XM.com trades under the name Trading Point Holdings Limited, with registration #HE322690, licensed in Limassol, Cyprus. The company is fully licensed and regulated by the Cyprus Securities and Exchange Commission with license #120/10. It is also fully registered to offer financial trading in the United Kingdom, with the FCA, reference number 538324. XM has won multiple awards over the years including Best FX provider for 2017, Industry Selection of World Finance 100, and the Best Local Customer Service 2016 by FX 168. XM prides itself on having served 1 million clients around the world. A wide range of currency trading tools is available, with major pairs, minor pairs, and exotic pairs.
XM features several account types, including a Micro Account, a Standard Account, and an XM Zero Account. These account types cater to specific types of traders, with the following specifications:
- A minimum deposit of $5 with hedging, with optional Islamic account, spreads as low as 1 pip, leverage as high as 1:500, and a contract lot size of 1,000. Base currency options include ZAR, SGD, RUB, GBP, EUR, USD and others.
- A minimum deposit of $5 with optional Islamic account, hedging, up to 200 positions maximum, spreads as low as 1 pip, leverage as high as 1:500 and base currency options including the CHF, GBP, EUR, USD, AUD, ZAR and SGD.
XM Zero Accounts
- These accounts require a minimum deposit of $100, with optional Islamic account availability and hedging allowed. The minimum trade volume is 0.01 lots, and traders can open up to 200 positions maximum. Commission is included and spreads on all major pairs are as low as 0 pips. Maximum leverage is 1:500 and the base currency options include the EUR, JPY and USD.
Traders can open a demo account with a $100,000 virtual balance, or a real money account with a €25 trading bonus.
Trading Platform/ software
The trading platforms at XM include MetaTrader 4, with no rejections and no requotes. Leverage ranges from as little as 1:1 all the way up to 500:1. MetaTrader 4 allows a single login with up to 8 platforms, with spreads as low as 0 pips and some 300 instruments available. MT4 is available for Mac, PC, multiterminal, WebTrader, iPhone, Android, iPad, and Android tablet. MetaTrader 5 – MT 5 is a single platform with 6 asset classes available. Some 80 analytical objects are included with the platform and the latest price quotes are provided. The total number of financial instruments available is 300+, and these include Forex, stocks, indices, commodities and CFDs. The major difference between MT4 and MT 5 is that MT4 is a Forex trading platform, while MT5 is geared towards multi-asset trading. Smartphone trading is available at XM, simply by downloading the application on Android and iOS devices.
Currency traders have access to a wide range of deposit methods at XM. These include Visa, Visa Electron, MasterCard, Maestro, Diners Club International, Union Pay, Neteller, WebMoney, Skrill, Sofort, iDeal, GiroPay, Boleto, OXXO, bank wire transfer, and local bank transfer.
At XM, there is no minimum deposit required for the standard account or the micro account. However, there is a $5 minimum for electronic funding which is on Neteller, Moneybookers, Skrill and credit cards.
Currency traders will be able to enjoy multiple trading bonuses, deposit bonuses, Forex World Championship Bonus offers and Loyalty Program offers, among others. The following promotional offers were available at the time of writing:
- €25 trading bonus (for new clients only and all profits earned can be withdrawn)
- 50% deposit up to $500 +20% deposit bonus up to $5,000
- Win $50,000 in the $1 million Forex World Championship every month
- Enjoy exclusive bonuses and seasonal bonuses with the XM loyalty program
- Free VPS Services
Customer support is available in 5 international locations. These include Greece, Australia, Cyprus, Hungary, and the United Kingdom. The UK telephone number is +44-2031-501-500. Customer support is available 24/5 GMT. There are telephone, fax and email addresses for the support desk, accounting, affiliate department, human resources, back-office, dealing room, sales department, and PR inquiries.
Safety and security is a top priority at XM. This FX trading platform is fully licensed and regulated by multiple authorities including CySEC, ASIC, FCA and it operates in accordance with the European Union’s Markets in Financial Instruments Directive (MiFID). The integrity of all client accounts are safeguarded at all times, with SSL technology, and the highest encryption protocols.
Ease of Use
XM is user-friendly, and all aspects of the trading platform can be accessed from the top left of the screen with the drop-down menu button. In total, there are 300+ trading instruments, spreads as low as 0 pips, 16 trading platforms (XM WebTrader, MT4 and MT5), and up to $5,000 in bonuses. Members can easily deposit funds, withdraw funds, switch between platforms, enjoy Forex webinars and seminars and conduct extensive market research with the wide range of tools available. Full technical and fundamental analysis is possible, with Forex calculators added in as well.
XM is an industry leader in Forex trading. FX traders can enjoy demo account trading or a real money account at the click of a button. Only traders from regulated jurisdictions can register at XM and trade for real money. The customized MT4 platform is on the money, whatever currency you are using.