- Instrument Variety
- Leverage: (30:1)
- Scalping: Allowed
- Trading Conditions: Favourable
- Regulation: CySEC, ASIC, FCA
- History: 2 Fines CYSEC, SEC
- User Feedback:
XM (XM.com) is one of the best Forex brokers with the most favorable conditions in the market. High leverage, fast execution, tight spreads, and excellent response make them truly top notch. They have been on the receiving end of 2 regulatory fines, but have amended the issues, and are generally consider highly trustworthy in the FX community. In addition the context arena functionality is both interesting, and innovative. Very recommended.
- Company: Trading Point of Financial Instruments Pty Ltd, Trading Point of Financial Instruments Ltd ,and Trading Point of Financial Instruments UK Ltd.
- Payment Options: Multiple Local Payment Methods like Debit/Credit Cards, Neteller, Skrill, Bank Wire Transfer, etc.
- Platforms: MT4 for both Mac and Windows, XM Webtrader and various Mobile Platforms, MT5
- Accounts Available In: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR
- Minimum Deposit: $5
- Regulation: Regulated by CySEC of Cyprus, ASIC of Australia and FCA (UK).
- Social Trading: N/A.
- Support Options: Phone, Callback, Live Chat and Email.
XM offers its customers the ever popular MetaTrader 4/5 platform for both Mac and Windows. The XM version of MetaTrader works just as one would expect it too and allows users to automatically trade the available markets using Expert Advisors, with only one restriction. Expert Advisors may not place more than 200 pending orders at one time, this will only affect a very small number of Expert Advisors. In addition to offering MetaTrader 4/5, XM also offers a strong web trading platform which allows clients of the brokerage to manage and open positions from any computer with an internet connection. Those who want to trade on the move will also be pleased to hear that the brokerage offers a range of mobile trading applications which allow clients to monitor, manage and open positions wherever they are. Currently XM provide mobile trading applications compatible with the majority of Smartphone devices. The range of platforms offered by XM.com is impressive and should be enough to satisfy the majority of traders.
- Leverage: Up to 30:1 on Forex (Leverage applies to all the EU regulated entities of the group. Leverage depends on the financial instrument traded)
- Scalping: Allowed
- Expert Advisors: Allowed
- Trailing Stops: Yes
- Spreads: Variable, typical spread on EUR/USD 1.8 pips.
- Minimum Pip Distance on Stop/Limit Orders: 4 pips.
XM operate a Dealing Desk for phone orders, but state that the vast majority (99%>) of orders are processed using an STP execution model. This means that the vast majority of client orders are processed through to one of the brokerages liquidity providers. STP brokerages are favoured by many traders as the interests of the brokerage and the client are better aligned. XM is competitive in regards to spreads, with the typical spread on the EUR/USD being around 1.8 pips but as a STP broker spreads are of course variable. XM also offers traders the ability to take advantage of significant amounts of leverage with the brokerage offering flexible leverage of up to 30:1, it is important to realise that leverage can work for you and against you. XM allows for clients to engage in a wide range of trading strategies and allows clients to scalp and hedge their positions. Additionally the use of Expert Advisors is permitted, with clients being able to use any type of Expert Advisor they please. Though XM.com require clients to have less than 200 pending orders open at any one time to ensure that servers run smoothly. Overall, the trading conditions on offer with XM.com are very favourable.
- Number of Currency Pairings: 57
- Other Instruments: Stocks CFDs, Commodities CFDs, Equity CFDs, Precious Metals CFDs, Energies CFDs and Cryptocurrencies CFDs
The brokerage focuses mainly on Forex, with XM offering a total of 57 different CFDs of a high variety. The range of currency pairings on offer include pretty much every pairing the average retail trader is going to be interested in trading. In addition to offering a good range of FX pairings, XM also allows its customers to trade a range of Equity, Precious Metal and Commodity Contracts-for-difference (CFD’s). While the range of CFD’s is relatively limited the ability to trade a range of different instruments all from one platform is something which may be attractive to many traders who want to trade Indices, Precious Metals and Commodities on the side.
- Support Methods: Live Chat, Phone, Call back and Email.
- Telephone Numbers: A Selection of International Phone numbers.
- Support Languages: Arabic, Chinese, English, French, German, Greek, Hindi, Hungarian, Indonesian, Japanese, Korean, Polish, Malay, Portuguese, Spanish and Russian.
In all my personal dealings with the firm they have been nothing but helpful and I have never encountered any major problems. Support is available through a number of different methods and the brokerage provides support in a number of different international languages. Overall the brokerage appears to try its very hardest to provide a high level of customer care.
- Regulated: Based and Regulated in Cyprus by CySEC. XM is additionally regulated by ASIC of Australia and FCA (UK).
- MiFID Regulated: Yes, XM can accept clients from throughout the European Union.
- US Traders: XM does not take on US customers as the firm lacks the necessary US regulatory approval.
- Regulatory Record: Fined by the CTFC back in 2010 and received a 10,000 Euro fine from CySEC in 2013.
The brokerage is regulated by CySEC of Cyprus, ASIC, and is also a registered with the British FCA. With Cyprus being a member of the European Union and therefore party to MiFID the brokerage is able to offer it services to all residents of the European Union. Trading Point of Financial Instruments Ltd. the firm which operate XM has had a couple of run ins with regulators since they begun offering Forex trading services back in 2010. In 2010, the brokerage received a $140,000 fine from the CTFC for accepting US clients despite the fact US regulatory law prevents US residents from opening accounts with firms not regulated by relevant US authorities. Trading Point Ltd weren’t the only brokerage to be targeted by the CTFC, with around 24 brokerages being on the receiving end of CTFC action. More recently the firm were fined a total 10,000 Euros by CySEC for failings relating to the brokerages Anti-money laundering and client segregation procedures. In the announcement CySEC stated that the firms previously clean regulatory record played at mitigating role regarding the size of the fine, with the firm having ensured that it now fully complies with CySEC regulation. In 2015, XM.com became regulated in Australia by ASIC further adding to their range of regulatory licences and allowing the firm to operate in Australia and take on Australian clients.
XM is one of the better retail Forex brokerages offering its clients the ability to take advantage of tight spreads and excellent execution. Those looking for a STP brokerage to trade with should give XM some serious consideration