If you are a frequent internet user, there is a high chance that you have come across several ads for XM. You might be wondering how it works or how one can join the XM forex broker. Well, you are in the right place to find out why this platform might be the best forex trading broker.
XM is the legally registered trade name of the international forex broker, Trading Point of Financial Instruments Ltd. Established in 2009, the firm is a CySEC-regulated and an FCA-UK-registered broker, with headquarters in Limassol, Cyprus.
Now, let us look at some of their key features that you should know before joining this platform:
There are two main forms of trading systems that XM offers: Web Trader, MetaTrader 4 and MetaTrader 5. One of the key advantages of the web trader system is that you are able to obtain information about the market quickly through their website without necessarily using any other supporting software. This feature is beneficial especially if your hard disk is running out of space or you just need to access the platform using your smartphone.
MetaTrader 4 is among the most used systems in forex trading. Apart from being characterized by clear movements and prices, it is user-friendly, which greatly increase any trader’s performance. Another thing worth noting is that MetaTrader 4 offers both manual and automatic options for trading.
Types of Trading Accounts
Micro Trading Account
If you are new to forex trading or just joining XM, then this account is suitable for you. This is because it employs an outstanding low-risk approach. With this account, you can open a profile with as little as $5.
Standard Trading Account
This is the immediate account just after the beginner level. If you are a seasoned trader and willing to risk further with a moderate amount, then you might like this account. One of the most outstanding features of this account is its large contract sizes.
Also Read: XM Free $30 No-Deposit Bonus
If you are willing to spend $100,000 on joining this trading platform, then you should consider this account. Despite the huge amount of risk involved, you have the opportunity to gain massively. You might find this account interesting if you are a high-volume trader.
Demonstration account is designed to help those who are willing to join the XM forex trading platform to gain experience before making any decision. Upon registering this account, you will be provided with more than $100,000 in virtual funds to use in virtual trading as a way of familiarizing yourself with the XM trading platform.
Something else to note is that the XM forex trading platform offers Islamic accounts for traders who might want to trade under the regulations of Sharia Law.
Spreads in XM vary according to the trading system and your account type with spreads starting with as little as one pip. An added advantage with regards to these pips is the availability of fractional pricing in which five digits are given unlike the standard four digits as offered by other trading platforms. Traders have the option of choosing both the fixed and variable spreads.
The XM broker offers an 888:1 leverage which is quite different from other platforms. That is to say, you can trade in exceeding 100 financial instruments and exceeding 60 currency pairs either by phone or online, on 8 different platforms.
The XM trading platform does not charge any commission. Ideally, the company gains profits from the spreads of trades on their own. As a trader, you will not incur any hidden fees and the gains or losses that you are going to make are real.
Assets of Trade in XM
You will find several different types of trading instruments in the XM trading platform. Some of the most used assets are:
- Gold and silver,
You should note that the XM platform does not support ETFs trading.
Deposit and Withdrawal Options
There are different transfer options that are provided by the XM trading platform. They include:
- Credit cards,
- Moneybookers /Skrill,
- Western Union.
However, note that XM does not currently allow traders to make deposits or withdrawals using PayPal, something that will be a big disappointment for many potential investors who would like to work with XM.
Key Advantages of Working With the XM Platform
Among the key benefits to enjoy as an XM member are:
- Low minimum deposit amounts,
- Many fast deposit and withdrawal options,
- Great leverage options,
- Favorable trading platforms to choose from,
- Different suitable account types, and
- Several trading assets to pick from.
Another key feature that you should note is that the XM broker platform is fully licensed, with its regulation being conducted by many jurisdiction authorities such as CySEC, IFSC, FCA UK, and ASIC.
Final Word On XM
XM remains one of the most sought-after forex trading online platforms today. The fact that it is highly advanced and allows easy usage by any trader, be it a beginner or an expert, makes it among the best forex trading platforms.