Our in-depth analysis of the XM Group forex broker revealed that it provides more than 1,200 instruments with competitive spreads. You can build a broad portfolio with the aid of currency pairings, stock CFDs, commodities, indices, precious metals, and energy choices from this distinguished brokerage.
You can execute trades with confidence thanks to XM Group’s dependable licenses, including one from the Cyprus Securities and Exchange Commission (CySEC) and membership in the Investor Compensation Fund (ICF). XM Group was founded in 2009.
You may get access to MetaTrader 4 and 5, a free sample account with 100,000 USD in fictitious funds, and much more from XM Group.
Learn more about XM Group’s zero-commission accounts, lightning-fast execution times, and why it’s one of the finest brokers for both novice and experienced traders by reading the rest of our review.
Pros and drawbacks of XM
XM offers minimal withdrawal and stock CFD costs. Account opening is simple and quick. There are several educational resources available, including webinars and a demo account.
XM, on the other hand, has a constrained selection of products because it focuses mostly on CFD and FX trading. There is no investor protection for customers who are onboarded outside of the EU, and its forex and stock index CFD fees are typical.
Pros
• Low withdrawal and CFD costs for stocks
• Quick and simple account creation
• Excellent teaching resources
Cons
• Limited selection of products
• Average forex and stock index CFD fees
• Non-EU clients are not protected as investors
Regulation and History of XM
XM Group, a 2009 startup with headquarters in Cyprus, serves 3.5 million customers globally. Through its parent business Trading Point Ltd., this reputable broker has a license from the Cyprus Securities and Exchange Commission (CySEC). Due to its stellar reputation, XM Group won the title of Global Forex Broker of the Year in 2020.
According to the findings of our XM Group broker evaluation, this firm follows the rules established by:
• Trading Point of Financial Instruments UK Limited holds license no. 705428 from the UK Financial Conduct Authority (FCA).
• Trading Point of Financial Instruments Limited holds a license no. 120/10 from the Cyprus Securities and Exchange Commission (CySEC).
• XM Global Limited is registered with the Belizean International Financial Services Commission (IFSC), license number 60/354/TS/19.
• Trading Point of Financial Instruments Pty Limited, with license number 443670 from the Australian Securities and Investments Commission
• Trading Point MENA Limited has a reference number of F003484 with the Dubai Financial Services Authority (DFSA).
By keeping your money in separate accounts at top-tier financial institutions, XM Group further protects the security of your online trading. The broker also implements investor protection measures mandated by the Markets in Financial Instruments Directive and Secure Socket Layer (SSL) encryption technology for all transactions (MiFID).
Our XM Group broker review team was thrilled to learn that it is a participant in the Investor Compensation Fund (ICF). If the brokerage is unable to meet its financial responsibilities, this insurance scheme offers you reimbursement up to USD 20,000. It distinguishes itself as one of the safest brokers on the market because to these secure trading circumstances.
This entails that you can trade more than 1,200 instruments with confidence, including currency pairs, stock CFDs, commodities, indices, precious metals, and energy.
XM
XM Account Types and Trading Conditions
This XM Group forex broker review found that creating an account is incredibly simple. Choose an XM Group trading account types that meets your needs:
• XM Micro Account: 5 USD minimum deposit, 1:888* maximum leverage, and 1 pip minimum spreads.
• XM Standard Account: 5 USD minimum deposit, 1:888* maximum leverage, and 1 pip minimum spreads.
• XM Zero Account: 100 USD minimum deposit, 1:888 maximum leverage*, and 0 pip spreads.
*The maximum leverage is 1:30 for clients in the EU and 1:500 for clients in Australia.
All XM Group trading account types are commission-free, include Islamic account options, and provide free access to a demo account with $100,000 USD in fictitious funds. This demo account has no expiration date, unlike those with other brokers. Using a trial account is a fantastic opportunity for you to practice your trading tactics without taking any financial risks, according to our experts.
You can get free access to a VPS, our professional team discovered when researching XM Group. All you have to do to utilize the XM Group VPS for free is keep your balance at a minimum of 5,000 USD. In order to never miss the newest possibilities, this enables you to perform quick trades without an online connection.
