XM.com Review 2024: Should you sign up with the broker?

This Trading Platform is available in Ukraine
XM.com has garnered mixed feedback from users across various review platforms. Many traders appreciate the platform for its user-friendly interface and the wide range of trading instruments available. They also praise the educational resources, which are particularly beneficial for beginners looking to understand the markets better.
However, some concerns have been raised regarding customer service responsiveness, with a few users reporting delays in getting support when issues arise. Additionally, there have been instances where people faced difficulties withdrawing their funds, leading to frustration among certain clients.
Despite these challenges, the broker's competitive spreads and the option to open micro accounts are frequently highlighted as positive features. XM.com's bonuses and promotions also receive favorable mentions, although it's important to note that terms and conditions apply to these perks.
Overall, while XM.com seems to offer a solid trading experience, prospective clients should be mindful of the potential hurdles regarding withdrawals and customer support based on current user experiences.
* The amount that will be credited to the account in the case of a successful deal
* General Risk Warning: Your capital might be at risk
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XM.com Broker Overview
XM has offices in Cyprus, Australia, Greece, and Belize, with three different websites servicing European, Australian, and international clients.
Each website offers slightly different trading conditions in order to adhere to regional laws. In this review, we’ll delve into the trading conditions offered by XM.com.
XM is highly regulated, overseen by three regulatory agencies. It serves five million clients in over 190 countries and provides support in more than 25 languages. It doesn’t provide services to the residents of the USA.
Founded in 2009, XM focuses on contracts for difference products (CFDs), providing CFDs on forex, stocks, commodities, and stock indices. The company offers various trading accounts to suit different types of traders:
- Zero accounts offer lower spreads, but charge a commission.
- Standard and Micro accounts have a larger spread, but no commissions.
Let’s find out what XM has to offer. Also check out our review on Exante, another global broker that’s regulated in multiple jurisdictions.
XM.com Trading Terms and Product Offerings
XM is a broker offering forex trading on more than 50 currency pairs, as well as gold, silver, oil, natural gas, stocks, and stock indices via CFD.
The trading terms we’ll discuss refer to the commissions, spread, and margin requirements offered by XM. XM provides up to 30:1 leverage on trades. Put another way, traders are only required to have 3.33% of the cost of a trade in their account for many trading instruments. Here are the spreads on commonly traded assets offered by XM.com:
- Standard accounts have no commissions. XM Zero accounts have a $3.50 / 100K commission on forex trades only.
- Forex trading is offered on more than 50 currency pairs.
- There are more than 1,200 stocks to choose from.
- Tradable commodities available on the site include cocoa, coffee, corn, cotton, copper, soybeans, sugar, and wheat.
- Tradable precious metals include gold, silver, palladium, and platinum.
- Energy products which can be traded include Brent oil, London gas oil, natural gas, West Texas oil, West Texas mini oil.
- You can also trade up to 14 equity indices from the US, Europe, and Asia.
XM does not offer binary options trading.
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XM.com Trading Platforms
XM unlike UMarkets offers MetaTrader 4 and 5 for PC, Mac, and Android available for download. You can also use the internet-based MT4 and MT5 webtraders – no downloads necessary.
MetaTrader, or MT4 and MT5, is software provided by MetaQuotes which many forex brokers offer. MT4 is a basic trading platform. It doesn’t offer many bells and whistles, but those are not required for success.
It does what it needs to do, which is allow traders to buy and sell quickly and efficiently, as well as place stop losses and profit targets. It also provides basic technical indicators and drawing tools.
MT4is equipped with its own programming language, which means traders can build their own indicators or create robots to execute trades.
You’re able to create your own or download other trader’s scripts/programs to try out. MT5 is similar to MT4, but with an expanded programming language more suitable to algorithmic traders and people who wish to trade stocks. MT4 does not provide stock trading.
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XM.com Funding and Withdrawal Options
Here are the main ways you can deposit and withdraw with XM, along with any costs associated with each method.
XM covers (doesn’t charge) fees on deposits or withdrawals if the follow methods are used:
- Neteller
- Skrill
- Major Credit Cards
- Wire transfers (over $200)
- Local bank transfers
For Micro and Standard accounts, you can denominate your account in USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, or ZAR. For XM Zero accounts, you can only denominate your account in USD, EUR, JPY. When setting up an account, you’ll be asked what currency you want your account to be based in.
XM.com Promotions and Deposit Bonuses
XM offers various promotions at different times, so let’s discuss the current ones that are available.
At the time of writing, XM isn’t offering any deposit bonuses. That’s okay, as deposit bonuses can be more hassle than they’re worth, resulting in an inability to withdraw your own funds. XM does have two promotions going on right now:
- Free VPS service. This allows you to have a dedicated server, meaning trades are executed quicker and there is less likelihood of outages or downtime. This is great for traders running algorithmic trading platforms, as many other brokers charge $20/month or more for VPS service.
- 0% fees on deposits and withdrawals. XM doesn’t charge its own fees on withdrawals or deposits.
Promotions may only last for a limited time, so check out their Promotions page for the latest XM deals.
Are My Funds with XM.com Secure?
XM.com is regulated in Cyprus by the Cyprus Securities and Exchange Commissions (CySec). They also keep clients’ funds segregated.
Always look for brokers that keep clients’ funds segregated. This means your money (and other traders’ money) is kept separate from your broker’s accounts. Thus, they can’t dip into it whenever they want, and if they go bankrupt, your funds are safe from the creditor’s hands.
In case of an insolvency, segregated funds will be paid to clients, less administration fees imposed by the trustee in charge of the distribution.
This is a much better option than receiving nothing back because the broker went bust, your funds weren’t separate, and now they can’t pay you back. Examples of other CySec regulated brokers include Orbex and JustMarkets.
Who Regulates XM.com?
XM.com is regulated in Cyprus by the Cyprus Securities and Exchange Commissions (CySec). Regulation is important if you want to avoid being scammed.
The CySec website shows that XM.com is a regulated domain. Being regulated means XM must surpass certain benchmarks for conduct and business operations. They also must maintain a certain level of financial health, and can face consequences and fines if they don’t abide by regulations.
That doesn’t mean every regulated broker is a great one, but it shows that at least they are subject to some oversight. Other branches of the XM are regulated in Belize, Australia, and Dubia.
While Cyprus is the only regulator directly overseeing XM.com clients, that the company is regulated in multiple jurisdictions is favorable. There are a large number of brokers regulated by Cysec, a few include OctaFX, eToro, and FXTM.
How Do I Contact XM Support?
XM provides support in more than 25 languages via phone, email, or live chat.
XM provides their phone numbers and email addresses on their support page.
Their support page also includes a map and a list of languages. Select a language to see an XM website in that language. The Help Center, located at the very top and very bottom of the website provides answers to basic questions.
You can also access support via the Live Chat button at the top of the website. For phone and live chat, wait times are typically only a few minutes. For email, expect a response within 24 hours.
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