XM Broker Review 2020

Why XM is the #1 forex broker in every time? Why did we recommend the XM broker without any hesitation? Let's explore more on the XM broker review.

XM - Licensed and Regulated Broker‎

XM broker has more than “1 million” clients, and they are serving more than 195 countries around the globe (they have their services in every country of the world).

Service information

Demo Account Yes
Minimum Deposit $5
Max Leverage 1:888
Spreads from 0.0
Type of Broker ECN
Tradable Assets Currencies, Gold, Silver, Other Precious Metals, Stocks, Stock Indexes, Bonds, Oil, Other Commodities and Cryptocurrencies
Deposit Options Bank Wire, VISA, MasterCard, Neteller, Skrill

Company information

Established 2009
Regulated by CySEC, IFSC, FCA, ASIC, DFSA
Telephone +501 223-6696
Customer Support 24/5 in 18 languages

 XMBroker-Featured-DailyForexTrading.Net

XM Broker, which is commonly known as Next Generation Broker, is one of the most prestigious and leading Forex Trading Platforms.

They are the best choice for beginners and also for the “Seasoned Investors.” You’ve got the permission to get started with a demo account with more than 1 million of virtual money.

With over 3,500,000 clients since it was founded in 2009, XM has grown to a large and well established international investment firm and has become a true industry leader.

XM is currently built of more than 450 professionals with long-year experience in the financial industry.

Our extensive experience combined with support for well over 30 languages, makes XM the broker of choice for traders of all levels, anywhere. We have the expertise and the resources to help everybody realize their investment goals like only a big broker can.

XM Broker Review - Know The Basics

The company was established back in 2009 and started to roll in the markets of Forex right from the day first. They are regulated by the strictest regulation known as “CySEC.”

They have more than one million clients, and they

               are serving more than 196 countries around the globe

The XM Broker is always praising them for providing the best Customer Service Support and Great User Experience, no matter “How much you are willing to invest.” They have their services in every country of the world.

 Additionally, they are offering different types of accounts, which we will discuss shortly, and they also have demo accounts for the beginners.

In short* This platform is our personal favorite because they have everything that the investor is looking for.

Let’s break down all the information regarding XM Broker Review.

XM Broker Regulation

As discussed above, XM Broker is one of the most famous and prestigious marketplaces for the “Forex Investors.” And there are a lot of reasons behind it, one of the main reasons is “They are regulated by CySEC (Cyprus Security and Exchange Commission).

Additionally, XM broker is regulated by the Australian ASIC and United Kingdom (FCA).

This means there are zero chances of scams and frauds. If your concern is only the regulation, then we recommend this place without any second thought.

Let’s now talk about the account types.

Account Types of XM Broker

XMBroker-AccountTypes-DailyForexTrading.Net

There are four types of accounts that XM Broker is dealing with:

  • Micro Account
  • Standard Account
  • XM Ultra-Low Account
  • Shares Account

Let’s start discussing everything individually:

Micro Account

Base Currency

USD, EUR, GBP, JPY, CHF, AUD, and Other Languages

Contract Size

1 Lot

 

Leverage

1:1 to 1:888 for ($5 to $20,000)

1:1 to 1:200 for ($20,001 to $100,000)

1:1 to 1:100 for (100,001+)

Negative Balance Protection

Yes

Spread

1 Pip

Commission

No Commission

Maximum Opening

200 Positions

Hedging Allowed

Yes

Islamic Account

Yes

Minimum Deposit

$5

Standard Account

Base Currency

USD, EUR, GBP, JPY, CHF, AUD, and Other Languages

Contract Size

1 Lot

 

Leverage

1:1 to 1:888 for ($5 to $20,000)

1:1 to 1:200 for ($20,001 to $100,000)

1:1 to 1:100 for (100,001+)

Negative Balance Protection

Yes

Spread

1 Pip

Commission

No Commission

Maximum Opening

200 Positions

Hedging Allowed

Yes

Islamic Account

Yes

Minimum Deposit

$5

XM Ultra-Low Account

Base Currency

USD, EUR, GBP, JPY, CHF, AUD, and Other Languages

Contract Size

1 Lot

 

Leverage

1:1 to 1:888 for ($5 to $20,000)

1:1 to 1:200 for ($20,001 to $100,000)

1:1 to 1:100 for (100,001+)