Want to execute trades quickly without putting down $5,000 USD? Don’t worry; using the brokerage’s VPS will only cost you 28 USD per month.
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The XM Group does not impose additional costs and offers a variety of payment options. Visa (Credit, Debit), Visa Electron (Credit, Debit), Mastercard, Maestro, UnionPay, Neteller, Skrill, Sofort Banking, Bitcoin, and bank transfers are all acceptable methods of depositing and withdrawing money.
To enable you to execute transactions quickly, the broker instantaneously processes all deposits. On the other hand, XM Group responds to withdrawal requests in 24 hours. E-wallet withdrawals often come after processing in one working day, whereas bank transfers and credit/debit card payments take two to five working days to reflect in your payment method account.
In addition, this XM Group study found that the broker pays any transfer fees levied by banks that exceed 200 USD. One of the most ethical brokers available is XM Group thanks to its no-fee policy and low $5 USD deposit minimum.
XM Desktop and Mobile Trading Platforms
You have the choice to trade more than 1,200 instruments with this reputable broker using MetaTrader 4. These instruments include forex, CFDs, and futures. According to our evaluation of XM Group, the broker provides access to MetaTrader 5 if you want to trade CFDs on stocks, stock indices, precious metals, and energy.
Both desktop and mobile devices can run MT4 and MT5. Additionally, you can decide whether to download the platform or use your browser to access it. Each platform is also available as an app for iOS and Android devices. To start a deal at home and finish it while on the go, all versions synchronize.
To assist you in making wise investments, MetaTrader 4 has a number of functionalities and tools that are useful. These consist of trading signals, robots, research tools, charting methods, technical indicators, the economic calendar, and choices for scalping. All of the features of MetaTrader 4 are present in MetaTrader 5, however there is a wider range of technical indicators, graphical objects, timeframes, and other tools in MetaTrader 5.
In order to be informed of the most recent market moves, our team of experts who analyze XM Group’s forex brokers advises that you enable push notifications (available on MT4 and MT5).
XM Training and Education
In our research of XM Group brokers, we discovered that both novice and seasoned traders can access a wide range of informative learning tools.
The brokerage can help you if you’re a newbie trying to make more educated choices. You may access films on a variety of basic financial topics, including techniques and much more. Additionally, it runs currency webinars and provides platform tutorial videos.
The training and research area of the site offers advanced traders live trading streams, market overviews, technical summaries, economic calendars, and lists of trade ideas.
The broker stands out from its rivals because of its focus on turning novice traders into experienced ones. The fact that XM Group also broadcasts podcasts and posts videos outlining the most recent trade news headlines particularly impressed our specialists.
XM’s customer service
You may get customer service from this reputable brokerage seven days a week from 5:00 to 19:00 GMT in 30 different languages. The support desk for the broker was called by our XM Group review team at various times, and each representative we spoke with was courteous and prompt in responding to our questions. There are three ways to get in touch with customer service:
• Phone – +357 2502933
• Send email to support@xm.com
• Online chat
Although XM Group’s support team is only staffed around-the-clock, they do have a lengthy list of FAQs that offer in-depth responses to common questions.
XM – Final Summary
It was rated as one of the top forex brokers by our reviewers, XM Group, for both novice and seasoned traders. Its extensive trading background, several licenses from reputable organizations, and fund protection programs all attest to the fact that it is among the safest brokers available.
It is simple to understand why XM Group received the Global Forex Broker of the Year award in 2020 when you consider the secure trading conditions, the 1,200+ trading instruments accessible, the free demo account access, and the top-notch training materials.
Our qualified judgment? We advise you to sign up quickly with this reputable broker so that you may start trading right away.
Steps for creating an account
Opening an XM account is quick, easy, and entirely digital. The online application form can be completed in 20 minutes. The same day, our account was validated.
