XM was established as recently as 2009 and as such are one of the youngest entrants into the Forex brokerage market. They operate from a base in Cyprus and are regulated by their country’s regulatory body, CySec as well as being covered by the FCA, making them a reliable and trustworthy choice for your financial assets.
Which Trading Platforms are Offered by XM?
XM have two trading platform options for investors to choose from, each having its own advantages. However they are both convenient and reliable with user friendly interfaces. Web Trader is the best option for anyone who likes to conduct their transactions while on the move as it requires no software downloads to PC and is accessible from mobile devices. Meta Trader 4 is the best option for those who are happy to download PC software, and it boasts an easily accessible interface as well as very secure systems and manual or automatic trading options. For anyone, both novice or experienced investor, who would like to try out the trading platform before depositing any funds, there is the option of taking out a demonstration account in order to pratice.
Which Account Types are Offered?
There are several account types available to investors depending on their needs. The Micro trading account with its very low minimum deposit limit of $5 is perfect for a new investor, while the Standard account is fine for those who have a greater level of skill. An executive account is the highest account level offered and, with a minimum deposit limit of $100,000 it is only accessible to those investors who are prepared to risk the highest stakes. An Islamic account is also available for anyone who requires a trading account that is operated according to Sharia law principles as well as the free of charge demonstration account.
Other Important Information About XM
No commission is charged by XM on any transactions and there is no monthly account fee unless the account is inactive for more than 90 days in which case a $5 per month fee is incurred.
The spread offered will vary dependent on trader account, with around 1.9 pips being average on a EUR/USD transaction. XM offer an unusual pricing structure which is fractional, offering 5 digits instead of 4.
There are more than 100 currency pairs offered by XM and they also offer a wider spectrum of other assets for trading including precious metals, energy products, indices, stocks and other commodities.
Leverage varies depending on account type, however investors with the best track records may be offered leverages of up to 888:1.
XM have a streamlined and convenient deposit and withdrawal system making it simple to place and take funds out of accounts. There are lots of available methods including MoneyBookers, Neteller, Skrill, SOFORT, Western Union, Skrill, bank transfer, credit cards and debit cards.
XM guarantee processing of all withdrawal requests within a working day, however the cleared funds may not appear in the investor’s account for around 10 working days depending on the security checks issued through the bank.
XM’s trading platforms are very reliable, with rapid transactions of generally less than 1 second. No requotes are ever given, and time delay between the price quoted and real-time market prices is minimal depending on how fast the investor’s internet connection is.
What are XM’s Customer Support Options?
XM have an excellent and experienced customer support team who are available 24 hours a day on Monday to Friday to offer support and advice to investors. Help can be sought on a range of issues regarding the functions of the trading platform, and it is possible to either telephone, email, or even use the online live chat service to access help. As the customer support team speak over 20 languages, it is really easy to get all necessary assistance.
XM’s trading platform is available for dealing at any time of day or night between 22:05 GMT on a Sunday and 22:05 on a Friday. It is also possible to place orders by telephone if preferred, as the customer support team is able to pass orders on to the 24 hour dealing room.
Why Should I Choose XM as my Preferred Forex Broker?
Any investor who is interested in choosing XM as their Forex trading broker can enjoy several advantages:
- XM offers a choice of two user friendly and simple to use trading platforms suitable for use at home or on the go.
- They are registered with the FCA and are considered to be reputable and secure.
- No requotes will ever be given.
- Depending on the trader account level, leverage of up to 888:1 may be extended.
- It is guaranteed that no orders will ever be rejected.
- XM offer a high quality customer support team 24 hours a day Monday to Friday in a wide range of different languages.
- XM’s streamlined withdrawal and deposit services are rapid and offer a range of convenient methods.
- There is the option to trade a wide range of assets other than foreign currencies such as stocks, energy products and precious metals.
However there are some negatives if you are thinking of choosing XM:
- PayPal is not offered for either deposit or withdrawal of funds
- A $100,000 minimum deposit to access the highest level Executive account means that it is the preserve of only the most wealthy traders
- No customer support is available to investors over the weekend.