Negative Balance Protection

Yes

Spread

0.6 Pips

Commission

No Commission

Maximum Opening

200 Positions

Hedging Allowed

Yes

Islamic Account

Yes

Minimum Deposit

$50

Shares Account

Base Currency

USD, EUR, GBP, JPY, CHF, AUD, and Other Languages

Contract Size

1 Share

Leverage

No Leverage

Negative Balance Protection

Yes

Spread

As per the exchange

Commission

Yes

Maximum Opening

50 Positions

Hedging Allowed

No

Islamic Account

Yes

Minimum Deposit

$10,000

 Pros & Cons of XM ACcounts


Pros


Cons

They have different types of account

None

Islamic Account is available

 

Trading can be started from $5

 

Trading Platform

They have a lot of trading platforms to offer you for the “Forex Trading.” Here they are:

  • MetaTrader4
  • MetaTrader5
  • Web Trading

You can download the trading platform on any of your devices and start trading without any problem. Have a look at the screenshot below:

XMBroker-TradingPlatform-DailyForexTrading.Net


Pros & Cons of XM Trading Platform

 

Pros

 

Cons

You can customize the tools

None

You can now trade from mobile devices

 

MetaTrader 5 availability makes this platform worth it

 

Now, it’s time to discuss the critical and the most important things related to the XM broker.

Here we go!

The Spread of XM Broker

As we all know, the Spread of all the accounts is different, and it has a great impact on your trading. This is the reason why we see “Difference in Spread, leverage and commission” of all the account types.

There are four types of accounts that “XM Broker” is offering, and they have different Spreads as well. Scroll down to see:

  • Micro Account (Spread Starts from 1 pip)
  • Standard Account (Spread Starts from 1 pip)
  • XM Ultra-Low Account (Spread Starts from 0.6 pips)
  • Shares Account (Spread completely depends on underlying exchange)

So, these are the spreads for all the account types of XM Broker. You can select the account on the bases of the above-given spreads.

Now, let’s talk about the execution time and see what type of executions they have to offer to their investors.

Execution Time

According to the official website of XM Broker, they execute all the orders within less than a second. Have a look at the screenshot below:

XMBroker-ExecutionTime-DailyForexTrading.Net

Just like other brokers, they do offer two types of “Executions.” They are as follow:

  • Instant Execution
  • Market Execution

Instant Execution is all about instantly selling your assets, whereas, in the Market Execution, you have to specify only the volume of the assets and leave the rest on the broker.

Both the Executions have pros and cons, and you must have a piece of knowledge about “Execution Time” before you choose any of them. So, which execution are you going for? Let us know in the comment section.

Note* We recommend only Market Execution because there are fewer risks involved.

Commission and Fee

When it comes to commission and fee, then there’s no comparison of XM Broker with anyone because they are the best in the business.

All the accounts have almost no commission and fee, let’s have a look at the Commission and Fee down below:

  • Micro Account (No Commission)
  • Standard Account (No Commission)
  • XM Ultra-Low Account (No Commission)
  • Shares Account (They charge a commission)

That means, if you want to open a shared account, you’ll have to pay them the commission; otherwise, they won’t charge you any fee/commission for Forex Trading.

Isn’t it amazing?

XM Leverage

They are offering 4 types of accounts, and each account has its own leverage/margin. Have a look at the margins/leverage below:

  • Micro Account 1:1 to 1:888 for ($5 to $20,000) 1:1 to 1:200 for ($20,001 to $100,000) 1:1 to 1:100 for (100,001+)
  • Standard Account 1:1 to 1:888 for ($5 to $20,000) 1:1 to 1:200 for ($20,001 to $100,000) 1:1 to 1:100 for (100,001+)
  • XM Ultra-Low Account 1:1 to 1:888 for ($5 to $20,000) 1:1 to 1:200 for ($20,001 to $100,000) 1:1 to 1:100 for (100,001+)
  • Shares Account (No Leverage)

The leverage is pretty low, and the same for all the account types.


Customer Service of XM Broker

The customer care service of XM Broker is pretty good, and you will find the answers to every single question coming to your mind regarding “Forex Trading.”

You can contact them via:

  • Phone Call
  • Email
  • Live Chat

All the options are available on their official website, and you’ll find the email address and Phone number as well there.


Pros


Cons

24/7 Support

None

Live Chat Support

 

FAQs portion in the website to answer all the questions

 

 Now, as we are done with discussing the critical information regarding XM Broker, let’s discuss the two “Hot topics.”

