Although XM are one of the newest UK Forex brokers, having been founded as recently as 2009, they have quickly acquired an excellent reputation. Based in Cyprus and regulated by CySec, the Cypriot Forex dealing regulatory body, they are also covered by the FCA and are a reliable broker.
Which Trading Platforms do XM Offer?
XM offer a choice of two different trading platforms, both being user friendly and suited to both experienced traders and newcomers to the market. For those investors who prefer downloading software to their PC, the Meta Trader 4 platform is a solid choice, known for having an accessible interface, options that are easily customised and helpful charting and analytical tools. On the other hand, their WebTrader trading software is ideal for traders who enjoy checking their assets and trading on the move as it is able to be accessed via mobile devices without any software downloads required. XM offer a free demo account to anyone who wishes to test their platforms before registering for an account.
Which Account Types Can Traders Choose From?
XM offer 4 different account types that are suited to the needs of different investors. Newcomers to Forex trading who only wish to place a small deposit to get started should opt for the XM Micro account with its very low $5 minimum limit. For those traders who are ready to progress, the Standard account is available, and for high rolling traders, the Executive trading account is also on offer with its minimum deposit of $100,000. Islamic traders can benefit from the Islamic trading account which is operated to Sharia law principles.
Useful Information About XM Broker
In line with other top UK Forex brokers, XM will never charge a fee or commission for financial transactions. Traders will experience no monthly account fees or hidden costs unless they leave their trading account inactive for more than 90 days in which case there is an additional fee of $5 per month.
There is an average spread offered by XM across their accounts on EUR/USD transactions of 1.9 pips. They have a fractional pricing structure which is slightly different from the usual method as it gives investors five digits instead of the customary four.
XM offer over 100 different varieties of currency pairs, as well as a broad spectrum of other assets like commodities, stocks, energy products and precious metals.
Their leverages on offer will vary depending on account type, but traders with the best record can expect to command leverages of up to 888:1.
XM are aware of the importance of having a convenient and streamlined system of deposit and withdrawal and therefore they offer a range of methods by which money can be placed into and taken out of accounts. These include Neteller, Skrill, SOFORT, IDEAL, Western Union and MoneyBookers. There is also the possibility of using credit and debit card transactions as well as bank transfers. PayPal, however, cannot be used. All withdrawals will be processed in a 24 hour period, but funds may not necessarily be received immediately as they can take up to 10 days to appear in an investor’s account.
Having a good customer support team is key to the success of an fx broker, and XM’s helpful team are available 24 hours a day during Monday to Friday. They also offer a range of ways to contact the company with telephone helplines, email addresses and even an online chat facility. The staff are multi-lingual which makes it easy to get essential advice.
The XM trading platforms can be accessed between 22:05 GMT on Sundays until 22:05 on Fridays. Orders can also be placed at those times with the call centre, who can direct orders to the dealing room.
Trading platform speed is extremely good and reliable, with transaction times often being as short as one second. There are never any requotes given because of the minimal time lag between the price quoted and the real time market value.
Why Choose XM for Forex Trading?
If you choose XM as your Forex broker, you can experience the following benefits:
- A user friendly trading platform that is reliable and suited to all investor types
- Reputable and trustworthy brokerage service, regulated by CySec and registered with the FCA
- Leverage of up to 888:1
- No requote guarantee with short transaction times
- Helpful customer service team available 24 hours on weekdays
- Multiple methods of contacting customer support including email, telephone and chat
- Rapid withdrawal processing within a 24 hour period
- Choice of withdrawal and deposit methods
- Choice of assets to trade for maximum profit
There are a few negatives to choosing XM:
- No PayPal option for withdrawal or deposit
- Executive trading account has a very high minimum deposit of $100,000
- No weekend customer assistance for addressing queries