An In-depth XM Forex Review
XM is an excellent and highly regarded Forex trading platform that is known for its professionalism and client-oriented approach, which has made it popular among all types of traders in the market. Launched in 2009, XM is regulated primarily by the CySEC, and ASIC, but the company is registered under numerous regulatory agencies throughout the EU, including the UK. XM is a highly capable company that is honest in its brokerage services to offer complete peace of mind to its customers.
XM Forex Features
- Spread: 1.6-2.6
- $30 No Deposit Bonus
- Forex World Championship
While XM is considered to be an established broker in the financial markets, the company does not accept clients from the US. Brokers should be regulated by the CFTC and registered under the NFA before they can start accepting traders from the US. Broker regulation in the US is a lengthy and complicated process. US based brokers are also required to exercise several trading restrictions over their traders, which nullifies the core principles XM’s customer oriented policies. If XM can do anything to establish their reputation in the industry further, it would be to open a brokerage in the US and start accepting US traders.
XM Trading Platforms
XM provides access to eight different platforms for their traders, which can all be accessed using a single account. The different platforms are available for both desktop as well as mobile devices, and XM is one of the few companies that continually develop their trading platforms to ensure that their clients can experience the best trading environment.
All XM trading platforms are designed around the MT4 platform and are available for both Mac as well as the PC. The primary MT4 trading platform is available as an installation interface that should be installed on the computer that offers the best regarding tools and resources. There are two different MT4 platforms designed for the PC, which includes the standard MT4 terminal as well as the MT4 Multiterminal. The Multiterminal aims to offer the convenience of operating two or more accounts through a single terminal. XM also offers the MT4 WebTrader, which permits traders to trade Forex using a web browser, and is suited for traders who don’t have access to a dedicated terminal.
XM mobile users have the option of choosing MT4 designed for both the iOS as well as Android operating systems. XM mobile apps are available for download on the respective app stores, and can be used on both smartphones as well as tablets. The MT4 mobile apps have an excellent reputation in the market for being one of the best mobile apps available for Forex trading.
XM Review & Performance
XM does not seek to reinvent the wheel; rather, they seek to improve it. All XM reviews from genuine customers point to the fact that the company offers one of the best brokerage services in the industry. They offer the widest range of financial instruments that include currency pairs, commodities, stocks, indices, CFDs, and other ETFs all in a single trading interface. XM is one of the very few brokers in the industry that incorporates all major financial instruments under a single trading platform.
XM has a very competitive spread structure that is devoid of any fees or commissions for the Micro and Standard accounts. However, all overnight trades are associated with SWAPs, which requires traders to incorporate the additional cost into their trading strategies before opening trades using their live account. XM does offer a Zero account which further reduces the spreads at the expensive of a small commission per traded lot. As far as leverage is concerned, XM provides a maximum leverage of 1:888, and is highly suited for traders who love trading on margin.
XM Trading Experience
All XM trading platforms are connected to lighting fast XM servers that are in turn connected to interbank and global liquidity pools. XM platforms are known for their execution speeds, and there are no requotes whatsoever. Even though XM does everything in its power to fill orders at the current market price, traders should account for some slippages. Slippages are extremely common in FX trading since the market is highly volatile. Traders can place orders within a second at the most, but the speed of execution can suffer during highly volatile trading sessions that occur during major economic news events.
XM Bonus Structure
Forex brokers don’t usually provide bonuses, unlike other markets such as Binary Options. It is not uncommon to offer hefty bonuses in the Forex markets, but when it comes to XM bonus, traders are provided a 15% bonus on the initial deposit. The deposit bonus is restricted to a maximum of $500 and is not available to withdraw. Traders can only use the deposit bonus as equity for trading, and the deposit bonus will be reclaimed by XM as soon as the trader initiates a withdrawal of profits or their investment amount.
XM offers a loyalty program that offers points and rewards according to the number of lots traded. The higher the loyalty point, the better rewards a trader gets to enjoy. Reward points can be redeemed for more credit, or is available as a cash bonus that the trader can withdraw without any restrictions.
XM Review Conclusion
XM is certainly one of the best Forex brokers in the industry, and the company is highly dedicated to keeping up the good XM review that it has generated from its existing clients. XM takes care of its traders by offering excellent customer support and tending to their complaints promptly.