How to open an account on XM Broker

Opening the account on the XM Broker is pretty simple and easy. You can open the account by following the instructions given below:

  1. The first step is to head towards the official website of “XM Broker” by clicking here, and you’ll end up finding yourself on the front page of the website as showing below: 

    XMBroker-OpeningAccount1-DailyForexTrading.Net
  2. Click on the open an account button, and you’ll be redirected to the page asking you to choose your account:

    XMBroker-OpeningAccount2-DailyForexTrading.Net
  3. Choose the account, and you’ll then be promoted to a page asking you to enter the details in order to open the account:

    XMBroker-OpeningAccount3-DailyForexTrading.Net
  4. After you enter the information, click on step 2 and claim your bonus.
  5. You’re done.

That’s how easy it is to open the account. Do let us know if you find any difficulty while opening the account; we will add the solution to it in our review.

Pros and Cons of Account Opening


Pros


Cons

Super Easy

None

No Complications

 

Bonuses

 

Now, it’s time to discuss “How to withdraw the profited money from XM Broker?”

Here’s the solution!

How to withdraw money from XM Broker

If you want to withdraw the profited money from XM Broker, then you have to follow the instructions given below:

  1. The first step is to log in to your account and then head towards the “Withdrawal Button” in the menu

    XMBroker-WithdrawingMoney1-DailyForexTrading.Net
  2. Now select the method that you want to pursue withdrawing the money:

    XMBroker-WithdrawingMoney2-DailyForexTrading.Net
  3. Now enter the amount you want to withdraw, and you’re done

That’s how easy it is to withdraw money from your account.

Pros and Cons of withdrawing money


Pros


Cons

No Fee

Limited Withdrawal Options

Within 24 hours

 

Notify you for your transactions

 

 Now, let’s have a look at the customer reviews related to XM Broker and check whether this place is worth it or not.

Customer best Reviews on XM broker

We have listed down some of the best reviews that you might find helpful before choosing the platform for trading. Let’s break them down!

Flintop Ray: Such an amazing place for newbie and professionals. I have no problems opening the account, withdrawing money, and executing the assets take no time.

Lina Anderson: I would recommend this place to everyone. Customer Services is great, and I am a big fan of this Forex trading marketplace.

David Rao: I have no problems with this platform, thumbs up.

Let’s now compare the XM Broker with FXTM.com to make things easy for you to choose the perfect fit for you.

Comparison - xm vs. FXTM


XM Broker


FXTM Broker

Overall Ratings: 4.8/10

Overall Ratings: 4/10

Trust Score: 90

Trust Score: 70

Founded: 2007

Founded: 2009

Publicly Traded: No

Publicly Traded: No

Bank Transfer: Yes

Bank Transfer: Yes

Authorized in EU: Yes

Authorized in EU: Yes

ASIC Authorized: Yes

ASIC Authorized: No

So, this is the brief comparison of XM Broker with FXTM, and clearly, the XM broker is the winner. 

Before we wrap up things, why not discuss the Advantages and Disadvantages of XM Broker? Scroll down and check out “What are the advantages and disadvantages of the world’s biggest trading platform.”

XM broker - Advantages and Disadvantages


Advantages of xm broker

  • There’s no withdraw fee for three account types
  • The account opening is fast and easy
  • They have great education tools
  • They are trading with the latest and most advanced trading tools
  • Islamic Accounts are available as well
  • The deposit amount for all the account types is pretty low
  • They offer you “Bonuses” for the account opening


Disadvantages of xm broker

  • They charge you with an inactivity fee
  • They have CFDs and Forex Trading only for Europeans

So, these are the Advantages and Disadvantages of the XM Broker, and if you know more of them, do let us know in the comment section. We will add everything here.

Now, before we leave, let us enlighten you about the bonuses, contests, and promotions of the XM Broker.

So, let’s talk about it without wasting any time.

Bonuses, Contests, and Promotions

XM Broker is offering you a 15% signup bonus, and you can earn up to $500 signup bonus. Conditions for the signup bonus are listed below:

  • You can’t withdraw the bonus until you deposit the money and earn some profit
  • You can deposit more money in order to maximize your bonus
  • The bonus is available for both the MT4 and MT5 accounts
  • You’ll get the bonus instantly

They have a promotion going on, which means You can win up to 1 million Dollars. They will manually choose 50 winners every year, and they will be rewarded with the amount.

