One of the UK’s youngest Forex broker options, XM Group was only established as recently as 2009. XM Group is a group of online regulated brokers. Trading Point of Financial instruments Ltd was established in 2009 in Limassol, Cyprus and is regulated by CySEC. Trading Point of Financial instruments Pty Ltd was established in 2015 in Sydney, Australia and is regulated by ASIC. Trading Point of Financial instruments UK Ltd was established in 2016 in London, United Kingdom and is regulated by the FCA.
Which Trading Platforms do XM Group Offer?
There are three trading platforms available to traders who choose XM Group as their choice of Forex broker. All 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 the software as it can be easily accessed through smartphones or mobile devices. On the other hand, both Meta Trader 4 and MetaTrader 5 are two 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 Group offers its clients 4 types of account: MICRO, STANDARD, ZERO and ULTRA LOW with low spreads and a level of maximum leverage that can reach the 1:30.
The MICRO account allows you to operate with micro lots, lower level of risk and it has a minimum initial deposit of $5.
The STANDARD account allows you to operate with standard lots and it has a 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 a 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 a minimum initial deposit of $50.
Other Important Information About XM Group
As XM Group charges 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 0 pips. The average is around 1.9 pips on a EUR/USD transaction. XM Group’s pricing structure is fractional, offering 5 digits rather than 4.
XM Group offers more than 50 different currency pairs for trading, but they also offer a wider range of other assets for trading including Forex, Stocks CFDs, Commodities CFDs, Precious Metals CFDs, Equity Indices CFDs, Energies CFDs and Cryptocurrencies CFDs.
The leverage extended depends on the account type, but traders with a proven track record can enjoy leverages of up to 1:30*.
Investors can deposit and withdraw funds easily thanks to XM Group’s streamlined and convenient systems. A range of methods is available to make adding and taking out funds simpler, including MoneyBookers, Neteller, Skrill, bank transfers and credit and debit cards. Unfortunately, PayPal is not an available option.
XM Group 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 Group, however, some third party services will take a percentage cut.
XM Group is aware that the reliability of their trading platform is vital to investors when making their choice of Forex broker, so they ensure that they are 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 an 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 Group’s Customer Support Options?
Any trader looking for assistance from XM Group’s customer support team has several options available to them. XM Group’s customer helplines are open for business 24 hours a day during the working week and offer useful guidance and assistance with issues regarding trading platform functions. There are 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 Group for Forex Trading?
Any investor wishing to choose XM Group as their Forex trading broker can enjoy several advantages:
XM Group has a choice of trading platforms which are easy to user-friendly.- They are reliable and reputable, as well as regulated by CySEC, ASIC and FCA.
- They guarantee that there will be no requotes given
- Leverages up to 1:30* are offered depending on the 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.
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However, there are some downsides if you are thinking of choosing XM Group:
- PayPal is not an available option for deposit and withdrawal of funds
- No support is available to investors during the weekend.
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| Rating | Broker | Bonus | Regulator | Open Account | Read Review |
|---|---|---|---|---|---|
| xm | $5000 | CYSEC, ASIC, FCA | Open Account | Read Review | |
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| HYCM | $5000 | FSA | Open Account | Read Review | |
| eToro | UP TO $1000 | CYSEC, FCA | Open Account | Read Review |