XM · Company Profile

Overview

XM is a Forex CFD broker operating from Cyprus. Since the launch of its operations over a decade ago, the company has gained significant control of the well-regulated forex sector through its enormous choice of instruments and strong educational trade materials. The broker gives access to top trading platforms, MT4 and MT5, together with its custom app, thus being a direct influence on traders at different levels as per the many account types. XM holds licenses from regulatory authorities in Australia (ASIC), Cyprus (CySEC), UK (FSA), Mauritius (FSC), and Dubai (DFSA), enhancing its credibility and security for clients.

Quick XM Summary

• Founded: 10-15 years ago
• Headquarters: Cyprus
• Regulation: ASIC, CYSEC, FSA, FSC, DFSA
• Market Instruments: Forex, stocks, commodities, metals, energies, indices, cryptocurrencies
• Minimum Initial Deposit: $5
• Maximum Leverage: 1:1000
• Minimum Spread: From 0.6 pips
• Trading Platforms: MT4, MT5, XM’s proprietary platform
• Customer Service: 24/7 via email, phone, live chat

Pros and Cons

Pros

• Offers a wide range of market instruments, including stocks, commodities, and cryptocurrencies.
• Leading trading platforms like MT4 and MT5, along with its own trading application.
• Demo accounts and educational resources, including market analysis, webinars, and economic calendars.
• Supports multiple languages through 24/7 live chat, email, and phone channels.

Cons

• High minimum deposit required for the stock account ($10,000).
• Spreads on some accounts may be higher than those on other brokers.
• High leverage (1:1000) may pose risks for beginner traders.
• Registered in Cyprus, which may be viewed as a less strict regulatory environment compared to other European countries.

XM’s Product Offerings

• Forex: Includes major, minor, and exotic currency pairs.
• Stocks: Global stock index futures available for trading.
• Commodities and Metals: Opportunity to trade energy and industrial metals.
• Indices and Energies: Allows trading in global indices and energy commodities.
• Cryptocurrencies: Options available for digital asset trading.

Account Types

• Micro, Standard, and Ultra Low Accounts: Spread-only accounts with spreads from 0.6 pips and leverage up to 1:1000.
• Share Account: Requires a minimum deposit of $10,000, includes commissions, and does not offer leverage; best for stock traders.

Account Opening Process

1. Fill in Personal Information: Submit name, address, and contact information.
2. Choose Account Preferences: Select leverage and account type.
3. Agree to Terms: Review and agree to terms and conditions.
4. Submit Documents: Provide proof of identity and address (ID card, passport, utility bill).
5. Make Initial Deposit: Fund the account with the minimum deposit for the chosen account type.
6. Client Area Access: Traders can manage funds and trading activities in the client area post-registration.

Trading Platforms

• MetaTrader 4 (MT4): Offers charting tools and is user-friendly.
• MetaTrader 5 (MT5): Includes additional technical indicators, time frames, and asset trading for a wider range of instruments.
• XM Mobile App: A mobile platform supporting iOS and Android, designed for trading on the go.

Funding Methods

• Methods: Bank transfers, credit/debit cards, and e-wallets like PayPal, Skrill, Neteller, WebMoney.
• Fees: XM does not charge fees for deposits and withdrawals, but external providers may apply charges.
• Processing: Deposits are typically instantaneous; withdrawals may take several days depending on the method used.

Educational Resources

• Market Analysis and Economic Calendars: Keeps traders informed of market events.
• Trading Signals and Online Courses: Aids in mastering trading techniques.
• Webinars and Seminars: Real-time events on specific topics led by experienced speakers.

Customer Support

XM offers various customer support channels:

• Live Chat: Provides instant responses in multiple languages.
• Phone and Email: Options for personal questions.
• International Support: Offers phone lines with support staff fluent in multiple languages.