XM lets traders deposit as little as $5 to open an account, awards leverage up to 888:1, and even offer a bonus for new accounts up to $5000. A fully regulated brokerage by CySEC and the FCA, XM offers both demo and real accounts to suit most traders including those interested in tight spreads and automated trading. Client accounts protected and guaranteed by Barclay’s Bank, and your relationship with XM is overseen by your personal account manager and customer service standing ready 24/5, live chat, email and 14 languages. A very solid broker and one we recommend highly.
XM also offers commodity trading, precious metals, energies and stock indices in addition to the forex trading. The reason for their outstanding performance is because they can execute 99.35% of their orders in less than a second. Impressive!
XM has 3 accounts to choose from, making it simple to chose the account for you and offering the appropriate amount of diversity.
Micro account: Open this account with a $5 minimum deposit, and trade in micro lots on the XM platform.
Standard account: Also with a minimum deposit of $5, this account offers traders larger lots on this seamless platform.
Zero account: With a minimum deposit of $100, this account offers traders 0 pip spreads on some of the major currencies allowing for maximum profitability in your trading.
All accounts have a swap-free Islamic option and all allow hedging.
The multi-award MetalTrader4 is the basic platform and can be operated with an unlimited number of demo and real accounts. Expert Advisors is also supported.
The list of trading software gives clients some real choices:
- MT4 Terminal
- MT4 For MAC
- Web Trader
- iPhone Trader
- iPad Trader
- Android Trader
The XM Trader allows multi-account management for those who want to manage more than one trading account at a time.
Spreads and Leverage
XM came up with a rather different leverage figure of 888:1, the significance of the figures pointing to a Chinese influence with lucky numbers, perhaps. A trader has over 60 currency pairs available and over 100 financial instruments available to play with using online trading and utilising 7 advanced trading platforms.
XM provides tight spreads as low as 0 pips on the major currency pairs but the spreads will be higher for accounts other than Zero Accounts.
Deposits and Withdrawals
There are no upper limits to deposits and all the normal cards and bank transfers and a host of web types of account dealings. You can have as low as $5 in your account. You get negative balance protection and no hidden fees or commissions.
You can join XM in almost any language with multilingual account managers available for demo and actual accounts. Support is 24/5. They have an enormous amount of training material, news, analysis and other educational material available for Beginners and experienced traders.
The company has a host of operating regulations in place including CYSec, FSA UK, MiFID and the BaFin of Germany. They are credited with having the best execution policy for trade orders in real time.
XM has achieved in a relatively short time a reputation for Forex broking that makes them the envy of longer established brokerages. They rate very highly in surveys with customers and operate with integrity and transparency.