XM Review 2017

XM Review 2017

XM Review 2017

In our quest to bring you all relevant information about the best forex and CFD brokers, we came across XM. This big company has more than one million clients from literally all over the world, so we simply had to take a closer look and see what their website has to offer.

Our time was definitely not wasted because we’ve gathered a lot of interesting facts which we are more than willing to share with you. The rest of this XM review should, therefore, be a very interesting read you don’t want to miss.

If trading forex interests you in any way, you are definitely in the right place. Read on and you will very quickly see exactly what we mean.

PROS

CONS

– low financial requirements

– loads of educational materials

– excellent trading platforms

– many currencies accepted

– Islamic accounts for every account type

– partnership with Usain Bolt

– support in 30 languages

– app doesn’t support Windows phone

– bonuses could be more diverse

 

XM Review | Login and account creation

Before you start trading, you have to complete the XM login, which means you need to have a trading account on the broker’s website. Don’t worry; it’s extremely easy to create one – you only have fill out two simple forms containing your personal information and you’ll be all set to start trading. Everything you share with the company during this process is treated with outmost care and you can rest assured no information will be leaked. What is important to mention here is that you get to choose the trading platform you want to use and the type of account that suits you when filling out the first form. Obviously, you need to be well informed about these things, so let’s move this XM broker review on from the login process to the account types you have at your disposal. We’re just getting started, so don’t go away!

XM Account Registration

XM Account Registration

XM Review | Account Types

XM account types come in three different versions: Micro, Standard and XM Zero Accounts. They all allow hedging and 200 pending orders per client, as well as offer leverage of up to 1:500, which is pretty good and a bit better than the industry’s average. However, there are also some notable differences between them, like the number of currencies (Zero Account only offers USD, EUR and JPY, others much more) and commissions (again, Zero Account has them, others don’t).
What is really important to mention, though, is that all XM account types are also available as Islamic accounts, which will certainly be appreciated by those among you who belong to this particular religion. This feature allows you to trade in full accordance with the Islamic faith, without any swap or interests that can appear if you maintain an overnight position. XM Islamic accounts can be opened by simply requesting this status upon account creation and you will immediately be able to trade swap-free. However, there is one more XM account you can open, but it has some pretty special features, so it’s best to leave it for the next part of this XM review. Stay tuned!

XM Account Types

XM Account Types

XM Review | Demo Account

It wouldn’t be much of an offer if you couldn’t open your XM demo account to test everything out before you make your deposit. But what makes this account type so special is the amount of features it offers. You can fine-tune your demo account by choosing which of the trading platforms it will be based on, which account type it will mimic, how big the leverage will be and how much virtual funds you get. As you can see, you certainly have plenty of options. Not only that, but you also have access to all the analytical tools you need to make a correct prediction, so we can honestly say that this is as close to the real account experience as you can possibly get.

XM Demo Account

XM Demo Account

However, what makes this feature so useful is the amount of education you can get on this broker’s website. As a matter of fact, the company has gone one step further than anyone else in this respect and allowed traders to conduct genuine market research. A whole research team is at your disposal with their advice and comments, so you can upgrade you trading skills very quickly by talking to a real professional. Apart from that, you also have purely educational features like XM webinars or forex seminars where you can expand your theoretical knowledge. Then you simply go back to the demo account and try to apply what you learn without any financial risk. Once you think you’re ready, simply switch to a real account and start trading. You’ll learn everything you need to know about the trading environment that awaits you in the next part in our XM forex review.

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XM Review | Trading platforms

All trading on this website is done on two XM trading platforms. They are based on probably the most famous trading software in the world – Metatrader 4 and Metatrader 5 are the engines behind it all. They have some things in common, but also some features that separate them, so let’s take a closer look.
As we have already said, the leverage here goes up to 1:500, and both XM platforms allow you to get that. Additionally, there are no rejections on either of them, plus there are more than 300 different instruments to choose from. Here, however, we come to the first differences. You see, although the broker does offer CFD trading, CFD stocks can only be traded on the XM mt5 platform, whereas other types of CFDs should be available on both of them. Another notable difference between the two is that only XM mt4 offers a Multiterminal (which allows for up to 128 different accounts), whereas both platforms have the XM WebTrader feature. Finally, we have to say that you can download both platforms to both Windows and Mac computers, which covers pretty much all potential clients. Of course, you can also trade on the go with this broker, but we dedicated a special part of this XM review to that. It’s coming up next, so do keep reading!

