Review of XM Forex Broker
In your search for the best forex brokers, XM Global may have come up. This isn’t surprising; XM is widely known and has over 3,500,000 clients across 196 countries. This highly-established global investment firm is a true leader in the investment industry. In this review of XM Forex broker, we’ll take a look at their services, account types, deposit and withdrawal options, and more. Let’s get started!
Pros and Cons
To start off our review, we wanted to share what we love about XM broker – and what we think needs improvement.
| Pros | Cons |
|
+ Over 30 languages are supported + Many trading platforms are available + More than 25 payment methods are supported + All clients have negative balance protection + Over 99% of all orders are completed in under one second + Has won numerous awards as Best Broker from various organizations + It is highly regulated and places a huge priority on client safety |
– Smaller product portfolio than some competitors – Forex fees are not very competitive |
Key Features
The XM broker offers a significant number of features for its users – we’ll give you an overview of the key ones.
- Personal account manager
- Unlimited video tutorial access
- Forex market research access
- Daily Forex webinars
- Daily technical analysis
- Daily market outlook for Forex
We’ve compiled more key information about XM in the table below:
| Trading Instruments | – Forex trading (55+ currency pairs) – CFDs on Stocks (600+ companies) – CFDs on Indices – CFDs on Energies (gas, oil, and all major energies) – Commodities (wheat, sugar, cocoa, and more) – CFDs on Metals (palladium, silver, gold, and more) |
| Spreads | Spreads start as low as 0 pips, with no re-quoting. |
| XM Leverage/Forex Leverage | Leverages range from 1:1 to 888:1. |
| Trading Platforms | – XM Forex MT4 for PC, Mac, iPad, Android Tablet, iPhone, and Android Phone – MT4 Multiterminal – MT4 Webtrader – MT5 for PC, Mac, iPad, Android Tablet, iPhone, and Android Phone – MT5 Webtrader |
| Base Account Currencies | USD, GBP, EUR, CHF, JPY, HUF, AUD, PLN, RUB |
| Regulation | – CySec – IFSC – ASIC – DFSA |
| Demo Account | Yes, a free demo account is available. |
| Islamic Account | Yes |
| Supported Countries | Most countries are supported, except for the U.S., Canada, and Israel. |
Account Types
There are three types of accounts that XM traders can make: Micro, Standard, and XM Zero. There can be more account types available on XM broker, that depend on your country.
| Micro | Standard | XM Zero | |
| Description | This account has a very low minimum deposit and a lower contract size than the Standard account type. | A standard account is a great fit for the average trader; it has the higher lot size like an XM Zero account, with a lower minimum deposit like the Micro account. | This type of account has ultra-thin spreads, 1 click trading, and no fees for withdrawals and deposits. |
| Base Currency Options | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
USD, EUR, JPY |
| Contract Size | 1 Lot = 1,000 | 1 Lot = 100,000 | 1 Lot = 100,000 |
| Spreads | 1+ pip | 1+ pip | 0+ pip |
| Lot Restriction per Ticket | 100 | 50 | 50 |
| Commission | No | No | Yes |
| Maximum Pending/Open Orders | 200 | 200 | 200 |
| Minimum Deposit | $5 | $5 | $100 |
Deposit and Withdrawal Options
One of XM’s perks is a wide variety of payment methods. Below are the deposit options, along with their respective processing times:
| Deposit Option | Processing Time |
| Credit and Debit Cards (Trastra VISA) | Instant |
| Bank Wire Transfer | Varies, depending on business days, transfer type, and bank |
| Skrill | Instant |
| Neteller | Instant |
And the withdrawal options and processing times are as follows:
| Withdrawal Option | Processing Time |
| Credit and Debit Cards (Trastra VISA) | 24 hours for processing; 2-5 days to receive payment |
| Bank Wire Transfer | 24 hours for processing; 2-5 days to receive payment |
| Skrill | 24 hours; receive payment on the same day as processing |
| Neteller | 24 hours; receive payment on the same day as processing |
Keep in mind that there are some withdrawal requirements that must be fulfilled. In order for an XM user to withdraw money, their account needs to be validated. To do so, they must provide certain documents in the XM Member’s Area: namely, an ID document and Proof of Residency.
XM users are allowed to make withdrawals even if they have an open position; however, there are two conditions that apply:
- If a withdrawal request would make the level of margin fall under 150%, it won’t be accepted between Monday 01:00 and Friday 23:50.
