks (not for EU)
4

Fees and Margins

69.10% of retail CFD accounts lose money

This broker has an average trading fee.

  • They have a low fee on all CFDs.
  • Forex fees is not low.
  • Inactivity fee starts after a few times.
  • There are no charges on withdrawal.
  • The initial deposit is also low.
  • This broker has no hidden charges.

Trading fee

It includes commissions, spreads, and fees while you trade.

Assets Spread
Currency pairs(forex)
2.1
Commodity
0.05
Stock CFDs
0.1
CFD
0.6

XM markets offer tight spread. Average spreads of it are 0.6 pips that are tight and low for CFDs. While for the forex it has a high spread rate as compared to some of the most famous brokers.

Leverages

Leverages may vary from product to product. Leverage starts from 2:1 to 30:1 according to different products.

Non-Trading Fee

  • XM market has no deposit fee.
  • Withdrawal is free on taking $200 or more.
  • After 3 months of inactivity, you have to pay $5 monthly even if you have zero balance in your account.

Account Opening

69.10% of retail CFD accounts lose money

Account opening is very easy and fast at XM Market. You can select 20 languages other than English.

  • It is digital.
  • There are no complications while opening for an account.
  • Account opening is very fast that you can start trade on the same day.

All you need to follow these steps.

  • Select your country of residence.
  • Enter your contact number and e-mail.
  • Choose a trading platform.
  • Fill your KYC form. KYC means to now your customer. It includes all your personal, your business, and every kind of financial details.
  • Select your base currency and leverage.
  • You have to provide documents for verification of your identity and residency. You can use your pictures of your id card, driving license or passport to show identity. For residency, you can share detail and pictures of your bank statement, electricity or utility bill, and credit card detail. And you will be able to trade in the next few hours.

Types of Accounts

69.10% of retail CFD accounts lose money

XM offers five types of accounts.

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

Micro Accounts

  • It is available only in EEA, Australia and Other countries.
  • USD, EUR, GBP, CHF, AUD, JPY, HUF, and PLN are available base currencies.
  • The minimum deposit is $5.
  • High spread and there is no commission.

Standard Accounts

  • It is available only in EEA, Australia and Other countries.
  • USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN are available base currencies
  • The minimum deposit is 5 $.
  • Spread is high but there is no commission.

XM Ultra Accounts

  • It is only available in Australia and other countries.
  • EUR, USD, GBP, AUD, ZAR, SGD are base currencies.
  • The minimum deposit is 100 USD.
  • High commission but spread rate is low.

Zero Accounts

  • It is only available in EEA countries.
  • Only JPY, EUR, and USD are available as base currencies.
  • The minimum deposit is $50.
  • High commission with the lowest spread rate.

Deposits & Withdrawals

69.10% of retail CFD accounts lose money

Deposit and withdrawal is free almost. XM offers a variety of deposit over more than 23 ways. You can fund your account with

  • Bank Transfers.
  • Credit and Debit Cards.
  • Electronic wallets like Neteller, Skrill 1Tap, MuchBetter Wallet, and Trustly.
  • There is a minimum deposit of $5 for standard and micro account but no depositing fee. However, funding except your base currency may cost you.

Withdrawals are free on taking out 200 Dollars. In case you withdraw an amount of less than 200 Dollars, you have to pay 15 dollars. Withdrawal takes only 24 hours.

Money withdrawal is done by few steps.

  • Log in to account management
  • Go to Withdrawal Funds
  • Select the withdrawal method
  • Add the withdrawal amount

Transactions take place by debit and credit cards are instant. But bank transfer can take some time.  You can only make transactions by your own accounts only.

Account Base Currencies

The available base currencies are: EUR, USD, GBP, CHF, JPY, AUD, RUB, PLN, HUF, ZAR, SGD.

Transaction except your selected base currency makes you pay for conversion fee.

Trading Platform

69.10% of retail CFD accounts lose money

XM uses MetaTrader 4 and 5as trading platform. MT4 is a third party software. However, MT4 is the most common and most liked software by forex broker for beginners and professionals.

  • MetaTrader 4 was introduced to the market in 2005 by MetaQuotes.
  • MT4 has a wide range of assets.
  • It involves the feature of Expert advice.
  • MT4 provides 3 types of charting tools.
  • It facilitates by backtesting strategy.

Web Trading platform

  • It is user friendly.
  • Fee reports and trading history are clear.
  • You cannot set price alerts
  • It has good customizability (for charts, workspace)
  • Design is old.
  • Search functions are good.
  • You can place only basic order types like market, stop, limit, Good till time and good till canceled.
  • It is available in a large number of languages. Lit looks like everyone can understand and use this software.
  • Login is a double step. Unlike other software, MT4 sounds safer.

Mobile Trading platform

  • It has good customization.
  • MT4 mobile version is available on iOS and android.
  • Search functions are better than the web version of this platform.
  • You can set only basic order types like limit, market, stop and good till time. Good till canceled is also available. They are the same as that of the web version.
  • It is available in many languages also.
  • Login is a single step that is less safe.
  • You can set price alerts and notifications.
  • There is double-step verification for withdraw or depositing funds in your account.
  • The fee report is clear.

Desktop Trading platform

  • It is almost as same as the web trading platform.
  • You can set basic order types like you can set in mobile and web version of it.
  • Search functions are just average.
  • You can set up price alerts and notifications. All you need is to enter your MetaQuotes ID.
  • It is outdated.

Ratings of Platforms

Web Trading Platform– Hardly Average

Mobile Trading platform– Good

Desktop Trading Platform-Average

Social trading

XM offers a social trading service by which you can copy trading styles and exact trades of the expert.

Research

69.10% of retail CFD accounts lose money

XM provides great researches.

  • The XM review on its charting is just average
  • However, the news and data they provide is of great quality and helpful.
  • They provide a good report based on technical analysis.
  • There is no data available on the fundamentals of any asset.
  • Newsfeed is a good feature of the XM market.
  • The economic calendar is also admirable and provides authentic and quality data.
  • Trading ideas work even to cope with messy situations.
  • However, data on MT4 is sometimes outdated.

The research brought to you by two sources.

  • One on the official website of XM.
  • The other one is by MetaTrader 4.

Education

69.10% of retail CFD accounts lose money

XM review regarding providing education is also good. Their trader belongs to 195 countries of the world. They provide education in several ways.

  • Demo Account
  • Webinars
  • Trading tutorials
  • Articles
  • Different videos on trading strategies

XM provides a comprehensive educating system. All these means give education that is easy to learn and understand. The demo account they provide is bestowed with 10,00,000 USD that is virtual cash. So the beginner can practice different ways of trading.

Bonus and Promotions

XM review regarding deals and bonus is awesome. They provide mostly two types of bonus gifts. The virtual private server service for increasing the trading speed.

XM also offers different promos in different regions from time to time.

Customer Services

69.10% of retail CFD accounts lose money

XM customer services are good.

  • You can contact them by email, live chat, or by phone call.
  • They are fast and responsive to their queries.
  • Some people reported that they do not answer according to the relevant questions.
  • There is also a live chat session.
  • Like other brokers, they also do not provide 24/7 services. Although they provide 24 hours of 5 days of services.

XM Review

69.10% of retail CFD accounts lose money

Overall, XM review is excellent. They are one of the most reputable brokers of the globe. Their clientage is also good.

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