XM CFD Broker Review
XM is an investment firm founded in 2009 and headquartered in London, UK. XM's aim is to offer fair trading, including leverage, on fair terms for investors and traders. XM offers trading in CFDs on almost all asset classes. However, due to a wide range of tradable instruments, which can also be traded in the micro-lot range (1 lot only 1,000 units, instead of 100,000), the online broker is also particularly interesting for beginners who want to test their skills in trading on the financial markets with a small deposit initially. The minimum amount for a deposit at XM is $5.
The regulation of XM
XM is a part of Trading Point of Financial Instruments UK Ltd, headquartered in London, where it is regulated and supervised by the FCA under reference number 705428. Another subsidiary within the European Union operates in Cyprus under the name Trading Point of Financial Instruments Ltd and is regulated and authorized by CySEC under EU law under licence number 120/10. The broker serves customers outside the EU via its subsidiary Trading Point of Financial Intruments Pty Ltd in Australia, regulated by ASIC under licence number 443670.
Instruments and trading environment at XM
At XM, traders will find a wide range of CFDs on more than 1000 tradable financial instruments across 6 asset classes. These include 55 currency pairs, over 1200 international shares from 18 countries, 20 cash share indices as well as 11 indices futures, 8 agricultural commodities, the precious metals gold and silver, 3 energy commodities (gas & oil). A comprehensive overview of all asset classes and instruments can be found on the XM website with all information regarding the trading conditions for the individual instruments.
Trading platforms at XM
When it comes to trading platforms for the PC or Mac, XM relies entirely on MetaQuotes and the MetaTrader 4 and MetaTrader 5 platforms. Both platforms are available for PC, Mac and as WebTrader. For mobile trading, the mobile versions are available for iPhone, iPad as well as for smartphones and tablets with Android operating systems, which are also integrated into the XM app. While both platforms have all the features included as standard, the MT4 platform can be used to trade currency pairs, equity indices, precious metals and energies. The MT5 platform additionally offers the ability to trade more than 1,000 CFDs on stocks.
XM trading accounts
At XM, traders will find three different trading accounts that cover the requirements of most traders. The maximum leverage for all accounts is 1:30. In addition to the accounts mentioned below, the free XM demo account with a virtual balance of $100,000 is recommended for beginners. The fact that XM clients can open 5 active demo accounts at the same time is also interesting for those who test different strategies on different asset classes, which can quickly become confusing on a single account.
Training and support for traders at XM
At XM, especially beginners in financial trading will find comprehensive educational resources that can facilitate a successful start in trading. In the "Research & Education" section of the XM website, you will find the latest news from the markets, analyses of the most common instruments, trading ideas, a podcast and more. All this is rounded off with free daily live training sessions, where questions are answered directly.
For active trading, traders find an economic calendar on the XM website, which is indispensable for fundamental analysis and provides traders with all important figures in real time. All real money account holders also have free access to trading signals on 10 financial instruments at XM. The signals are published twice a day and also contain the levels for entry as well as Take-Profit and Stop-Loss levels. For planning their trades, traders can find various calculators on the XM website, such as a margin calculator or a swap calculator.
Deposits and withdrawals at XM
XM offers a variety of deposit and withdrawal methods, including: Credit Card, Skrill, Bank Transfer, Giropay, WebMoney, SOFORT Banking, iDEAL and PaysafeCard (for Euro accounts). It should be noted that Paysafecard, SOFORT Banking, Giropay and iDEAL are not available for withdrawals.
The minimum deposit for all accounts is only $5. Withdrawals are usually processed quickly. Withdrawals to e-wallets such as Skrill, for example, are usually processed within a few hours, while bank transfers also usually only take the banks' working time.
Final Rating XM Forex and CFD Broker
XM and its parent company Trading Point of Financials Instrument meet the needs of most traders with a very wide range of tradable instruments and different trading accounts. With the MT4 and MT5 trading platforms, traders have all the necessary tools at hand for a sufficiently prepared and potentially successful trade. The twice daily published trading signals and the large offer of information on market events are worth mentioning. These, combined with the micro account offered and the low minimum deposit, provide beginners with the best conditions for a potentially successful start in online trading.
73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.