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XM prides itself to be the ideal broker in trading execution, offering a stat of 99.35% orders to be executed in less than 1 second. A popular global broker with a large customer base and a good reputation, XM is a good choice for most UK traders. It has some of the lowest fees in the industry, provides excellent research and education, and has a beginner-friendly trading app. It also has an excellent suite of trading tools and its customer service is responsive and well trained. XM Broker provides 24-hour phone, email, or online chat customer service from Monday to Friday in 30 different languages.
As regulators usually demand insurance premiums from the broker who offers fixed spreads, they tend to be bigger than variable spreads. So, by offering variable spreads to its customers, XM broker successfully avoids these issues. I have been interested in this broker for a long time, because it turns out that this broker provides bonuses and promotions for new traders that can be accessed when registering. New traders can get a deposit bonus of up to 20% or equivalent to the exchange rate. To get this bonus, it’s very easy, namely, traders who deposit at least $ 5.
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All traders can have up to 200 positions pending or open positions at a single time. There is also the option of an Islamic account available, although there is no balance protection and zero commissions offered. XM Ultra-Low Account allows hedging, but there are no deposit bonuses nor any trading bonuses. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. It requires a minimum initial deposit of $10,000 and does not allow hedging.
In XM Broker, traders can place a variety of order types, ranging from stops, trailing stops, market orders, and limits. Moreover, traders who prefer conventional trading can place trades via the telephone as well. They can always set and place their trades during their respective trading hours. XM is one of the more experienced brokers in the world of online forex trading today.
XM Broker: Pros and Cons That You Need to Know
The webinars are held almost every day and traders can take part in it. The material revolves around fundamental and technical basics, trading indicators, how to determine https://traderoom.info/is-xm-a-brokerage-we-can-trust/ entry and exit, weekly market analysis, and many others. XM Group is a group of regulated brokers and it is owned by Trading Point Holdings Ltd. Entities under XM Group have significant experience as financial services providers worldwide. As a whole XM is a trusted broker that has a solid and unspectacular offering for their users.
Account Types
All in all, XM is a recommended broker especially if you are looking for an ideal broker with low minimum deposit requirements. XM Micro accounts have more base currencies available to choose from, ranging from the USD, SGD, AUD, EUR, GBP, JPY, CHF, ZAR, RUB, HUF, and PLN. This type of account already includes features such as negative balance protection and trading bonuses; however, there are no deposit bonuses yet. This guarantees that absolutely no requotes will be given thanks to XM’s efficient operation and time management.
Platforms
- XM also places high value to connect clients as humanly as possible.
- Bank transfers will take between 2 and 5 business days to process though.
- The XM Group is a global powerhouse that offers some of the best trading conditions.
- Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time.
- Since its founding, the broker has experienced a lot of changes, including the addition of the Ultra-Low Account and EN Live Edu that is instructed by 16 global experts.
- When it comes to withdrawing from XM, most options will have your withdrawal processed within 24 hours without having a minimum required withdrawal.
There is a very high degree of risk involved in trading securities. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Regarding cryptocurrency deposits, XM does not typically accept cryptocurrency as a direct payment method.
Deposits & Withdrawals
Hedging is allowed, and the minimum trade volume is 0.01 lots in MetaTrader 4 and 0.1 lots on MetaTrader 5 platform. The amount of open or pending positions that traders can open at a single time is up to 200 positions with up to 100 lots per ticket. A well-regulated market maker broker XM offers trading on over 1000 instruments, including over 57 Forex pairs. Trading conditions are average compared to other similar brokers, with a spread of 1.7 pips (EUR/USD) on the Standard Account and 0.8 pips (EUR/USD) on the Ultra-Low Account. Low minimum deposit requirement of 5 USD on all account options, making it great for novice traders. In comparison, the XM Standard Ultra-Low account has a lower requirement, starting from 0.01 lots trading volume and a limit of 50 lots per ticket.
All content on ForexBrokers.com is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Our ratings, rankings, and opinions are entirely our own, and the result of our extensive research and decades of collective experience covering the forex industry. Get started with the MT4 platform in any way you prefer and enjoy a seamless cross-device experience designed to fit your trading style. Get started on the MT5 platform effortlessly on your preferred devices. Whether you’re a desktop or smartphone trader, MT5 is just a few clicks away. Trade with a regulated broker that has built long-standing partnerships with reputable banks to ensure your funds are always secure.
The minimum trade volume is 1 lot and the contract size is one share. These requirements can change over time, and they may vary depending on your region and the type of account you’re opening. Basically, if you are a trader from the country that regulates the broker, you will follow the rules of your country. And if you are a trader from outside the regulated country, you will use the trading term chosen by the broker. Usually, the broker will choose a regulator that has more favorable trading conditions, such as allowing high leverage and minimum deposit.