- If the level of margin would fall beneath 400%, it will not be accepted on the weekend (Friday 23:50 to Monday 01:00).
Promotions
When you go through the XM broker sign-up process, you’ll get access to all kinds of benefits, which are listed on the company’s promotions page. Some of these promotions include:
- Free VPS Services: Such services eliminate downtime, increase the trading speed, are online 24/7, and are accessible from anywhere.
- No Deposit and Withdrawal Fees: Account funding is instant and with no hidden commissions or fees. E-wallet and credit card deposits and withdrawals don’t come with a fee, and bank transfers greater than 200 USD are also covered under this promotion.
Best Payment Solutions for XM Users
After thoroughly reviewing the XM Forex broker, we can see why it is so reputable and popular. We are especially impressed with the number of platforms, supported languages, and safety measures that the broker implements.
If you are also impressed with XM and are going to sign up for an account, you may want to decide which deposit and withdrawal methods to use. Firstly, we would not recommend making bank transfers; they are only fee-free for deposits and withdrawals greater than 200 USD. Furthermore, their processing time is much slower than other payment methods.
If you prefer to use a debit or credit card, the Trastra Visa card is an excellent option. Why? Well, this card lets you spend cryptocurrency as fiat money! XM does not accept cryptocurrency payments, but you can easily convert your crypto into your base account currency and pay with the card.
E-wallets are also a great payment method for XM users; not only are deposits and withdrawals free, but they also have the shortest withdrawal processing time. There are a large number of e-wallets accepted by XM, but our favourites are Neteller and Skrill. Not only are they reputable and feature-rich, but we can also get you the best terms. Whether you want fast track verification, a free prepaid card, or easier access to VIP levels, Baxity’s partnership with these e-wallets can do that for you!
FAQ
Are there any deposit/withdrawal fees?
There are zero fees on deposits and withdrawals for all e-wallet and credit card transactions. Bank transfers above 200 USD also have zero fees.
What is the minimum deposit/withdrawal amount on XM?
The minimum amount you can deposit or withdraw on XM forex broker depends on your account type: the minimum amount for Micro and Standard accounts is $5. For XM Zero accounts, however, the minimum deposit/withdrawal is $100.
How do you contact XM customer support?
For any questions you may have about the XM Forex broker, you can reach their customer support team via email at support@xm.com. You can also call or fax them at +357 25029933/+357 25345225, respectively. Furthermore, live chat is also available for account holders.
I’ll rely on bank transfers for starters – since paypal is not supported, I have no way out, this is all I have rn – but plan to switch to either Neteller or Skrill. Which has the lowest fees for Slovenia?
Jan, thank you for your question! Skrill has a flat fee of 1% for both local and global payment methods. You can check Neteller’s fees at https://www.neteller.com/en/fees, there you will have an in-depth guide for all of their fees. As for withdrawals, Skrill funds take 3 to 7 business days to be accessible in your bank account or Visa card. Neteller takes approximately 1-5 business days to verify your payment and to take it to your bank account.
Is there a limited number of withdrawals I can make in 24 hours?
The withdrawal of funds can only be limited to the amounts per transaction. However, when withdrawing to a bank account, the system does not have such restrictions, there is no maximum, while the minimum withdrawal amount is 40 EUR / USD.
sign up bonus vary from countries to countries or their fixed? thx
Waqas, thank you for your question! Yes, the size of sign up bonus varies from country to country. The available promotions are visible once you open the account. For Bangladesh in particular they offer 15% deposit bonus up to 500 USD within 30 days of first deposit.
It’s hard to say anything bad about these guys. I’ve been with them since 2019 and had zero issues so far #fingerscrossed
Stefan, thank you for your honest feedback about XM Broker! I’m sure it will be a good sign for some of our clients to start working with them 🙂
Having started with ZERO knowledge and no one to teach me I’ve found their webinars quite ok. But they were a bit time consuming as I am wfm now…
HustleUK, thank you for your feedback on XM’s educational webinars! We hope this will help other beginners like you to understand the world of Forex better 🙂
rtrying to create an account now but I m stuck between MT5 and MT4. which is recommended if I m just starting tradings?
I need domeone to help me start trading
Hello, Buyiswa
Thanks for your comment. We can advise you to attend training courses from our broker partner Roboforex. Please use this link: https://roboforex.com/beginners/start/forex-education/?a=jafy