When it comes to choosing a Forex broker, something that attracts many new customers is the promise of something for nothing. Those of you reading this XM Forex broker review will be pleased to learn that at the time of writing, XM are offering all new customers a $30 free XM bonus. And that’s not all. They’re promising the opportunity to trade Forex, stock indices, oil and gold, using the popular MT4 trading platform, leverage of up to 888:1, and an additional XM bonus of $5,000. So let’s fill you in on who this brand name is, and whether they are worthy of your time.
The background and history of XM Forex broker
The name behind XM is Trading Point of Financial Instruments Ltd, which is a licensed and regulated broker with CySEC and the FCA (Financial Conduct Authority) in the UK. Headquarters are in Limassol, Cyprus, and since the very beginning it has gainED a great reputation because of its core values of transparency, professionalism, and top quality trading conditions. XM is authorized to operate throughout the European Union, as it is registered with various other regulatory bodies such as BaFin in Germany, and CNMV in Spain. It does not currently offer its services to residents of the USA, North Korea, Iran, Myanmar, Cuba, Sudan, and Syria.
Brokers Name: Trading Point Holdings Ltd
Established year : 2008
Broker Type: Market Maker
Accept Us Clients: No
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XM Forex Broker Review
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XM is a trading name of Trading Point Holdings Ltd, a financial services provider that offers online trading in the global financial markets. XM’s clients benefit from direct access to the financial markets in over 100 financial instruments including Forex, equity indices, precious metals, and energies, with transparent real-time pricing, lowest spreads, and flexible leverage.
- Trade forex on over 60 currency pairs, oil, gold, silver, and stock indices
- Multiple trading platforms, including MetaTrader 4, and Web Trader on all mobile platforms
- 100% execution, 99.35% in under 1 second
- No re-quotes or rejections
- Tight spreads from 1 pip for every single trader and investor
- Instant deposits with zero fees, same day withdrawals
- Flexible leverage up to 888:1
- No negative balance
XM.COM is a trading name and a registered trademark of Trading Point Holdings Ltd, which wholly owns Trading Point of Financial Instruments Ltd (Cyprus) and Trading Point NZ Ltd (New Zealand).
Trading Point NZ Ltd is a FSP (Financial Service Provider), and it is registered with the FSP under registration no. FSP235905. FSP under registration no. FSP235905.
Trading Point of Financial Instruments Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 120/10, and registered with FCA (FSA, UK), under reference no. 538324. Trading Point of Financial Instruments Ltd operates in accordance with the Markets in Financial Instruments Directive (MiFID) of the European Union.
- Trading Point of Financial Instruments Ltd is registered with the following:
- FCA Financial Conduct Authority (FSA, UK) under registration number 538324
- BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht), Germany, under registration number 124161,
- CNMV (Comisión Nacional del Mercado de Valores), Spain, under registration number 2010157773,
- AFM (Autoriteit Financiële Markten), Netherlands,
- FI (Finansinspektionen), Sweden,
- FIN (Finanssivalvonta Finansinspektionen), Finland,
- PSZÁF (Pénzügyi Szervezetek Állami Felügyelete), Hungary, under registration number K0005633,
- CONSOB (Commissione Nazionale per la Società e la Borsa), Italy, under registration number 3046,
- ACP (Autorité de Contró Prudentiel), France, under registration number 73640,
- KNF (Komisja Nadzoru Finansowego), Poland;
- Embraces the investor protection measures described by the Markets of Financial Instruments Directive (MiFID);
A wide range of trading platforms for both demo and real accounts
XM Forex broker offers a wide array of trading platforms for those who open demo and real accounts, but the most popular is by far MT4. MetaTrader 4 supports an unlimited number of real and demo accounts, as well as Expert Advisors. The available trading platforms support market, limit, stop, and trailing orders, all accessible from 1 account. Which means that trading operations are swift and flexible. Whatever time, and wherever you might be, XM is open for business.
Trading platforms available include:
- MT4 for iPhone
- MT4 for Android
- MT4 for iPad
- MT4 for tablet
Minimum Deposit: 5Usd
Maximum Leverage: 888:1
Minimum Trade Size: 1000
Hedging Facilities : Yes
Free Demo Account: yes
Traders From USA: No
Fees & Commissions
Depositing Fees: No
Withdrawal Fees: No
Payment Methods : Visa & Master card,Maestro,union pay,Bank Wire,Webmoney,Neteller,Skrill,Local Bank Transfer,Western Union & more.
Supported Languages: English, Greek, Japanese, Chinese, Bahasa Malay, Bahasa Indonesia, Hungarian, Russian, French, Spanish, Italian, German, Polish, Hindi, Arabic, Korean, Portuguese and Czech.
Customer Service Methods: Call Back,Phone, Chat, Email.
Customer Service Hours: 24/5
Telephone Trading :Yes
Personal Account Manager: Yes
Account types available
There are three basic options if you want to open an account with XM, which are a Micro, Standard, and XM Zero account. The Micro account is great for the beginner, and those who prefer a low risk approach. All that is required is an initial deposit of only $5. The next account up is better suited to those with a little more experience, although the benefits are pretty much the same as the Micro account. The minimum deposit for an XM Zero account is a little bigger at $100.
And let’s not forget the account that is perfect for those just starting out in the Forex trading business and those wanting to try XM out for size. There is a demo account available where traders can test their true trading potential, without risking any real cash, before moving up to a real money account.
The chance to benefit from an exciting XM bonus
XM Forex broker has gained quite a reputation for a number of reasons and one of them is their very generous set of bonuses. First, there is a $30 no deposit bonus which is available to all new clients, and their site says all profits earned can be withdrawn, and there are no hidden terms. There is also a 100% bonus upon executive level entry to the XM Loyalty Program, that is instant and automatic. The XM bonus amount can be maximized according to level of trading. And finally there is a monthly opportunity to win $50,000 and gain entry to the final round of the Forex World Championship. Prizes include $500,000 in cash prizes, and 12 rounds of $1,000,000 in prizes.
We should also mention the XM loyalty program, with its own set of rewards and incentives, as well as free VPS services, and 0% fees on deposits and withdrawals.
Multilingual customer service 24/5
An important factor to consider when writing any Forex broker review is the quality of customer service and support. XM offers multilingual personal account managers at the disposal of both real and demo account holders. Contact can be made by telephone, email, or live chat. 24 hours a day, 5 days a week.
Beginners will be pleased to learn there is a whole library of educational material, including weekly interactive webinars, free video tutorials, as well as Forex news and market analysis.
There is a lot to be said about the high standard of security for payment methods, as well as negative balance protection, no re-quotes, no hidden fees or commissions policy. All major payment methods are supported, including WebMoney, China UnionPay, Visa, Mastercard, Skrill, and Western Union.
All in all, XM is a very transparent brokerage firm that serves its customers with professionalism and integrity. There are heaps of favorable reviews to read if you want to learn more about them from their customers.