There are several options besides English:
You need to follow these procedures in order to register for an XM account:
1. Enter your name, nationality, email address, and phone number.
2. Choose the account type and trading platform (MT4 or MT5).
3. Add your personal information, such as your date of birth and address.
4. Choose the leverage amount and the base currency.
5. Describe your financial situation and respond to inquiries regarding your financial knowledge.
6. Confirm your residency and identity. To prove your identity, you can upload a copy of your passport, driver’s license, or other government-issued identification. Utility bills and bank statements are acceptable as evidence of residency.
Internet trading platform
MetaTrader offers XM’s web trading platform. It is very programmable and has a transparent fee report. On the other hand, the platform’s design is archaic and there are no price notifications.
Pros
simple fee report
• Good adaptability (for charts, workspace)
• Order acknowledgment
Cons
• Lack of a safer two-step login
No price notifications
• Subpar design
XM uses the MetaTrader 4 and MetaTrader 5 platforms from third parties instead of having its own trading platform. In terms of features and aesthetics, these platforms are fairly similar to one another. One significant distinction is that only MetaTrader 5 allows for the trading of stock CFDs.
Since MetaTrader 4 is a more popular platform, we tested it.
Examine and feel
The XM web trading platform allows users a lot of customization. The tabs’ dimensions and locations are simple to adjust.
The platform, however, appears old and several features are difficult to locate. For instance, it took us some time to determine how to add a resource to the watchlist.
Passwords and security
For the account login on the XM website where you can deposit and withdraw money, two-step authentication is necessary. However, two-step authentication is not available on the trading platform itself.
Search functions
The search options work properly. You can find assets categorized into numerous categories. However, we were missing the customary search feature where you could manually key in the name of an object.
Placing orders
All of the fundamental order types are usable. However, more complex order kinds, like “one-cancels-the-other,” are not available. There are several order types available:
• Market
• Limit
• Stop
Running Stop
The MT4 desktop platform is the only one that offers trailing stop.
Notifications and alerts
On the XM web trading platform, alerts and notifications cannot be configured. The desktop trading platform is the only one where this capability is accessible.
Reports on fees and portfolios
XM provides transparent portfolio and fee information. Your profit-loss balance and the commissions you paid are both clearly visible. The “History” tab is where you can find these reports. We were unable to download them in any way.
Mobile trading platform
XM uses MetaTrader 4 to provide a fantastic mobile trading experience. It is a platform that is well-designed, approachable, and has a useful search feature. Touch/Face ID login is not supported, though.
Pros
• Easily navigable
• A reliable search engine
• Price alerts
Cons
• Lack of a safer two-step login
No Face ID or Touch ID login
MetaTrader 4 and MetaTrader 5 mobile trading platforms are provided by XM. We evaluated the MetaTrader 4 platform on Android similarly to the web trading platform.
Access the relevant XM server after downloading the MT4 mobile trading platform.
You have the same language options on the mobile trading platform as you do on the web trading platform. On Android devices, changing the language can be a little complicated because you can only do it after changing your phone’s default language.
Examine and feel
We thought the XM mobile trading interface was very user-friendly and had a nice look. All of its features are simple to locate.
Passwords and security
For the platform, XM just requires a single-step login, but it offers a two-step account login for access to deposit and withdrawal features. It would be safer to have a two-step login process for the trading platform.
Face ID or fingerprint authentication are not supported. Offering this function would make things easier.
Search capabilities
The search features work well. You can conduct a search by entering the product name in the search box or by browsing the category folders.
Putting in orders
The same order types and time limits as on the web trading platform are available.
Notifications and alerts
Only the desktop trading platform allows you to configure alerts and notifications on your mobile device. If you could also establish similar notifications on the mobile trading platform, it would be considerably simpler.
trading platform on a desktop
The MetaTrader 4 desktop interface from XM is nearly identical to the web trading platform in terms of appearance and functionality. One significant distinction is that the desktop trading tool allows you to establish price alerts.
Pros
• A fee-free report
• Good adaptability (for charts, workspace)
• Cost alerts
Cons
• Lack of a safer two-step login
• Outdated style
• The search feature may be improved.
The MetaTrader 4 and 5 interfaces are available for desktop trading as well; we tried MetaTrader
Similar to the web trading platform, it offers the same order types, has the same search features, the same look, is available in the same languages, and offers the same portfolio and fee reports.
