XM Broker Review
The XM broker company was founded in 2009. It offers traders a full MetaTrader platform package from MetaQuotes Software Corporation. IN our XM trading review, we see that the company has transformed into a broker with many online assets.
It provides over 400 instruments, including 57 currency pairs and 356 CFDs. There are also five CFDs available for cryptocurrencies, including Bitcoin, Dash, Ethereum, Litecoin, and Ripple.
In the XM review, (XM Group) is a trading name of Trading Point Holdings Ltd (Trading Point Group). Trading Point Holdings Ltd is the owner of an entity. FCA in the United Kingdom regulates this, with EU passports under MiFID, a subject of CySEC in Cyprus. However, Its existence subject to ASIC regulation In Australia.
The XM broker also provides six calculators from the all-in-one calculator to the pip cost calculator. This can be helpful when traders are thinking or researching economic ideas. Investing.com also supports an economic calendar.
XM Minimum Deposit
In writing about the XM broker, to open the standard account, you will need only $5. For the traders who deposit only a few hundred dollars or less, these fees are undoubtedly great. However, for traders who want to deposit larger sums, they would be better off with other brokers in the industry.
In our XM broker review, we also found that the company charges an inactivity fee of $5 per month after 90 days of inactivity. They do not charge any other additional costs on deposits and withdrawals except where a trader moves an amount of less than $200 by wire transfer.
This is not bad unless you are making very low deposits and fail to make no trades for a period longer than a month. In our XM review, it is excellent for traders who deposit under $1000 on all account types. Speaking of account types…
XM Account Types
You will have four different account types to consider. In the XM broker’s setting, we have the Micro and the Standard account. They are both similar in that they only require you to deposit $5, which is very low and very competitive as a minimum requirement.
The difference you will find between the two is the default standard lot size you will get, and the difference is negligible. Both of these accounts will offer you an unusually broad range of currency pairs.
The XM Ultra-Low account has lower than average spreads, and the minimum deposit is only $50. They have a narrower range of base currencies. You will find the JPY and the RUB missing. The only difference is the lack of trading bonuses offered to traders.
After all these, you can choose to use the ECN-style account that is not true ECN, but the closest thing to it. They have low variable spreads and a commission on the benchmark of some currency pairs.
At the XM broker, there is no actual minimum. Even the $5 is to adhere to the restrictions placed on electronic funding like Skrill and Neteller. Withdrawals use the same methods that they have provided for depositing money.
Withdrawal of amounts that are under $200 fall subject to a $15 administration fee. This is not uncommon, either. However, it is a little unusual, and smaller depositors should consider when to make the withdrawal or sit tight.
The spreads on the Micro account can be as low as 1 pip, for the XM Ultra-Low Accounts, the spreads are as low as 0.6 pips. In researching for our XM review, we found that they have variable spreads because of the interbank forex market they use.
By offering the variable spreads, eliminate insurance premiums. This allows traders to do more with fewer restrictions.
When it comes to manual trading signals, XM offers its transaction signal concentrators access to account holders. Users can access messages from ten instruments generated twice a day.
To Wrap Up
In our XM review, transactional signals are currently limited to the signal market available on the MetaTrader platform. After XM stopped its previous offer of trading copy permissions for the Trader MirrorTrader and ZuluTrade platforms, this decision became mandatory.
XM is a broker offering only MetaTrader, offering a standard, ready-to-use solution. It provides a set of platforms from MetaQuotes Software Corporation. As you know, MetaQuotes Software Corporation is the creator of popular MT4 and MT5 platforms for computers, mobile devices, and the Internet.
Xm Details Overview
|Established: 2009||Website: https://www.xm.com|
|Address: 12 Richard & Berengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus.||Regional Offices: Australia and Belize|
|Minimum to Open Live: $5||Regulators: : UK's Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission of Belize (IFSC).|
|Minimum Trade Size: 0.01||Prohibited Countries: United States of America, Canada, Israel, Belgium, and the Islamic Republic of Iran.|
|Maximum Leverage: 1:888||ECN: Not Available|
|Mobile Trading: Available||Currencies: 55+|
|Trading Platforms: MT4 and MT5||Cryptocurrencies: 5+ including Litecoin, Bitcoin, and Ethereum.|
|Robots: Available||CFD: (940+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities.|
|Scalping: Allowed||Web Trading: Available|
|Deposit Methods: : Bank Wire, VISA, MasterCard, Neteller, Skrill.||Withdrawal Methods: Bank Wire, VISA, MasterCard, Neteller, Skrill.|