XM Review

Is XM reliable? XM spreads, XM regulation, XM account types. I am going to clarify all those topics in this XM review. Keep reading. You have probably seen ads of XM all over the internet. It doesn’t matter whether it is a finance site or cooking recipes site, XM’s ad is going to be bothering you. So the company is a big one and apparently has lots of money. They are very proud of being Usain Bolt’s official sponsor.

I believe that XM is among the most professional and respected brokers in the industry. Fast execution, generous bonuses, regulated by very respected watchdogs, transparent, reliable, great daily analysis material, extensive educational content, nano account option and customer support in more than twenty languages. Add around ten years of investment services experience to those features and XM becomes a real gem in an industry where a new scam company appears every day. Therefore XM is one of my favorite forex brokers and where I do majority of my trades.

Is XM reliable?

The short answer is “Yes, XM is a reliable forex broker.” XM is regulated by CySEC in Cyprus, ASIC in Australia and IFSC in Belize. Those are some of the most respected and strict financial authorities in the world. Forex brokers regulated by CySEC are obliged to keep client funds in segregated accounts which means that even if the Broker goes bankrupt, the clients’ funds are safeguarded in different bank accounts and clients can get their money back from those accounts.

XM Account Types

XM Group offers its clients 4 types of account: MICRO, STANDARD, ZERO and ULTRA LOW with low spreads. The MICRO account allows you to operate with micro lots, lower level of risk and it has minimum initial deposit of $5. The STANDARD account allows you to operate with standard lots and it has minimum initial deposit of $5. The XM ZERO account allows you to operate with standard lots, lower spreads starting at 0 pips and it has minimum initial deposit of $100. XM ZERO account has a $3.5 commission per $100,000 traded. Finally, the XM ULTRA LOW account allows you to trade with either micro or standard lots, lower spreads starting from 0.6 pips and it has minimum initial deposit of $50.

* XM Ultra Low account is not applicable to all entities of the Group. Account availability depends on the client’s country of residency.

XM Customer Support

XM offers customer support in more than twenty languages; Arabic, Bulgarian, Chinese, Czech, English, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Iranian, Japanese, Korean, Malaysian, Polish, Portuguese, Romanian, Russian, Spanish, Thai, Turkish, Urdu. Live Chat is available for 24 hours. The agents are very helpful and supportive. The Broker web site comes with an extensive Research and Education page where you can find daily market analysis, analysis tools, educational videos and tutorials.

XM Trading Platforms

Both MetaTrader 4 and MetaTrader 5 are offered by XM to its clients. MetaTrader is preferred by many forex traders because it is easy to use and allows traders to trade with built-in and self-made automated systems. Further, MetaTrader comes with more than thirty technical indicators which would help traders to make high odd trades.

XM Withdrawal and Deposit Methods

XM puts more than ten methods of deposit and withdrawal under disposal of its clients. In addition to international bank transfer and credit card which has become industry standards as deposit and withdrawal methods, XM clients can use various other methods such as Neteller, Skrill, UnionPay, Web Money, iDeal, Moneybookers, MoneyGram, Sofort and Western Union.

One important detail which makes XM even more favorable is that the Broker covers international wire transfer commission of its own part which considerably reduces the withdrawal cost.

XM Trading Instruments

This broker has more than 1000 financial instruments which can be traded on the MT4/MT5 platforms and this includes Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs.

XM Bonus and Promotions

• $30 Trading Bonus – This is a non-withdrawable bonus only available to new clients. The best thing is that you dont have to deposit money into your account in order to be able to become eligble for this bonus and All profits that you earned can be withdrawn.
• 50% Deposit Bonus – Your account is instantly credited 50% of the amount you deposited. This bonus works for the amounts up to $500 or equivalent.
• 20% Deposit Bonus – Your account is instantly credited 20% of the amount you deposited. This bonus works for the amounts up to $4500 or equivalent.
• Zero Fees on Deposits & Withdrawals – XM covers all the commission and fees for your deposits and withdrawals. All e-wallets – 100% covered; all major credit cards – 100% covered; wire transfers above 200 USD covered.

*Clients registered under Trading Point of Financial Instruments Ltd are not eligible for the bonuses.

XM Review Final Word

Being founded in 2009, XM has the essential experience and services to provide traders a secure, state of the art and convenient trading environment. The Broker is regulated by three major watchdogs of the industry and financially very strong. I recommend XM to traders with any experience level without any hesitation.

XM – Step by Step Live Account Opening Guide

You have read the review and decided that XM is the right broker for you. Now you wan to open trading account and start investing in forex through XM. This is how you will do it.

Step 1 – Submit Your Personal Information

Your very first step to open an XM live trading account is to going to the registration form. You can either go to XM Homepage and click on the “Open an Account” button to start the registration form or simply click here in order to land directly at registration form.

Now, you are on the registration page where you will be required to input your personal details and choose your account type and preferred trading platform.

After you entered your personal information, you should select the details of the account you want to open in the Trading Account Details section.

Then, you choose the type of trading platform you want in the Trading Platform Type list and the type of account you want in the Account Type list. As we mentioned above, there are three types of accounts. After you choose the most suitable one for you, you click the Proceed to Step 2 button.

Step 2 – Complete Your XM Live Account Profile

This step is to receive further information about yourself and trading experience to measure your appropriateness for forex trading.

In addition to questions related to your trading experience and knowledge, you will need to submit your address details and password on this screen. Make sure that the address you entered on this form is identical to the address on your utility bill since you will have to upload a valid utility bill to verify your address.

Step 3 – Verify Your XM Live Account

Once you have passed the first two steps, you should receive login information at your e-mail address. You can use those information in order to login to the client dashboard where you can upload the demanded documents for verifying your live account.

Similar to other forex brokers, XM needs at least two documents in order to verify your live trading account. Those documents are needed for ensuring that you are the genuine applicant and owner of the account.

You will have to upload a document for Proof of Identity. Passport, official state ID, driver’s license are accepted. Note that place and date of birth should be visible on the document. For Proof of Residency, a recent utility bill or bank statement that shows your full address will be sufficient.

It takes only few hours for XM to finalize the verification process. The process should be swift and seamless given that the documenst are up-to-date and in required format. The date is important for Proof of Residency document since forex brokers typically do not accept any document older than 3 months for the Proof of Residency.