XM.com pride themselves on being big, fair and human. Established in 2009, they are headquartered in the city of London but have a presence now in 196 countries. With 1,000,000+ traders they are licensed by CySEC, MiFID and the FCA. While they are a big broker, they like to be seen as approachable, accessible and human.
There are many benefits to using XM.com, whether you are new to trading or if you are a more established trader. The technology that they use is advanced, their trade features and payouts are good and they offer a number of bonuses to encourage new and experienced traders. As a company, they are highly visible with good customer support.
While you may have your doubts over which broker you should be using, we are here to guide you. Our comprehensive review of XM.com, along with all of our other reviews, are designed to give you enough detail for you to make an informed decision. The facts are all there, it is down to you to decide whether this is the broker for you.
If you want to trade Forex online than XM.com might be for you. This review will explain:
- All the benefits of using XM.com to execute your Forex trading
- The details of their online trading platform and its ease of use
- If there are any special features that this broker offers that stand out
There are three Forex trade account types available with XM.com. While there are many similarities between each account there are some noticeable differences.
The Micro Account requires a minimum deposit of $5 deposit to open but attracts a welcome bonus of up to 50% for the first $1,000 deposited. There are seven base currency options, 1 lot is 1,000 and the leverage ranges from 1:100 to 1:500. The spreads on majors is as low as 1 pip.
With a Standard Account, you get everything you would with a Micro Account but the major difference is the contract size. Instead of 1 lot being 1,000 it is 100,000 and the lot restriction is 50 instead of 100.
The Zero Account offers a lower spread on the majors and two base currency options, it requires a deposit of $100 and commission is available on client referrals.
A free demo account is available to everyone who signs up to the website however it doesn’t require a deposit to enable access.
XM.com offer a number of trading features as you would expect. They are very competitive and in some cases, ahead of the competition.
To increase your investment and help you to achieve greater capital, most Forex brokers offer you the option to leverage your money. XM.com offer a large leverage opportunity of 1:500, however, this is the maximum you can achieve. For very large investments of $100,000, you will only be able to leverage 1:100.
The spreads on offer depend on the type of account that you have. With the Micro and Standard Account, the spreads are as low as 1 pip. If you have a Zero Account then spreads as low as 0 pips are available.
The great thing about Stop-Loss is that it enables you to automatically stop your trade when it gets to the desired point. You don’t have to be online. You just set the position that you want the trade to stop at and the platform will do the rest for you. This is a feature offered by many brokers including XM.com.
XM.com boasts a massive 16 trading platforms. This is because they offer traders the choice between using their MT4 and MT5 platforms across a multitude of operating systems and devices. The MT5 platform offers everything that the MT4 does but also offers you CFD trading which is unavailable with MT4. You can choose to use either software across Web, Windows, Mac, Android or iOS.