Starting from our account opening procedure, to managing your account, depositing or withdrawing funds and finally trading, it’s all straightforward simple and easy to use for all our clients. To summarize, the broker is committed to educating its traders, but further enhancing and diversifying educational resources would better meet traders’ needs and align with industry leaders. XM offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms for desktop users. These platforms are known for their comprehensive charting capabilities, technical indicators, and expert advisors (EAs). Overall, XM’s account offerings exhibit versatility and inclusivity, catering to a wide range of traders’ preferences and needs.
What languages does XM support?
We believe that choosing the right broker is the key to success in online trading, and we are committed to helping you do that. If you’re looking for reliable and accurate information about brokers, you’ve come to the right place. XM has been acknowledged as the “Best FX Service Provider” for the year 2022 by the City of London Wealth Management Awards. This is in recognition of the high standard of services provided by the platform.
Who are Forex Trading Market Participants?
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA). The account opening process with XM is straightforward and user-friendly.
Customer Support Contacts
ForexBrokers.com has been reviewing online forex brokers for over eight years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. XM offers a transparent fee structure that traders can consider when evaluating their trading costs.
XM provides CFD trading, which allows traders to speculate on the price movements of these assets without actually owning them. Since XM does not offer traditional futures contracts trading, it’s important for traders to understand the distinction between CFDs and futures and to ensure that the broker’s offerings align with their trading goals and preferences. When it comes to education, XM does a great job of teaching both new and experienced traders several strategies and approaches to trading financial markets.
The mobile versions of MT4 and MT5 translate extremely well from the desktop versions, also allowing excellent interaction between devices. The 3 chart types and 30 technical indicators of MT4 migrate well, whilst there is also push notifications for trading alerts. 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. In other words, opening a trade with the Micro account, a 1 Lot position on EUR/USD gives you exposure to $0.1 per pip (or 10 cents per pip) movement. What we advertise is what bitfinex review we give our clients, regardless of the size of their investment.
XM Trading Platforms
- The mobile trading platform allows traders to gain access to multiple tradable assets, including forex, crypto, and CFDs.
- XM does this to protect clients from highly volatile market conditions, such as news releases.
- XM provides multiple deposit methods with no deposit fees and several account base currencies.
By opening a trading account, you will be automatically emailed your login details that will give you access to the XM Members Area. Prior to dabbling into margin trading, each reader should take the time to determine their individual investment goals, risk tolerance, and level of expertise. Our main objective is to help readers make better-informed decisions when choosing online brokers and learn the foundations of trading rather than providing financial advice. Please consider contacting a professional advisor if you require any financial assistance. The Learning Centre hub is another area of the site for traders to learn their craft. We are impressed with the selection of educational videos, platform tutorial videos, whilst the XM Live video feed is a service you will very rarely see with rival brokers.
This also means that a necessity of currencies to be traded against each other is needed in order for this to happen. All these factors have determined a growing forex trading marketplace, which will only continue to grow and become more dynamic, liquid and responsive. Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score. XM Group is a trusted MetaTrader-only broker that offers an outstanding selection of high-quality educational content and market research.
If the deposit currency is not USD, the amount indicated should be converted to the deposit currency. One strong plus is that XM extends negative balance protection to all its clients, not just the EU clients that it is required to by law. This means that traders cannot lose more money than they put into their account and is excellent for beginners especially.
Brokers that are offering stock CFDs are now also pushing clients on to MT5 (an upgrade on MT4) as stocks are not available on MT4. Beginner traders who have done even minimal shopping around for brokers will by now have realised that the MT4 platform is available everywhere. Some of the bigger brokers will offer their proprietary platforms to trade on, whilst others will offer other third-party platforms for variety. We believe that XM scores fairly well but not great overall on fees. The spreads are not the best you can find, but trading costs can be reduced with the zero spread account.
From our XM forex review, we discovered that the account opening process is quite straightforward, with abundant educational content available for free. XM is an FX brokerage that was founded by Trading Point Holdings in 2009. The broker is globally available and allows traders to buy and sell various financial assets including forex, crypto, metals, and CFDs. XM is regulated by the Financial Services Commission, Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC). Its users have access to both MT4 and MT5 platforms in addition to low trading and withdrawal fees. They earn from spread variations influenced by market conditions, liquidity, and currency pairs.
Whether for beginner, more advanced or professional online traders, MT5 has opened up new perspectives to not just trade but also gain better visibility across different markets and different asset classes. In forex trading, minor currency pairs or crosses are all currency pairs that do not include the USD on one side. A spread is the difference between the bid and the ask price of a currency pair (buy or sell price), and so to make it even easier it is the price at which your broker or bank is willing to sell or buy your requested trade order. Due to all the above, and not limited to the above, the forex trading market legacyfx review is today the world’s most liquid and most volatile market, with over $5 trillion traded daily. At XM the client comes first regardless of net capital worth, account type or size of investment.
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