Xm.com – review and feedback on the forex and CFD trading platform

XM is highly regulated, overseen by three regulatory agencies. It serves five million clients in over 190 countries and provides support in more than 25 languages. It doesn’t provide services to the residents of the USA.

Founded in 2009, XM focuses on contracts for difference products (CFDs), providing CFDs on forex, stocks, commodities, and stock indices. The company offers various trading accounts to suit different types of traders:

• Zero accounts offer lower spreads, but charge a commission.
• Standard and Micro accounts have a larger spread, but no commissions.

Let’s find out what XM has to offer. Also check out our review on Exante, another global broker that’s regulated in multiple jurisdictions.

The trading terms we’ll discuss refer to the commissions, spread, and margin requirements offered by XM. XM provides up to 30:1 leverage on trades. Put another way, traders are only required to have 3.33% of the cost of a trade in their account for many trading instruments. Here are the spreads on commonly traded assets offered by XM.com:

• Standard accounts have no commissions. XM Zero accounts have a $3.50 / 100K commission on forex trades only.
• Forex trading is offered on more than 50 currency pairs.

• There are more than 1,200 stocks to choose from.

• Tradable commodities available on the site include cocoa, coffee, corn, cotton, copper, soybeans, sugar, and wheat.

• Tradable precious metals include gold, silver, palladium, and platinum.

• Energy products which can be traded include Brent oil, London gas oil, natural gas, West Texas oil, West Texas mini oil.

• You can also trade up to 14 equity indices from the US, Europe, and Asia.

XM does not offer binary options trading.

MetaTrader, or MT4 and MT5, is software provided by MetaQuotes which many forex brokers offer. MT4 is a basic trading platform. It doesn’t offer many bells and whistles, but those are not required for success.

It does what it needs to do, which is allow traders to buy and sell quickly and efficiently, as well as place stop losses and profit targets. It also provides basic technical indicators and drawing tools.

MT4is equipped with its own programming language, which means traders can build their own indicators or create robots to execute trades.

You’re able to create your own or download other trader’s scripts/programs to try out.  MT5 is similar to MT4, but with an expanded programming language more suitable to algorithmic traders and people who wish to trade stocks. MT4 does not provide stock trading.

XM covers (doesn’t charge) fees on deposits or withdrawals if the follow methods are used:

• Neteller
• Skrill
• Major Credit Cards
• Wire transfers (over $200)
• Local bank transfers

For Micro and Standard accounts, you can denominate your account in USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, or ZAR. For XM Zero accounts, you can only denominate your account in USD, EUR, JPY. When setting up an account, you’ll be asked what currency you want your account to be based in.

At the time of writing, XM isn’t offering any deposit bonuses. That’s okay, as deposit bonuses can be more hassle than they’re worth, resulting in an inability to withdraw your own funds. XM does have two promotions going on right now:

• Free VPS service. This allows you to have a dedicated server, meaning trades are executed quicker and there is less likelihood of outages or downtime. This is great for traders running algorithmic trading platforms, as many other brokers charge $20/month or more for VPS service.
• 0% fees on deposits and withdrawals. XM doesn’t charge its own fees on withdrawals or deposits.

Promotions may only last for a limited time, so check out their Promotions page for the latest XM deals.

Always look for brokers that keep clients’ funds segregated. This means your money (and other traders’ money) is kept separate from your broker’s accounts. Thus, they can’t dip into it whenever they want, and if they go bankrupt, your funds are safe from the creditor’s hands.

In case of an insolvency, segregated funds will be paid to clients, less administration fees imposed by the trustee in charge of the distribution.

This is a much better option than receiving nothing back because the broker went bust, your funds weren’t separate, and now they can’t pay you back. Examples of other CySec regulated brokers include Orbex and JustMarkets.

The CySec website shows that XM.com is a regulated domain. Being regulated means XM must surpass certain benchmarks for conduct and business operations. They also must maintain a certain level of financial health, and can face consequences and fines if they don’t abide by regulations.

That doesn’t mean every regulated broker is a great one, but it shows that at least they are subject to some oversight. Other branches of the XM are regulated in Belize, Australia, and Dubia.

While Cyprus is the only regulator directly overseeing XM.com clients, that the company is regulated in multiple jurisdictions is favorable. There are a large number of brokers regulated by Cysec, a few include OctaFX, eToro, and FXTM.

XM provides their phone numbers and email addresses on their support page.

Their support page also includes a map and a list of languages. Select a language to see an XM website in that language.  The Help Center, located at the very top and very bottom of the website provides answers to basic questions.

You can also access support via the Live Chat button at the top of the website. For phone and live chat, wait times are typically only a few minutes. For email, expect a response within 24 hours.

How many lots can I day trade on XM.com?

You can trade up to 50 standard lots per trade. If you want to trade a bigger size, split it into multiple orders of 50 lots or smaller.

Does XM.com accept US clients?

XM.com does not accept US residents. If you are looking for a forex broker that accepts US clients, read our review on Oanda.

Does XM.com accept Canadian clients?

XM.com does not accept Canadian clients. If you are looking for a broker that accepts Canadian clients, check out our review on FXCM.

How can I log out of MT4 on XM.com?

Simply close MT4 when you are finished trading. This will log you out and your account will reload next time you open the program. If you want to log out, in the very bottom left of the platform click on the green and red square.

Click login, and then unselect “save account information”. This will log you out when you close the platform. You will need to input your login, password, and server every time you start MT4 in order to trade.

Is XM.com a scam?

XM.com is not a scam broker. It is regulated in Cyprus.

How do clients rate XM.com?

On Trustpilot, users have given XM.com a rating of 2.3 out of 5.

Does XM.com reject orders to re-quote?

A re-quote is when you execute a trade, the order is rejected and you are asked if you want to trade at a new price. It is disruptive to trading. XM does not reject orders or re-quote. If you place a market order, you get the market price up to 50 lots.

Final Thoughts on XM.com as a Broker

XM is large, serving millions of clients around the globe. It is regulated and keeps clients’ funds in segregated accounts. I would rate their trading conditions as decent, or middle of the pack. They don’t do anything spectacularly, but they also don’t do anything poorly. If XM is available in your area, it is definitely a broker to consider.

If you can get tighter spreads or cheaper commissions from a different regulated broker, that may be a better option.  Choosing XM means you can rest assured that you’re trading with a decent broker that is regulated, trusted by millions, and has been in business for more than a decade.

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