Finding the right broker is the most important decision you can make in the forex trading industry. By finding a broker that you trust and rely on, you have everything you need to understand the financial market. In fact, a great broker can also provide you with tools and resources to help you become a better forex trader, such as providing you with signals and educational resources. While you can never predict the financial market, there are things your broker can help you within your trading journey. In this article, we’ll be talking about everything you need to know about the XM forex broker.
XM is a regulated forex broker, so you can guarantee that they’re reliable and trustworthy. They were established back in 2009, regulated by the International Financial Services Commission (IFSC), ASIC, CySEC and FCA (UK). They pride in having excellent customer service to accommodate you with any inquiry or concerns you have, with traders in precisely 196 countries. Like many other brokers, you can trade with this broker using MetaTrader 4 and MetaTrader 5. Asides from currencies, you can trade metals, stocks, and stock indices as instruments. In their mobile app or website, as a member, you have access to training and education materials. Their newsletter also gives you the intel you need on a certain currency or instrument you’re eyeing to trade on.
Asides from the mentioned above, XM forex broker offers more than a thousand financial instruments to trade with, whether it’s Currencies, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Metals CFD, and Energies CFDs. The only downside is it doesn’t offer binary options or futures.
Spreads & Commission
Depending on the kind of account you choose, there are different spreads and commissions for each one. XM offers three different accounts, which is a Micro, Standard, or XM Zero account. The minimum spread is 0.1 pips and this goes for even major pairs like EURUSD. The remarkable thing about this broker is they’re transparent about their fees and commissions. They only add commission for XM Zero accounts and as for the rest, they cover fees such as withdrawals and deposits. The only negative thing about this broker is that their spreads aren’t consistent, which means it may fluctuate over a while.
The leverage depends on the instruments you’re trading with as it rangers between 2:1 to 30:1. Another great thing about XM forex broker is that traders have the choice to manage their leverage accordingly. If a certain trader wants to change their leverage, they can do so by simply logging in to their account.
XM has the most flexible and convenient method of deposits and withdrawals than any other broker. However, to do this, your account needs to be verified first by submitting a valid proof of identification and address. Once they have confirmed this, you can freely do transactions without any restrictions. Micro and Standard accounts have a minimum amount of $5, while Zero accounts have a minimum of $100. There are various ways of making transactions, whether it’s through bank transfer, electronic payments, wire transfer, or credit cards. Transactions are also fast and efficient as the processing time is 24 hours.
We’ve mentioned above that XM forex broker prides in the exemplary customer service they provide for their clients. They have 24/5 customer service, which is available in over 30 languages. If you have a concern or inquiry, they’ll respond to you immediately, and this is one of the many remarkable things about this broker. Their priority lies with the client and they aim to assist you with whatever needs you have, whether it’s an issue in payment transactions or something else entirely.
In conclusion, I hope this article was able to shed insight on the XM forex broker. The bottom line is that it truly is an exceptional broker and it has everything you need in a broker. They’re regulated, have low spreads, flexible leverage, and an astounding customer service. With this broker, there’s nothing that could go wrong and even if there is, they have 24/5 customer service that will help you with your concern. XM forex broker may have its cons, but the good outweighs the bad and this is a broker you’ll potentially succeed in with the trading industry.Click Here to Open Account with XM Broker