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User Review
5 (1 vote)

Summary

The XM Group, which was launched in 2009, today serves more than 1,500,000 online traders from 196 countries. It supports 30+ languages, offers 24/7 customer support, and delivers 16 fully functional and feature rich trading platform.

Pros

• 1000+ instruments
• Free deposits and withdrawals
• Trading bonuses
• Rewards program
• Free forex signals

Cons

• Does not accept traders from some countries
• Offers only three platforms

About XM Forex

Registered customers can choose from over 25 banking methods to make deposits and withdrawals. Its management team has visited more than 120 cities to interact with partners and clients. So far, it has executed more than 1,400,000,000 trades without any rejections or requotes.

Is XM Forex Reliable?

XM Group Licenses

XM Group operates under licenses issued by the International Financial Services Commission (IFSC), Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySec), and Australian Securities and Investments Commission (ASIC).

The company is the winner of multiple forex service awards such as Best Forex Customer Service Award (2018) by Shares Magazine and Best Trading Support (2017) by Capital Finance International Magazine.

Traders can contact the company through live chat, email ([email protected]), and phone (+501 223-6696). They have their offices at No. 5 Cork Street, Belize City, Belize, CA.

Types of Accounts

Traders can choose from three types of accounts:

XM Forex account types

Micro Account

  • Contract size of one lot equal to 1000
  • Spreads as low as 1 Pip
  • 100 lots per ticket
  • Trading bonuses
  • Protection for negative balance
  • Hedging permitted
  • Optional Islamic account

Standard Account

  • Protection for negative balance
  • Contract size of 100,000 for 1 Lot
  • Spreads as low as 1 Pip
  • Lot restriction of 50 Lots per ticket
  • Trading bonuses
  • Hedging permitted
  • Optional Islamic account
  • Minimum trade volume of 0.01 Lots

XM Ultra Low Account

  • Spreads as low as 0.6 Pips
  • Trading bonuses
  • Optional Islamic account
  • Minimum deposit of $50
  • Minimum trade volume of 0.01 Lots for Standard Ultra and 0.1 Lots for Micro Ultra
  • Lot restriction of 50 Lots (Standard Ultra) and 100 Lots for (Micro Ultra)

Your Step-by-Step Guide to Creating an Account

Registration 1st step

Registering an account at XM Forex takes just two minutes. The first step is to click on the green Open an Account link at the top of the FX broker’s homepage. This opens a real account registration form opens on traders’ screen. They have to fill in details such as name, country of residence, preferred language, phone number, and email address. Next, they have to select the type of trading platform and account.

Registration 2nd step

Then, they have to then fill in their date of birth, address, preferred trading currency, leverage, educational level, status of employment, and investment amount. Finally, they have to create a password and check the boxes against the declarations that they are willing to receive newsletters, product updates, and company news from the financial service and that they have read and understood and agree to the FX broker’s order execution policy, general risk disclosure, risk disclosure, privacy policy, conflicts of interest policy, and terms and conditions.

Although that is a lot to read for traders who are impatient to get started at XM, we suggest that you take the time to read and understand all the terms and conditions and policies of the online trading platform. The last step is to click on the large green tab Open A Real Account at the bottom of the registration form.

If you are not ready to start trading real money at XM Forex, you can open a demo account. To do this, you only have to click on the Open Demo Account link on the homepage. The procedure to open a demo account is simple as the online registration form has just one page. You have to input your name, country of residence, phone number, email, preferred language, trading platform, preferred trading currency, type of account, preferred currency, and investment amount.

Next, traders have to create a password and confirm it and check the box against the declaration that they would like to receive company news, product updates, and newsletters from the company. Finally, they have to click on the Open a Demo Account tab at the bottom of the registration form.

XM Forex password

One of the best features of the online trading service is that existing traders can open addition accounts with just one click. It does not require any extra validation. Moreover, traders who have opened demo accounts can use them as long as they wish. The trading service will shut down demo accounts that haven’t been used for over 90 days, but traders are always free to open another demo account whenever they wish. The forex service allows up to five active demo accounts at a time.

XM Bonus Offers

Traders have plenty of bonuses to claim at XM Forex, and here is a brief overview of them:

XM Forex promotions

No Deposit Bonus of $30

Traders don’t have to create any account to claim this bonus. The online financial service automatically credits the bonus to player accounts, and traders are free to withdraw all the profits they earn by using this bonus. However, the bonus itself is sticky and cannot be withdrawn.

Deposit Bonus

Traders who just loaded their online trading accounts can claim a two-level bonus of 50% up to $500 plus a bonus of 20% up to $4,500. As soon as traders make a qualifying deposit of at least $5, this bonus is credited to their accounts. The bonus is sticky and cannot be withdrawn, but it is available for MT5 as well as MT4 accounts.