XM MT4 WebTrader

XM MT4 WebTrader

XM Review | Mobile app

Naturally, this broker simply could not be considered a serious company if their offer didn’t include a way to trade via your mobile device. Not only did they provide one such way, however, but they even offered multiple versions of it. Here’s what we mean.
Both mt4 and mt5 platforms have their XM mobile versions. You can use them both on tablets or on smartphones, it really doesn’t make much difference if they are powered by Android or iOS – your experience will be excellent in any case. With XM app, you get three different types of charts, about 30 different indicators, access to your complete trading history and the ability to check out news from the business world whenever you want. This package stays the same no matter which version of the mobile app you download, and we have to say that all of them are perfectly designed and make the most of your device’s touch screen. Of course, all variations of the XM app are completely free of any charge – just download them and log into your trading account. A particularly nice surprise was the fact that there are also tutorials in form of videos you can watch if you want to learn how to set your app up and use it properly. This just goes to show how much attention user experience got from this broker, but we will talk a bit more about that later on in this XM review. As far as mobile trading with this broker is concerned, we really have no complaints. Can the same be said for money management? Find out in the next paragraph!

XM Mobile App

XM Mobile App

XM Review | Deposit

Yes, everything concerning money has to work absolutely perfectly on a website like this. Neither you nor the broker want any problems in this respect because you both lose if anything goes wrong – you lose your money and the company loses its reputation, something extremely important in an industry like this. Let’s see how XM deposit works, first.
What really impressed us here is the number of methods you can use. Apart from bank wire transfers and local bank transfers, you can also use many different credit cards. These include Visa, MasterCard, Maestro, Visa Electron, Diners, UnionPay, and, naturally XM cards (we’ll talk about how you can get them later in this guide). But many other systems are also available, from more standard things like Neteller, WebMoney and Skrill to things like paysafecard, GiroPay, Boleto, Qiwi, CashU and more. Pretty much any method you can think of is accepted here, which really is a big plus for this broker.

XM Deposit Methods

XM Deposit Methods

Minimum XM deposit is set to 5$ only because the system does not allow the broker to go lower, but we think we can all agree that this is more than acceptable. The minimum requirement changes if you deposit via bank transfer, though, because you will be asked to deposit at least 200$ that way. Additionally, most deposits allow for instantaneous transfer of funds and XM will never charge you any deposit fees or commissions.  XM deposit (and withdrawal) can also be made in 11 different currencies, from USD, EUR and GBP to JPY, SGD, RUB and ZAR. That’s a lot of features, huh? Not only that, but XM allows you to even deposit by using Bitcoin, with all the requirements remaining exactly the same! Just remember to check if this virtual currency can be used from your country. The situation is similar when the money is going the other way, which is why we dedicated a part of our XM broker review to withdrawals only. Check it out!

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XM Review | Withdrawal

No matter what you’re trading and with which company, withdrawing money is the most delicate part of the whole process. No serious broker will allow for any problems to appear when you’re trying to access your hard-earned money, and the same definitely goes for XM. They approach this issue with due care and professionalism, and it shows.
XM withdrawal methods are quite numerous, although not as numerous as the deposit methods. Things like paysafecard, CashU or GiroPay cannot be used, but that is perfectly understandable given how these things work. All credit cards we mentioned in the previous part of XM review are still on the table, as are bank transfers and electronic payment systems like Neteller, Skrill, WebMoney and a few more. In short, choosing the right withdrawal method should not be a problem.
All XM withdrawals that are done via one of the credit cards or electronic systems will be processed within 24 hours. The only exception to that is the XM card to which the money will be credited within 24 hours and bank transfers which take between 2 and 5 business days to complete. There are also no XM withdrawal fees, but if you’re withdrawing through a bank you have to see how much they charge for the transaction. The broker can’t do much about that. Pretty much the same goes for minimum XM withdrawal requirement which is just 5$ (a huge advantage!) for cards and electronic systems, but 200$ for bank transfers. Despite their numbers, we tested all methods and never had any withdrawal problems. This broker is as reliable as they come, so we can continue our XM forex review and see what else this company has to offer. Stay with us, you won’t regret it!

