One of the UK’s youngest Forex broker options, XM was only established as recently as 2009. They have their base in Cyprus and are subjected to stringent Eurpean regulations, as they are regulated by their local regulatory body, CySec. They are also FCA covered, so are considered to be reliable and trustworthy.
Which Trading Platforms do XM Offer?
There are two trading platforms available to traders who choose XM as their choice of Forex broker. Both are reliable, convenient and user friendly, however they meet different needs. Web Trader is ideally suited to investors on the move who do not want to download software as it can be easily access through smartphones or mobile devices. On the other hand, Meta Trader 4 is one of the most popular and secure systems while being incredibly user friendly thanks to its clean interface. It also offers the option of either manual or automatic trading. These trading platforms offer traders the option of practising with multiple demonstration accounts before they decide to commit any funds.
Which Account Types are There?
XM offers a range of different account types to investors who choose to use them as their Forex broker. Those who are new to the world of Forex trading can open XM’s Micro trading account with a very small deposit of just $5. This allows novices the option of starting small in order to become accustomed to the process. Those who are ready to invest a little more can open a Standard trading account, and those who are at the highest level and have the greatest level of experience can deposit $100,000 in order to open an Executive account which is suited to those who are wanting to get involved with high stakes trading. Anyone who requires their trading account to be operated under Sharia law can open an Islamic trading account, and there are also demonstration accounts available in order for potential investors to practice using the trading platform before committing any funds.
Other Important Information About XM
As XM charge no fees or any commission on financial transactions, traders can keep all of their profits. Although no monthly fee is charged to operate an account, if the account is inactive for a period of more than 90 days, a $5 per month fee is levied.
The spreads offered vary depending on the account type chosen, with it falling as low as 1 pip. The average is around 1.9 pips on a EUR/USD transaction. XM’s pricing structure is fractional, offering 5 digits rather than 4.
XM offer more than 100 different currency pairs for trading, but they also offer a wider range of other assets for trading including precious metals like gold and silver, commodities, energy products, CFDs, indices and traditional stocks.
The leverage extended depends on account type, but traders with a proven track record can enjoy leverages of up to 888:1.
Investors can deposit and withdraw funds easily thanks to XM’s streamlined and convenient systems. A range of methods are available to make adding and taking out funds simpler, including MoneyBookers, Neteller, IDEAL, Skrill, SOFORT, Western Union, bank transfers and credit and debit cards. Unfortunately, PayPal is not an available option.
XM ensures that the withdrawal system is rapid, and all requests are processed within 1 working day, although funds may not be received immediately in the investor’s account depending on the third party agent chosen. No withdrawal fees are charged by XM, however some third party services will take a percentage cut.
XM are aware that the reliability of their trading platform is vital to investors when making their choice of Forex broker, so they ensure that they fare well on this front. Transactions are fast, which works well for those who wish to trade in real time, as they generally take under 1 second. They guarantee that no requotes will be given, and there is only minimal time lag between quoted prices and real time market prices, although of course this depends on the speed of the trader’s computer and internet connection.
How Good are XM’s Customer Support Options?
Any trader looking for assistance from XM’s customer support team have several options available to them. XM’s customer helplines are open for business 24 hours a day during the working week and offers useful guidance and assistance with issues regarding trading platform functions. There is the options to contact the support team via online live chat services, telephone helplines, or email contacts, whichever account level they hold. The customer service team are also multi-lingual, with more than 20 languages available including English, French, Japanese and Arabic, making it simple for all investors to gain the help they require.
The trading platform is open for dealing 24 hours a day between 22:05 GMT on Sundays and 22:05 on Fridays. Telephone trading is also an option, with the ability to give trading orders to the customer support team who can then transmit the order to the 24 hour dealing room.
Why Should I Choose XM for Forex Trading?
Any investor wishing to choose XM as their Forex trading broker can enjoy several advantages:
- XM has a choice of trading platforms which are easy to user-friendly
- They are reliable and reputable, as well as registered with the FCA
- They guarantee that there will be no requotes given
- Leverages up to 888:1 are offered depending on account level
- No orders will be rejected
- Excellent multi-lingual customer service is offered 24/7 on weekdays
- Withdrawal and deposit services are convenient and rapid, with a choice of available methods
- A range of different assets can be traded as well as foreign currencies
However there are some downsides if you are thinking of choosing XM:
- PayPal is not an available option for deposit and withdrawal of funds
- The $100,000 minimum deposit required in order to access the highest level Executive account means that it is the preserve of only the wealthiest traders
- No support is available to investors during the weekend.
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