After a 90 day dormant period an inactivity charge is levied at $15 per month (you lose all bonuses or promotional credits). With XM, inactivity charges kick in after just 90 days of the account being dormant. We consider six months or sooner to be bad, while 18 months and above is generous. Conventionally, a broker’s regulatory quality is judged by the notion that the more licenses they hold, the better.
Expansive Market Access
If you’re thinking of using XM, just keep these potential challenges in mind and evaluate how they align with your trading goals and risk tolerance. We are aware of some negative reviews regarding spread widening and larger-than-expected slippage. Additionally, internet issues in regions with intermittent or subpar coverage can also contribute to these challenges. Given XM’s broad global presence, traders should be mindful of these potential risks. The XM Loyalty Program rewards traders with points (XMP) for each trade they make. It has four tiers—Executive, Gold, Diamond, and Elite—with higher tiers offering more points per trade.
XM Desktop MetaTrader 5 Platform
Dive into our informative XM Vs pages below to find out how XM stacks up against other leading brokers. Although XM are not perfect; we found many really useful aspects with the overall offering from XM. It is important to note that XM may request additional documents or information to verify your identity or comply with regulations. The account opening process usually takes a few minutes to complete, and you can start exploring the XM platform and features immediately. However, you must pass the verification process to start live trading with XM, which can take up to a few business days. However, remember that you won’t be able to make trades on XM until you have passed compliance, which may take several days, depending on your circumstances.
Complete the easy sign-up process at XM Group today to start trading with one of the best brokers around. This gives you a chance to trade currency pairs you may not find elsewhere, such as AUD/NZD or EUR/HUF. Whilst most XM Group clients can choose between using MT4 and MT5, if you hold a Shares account you will be trading via MT5. You shouldn’t need to provide the broker with proof of religion, but you should not have conducted any trades conducted on the account before requesting the change.
- If you’re interested in comparing XM against other popular brokers in the industry, check out our XM Vs pages.
- The website is jam-packed with content to give traders the most assistance they could ask for on their journey.
- Ideal for beginners or those wanting to trade with smaller risk per position.
Should You Day Trade With XM?
XM are able to accommodate various levels of traders whether you are experienced or a beginner. We understand that informed decisions with XM are the key to successful trading, so we’ve provided this detailed XM review. So, take a seat, grab a cup of coffee, and dive in to learn about XM and how it can benefit you or if XM is not for you. Prizes are automatically credited to the winners’ Wallets shortly after a competition ends. Rankings appear in the “Ended” section, and balances are visible in the Wallet or Members Area.
Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points. The XM MT5 platform offers all of the same powerful features that the XM MT4 has to offer, along with more trading tools and advanced capabilities. It has an additional 1000 CFDs on stocks (shares), which makes it the ideal multi-asset platform. You can trade forex and CFDs on stocks, gold, oil and equity indices from 1 platform with no rejections, no re-quotes and flexible leverage. If you want as many trading instruments at your disposal, then you should probably opt for MT5.
- For information encryption functions, it provides an industry-standard secure socket layer (SSL).
- Furthermore, learning how to mitigate and manage investment risk is crucial.
- Just 1200 mxp will give me 400$ trading credit, which is just a free account with money basically..
- These benefits are what sets XM ahead of all other online brokers.
What Can You Trade With XM?
In order to help their clients make the most of XM’s trade execution, the broker provides free VPS services. While trading at XM, clients don’t have to worry about computer malfunction, power outages, or slow internet connectivity. Clients with an account balance of at least $5,000 (or its foreign currency equivalent) are entitled to request for free Virtual Private Server (VPS). Like Trustpilot, the FPA community also seems divided concerning signing up with XM. Some clients appraised the broker for having ultra-low spreads and a fast withdrawal process, while others denounced the company for poor trade executions. Founded in 2014 and acquired in 2021, BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs.
It includes more than 50 cryptocurrency CFDs available only in regions regulated by the Financial Services Commission (FSC) of Belize. While both XM entities provide a comprehensive range of trading options, specific offerings may vary due to different regulatory requirements. XM operates primarily as a market maker broker, maintaining its own dealing desk to execute client orders internally. This model allows XM to set its own bid/ask spreads, which may vary, and act as the counterparty to client trades. However, XM is regulated by multiple authorities that oversee its practices, providing a level of oversight and protection for traders.
To open a standard account with XM, the minimum deposit varies depending on the account type. Dealing desk brokers can manage the risk of their clients’ trades in two ways. They can keep it in-house (and therefore effectively take the opposite side of the trade), or they can pass over the risk to xm group review their liquidity providers.
XM Trading Accounts Offered
When trading on leverage, the potential for loss is significantly higher than when dealing with just your funds. Risky trading leverage allows you to control larger positions with less capital, increasing both the potential for profit and loss. As part of our XM review, we review customer service options, response times and problem resolution effectiveness on the XM trading platform. Brokers regulated by the Financial Conduct Authority (FCA) must offer negative balance protection as a standard feature. With negative balance protection, XM trading losses are always limited to the current balance of funds in the trader’s account. It’s important to note that XM requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks.
XM provides a range of platforms to suit traders’ different preferences. All platforms offered by XM are available for desktop, web and mobile devices, making trading convenient and accessible across various devices and locations. Whether using MT4, MT5, or the XM app, traders can enjoy a seamless trading experience tailored to their individual needs. Clients should be aware that fees from banks or third-party services may occasionally apply, depending on the payment method.