XM Withdrawals

XM Withdrawals

XM Review | Bonus

Another big advantage of trading with this broker is its bonus policy. Be advised, though, not all traders are eligible to receive XM promotions. That depends on the country you’re trading from, but you can check whether or not you can hope for additional trading funds in your Members Area. If you can, you’re in luck because what you get here can help you a lot.
First, we have the welcome bonus which is essentially the XM no deposit bonus. You see, as soon as you open your account, but before you make a deposit, the company will reward you with 30$. This way, you can start trading immediately without any risk and see how it feels. You might want to make a deposit as quickly as possible, though, because the XM deposit bonus will surely put a smile on your face. You see, for every deposit under 500$ you will get 50% added to your account balance, whereas for deposits between 500$ and 4500$ that percentage is 20%. This XM bonus is applied EVERY TIME you make a deposit, so your money will gain value immediately. There are no limits to this, simply fund your account and extra funds will always appear. What we do have to warn you about is the fact that these bonuses cannot be withdrawn directly, but can be used for trading purposes only. Despite that, we think it’s a great deal because you significantly increase your chances to make a lucrative trade because you can invest the money that you got for free. That’s why we were so thrilled by the XM bonus policy, but that’s not the only thing that deserves praise on this website. Stick around and see what else you have to enjoy here.

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XM Review | Contact and Support

Every website of this kind needs to be able to provide information quickly and efficiently to people who visit it. Good support is a proof of a reliable company, but if you want to learn more about security here, read our Is XM a Scam article. Usually, a team of highly trained individuals is standing by to help you out with whatever you need, but top-tier brokers such as this one always have several ways for that.
XM customer support can be contacted in a variety of ways, including e-mail, phone calls and live chat. As a matter of fact, there are seven different departments you can contact depending on what you want to talk about and five different offices, so you should really be well covered. What we found particularly impressive, however, is the fact that XM customer support is available in 30 different languages, which is a staggering amount of options. From English, French and Spanish to Hindi, Chinese and Arabic, there is no way you won’t have someone to talk to here. Yes talk, because XM live chat is the best contact method here. Operators are quick to respond and very patient and professional, so you can bet you won’t have to wait a lot to reach someone. Honestly, this is also the case with all other contact methods, but it was the live chat that appealed to us the most. We must also mention that the customer support will notify you of upcoming events and promotions via e-mail, which can be very helpful. But is it really possible that nobody has anything against this company? See for yourself in the next part of our XM review.

XM Support

XM Support

XM Review | Complaints

So, are there any XM complaints? Yes. Nobody’s perfect and people do make mistakes, but you have to take into consideration what other brokers have to offer. That’s why most XM complaints come from new and inexperienced traders who don’t exactly know how quickly the market can turn and they go about accusing the broker of manipulating the results. Such a thing is impossible because brokers cannot influence the market, but fortunately people like this are an almost negligible part of this website’s community. Still, we had to mention them because whenever you see a broker without any complaints you should be suspicious of it. We also heard complaints about spreads and leverage, but this again came from people who knew next to nothing about forex and CFD trading. We can testify that we experienced no withdrawal, trading platform or any other types of problems while trading here and that we found no evidence of fraud.

