I’ve traded forex with XM since 2010 and it has earned its place in my list of the best forex brokers for online trading.
Here’s my XM broker review after a decade trading with it.
XM broker review.
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|Quick info |
Regulator: CySEC Cyprus, IFSC, FCA United Kingdom, ASIC Australia, DFSA Dubai
Base currency: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR
Minimum deposit: $5 on Standard and Micro and $50 on XM Ultra-Low Account
Leverage: Up to 1:888
Average spreads: 1 pip (Standard and Micro) 0.6 – on XM Ultra-Low Account Platforms: MT4, MT5, Web, Mobile
|Why trade forex with XM. |
– Multiple withdraw and deposit methods
– Supports mobile money funding
– Negative balance protection
– Regulated in many countries
XM Broker Review
Regulation – 5
XM is regulated in many jurisdictions – CySEC Cyprus, IFSC, FCA United Kingdom, ASIC Australia, DFSA Dubai
Trading Instruments – 4.9
XM offers a range of trading instruments for every trader, including: Forex Trading, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, and Shares.
Trading costs – 4.2
XM has the tight spreads in its XM Ultra low Account with average spreads of 7 pips on EURUSD and 15 pips on GBPUSD. There are no commissions charged.
The micro and standard accounts attract high spreads compared to the other brokers I trade with.
Withdrawal and deposit methods – 4.9
VISA, Mastercard, Maestro, NETELLER, Skrill, Wire Transfer, Perfect Money, Web Money, and Mobile Money.
Traders looking for forex brokers accepting M-Pesa and MTN mobile money or Airtel money will love XM.
Client funds are held in bank accounts separate from those used by the company.
Trading Platforms – 4.8
MetaTrader 4, MetaTrader 5, MT WebTrader, MT iPhone/iPad, MT Android, MT Mac
Trading tools – 3.8
XM provides access to proprietary indicators by directly contacting an Account Manager.
Trade Execution – 4.8
Very fast without re-quotes.
Customer care and support – 4.7
Our Forex Broker Review Criteria
Here are the criteria we used to review and pick the forex brokers on this list out of the hundreds of forex brokers out there.
- Regulation – As a trader, your deposits must be safe. Only regulated brokers can give that assurance. They are required to meet stringent conditions before they are licensed. This protects your money.
- Withdrawal and deposit methods. Once you are sure that your money is secure, you want to know how fast and conveniently you can deposit and withdraw your money. Almost all these broker have the standard deposit and withdraw methods – VISA, Wire transfer – but those that go the extra mile to provide local withdrawal methods like Mobile Money win.
- Costs and fees – Even accounts that don’t have commissions have fees – we call those fees spreads. For scalpers, you want to trade with a broker who provides the tightest spreads and lowest commissions possible.
- Platform and trading tools – The weapons of warfare to a trader are their laptop or computer or mobile phone, running the right trading platforms and trading tools. Always trade with a broker who provides the platforms and tools you are most comfortable trading with. All the above brokers come with Metatrader 4 as the standard. Others have Metatrader 5, and ICM markets additionally have cTrader. They all have web traders and apps for mobile trading.
- Trade execution – It shouldn’t take ages to enter or get out of a trade. You want to get in when you click buy or sell and get out when you click close. It’s got to be fast—instant fast. You should keep in mind that your gadgets – computer, laptop, phone, internet connection – all play a big part in determining your trade execution speeds.
- Customer care and support – once in a while, you may need the help of the guys behind your computer. Hasn’t a deposit gone through? Can’t log in? Can’t trade? Anything happens; a good broker like your partner should be a call away, a chat away, or an email away with the help you need to execute your trades.
Final thoughts on XM.
Do you want a good forex broker? Give XM a spin. It meets the criteria for the best forex broker to trade with.
Do you trade with XM? Share with us your trading experience in the comments section below.