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XM Reviews

(1 vote)
  • Minimum Trade Size 0.01
  • Maximum Leverage 888:1
  • Minimum to Open Live $5
  • Address :

    12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus

  • Contact :

    support@xm.com, +357 25029933

  • Regulators :

    ASIC #443670, IFSC #000261/158, CySEC #120/10, DFSA #F003484

  • Trading platforms : MT4, MT5
  • Web Trading : Yes ✅
  • Mobile Trading : Yes ✅
  • Currencies : (55+)
  • Cryptocurrencies : (50+)
  • CFD :

    (940+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities

  • EAs/Robots : Yes ✅
  • News Spike Trading : Yes ✅
  • Scalping : Yes ✅
  • PAMM : No ❌

Read this XM broker review before opening your account. Is this a reliable Forex broker? Find out more with our FXCracked Forex broker review of XM. 

We have reviewed the company extensively and found it legit and recommendable. This broker provides maximum flexibility on deposit and withdrawal requirements for all traders.

At FXCracked.com, we have a readers-first policy. Thus, we always prioritize the safety of our readers in our business. We will never satisfy ourselves with brokers’ public information; however, we will go in-depth. We will often open live and demo accounts and test brokers directly.

What is XM Trading?

XM Trading is a significant online regulated broker that began operations in 2009. It caters to clients from over 196 countries and offers support in 30 languages, making it one of the most trusted and accessible platforms in the forex trading community. The company provides various trading options, including forex, commodities, equity indices, precious metals, and energies, on popular platforms like MetaTrader 4 and MetaTrader 5.

XM’s main branch is in Cyprus, which is regulated by CySEC, but it also has a strong global presence with offices in Australia, the UK, Belize, and Greece. Additionally, it is authorized to operate in Dubai and the MENA region. This global network effectively allows XM to meet its international clientele’s diverse needs. The company is also well-regarded for its extensive educational resources, webinars, and research tools that support both novice and experienced traders make well-informed trading decisions.

Is XM a good broker?

XM is generally considered a good broker for several reasons:

  1. Regulation and Security: XM is regulated by several reputable financial authorities, including CySEC in Cyprus, ASIC in Australia, and IFSC in Belize. This regulation helps them adhere to strict financial standards and offer a secure trading environment.
  2. Range of Markets: XM offers a broad range of trading instruments, including forex, commodities, equity indices, precious metals, and energies. This variety allows traders to diversify their portfolios within the same platform.
  3. Platform Options: XM supports MetaTrader 4 and MetaTrader 5, among the industry’s most popular trading platforms. These platforms are known for their reliability, extensive analytical tools, and automated trading capabilities.
  4. Account Options: XM provides different types of accounts to cater to various trader needs, from beginners to more experienced traders. They offer micro accounts with low minimum deposit requirements and more advanced accounts with different pricing structures.
  5. XM’s commitment to trader development is evident in its comprehensive educational resources, which include webinars, seminars, and research tools. These resources enhance traders’ trading knowledge and skills at all levels. Customer Support: The broker offers customer support in multiple languages, reflecting its global presence and commitment to being accessible to traders worldwide.

While XM has many strengths, potential traders must consider their specific trading needs and preferences. Different users’ experiences with XM can vary, so it’s advisable to start with a demo account to get a feel for the platform before committing significant funds.

XM Broker Pros and Cons

Here’s a balanced view of the pros and cons associated with trading through XM Broker:

Pros

  1. Regulation and Security: XM is regulated by multiple reputable bodies, including CySEC, ASIC, and IFSC, ensuring high safety and financial security for its clients.
  2. Wide Range of Instruments: Traders can access various markets, including forex, commodities, equity indices, precious metals, and energies, facilitating a well-rounded trading portfolio.
  3. Platform Choice: XM supports both MetaTrader 4 and MetaTrader 5, which are industry-leading platforms known for their robustness, customizability, and advanced features.
  4. Educational Resources: XM invests heavily in trader education, offering numerous webinars, seminars, and research tools that benefit traders of all experience levels.
  5. Customer Support: The broker provides customer service in over 30 languages, reflecting its global reach and commitment to client support.
  6. Account Types: XM offers various account types to suit different trading strategies and experience levels, including micro and standard accounts. All have competitive spreads and flexible leverage options.

Cons

  1. Geographic Restrictions: XM does not provide services to residents of certain countries, including the U.S., which limits its global reach.
  2. Inactivity Fees: XM charges an inactivity fee to accounts not used for trading activities for a certain period, which could be a drawback for less active traders.
  3. Spread Variability: While XM offers competitive spreads, these can vary and widen during major news events or market volatility, which might affect trading strategies, especially for day traders.
  4. No Proprietary Platform: Some traders might find the lack of a proprietary trading platform a disadvantage, as bespoke platforms can offer tailored trading experiences.
  5. Limited Product Portfolio: Compared to some competitors, XM might have a more limited selection of non-forex products, which could be a concern for traders looking to diversify into more niche markets.