XM Complaints Form

XM Complaints Form

What strengthened our conviction that we were on the right track when examining this broker’s offer was the feedback we got from more experienced traders. People who were trading here for longer periods of time were pretty much delighted with what they got for their money, especially in comparison with what some other brokers offered them. So we can conclude that everyone who has realistic expectations and knows how this industry functions will be satisfied with the quality of service provided to them here. But this XM review still has a lot of interesting things to discuss. How does a sports superstar sound? Read on, the next paragraph could really impress you.

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XM Review | Usain Bolt

Big brokers often try to enter partnership agreements with various celebrities and famous organizations (for example, football clubs) in order to reach a wider audience and become more recognizable outside the trading industry. It’s not easy because reaching a deal like that requires a lot of negotiations and security checks from people representing said celebrities/organizations. However, XM has done it and with one of the greatest athletes of all times. We’re talking, of course, about Usain Bolt, the fastest man who ever lived.
XM and Usain Bolt have entered a partnership agreement which states that the broker will sponsor the athlete who will in turn be the company’s official ambassador. Already, a TV ad starring Bolt has been released and you can even go behind the scenes to see how the commercial was made. This ties in nicely with the execution speed of XM trading platforms, so Usain was a perfect fit. You can also consider this a big success by the broker, because an athlete of this calibre won’t sign a contract with just any company that approaches them. With that, we are slowly reaching the end of this XM review, but there are still some interesting features we need to look at. Stay with us just a bit more!

XM Usain Bolt Partnership

XM Usain Bolt Partnership

XM Review | Other features

There are more details we didn’t mention in this article, but which should be very interesting to you, so let’s see what else there is to say. We already mentioned the XM card, a prepaid card that can be used anywhere in the world and is connected directly to your trading account. You can use it at ATM machines, shops and anywhere else you see a MasterCard logo, all without any fees. XM cards can be ordered from the broker’s website for just 10$, but if you have more than 2000$ in your account balance you will get one for free. So if you want to be able to immediately use the money you earn trading, this is something you don’t want to miss out on.

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XM spreads also deserve to be mentioned because they are really low and allow you to trade with maximum profit. They do differ slightly depending on which account type you choose because the Zero Account’s spreads on all majors are 0 pips, whereas Micro and Standard accounts have that set to 1 pip. In any case, this is a pretty good deal. We must also mention that you can get XM signals very easily because all you have to do is create a real account and head to the Members Area. The signals will be delivered twice every day there and they apply to ten different financial instruments with Stop, Entry and Take Profits levels. If you’re stuck and don’t know where to invest, this could very well be the perfect solution.
Another thing we mentioned earlier in this article are XM tutorials. We talked about them in terms of using your mobile app, but there are actually loads of tutorial videos on this website and they will definitely teach you everything you need to know about trading here. Once you see how many of them there are, you’ll realize how much effort has gone into creating this website and making sure you never encounter any problems.
With that, we believe there really is nothing left to say about this broker. Every feature has been analyzed, every number concerning the company’s offer mentioned. It’s time to wrap our XM review with a conclusion.

XM Features

XM Features

XM Review | Conclusion

How do you compress everything about a broker of this size into one paragraph? And where do you even begin? Well, let’s first say that you can choose between Metatrader 4 and 5 and their numerous versions here, so you can rest assured that the trading environment will work perfectly. Deposit and withdrawal requirements are extremely low, which is another big plus for the company, and the bonus policy offers a lot of interesting possibilities, too. Still, if you don’t want to deposit real money right away, you can always go for the demo account and test everything out. It’s completely free and mimics real trading conditions perfectly, so you will get a pretty good idea what to expect when you start trading for real. Three different account types, all of them with their Islamic versions are also there, as are numerous ways to contact the customer support. You can even get your own XM card and the broker has even entered a sponsorship agreement with Usain Bolt to prove that they are one of the leading companies in this industry.
With features like that (and many more) there can be absolutely no doubt that you will get from these people everything you need to start your trading career. Our XM review has been a complete success, so open an account here and you will be trading with one of the very best brokers in the world!

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Author's overall rating:
Author: Ben Prescott
Updated:

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