Two-step authentication is not available on the desktop trading platform, but XM does offer a two-step account login process on the website where money may be deposited and withdrawn.
The primary distinction is that you may configure push and email alerts and notifications for mobile devices on the desktop trading platform. You must enter your email address and mobile MetaQuotes ID (found in the MT4 app’s settings) in order to set these. If you choose “Tools” and then “Options,” you can add them.
Markets and products
All clients have access to CFDs and currencies, but only those clients under the IFSC-regulated organization have access to genuine stocks. Popular asset classes, such as bonds, real ETFs, and options, are absent.
With a large selection of trading currency pairings, XM is a CFD and forex broker. However, compared to some XM options, the CFD selection is smaller.
Disclaimer: Due to leverage, CFDs carry a significant risk of losing money quickly. When trading CFDs with this supplier, 75.59% of retail investor accounts experience a loss of capital. You should think about your understanding of CFDs’ operation and your ability to bear the substantial risk of financial loss.
The products’ leverage levels cannot be changed, which is a disadvantage. When you wish to reduce the risk of your deal, the ability to manually change the leverage is a really helpful option. Be cautious when trading CFDs and forex because the preset leverage levels could be excessive.
ETFs and actual stocks
For clients signed up through XM’s IFSC-regulated organization, actual stocks are provided by XM. Only the Shares Account may be used to trade equities. Compared to its rivals, it is a significant improvement.
Is XM governed?
Yes, XM is subject to regulation by the Financial Services Commission of Belize, the Australian Securities and Investments Commission, and the Cyprus Securities and Exchange Commission (CySEC) (FSC).
Trading Point MENA Limited, another XM legal company, is overseen by the Dubai Financial Services Authority (DFSA).
Is XM secure?
We strongly suggest that you verify the following two factors to determine whether a brokerage is secure:
• How you will be safeguarded in case of emergency
• What the broker’s background is
How you are safeguarded
XM has a number of subsidiaries, and depending on where you live, one of them will be able to assist you. You should take note of this since the regulator and the investor protection amount vary depending on the organization.
To sum up
Globally, XM is subject to regulation from a number of agencies, including the top-tier ASIC.
On the plus side, we appreciated the reasonable withdrawal and stock CFD fees. The process of opening an account is simple and hassle-free, and the broker provides a large selection of high-quality instructional resources.
However, XM has some shortcomings. Only FX and CFDs are offered by it. Forex and stock index CFD fees are average, and there is no investor protection for customers outside of the EU.
For people who prefer MetaTrader trading platforms and are interested in CFD and FX trading, we suggest XM. Test it without restriction with the demo account.
FAQs
• How do I join the XM Group?
You may easily register with this broker, as our evaluation of XM Group revealed. Select the account that best meets your trading requirements, then follow the instructions on the XM Group website to confirm your information. Once authenticated, MetaTrader 4 and 5 for mobile and desktop can be used to trade 1,200+ instruments securely.
• How safe is XM Group?
Yes, XM Group adheres to tight guidelines established by the Cyprus Securities and Exchange Commission, so it is completely safe (CySEC). To further ensure your trading security, it also has licenses from renowned financial institutions around the world, keeps your money in segregated banking accounts, and is a participant in the Investor Compensation Fund (ICF).
What goods am I able to exchange with XM Group?
You can trade more than 1,200 products with XM Group, including FX, stock CFDs, oil, gold, and stock indexes. Compared to other brokers, the broker provides you with a large selection of assets, including CFDs on commodities like cocoa and soybeans.
Is XM Group required to pay commission fees?
You won’t be charged any commissions when you deposit, withdraw, or trade with XM. Instead, they generate revenue through spreads, much like the finest forex brokers. These are still fiercely competitive, though.
• How much capital am I required to have to trade with XM Group?
You can open a Micro or Standard account with XM Group for 5 USD to start trading. The minimal amount required to start an XM Zero Account is $100 USD. However, this professional choice offers you additional fantastic trading advantages, such spreads as low as 0 pip.
