XM.com web trading review - Table of contents
XM Company information
Forex trading with an international leading broker is an excellent experience. XM Group services more than three million clients from close to 200 countries and is a recognized international online broker. The broker stands for being fair, big, and human and is famous for its client-centric approach.
What is Web Trading
Forex trading takes place on one of the broker’s award-winning trading platforms. The term web trading means that the trading activity happens on the internet on a forex web trading platform that is usually provided by the foreign currency trading broker to their users.
It allows them to trade in an online environment. To become a webtrader a client has to create an online forex account and log in to the platform where they can start trading with the financial instruments on offer.
The web trading platform can be web-based, mobile app, a downloadable solution, or a combination of these.
A webtrader would use the online trading platform not only for trading but also to follow news, calendars, and trends and use various advanced features.
XM Web Trading Platform
The forex web trading platform plays a key role in the broker's image. The MT4 and 5 give traders the comfort of convenient and fast single-click online trading.
The advantage of the online webtrader is that it is accessible from anywhere and any device, with no need to download or install anything. Using XM Group’s broker services traders will receive a world-class customer experience, with no hidden fees and fast order execution. The client-centric approach of the company makes it a popular online trading partner.
XM MT4 and MT5
This broker gives traders the advantage of using two trading platforms accessible with real and demo accounts. Both are recognized as the best web trading platforms in the industry – the MetaTrader 4 and 5.
The MT4 version is an online forex trading platform that also supports trailing, limiting, market, and stop orders.
The more advanced MT5 is a multi-asset solution allowing access to precious metals, stock indices, and stocks.
Both web trading platforms are available for mobile and guarantee an excellent trading experience.
XM Mobile App
The good news is that XM is available on several devices including tablets and phones running on iOS or Android. Login is simple and easy and the apps can be downloaded from the respective app store.
The apps are fully functional and can be used for both monitoring and trading on the go.
XM Markets and Products
Traders will find more than a thousand financial instruments on the trading markets among which Stocks CFDs, forex trading, precious metals and energies CFD, equity indices, and commodities CFDs.
When it comes to forex trading there are over 55 foreign currency trading pairs to choose from. The broker does not offer futures and binary options.
XM Spreads and Fees
Understandably, spreads vary depending on the type of account. The minimum across all accounts is 0.1 pips, the average is a little higher.
The broker prides on its strict no-hidden-fees policy. All transfer fees are covered and the withdrawals happen the same day.
Traders can expect leverage between 2:1 and 30:1 depending on the instrument. Users can manage their leverage and risk. The stated leverage applies to traders under the EU-regulated entities. Margin requirements do not change.
XM Trading Accounts
The broker offers four types of accounts – Micro, Standard, and Zero. No welcome or forex bonus is available for opening an account.
Micro - The minimum deposit is $5, 1 lot = 1,000 units of the base currency.
Ultra-Low - $50 minimum deposit and 1 standard lot = 100,000 units of the chosen currency. This type of account does not apply to all entities in the brokerage group.
Standard - Traders can open such an account with just $5 and a standard lot = 100,000 units of the base currency.
Zero - The minimum deposit is $10, 1 standard lot = 100,000 units of the selected currency.
XM Deals and Promotions
One of XM’s special offers is a free VPS service that increases trading speed. It is accessible 24/7 from anywhere.
Another great thing about this forex broker is that they offer free deposits and withdrawals.
Unfortunately, bonuses are banned especially for EU traders. No forex bonus available.
XM Deposits and Withdrawals
Traders can make deposits using electronic payment portals, major credit cards, bank transfers, and wires.
Traders can make deposits in any currency that will be converted to the base currency. Withdrawals are processed quickly, usually in 24 hours with no fees for e-wallets.
XM Demo account
This broker has one of the best demo account offerings in the industry. There is a $100,000 virtual balance for users who open a demo forex account.
Plus, they can enjoy the same forex web trading platform functionality and conditions as the real one. The best part is that there are no time limits on the account in contrast to other brokers.
XM Crypto Trading
From 2017 the broker entered the cryptocurrency world by introducing Bitcoin trading in the form of CFDs on the MT5 trading platform.
They offered the most popular bitcoin pair in the world Bitcoin/USD Dollar. Currently, digital currency trading comes with outstanding benefits such as zero fees and commissions and low margin requirements.
XM Copy Trading
The forex broker does not support copy trading but allows automated strategy trading through an innovative Mirror Trader platform.
Based on the idea of social trading it is fit for both live and demo accounts. The platform helps investors instantly benefit from the signals of professional traders and mirror them to their trading accounts.
XM Traders Education
The wealth of training and educational resources is one of the biggest perks that this broker has to offer. There are regular webinars hosted on the platform aimed at both beginner traders and professionals.
Traders are encouraged to learn from a team of professional instructors. The broker also publishes technical analysis and research regularly. A full-service education package is available to beginner traders.
XM Regulation and Licensing
The Group consists of several brands all regulated by different commissions. The biggest entities are regulated as follows: Trading Point (2009) – Cyprus Commission, Trading Point Pty Ltd. (2015) – Australian Commission, XM Global (2017) – International Commission.
XM Customer Support
The easiest way to contact the support team is via live chat. The feature is directly available on the contact page of the trading website. Other ways to get in touch are email or phone calls.
The company prides itself on excellent customer service; traders are well-served with support in different languages.