XM Broker Review | Pros and Cons Uncovered
Every day, a massive number of people are jumping into the forex trading business. If one has the expertise of interminable trading, then no one can stop his success in the forex industry unless you are trading on the right platform.
As opportunities are ascending, many scams and illegal forex brokers are appearing under the cloak of professionalism.
Hence, to start trading, the utmost requirement is to play your every transaction with a reliable and advanced forex broker. And that is the common mistake typical traders do when they enter the forex market.
So, today, I am going to share my experience through this XM review to learn why this platform is the best forex broker for beginners to start with.
What is XM:-
Presently, XM is dominating the industry with its easy-to-grab features and extensive opportunities. As a beginner, you can start learning to trade, link up with trusted traders, buy and sell currencies with safety, all just on one single platform.
It is in operation since 2009 with an established track record. XM is one of few forex trading platforms that is operating under strong regulation.
The Trading Point of Financial Instruments UK Limited currently owned the platform. Its parent company got the license in Cyprus by CySEC, license number 120/10.
In Australia, the license number is 44370, which has been issued by ASIC (Australian Securities and Investment Commission.)
Detailed Review of XM:-
As a competitive brokerage house, XM is operating right now, with a trust of 2.5 million traders. Let’s continue the walkthrough of XM to learn more about its features and facilities.
Trader Account Type:
Unlike others, you will get 4 types of account access while trading on the platform – Micro, Standard, XM Ultra Low, and XM Zero account.
Opening balance of $5 for XM Micro and Standard accounts
Opening balance $50 for XM Ultra-Low accounts
XM Zero/Share/ECN type account requires $10 of the initial deposit
The leverage of all accounts differs depending on the transactional amount. On XM, minimum leverage ratios start the same for all accounts excluding Share account. There is no leverage.
1:1 to 1:188 for $5 to $20,000
1:1 to 1:1 to 1:1200 for $20,0001 to $100,000
1:1 to 1:100 for more than $100,000 of transactions
Although previously, upon the XM Zero account, the maximum leverage was 500:1. It’s applicable for USD, JPY, or EUR currencies
Here on XM, the contrast between the bid and asking price is tolerable completive. And, the spreads on all majors are applicable for all types of accounts.
As low as 1 pip for XM Micro and XM Standard accounts
As low as 0.6 pips for XM Ultra-Low accounts
As per the underlying give-and-take for Shares accounts
Fortunately, there is no hidden commission on any accounts. But the Shares account holders have to consider a little as their transaction comes with a massive risk for the platform.
Available Trading Instruments
The best thing about XM is you can choose from over 1000 instruments to start trading. There are 55+ currency pairs, 600+ stock CFDs, commodities, major global equity indices, precious metals like gold and silver, energies, and shares.
On XM, you can trade with both MetaTrader 4 and 5 facilities on different platforms like Windows, Mac, iOS, Android, Webtrader, Multiterminal. Let’s look into their exclusive features.
XM MT4 Features
- Facilitates with expert advisors
- Built-in indicators with customization support
- 1 click trading
- Can do a big chunk of orders
- Access to analytics and chart tools
- Data back-up with security
- Mailing system
XM MT5 Features
- Over 1000 instruments support
- Can display 100 charts instantaneously
- 80+ technical indicators
- Built-in MQL5
- Mobile and web trading support
- Currency tester and alerts
- Mailing system
- 40+ analytical access
Why You Should Trade ON XM
It’s not just only one reason that I emphasize XM as one of the favorite platforms. Firstly, you can trade on XM with excellent conditions that are very flexible for a newbie trader. Besides, one can trade with micro-lots. To me, that was the foremost choice when I was a toddler in the industry.
Reasons You Should Trade on XM
Licensed, regulated, and reliable broker
Operating in more than 196 countries with 30+ languages support
Beginner-friendly trading platform
Can starts from as little as you can invest
Massive range of instruments
Simultaneous result of multi analytical tools
In the end, the XM review is all about my thoughts and real-life trading experiences. It’s evident that success in trading depending mostly on your proclivity of trading. But a reliable and opportunistic platform always plays an imperative role here, especially for beginners.
That’s why I have tried to simplify all the facts and features of XM in this detailed review. I believe those are enough to bring you towards the right decision. In any case, if you find more queries, hit the comment section. Take care.