XM Review 2023 Pros and Cons Uncovered

xm forex broker review

Another benefit of the software is that it is available for every device. Mobile trading today is a standard requirement for the trading software, as it is essential to be able to respond to news from within. Positions can be opened, managed, or closed by your smartphone. For our 2022 Forex Broker Review, we assessed, rated, and ranked 45 international forex brokers over a three-month time period. Each broker was graded on 108 different variables and, in total, over 100,000 words of research were produced.

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Traders can write their own EAs using the MQL4 programming language, or download free or paid EAs from the MetaTrader Marketplace online. To test Expert Advisors, trading strategies can be backtested against historical data. While backtesting allows traders to optimise automated trading strategies, MT4 only offers single currency backtesting. Instead of wider spreads to cover brokerage fees, clients pay a commission of $3.50 ($7.00 round trip) per $100,000 for each standard lot traded. XM offers investment opportunities with flexible trading conditions that suit the needs of traders with diverse skills and experience.

What is XM leverage?

The platform can broker your Forex trading on over 55 currency pairs, from USD and GBP to EUR & JPY pairs. There are several reasons why XM is one of the best-regulated brokers and trading service providers. One can test the XM brokering experience with a demo account to its trading platforms and services. But, before you invest your thousands of dollars with this particular broker service, it is essential to know the ins and outs of it. From auto trading services to commissions spread, this XM review explores how this CFD and FX broker service registers its proclaimed 99.35% efficiency across its activities. This XM review will also highlight this broker service’s drawbacks to put forth a transparent and unbiased assessment.

xm forex broker review

Currently, over 1000 different markets are provided to traders. In addition, the broker works as an intermediary for tradable contracts for difference. In summary, the offer is huge at first glance, and also the company data prove to be trustworthy. XM is a CFD and forex broker with a high measure of currency pairs offered.

Between MT4 and MT5, this trading platform may be intimidating for beginners due to its complex programming and advanced tools. One can set up a demo account to experience a simulated working of XM broker services. The XM demo account allows users to use virtual broker services on their trades. The platform also offers a virtual base currency balance of $100,000 for demo account users. With its unique algorithmic processing, the XM demo account provides the trade’s exact features and outcomes under real market conditions for the users. In addition to this, the platform does not limit the usage time of a demo account.

Looking also at the number of base currencies available, there are 11 to choose from. This is considerably more than what many brokers will offer you. It is up to the individual trader to decide how comfortable they are trading with a dealing desk broker.

Swap charges will apply if a position is carried over to the next day. The history of growth and stability over the 11 years of trading gives us confidence in XM. Although it is not a public company or has a bank attached, we believe they have a strong track record. XM has also really put the effort in when it comes to Research and Education. The website is jam-packed with content to give traders the most assistance they could ask for on their journey.

These benefits are coming every once in a while during trading with XM brands. This way, traders are treated by their eagerness and enthusiasm in trading forex. But these can all be discovered when traders stay being XM clients. For the old users of XM trading accounts, they get to receive LOYALTY BONUSES. Traders need to apply for this special perk and earn a certain number of points that traders can get upon executing trades with XM. The more they trade, the higher the points they accumulate, which can be converted to the LOYALTY BONUS after application.

Account Conclusion

Now, it’s your choice whether to overlook XM’s shortcomings and exploit its many good points or avoid dealing with its shortcomings altogether. If you are a trader that comes under the XM Global entity (Belize regulation) you can have a Shares Account which means that you can trade the underlying company shares (ie. not just the CFDs). There are 100 to choose from and are all major US, UK and German companies. With XM, inactivity charges kick in after just 90 days (i.e. 3 months) of the account being dormant. We consider six months or sooner to be bad, whilst 18 months and above is generous.

There are sessions held live every day on the latest financial news, market outlooks, Q&As, introduction about XM’s products & services, and expert opinions on the most recent movements. These live sessions can benefit both new traders to XM, as well as traders familiar with the broker. The stock offering is especially interesting as XM offers access to stock CFDs from various global markets. This selection of options is more than sufficient for mobile-based trading.

In addition, we found numerous XM’s add-ones allowing you to enjoy extra benefits that the platform offers. This includes also XM VPS, Rapid Trade Execution and remote connection to a Virtual Private Server(VPS). The XM VPS brings non-stop work without your monitoring or even having the computer on. You may see also swap fee conditions on the snapshot above, as well for better information check out and compare XM fees with another broker Pepperstone.

Brokers By Licenses

These swap fees are applied based on the difference in interest rates between the two currencies in a currency pair. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. The company’s Trading Account Types page provides important information about available accounts, including base currency options, contract sizes, typical spreads, and commissions.

Professional traders looking for advanced analytical tools including fundamentals will find themselves disappointed with the offering. Inactivity fees are another of the important non-trading fees that you can incur. All brokers want you trading, and when a trading account lies dormant, they begin to incur inactivity charges on the account.

XM Verdict

MetaTrader 4 (MT4) – is good for charting, technical analysis indicators and translates very well across your devices, meaning desktop, tablet and mobile versions interact very well. Compared to rival brokers, XM charges inactivity fees very quickly, however not as expensive as other https://traderoom.info/ brokers. Many traders from around the world can sign up to trade with XM. Notable countries that traders will not be able to sign up from including the US, Canada, China and Japan. Furthermore, there are other notable countries that traders are restricted from trading with XM.

  • XM started out as a company called Trading Point Holdings, which was established in 2009.
  • There are no internal costs with deposits or withdrawals, but third-party fees may apply.
  • It should not take more than a day to verify your account and get started with your trading activities.
  • In addition, the execution is very reliable, and there are 100% no requotes.

The XM trade ethos focuses on expanding its clients with fair practices. The company emphasizes trade personalization and excellent customer service. XM helps its clients with various trading platforms, tools, and services to deliver a successful trade. These services are aimed at meeting the tailor-made investment goals of every client. A free virtual private server runs the XM services and boosts the speed of trades.

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Note, the trading area offers additional tools, such as an economic calendar and trade volume stats. The multi-award winning MetaTrader 4 is a popular choice amongst retail forex traders. Its tools are easy to use, efficient and support customization.

xm forex broker review

For Micro and Standard Accounts, the fees are incorporated into the spread, with 1.7 pips as the cost of spread. When it comes to XM Zero Account, there is a 3.5USD commission for each 100,000 USD traded and an average spread of 0.1 pips. There are different types of fees that are provided for each account type. The inactivity fee is charged after ninety days, and it is relatively low, with a fee of 5USD. For the EURUSD asset, it is a relatively average fee, depending on your account type. This is considered a huge benefit for XM clients, since they don’t have to worry about the consequences that follow when they want to open or close their account.

XM offers some of the best trading platforms available in the market, all of which allow you to do a very extensive and detailed market analysis. This is an important factor in making it in the Forex trading market. Yes – XM.com offers every client a free demo account to test the platform and xm forex broker review markets. The account is filled with virtual funds and you trade without risk. The demo account is ideal to gain new experience or developing strategies for trading. MT5 is a multi-asset trading platform where XM customers can gain access to over 300 Share CFDs as well as Forex and other CFDs.

The following calculations were made using the Standard account. Founded in 2009, XM has been in business for more than 13 years operating four regulated entities. The broker’s clients will enjoy a high level of transparency and have quick access to important information about types of accounts, legal docs, commissions, and fees. The broker has multiple options for deposits and withdrawals, including credit cards, wire transfers, and e-wallets. Additionally, it offers a variety of account types to suit clients’ needs.

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