These aspects will help you decide whether XM suits your trading needs and preferences.

Overall XM Forex Broker Ranking

Providing an overall ranking for XM within the context of global Forex and CFD brokers involves considering its features, regulatory compliance, platform offerings, customer service, and user feedback. Here’s how XM generally measures up:

Regulatory Compliance:

XM is highly compliant with international regulatory standards, being overseen by well-respected bodies such as CySEC (Cyprus), ASIC (Australia), and IFSC (Belize). This strong regulatory framework provides high security and trustworthiness, positively affecting its overall ranking.

Trading Platform and Tools:

XM offers access to the MetaTrader 4 and MetaTrader 5 platforms, among the most popular and robust trading platforms. These platforms support a range of trading styles and strategies with advanced charting tools, technical indicators, and automated trading capabilities.

Account Options:

With a range of account types tailored to different levels of traders, XM facilitates both beginners and experienced traders. The flexibility in account types, competitive spreads, and a low minimum deposit for a Micro account make it accessible and appealing.

Educational and Support Resources:

XM excels in providing extensive educational resources, including webinars, seminars, and trading education materials that cater to traders at all levels. Combined with excellent customer support available in multiple languages, these features enhance the overall trading experience.

Market Range and Spreads:

While XM offers diverse trading instruments, including forex pairs, commodities, equity indices, and precious metals, its product portfolio is not as expansive as other major brokers. However, the spreads are competitive, though they can vary and widen under certain market conditions.

Client Feedback and Satisfaction:

User reviews typically highlight XM’s reliable customer service and user-friendly platforms, though there are concerns over spread variability during high volatility and the inactivity fees.

Geographic Reach:

One limitation is that XM is unavailable to residents of certain countries, including the U.S., which restricts its global reach.

Overall Ranking:

Given these factors, XM would likely rank well among mid- to top-tier global Forex brokers. It is particularly well-suited for traders who prioritize strong regulatory oversight, comprehensive educational resources, and robust trading platforms. However, other brokers might be more suitable for traders looking for a wider range of investment products or bespoke trading platforms.

Other Forex Brokers Similar To XM Broker

XM Broker Awards and Accolades

As a prominent forex broker, XM has garnered various awards that reflect its reputation and reliability in the forex trading industry. While specific awards can vary year by year, here are some typical kinds of awards that XM has been recognized with:

  1. Best FX Service Provider – XM has been recognized as a top service provider in the forex industry, emphasizing its quality of service and comprehensive trading conditions.
  2. Best Trading Support—Awards like this underline XM’s commitment to offering exceptional support to its traders, including educational resources and customer service.
  3. Best Forex Broker in Europe – Regional awards highlight XM’s strong presence and regulatory compliance in specific markets, reinforcing its status as a leader in those regions.
  4. Best Forex Execution Broker – This award signifies XM’s capability to provide fast and reliable trade execution, an essential aspect for traders who value speed and accuracy in their trading activities.
  5. Most Trusted Broker – Trust is paramount in the forex trading community, and awards in this category recognize XM’s efforts to maintain transparent and fair trading practices.
xm awards

These awards, typically bestowed by industry experts and trading communities conducting annual reviews and surveys, underscore XM’s strengths in areas such as customer service, platform reliability, and overall trader satisfaction. They significantly contribute to XM’s reputation as a leader in the forex trading industry.

Is XM Forex Broker safe or a scam?

XM is considered a safe broker rather than a scam based on several key factors:

  1. Regulation: XM is regulated by several reputable financial authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission (IFSC) of Belize. This regulatory oversight ensures that XM adheres to strict financial standards and practices, typically including client fund segregation, compliance with audit requirements, and fair trading practices.
  2. Reputation: Since its inception in 2009, XM has established a solid reputation in the forex trading community. It serves a large and diverse client base worldwide and is known for its transparency and reliability.
  3. Client Fund Security: XM holds client funds in tier-1 banks, which provides a high level of safety for client assets. Additionally, being regulated by top-tier regulators requires XM to maintain sufficient liquidity to protect against financial instability.
  4. Protection Measures: XM offers additional protection measures, such as negative balance protection, which ensures that clients cannot lose more money than they have deposited in their accounts.
  5. Transparency: XM provides clear information about its trading conditions, fees, and risks associated with trading financial instruments on its platforms, which is a sign of a trustworthy broker.

While no investment is without risk, and trading in forex and CFDs can be particularly volatile, the regulatory framework and operational transparency surrounding XM suggest it is a legitimate and secure broker rather than a scam. As always, traders should conduct their due diligence and consider their trading needs and risk tolerance when choosing a broker.

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