Free Virtual Private Service (VPS)

If traders maintain a minimum of US$5000 in their accounts can request free VPS service, which features optical fiber connectivity and is located a short distance from XM’s London data center. Even traders who do not qualify can request this service, but for a monthly fee of US$28.

This service comes with the following benefits:

  • 24/7 connectivity
  • Sophisticated hardware
  • Excellent for EAs
  • Accessible from all over the world
  • Optical fiber connectivity
  • High speed trading

Banking Information

Traders can choose from credit/debit cards, bank wire transfer, electronic payment methods, and local bank transfer. They are free to deposit in any currency of their choice, but the online financial service will convert it into the preferred trading currency that they selected at the time of registration.

Traders can deposit/withdraw a minimum of US$5 in their accounts, but this amount changes according to preferred banking method and the validation status of the trading account. XM Forex processes withdrawals in 24 hours. As soon as traders make a payout request, it will be placed in the pending status. The online trading service processes payouts in the same currency in which traders made their deposits. If traders request payouts in a different currency, XM will convert the withdrawal amount into the requested currency according to the latest exchange rates.

Traders can withdraw money from their account only when their accounts have been validated. To validate their accounts, they must upload documents such as copies of identity proof, address proof, and others in their member area. Once they get a message from the online trading service that their account has been validated, they can make a payout request.

The time taken for the withdrawn funds to hit traders’ personal accounts depends on the preferred banking method. While electronic wallet services are instant, withdrawals made through credit/debit card and bank wire may take up to 5 working days.

The online trading platform does not charge any fees for deposits/withdrawals made through electronic wallets and credit cards. It also does not charge fees for deposits/withdrawals of more than US$200 through wire transfer. There are no hidden commissions for traders to worry about. In addition, the company instantly credits deposits made through electronic wallets and credit cards and wastes no time in crediting bonuses to trader accounts.

Choose from a Variety of Platforms

You can choose from two major trading platforms:

XM Forex trading platforms

MT4 Platform

The MT4 trading platform is available for PC, Mac, iPhone, Android smartphones and tablets, and iPad.

The MT4 platform comes with the following features:

  • Login once to access 8 platforms
  • 1000+ instruments such as CFDs, futures, and Forex
  • Spreads are as low as 0.6 pips
  • Single click trading
  • Three types of charts
  • VPS functionality
  • Hedging permitted
  • Optional micro lot accounts
  • Complete expert advisor (EA) functionalities

MT5 Platform

The MT5 trading platform is available for PC, Mac, iPhone, iPad, and Android smartphones and tablets.

This platform comes with the following features:

  • Access 7 platforms with a single login
  • Spreads are as low as 0.6 pips
  • Single click trading
  • 80+ technical analysis objects
  • Hedging permitted
  • 1000+ instruments including stock indices CFDs, stock CFDs, energies CFDs, cryptocurrency CFDs, precious metal CFDs
  • Market depth of latest price quotes

MT4 WebTrader

You can use this platform for PC as well as Mac.

This platform has the following features:

  • Single click trading
  • View active orders on charts
  • Multiple close by and close by trade requests
  • Edit graphical object properties

MT5 WebTrader

The MT5 WebTrader has the following features:

  • Single click trading
  • Trade on your browser
  • 1000+ instruments
  • Support for a variety of trading orders
  • Edit graphical object properties

Free Forex Signals

XM Forex signals

Real money trading account holders at XM Forex can access the trading signals hub in the Members Area, absolutely free of charge. They can download instrument analysis for previous as well as current dates for free. Free forex signs are available daily for EUR/USD, USD/JPY, GBP/JPY, EUR/JPY, GBP/USD, Gold, Oil, NIKKEI, US30, and AUD/USD.

As many as 10 financial instruments are covered every day and delivered two times days. Free signals are available with take profit, entry, and stop levels.

The trading signals hub is updated two times every day—once at 10:00 a.m. and once at 4:00 p.m. server time from Monday to Friday.

List of Trading Instruments

 XM Forex trading instruments

XM offers more than 55 pairs of currencies and CFDs on energies, precious metals, equity indices, individual stocks, and cryptocurrencies; and the spreads are very competitive.

Here is a list of instruments available at the online trading platform:

  • Forex Trading
  • Commodities
  • Stocks
  • Precious Metals
  • Cryptocurrencies
  • Energies
  • Equity Indices

Our Take on XM

XM Forex appears to be doing a good job. They are licensed and regulated and have plenty of positive trader reviews. Of course, there are always traders with complaints, but we haven’t come across any serious complaint about this company.

XM Forex #1 Review & Bonus: Is It Reliable FX Broker or not?
Registered customers can choose from over 25 banking methods to make deposits and withdrawals. Its management team has visited more than 120 cities to inte
Editor's Rating:
5