XM Forex Review – A Trusted & Regulated Broker
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XM has plenty of things working for it that offers the much-needed credibility to operate in the highly competitive Forex marketplace. The Forex trading industry regularly witnesses the birth and demise of Forex brokers under different names, but XM is one company that is intent on making a significant impact on the trader’s community. So, how did XM manage to impress traders from all over the world and manage to become a huge hit among its customers? We will find out more about the broker in this thorough XM Forex review.
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Not Regulated BY One, But Multiple Organizations
Most new Forex brokers make it a habit to get regulated by any of the lenient regulatory organizations situated in a tax haven. Registering a company in a country with reasonable rules make it easy for businesses to escape substantial penalties and save on taxes. However, XM begs to differ, as apart from a CySEC regulation, the company has received licenses from multiple European regulatory organizations including the BaFIN and the FCA. XM has gone through considerable efforts to ensure that their clients can develop a deep sense of trust while trading at XM and continue to do business with the company.
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Forex Trading Accounts At XM
There are three different types of accounts available for trading Forex at XM. The Micro and Standard accounts are available for a minimum deposit of $5 that offers leverage up to 1:888, which is significant by modern day Forex standards. However, the leverage is controlled by imposing lot restrictions and reducing leverage as the account grows over predetermined levels. The XM Zero account is aimed at traders who are looking for tighter spreads, but there are commissions associated with trading that are dependent on the lot size. The leverage for the Zero account is also limited to 1:500.
XM clients can trade anything ranging from Forex, commodities, indices, precious metals, and energy contracts, which offer a great option for traders to create a diversified trading portfolio. Funds can be deposited and withdrawn using multiple payment methods including credit cards, bank transfers, and online payment processors. Withdrawals are processed within 24 hours, and XM takes pride in the fact that they have processed 100% of all genuine withdrawals requested by their clients. Fast and speedy withdrawal of profits is a good sign that indicates the reliability of a Forex broker.
The cost of trading is also moderate, as the spreads and commissions per trade are acceptable. The spreads for Micro and Standard accounts are flexible, but they do provide tight spreads to the range of 1 to 2 pips on majors during most trading sessions, which is pretty impressive because a large number of brokers live off huge spreads by manipulating the dealing desk. The Zero account is by far the best option if traders are concerned about the huge spreads that are associated with the Micro and Standard accounts.
Are XM Trading Platforms Up To The Mark?
XM uses MT4 for all trading activities. Therefore, the platform is pretty much straightforward to use without any known issues. The tried and test Meta Trader platform can be used for desktop as well as web trading, and has a broad range of customizable options that are associated with MT4 trading. Even the XM mobile platform is developed around the MT4 interface, which provides a stable and secure environment for XM mobile trading.
Qualifying For XM Bonus
|Operator:||Trading Point Holdings Ltd|
|Address:||12 Richard & Verengaria Street, Araouzos, Castle Court, 3rd Floor, 3042 Limassol, Cyprus|
Forex brokers usually don’t provide significant bonuses on deposits, and there only a select few brokers that offer bonuses under rare circumstances. Most established traders also stay away from bonuses as availing a bonus can put several restrictions on their trading account. The bonus amount is restricted to 15% of the initial deposit amount, and a single client can only avail a maximum of $500 bonus. The $500 bonus is not great by any means, but customers who are very particular about getting a bonus on their initial deposit will find it handy.
The next best thing to an XM bonus are the seasonal contests that XM launches from time to time. These contests award cash prize funds that can be withdrawn or traded without any restrictions. However, XM contests are highly competitive in nature and is reserved only for existing XM clients.
What If I Run Into A Problem?
XM anticipates traders to face a lot of issues during their trading careers and have set up an excellent customer support department to tend to consumer clients in a timely and efficient manner. An XM client can contact customer support through live chat, email, or by directly calling the representative offices situated across the globe. Therefore, if you are prospective XM client, you are guaranteed to be in good hands.
Is XM A Trustworthy And Genuine Broker?
Every XM review left by authentic customers seems to reflect the positive attributes about the company. The broker is highly transparent in its dealings with their clients, and never indulges in any fraudulent activities that are in direct contradiction to their customers’ interests. Therefore, XM is considered to be a genuine broker that offers a safe and secure trading environment.