Read more about the Bonuses, Promotions, and Contests by clicking here.

So, that’s all from the topic “Everything you need to know about XM Broker” and if you still have any questions in your mind, then feel free to ask us. 

frequently ask questions

Leverage is the multiplication of your balance. This allows you to open bigger trading positions since the margin required will be lowered according to the leverage you have chosen. Even though with leverage you can make a bigger profit, there is also a risk of having a bigger loss because the positions you open will be of higher volume (lot size).

Example:

Account balance: 100 USD

Account leverage: 1:100

For your trading capital this means 100 * 100 USD = 10,000 USD to trade (instead of 100 USD).

The swap formula for all forex instruments, including gold and silver, is the following:

lots * long or short positions * point size

Here is an example for EUR/USD:

Client base currency is USD
1 lot buy EUR/USD
Long = -3.68
Because it is a buy position, the system will take the swap rate for a long position, which currently is -3.68
Point size = contract size of a symbol * minimum price fluctuation
EUR/USD point size = 100 000 * 0.00001 = 1
If we apply for the given numbers in the formula, it will be 1 * (-3.68) * 1 = -3.68 USD.
So for 1 lot buy EUR/USD, if the position is left overnight, the swap calculation for the client will be -3.68 USD.

Here is an example for gold:

Client base currency is USD
1 lot buy gold
Long = -2.17
Because it is a buy position, the system will take the long points, which currently is -2.17.
Point size = contract size of a symbol * minimum price fluctuation
Gold point size = 100 * 0.01 = 1
If we apply the given numbers in the formula, it will be 1 * (-2.17) * 1 = -2.17 USD.
So for 1 lot buy gold, if the position is left overnight, the swap calculation for the client will be -2.17 USD.

Please note that if the base currency of the trading account is in EUR (like in the examples above), the swap calculation will be converted from USD to EUR. The result of the swap calculation is always the secondary currency in a symbol, and the system converts it to the base currency of the trading account.

The examples above only serve as a guide and do not reflect the current charges. Please view the current swap charges for forex instruments here and for gold and silver here.

It is $5 for MICRO and STANDARD accounts, $50 for ULTRA LOW accounts, while for SHARES accounts it is $10,000

In case you fill out all details correctly, it takes less than 5 minutes.

Margin is the required amount in the base currency of the trading account needed to open or maintain a position. When trading forex, the Required/Used Margin for a specific position = Number of Lots * Contract size / Leverage. Here the result is originally calculated in the first currency of the traded pair and then converted into the base currency of your trading account, which will be numerically displayed on your MT4, or any other trading platform.

The margin requirement for gold land silver is calculated like this: Lots * Contract Size * Market Price / Leverage. The result will be in USD, which will be converted into the base currency of your trading account (in case it is other than USD).

For CFDs, the required margin is Lots * Contract Size * Opening Price * Margin Percentage. The result will be in USD, which will be converted into the base currency of your trading account (in case it is other than USD). More details can be seen here.

Margin level is calculated with the formula Equity/Margin * 100%.

Free margin is your equity minus margin. It means the available funds that you use for opening new positions, or for maintaining existing positions.

It is simple and quick. Click Open a Real Account, fill in the form and upon completion, you will receive an email with your login details that you can use to log in to our secure Members Area. Here you will be able to fund your trading account by clicking the Deposits tab in the main menu. If you are already an XM Real Account holder you can open an additional account in the Members Area.

Margin calculation formula for forex instruments is the following:

(Lots * contract size / leverage) where the result is at always in the primary currency of the symbol.

For STANDARD accounts all forex instruments have a contract size of 100 000 units. For MICRO accounts all forex instruments have a contract size of 1 000 units.

For instance, if the base currency for your trading account is USD, your leverage is 1:500 and you are trading 1 lot EURUSD, the margin will be calculated like this:

(1 * 100 000/500) = 200 Euros

Euro is the primary currency of the symbol EURUSD, and because your account is USD, the system automatically converts the 200 EUROS to USD at the actual rate.

If you have already opened a trading account, received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice.

You can find detailed guidance on XM trading platforms here.

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Petronus

Klang, Malaysia
Jul 10, 2020 at 07:36:15 AM

Best for executions

  • Service use : Live
  • Length of use: 3-6 Months

have been trading with them since 2013

HOW CAN WE HELP YOU?

contact@dailyforextrading.net