The most crucial factor in forex trading is having the smallest price difference between buying and selling. In this article, we’ve evaluated numerous forex brokers. We will elaborate on XM broker, emphasizing that it doesn’t only focus on having the lowest spread but also encompasses all the essential factors and features needed for successful forex trading.
About XM
XM.com is a leading retail forex broker, boasting around 3.5 million clients. While its registered base is in Limassol, Cyprus, the company has a global presence, including offices in the UK. Established in 2009, XM has received numerous awards, including the prestigious Global Forex Broker of the Year in the Global Forex Awards 2020. The company is easily identifiable by its iconic red and black bull logo.
XM.com operates as a dealing desk broker and a market maker. Retail traders can benefit from low minimum deposits and order sizes without incurring commissions. Since 2010, XM has strictly enforced a no requotes policy, ensuring that 100% of trades are executed, with a remarkable 99.35% of these transactions settling within just one second.
Trading Platforms: MT4 & MT5
XM.com offers a choice between two top-tier forex trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are easily accessible through direct downloads from the XM website or via the webtrader on your internet browser.
MT4 is widely recognized as the most popular online forex trading platform. It equips traders with all the necessary functionality to commence trading. Active orders with XM.com are prominently displayed on interactive charts, featuring nine timeframes, 23 analytical objects, and 30 built-in indicators. MetaTrader 4 offers convenient features like one-click trading, VPS, and EA (expert advisor) functionality. These have earned it praise from user reviews for its user-friendly interface and processing speeds.
Additionally, XM provides MetaTrader 5 for those inclined to trade CFDs on asset classes beyond forex, such as shares and commodities. MT5 retains all the functionalities of MT4 but offers a more advanced platform. Users can access up to 100 charts, 21 timeframes, 80 technical indicators, and an extensive library of over 2,500 ready-made algorithmic applications.
Markets
Market Offerings XM.com offers trading across six diverse asset classes:
- Forex: Over 55 currency pairs, including a mix of majors, crosses, and exotics, such as EUR/CHF, GBP/USD, and USD/CAD.
- Stocks: CFDs on 1,300+ global stocks, including notable companies like Disney, Facebook, and eBay. Traders can access stocks from 18 jurisdictions, including the UK, USA, Canada, and Sweden.
- Commodities: Trading in futures for eight commodities, which include premium copper, corn, and coffee.
- Indices: Cash CFDs on 14 indices, along with ten futures CFDs, covering popular indices like FTSE (UK100), NASDAQ (US100), and DAX (GER30).
- Metals: Contract for Differences (CFDs) on gold and silver.
- Energies: Futures Contract for Differences (CFDs) on five types of oil and natural gas.
It’s important to note that cryptocurrency trading, for example, Bitcoin, is unavailable for UK traders through XM.com. Additionally, XM does not facilitate binary options trading.
Trading Fees
Trading Fees and Leverage XM offers competitive spreads as low as one pip on major pairs. These tight spreads apply to all account types, irrespective of the deposit amount. XM.com updates currency prices three times every second to make sure they always show the right prices from the global forex lowest spread Forex Broker variable and adjust according to market movements. XM also offers fractional pip pricing, enhancing the accuracy of price quotes for traders.
There are no concealed fees at XM. However, overnight positions may attract rollover interest, but this only applies to cash instruments and does not impact futures. The rollover interest amount is contingent upon the position taken (long or short).
Leverage Review
Leverage rates at XM.com vary based on the instrument being traded. As a regulated broker, XM offers leverage up to 1:30, aligning with the standards set by most FCA-regulated providers operating in the UK. Additionally, XM ensures negative balance protection, safeguarding traders from losing more than their deposit. In cases of insufficient funds in an account to maintain open positions, XM will promptly notify traders of a margin call.
Mobile Trading
XM.com offers mobile trading through the MetaTrader 4 and 5 mobile apps, which can be downloaded directly from the XM.com website or your app store. Compatible with iOS and Android (APK), the mobile apps provide traders with essential functionality for trading on the go. This includes instant deposits, built-in support, and interactive charting features. However, many traders prefer a combination of web-based and downloadable mobile applications for their trading needs.
Deposit and Withdrawal
XM.com has different ways to put money in or take money out. You can use a debit or credit card (like Visa or Mastercard), electronic payment methods (such as Skrill and Neteller), or a bank wire transfer. But XM.com does not accept PayPal.
The smallest amount you can put in or take out is 5 USD (or the same amount in a different currency). If you use a bank wire transfer, it takes three working days to process. If you have any problems taking out money, you can talk to customer support, and they will look into your situation.
You won’t be charged extra fees for putting money in or taking it out. XM.com covers all the costs for these transactions. The amount you take out will be the same amount you get in your e-wallet or bank account. XM.com doesn’t accept Bitcoin for deposits in the UK.
You can find information in the XM client area for more details about putting money in or taking it out.
Demo Account
If you want to practice trading without real money, XM offers demo accounts on the MT4 and MT5 trading platforms. These demo accounts are not expiring, so you can open them anytime.
Regulation Review
XM.com is regulated by the UK’s Financial Conduct Authority (FCA). This means they follow certain rules to protect traders. Your money is kept separate from the company’s money, and there are warnings about the risks of trading on their website.
Additional Features
In addition to trading, XM.com provides a lot of helpful resources. They have a news channel that keeps you updated with financial market activity. They also have a calculator that helps you figure out different trading metrics. If you have a live account, you can get free forex signals.
XM Accounts
XM.com has three types of accounts: Micro, Standard, or XM Zero.
The XM Micro account has a standard lot size of 1000 units of the base currency, which is different from the Standard and Zero accounts where one lot is 100,000 units, a common standard in forex trading. The minimum deposit for most accounts is $5, but for the Zero account, it’s $100.
You can choose to open Micro and Standard accounts in various base currencies: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, and ZAR.
The XM Zero account is only available in USD, EUR, or JPY. Any other currency will automatically be converted to the chosen base currency using XM’s exchange rates. Islamic accounts are an option for any account type.
XM Pros
There are good reasons to choose XM for your account:
- No sudden changes in prices.
- lowest spread Forex Broker
- You can take out all your money without a limit.
- They give you lots of helpful learning and research.
- Putting money in or taking it out will be fine for you.
- You can open a special XM Zero account with very tiny price differences.
- You can use automated trading with a smart helper in your trading.
- If you’re in the UK, you will only lose what you put in.
- If you have at least 5000 USD and trade a bit, they give you a computer service for free. Otherwise, it’s 28 USD a month.
XM Cons
- Compared to some other brokers like FXPro or FXTM, XM doesn’t offer some features like a PAMM account or copy trading.
- If you’re in the UK, they don’t give free bonuses or special offers.
- If you want to trade cryptocurrencies, you can’t do that here due to UK rules.
Trading Hours
The times you can trade on XM.com depend on what you’re trading. For forex, you can trade all the time, 24 hours a day, from Monday to Friday. The trading hours vary depending on the location of the market. For example, the market for the Swedish Krona starts at 22:30 GMT on Sundays, and the market for the Chinese Yuan begins at 00:00 GMT on Mondays. Other things you can trade, like oil or gold, are also usually available for trading 24/5, Monday to Friday. However, the exact times can change depending on your trading futures, options, or regular spots.
Customer Support
If you need help or have questions, contact XM.com’s customer service. They’re available every day from 05:00 to 19:00 GMT. You can reach them by phone or email, and you’ll find the contact details on the broker’s website in the support section. Another way to reach them is using the live chat function on XM.com. They can assist you with questions about your account and technical problems, such as if the website isn’t working properly.