If you are a trader from South Africa – yes you can open XM account, as XM applied for registration to local regulator since 2016 and even since appealing to South African traders. So truly worldwide traders can enjoy great customer-oriented features XM offers and engage in all the trading benefits relatively easily. However, XM entities depending on the jurisdiction rule thus apply slightly different offerings, while Accounts availability depends on the client’s country of residence. Alike CY branch offers three account types, excluding Ultra Low Accounts, also some conditions may vary too. If you are new to trading a demo account is another useful tool to test trading potential which XM is offering for free use. The XM broker started its activity in 2009 and so far operating clients from over 196 countries with a support staff speaking in 30 languages and is among the most trusted Regulated Brokers.
This account is suited for new traders learning the forex markets as the deposit requirements are very low. Licenses are only issued under certain conditions and criteria. If a broker violates these conditions, the license may be withdrawn immediately. All tested companies of mine are always concerned to keep the highest criteria and guarantee a safe trade. Nevertheless, there are also forex brokers with more than one regulation.
With multiple licenses from top-tier regulatory bodies, our XM Group review reveals a respected and reliable broker with over a decade of experience. Launched in 2009, XM Group is a great choice for all types of traders as it offers a wide range of instruments, extensive research tools, and five different account types. XM Group has also won multiple awards, including ‘Best FX Broker for Europe 2020’. Another advantage is the terms of trade and in the deposit and withdrawal.
These include forex, individual stocks, precious metals, commodities, cryptocurrencies, energies, and equity indices. Additionally, XM remains respectful to the idea of Foreign exchange reserves Islamic Accounts, never using “swap-free in disguise” accounts. Some brokers use this type of account, in which they transfer the interest charge to a different fee.
There are not many brokers who can boast with the incredible number of over 2,4 billion trades executed with the zero requotes or rejections. You can place orders on the XM-supported platforms Foreign exchange reserves at any time during the trading hours. Positions stay open until your closing trade gets executed. The balance of your account will be updated in real time to reflect the current market prices.
While the support may be strong, some users dislike that customer support is only available Monday to Friday. Another disadvantage is the lack of diversity between the different account types makes for a less personalised feel. It’s possible to open a Micro Account, Standard Account and XM Zero Account. The minimum spread across all accounts is 0.1 pips, and the average spread for a major pair such as EUR/USD is 0.1 pips. There may not be anything special by its trading platforms in MetaTrader, but the seamless trading service is what it has to offer.
Almost 70% traders lose, so make sure that you are fully aware of the risks before you invest any real money. We have also compared & listed the best forex brokers & platforms, that you can scan through within minutes.
As this would still be a charge covering interest, it goes against ethical and fair trading. Compared to other forex brokers who XM Forex Broker Review offer Islamic accounts, XM’s offerings stand out. That is because most brokers will give Islamic accounts higher spreads.
Micro Trading Account
The Standard, Micro, and Zero accounts all have this distinctive feature – these have custom-oriented conditions. Each of these accounts can be used for an Islamic account. Micro Accounts can have the base currency of USD, GBP, EUR, CHF, JPY, AUD, PLN, HUF, RUB, ZAR, or SGD. This type of account has negative balance protection, trading bonuses, and no deposit bonuses. The XM Ultra Low Standard Account is an account that is available for Australian and international residents, with a minimum deposit fee of 50USD.
As XM is regulated with tier 1 and tier 2 regulatory bodies, they have to maintain and oblige to strict financial requirements. Enough liquid capital is kept to cover client’s funds and any fluctuations in the market. External auditors do an annual audit of the company financial statements to make sure the financial requirements are met.
Account Base Currencies
One of the best offers of Forex brokers are bonuses and promotions. XM provides several promotions including a $30 trading bonus that allows traders to test the quality of XM’s execution before trading for real. The broker also offers 50% deposit bonus that can reach up to $500 as well as a 20% deposit bonus of about $4.500. Fees are competitive for depositors of a few hundred dollars, and the XM Zero account option seems to be competitive for Forex traders at any deposit size starting at the $5 minimum! A good, diverse range of assets are offered for trading, including over 1,200 individual stocks and shares. XM’s reputation is towards the higher end of the industry average, with a long track record and good regulatory standing in Australia, Belize and Cyprus.
These are just like live accounts with real market pricing, and unlimited usage, access to the MT4 & MT5 terminal and Webtrader platforms. It also has a non withdrawal fee feature, allowing traders to keep their money. XM’s disadvantage, on the other hand, is the inactivity fee it imposes. Its different account types also lack diversity which makes them almost the forex same. XM.com is under the XM Group which is an online broker and trading website founded in the year 2009. It has grown into a large and stable international investment firm with over 2,500,000 clients and counting today. XM Group is a part of Trading Point of Financial Instruments UK Limited, and the platform has been catering traders in 196 different countries.
Xm Trading Is Not A True Ecn Broker
They have been on the receiving end of 2 regulatory fines, but have amended the issues, and are generally consider highly trustworthy in the FX community. In addition the context arena functionality is both interesting, and innovative. XM promises its clients narrow spreads in general, irrespective of the selected account type or trade volume. These narrow spreads can partly start from as little as 0.0 pips with the major currencies. XM clients can directly and inexpensively access the global stock market to try out both their short-term and long-term trading strategies.
Forex Trading has become one of the most popular activities all love the world. The forex market has enhanced to almost every single country in the world. This means that people from all over the world are involved in trading and are making their living out of it. Forex trading has become especially popular throughout the past several years. First of all, the structure of the market is promising big earning within a short period of time.
- The goal is to give traders the skills needed to make improved trading decisions.
- Some brokers use this type of account, in which they transfer the interest charge to a different fee.
- The difference between these two accounts lies in the fees and the possible currency of the account.
- These signals are provided 2 times a day, which is a great offering.
- For that reason, some people are ready to sacrifice convenience over complex answers from the support team.
- At the bottom of the page, you will also see the list of the possible sections and the messaging icon on the right lower corner of the page.
It should be said that a Forex / CFD brokerage can offer an excellent service without providing any education or research offering at all. Brokers primarily exist to execute trades and safeguard deposits efficiently, and these core functions are what customers need and want. XM also offers generous bonuses, However, clients registered under the EU regulated entity of the Group are not eligible for the bonus . XM remains a legit, trustworthy, and honest broker that offers bonuses.
Which Platforms Can I Choose From At Xm?
XM Review; Touted as the next generation broker for online forex and commodity trading, XM Global Webtrade is suitable for beginner and seasoned traders alike. Traders can get started with the trading software real account, or test the waters with a demo account platform with $100,000USD of virtual currency. Currently, XM offers varying trading account types, including standard accounts, micro accounts, cent accounts, swap-free accounts, and Islamic accounts.