XM Review

Editor’s Rating: 4.6/5
reviewed December 2, 2014

Forex trading is exploding, and while it does have many risks, it also offers great rewards. There are tons of different Forex broker site out there, and XM is one of them. In this review, we’ll discuss how XM is different from and similar to the rest. You’ll learn what they have to offer and if it’s a good site for you to try your hand at Forex trading.

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About XM

XM is the trading name of Trading Point Holdings Ltd, which is wholly owned by Trading Point of Financial Instruments Ltd. They are a financial market broker and specialize in forex, equity indices, precious metals and energies. XM is located in Limassol, Cyprus.

XM’s goal is to provide transparent real-time pricing, the lowest spreads possible and flexible leverage to their clients. They have experience and in-depth knowledge of global financial markets. This allows them to provide excellent service.

Top Features of XM

XM offers many different platforms on which you can trade. Their main platform is the MetaTrader 4, which available for both PCs and Macs. MetaTrader 4 is the industry standard for Forex trading, so you know you are gaining access to a high quality program. To use MetaTrader 4, you must download it to your computer.

Xm.com - Online Forex trading platform

If you have 100 accounts or more, and you have multiple terminals, there is also the MetaTrader 4 Multiterminal. It is easy to use and allows you to manage many different trading accounts simultaneously from just one platform.

There is also a Web Trader platform. This gives you full access to your accounts via your web browser. Like with MetaTrader 4, you can get many different tools to help analyze market trends and monitor/manage your account. The difference is that the Web Trader platform does not need to be downloaded to your computer. This is great if you are away from home and using your work or public computer.

Xm.com - Online Forex trading platform

There are also mobile platforms. These allow you to monitor and manage your account and stay up-to-date on market information even when you are on the go. Mobile platforms include XM iPhone Trader, XM iPad Trader and the XM Droid Trader.

There are also great tools for managing your account. Some are only available after you open an account, but others are available to any user. Tools include:

  • Trading Signals which are delivered twice a day
  • Market Analysis, which keeps you up-to-date on what’s happening in the market
  • Forex News, which offers updates and market developments
  • Economic Calendar to keep you up to date on forecasts and economic releases
Xm.com - Online Forex trading platform

In addition, there are two tools that are coming soon to XM. This includes the Market Sentiment and the Forex Calculators. Both offer additional information and help to maximize your earning potential and experience. The Market Sentiment lets you see the trading activity of the entire XM client base and shows you where you stand compared to everyone else.

Lastly, XM offers educational tools to help you learn the basics or advanced information needed to succeed in forex. Educational information includes:

  • Video tutorials to help beginners and experienced traders learn everything they need to know about forex trading and the market
  • Webinars, which are weekly 45-minute tutorials and have a 15-minute question and answer session
  • Forex Seminars to teach you about the changing market
Xm.com - Online Forex trading platform

There is also a forex course coming soon. It is designed to help you learn everything about Forex trading and is perfect for beginners and advanced traders. It will have four learning stages, and it will be free to all XM users.

XM Accounts

XM offers many different accounts to meet your needs. Their main accounts are the Micro Account, Standard Account and Executive Account. Islamic Accounts and Managed Accounts are also available. Islamic Accounts have no swap or rollover interest on overnight positions, so they are compatible with the Muslim faith. Managed Accounts are great for individuals who don’t have the time or experience to constantly trade and monitor their account themselves.

Xm.com - Online Forex trading platform

XM also offers a demo account for beginners. A demo account allows you to practice your Forex skills with virtual money of $100,000. It’s a great way to get the experience and knowledge you need to succeed without risking any real money because everything is simulated.

Once you’re ready to start trading with real money, a Micro Account is a great way to get started if you are still new to Forex. With a Micro Account, you only need an initial deposit of at least $5. The contract size is 1,000, and there is a leverage of 1:1 to 1:888 if you deposit between $5 and $20,000, or leverage of 1:1 to 1:200 if you deposit between $20,001 and $100,000. Lot restriction per ticket is 100 lots.

Xm.com - Online Forex trading platform

A Standard Account can also be opened with an initial deposit of $5. The leverage is exactly the same as with a Micro Account. However, the contract size is 100,000, and the lot restriction per ticket is lowered to 50 lots.

Lastly, the Executive Account requires an initial deposit of at least $100,000. It has a leverage of 1:1 to 1:100. Contract size and lot restriction per ticket is the same as with the Standard Account. Executive Accounts are best left to Forex experts as there is more risk, but there is also more reward.

All three accounts come with:

  • Spread as low as 1 pip
  • No commission
  • Hedging allowed
  • Unlimited access to the trading platform
  • Free intra-market updates and analysis
  • Maximum open/pending orders of 200 positions

Criticism of XM

Xm.com - Online Forex trading platform

As with most Forex trading sites, there just is isn’t much to criticize about XM. They offer many great tools, education and platforms, and they have other new tools and education material coming soon. Most of the customer reviews show that users are quite happy with their experience.

The only thing negative we can say about XM is in regards to their educational materials. They offer great information, but much of it is based on a schedule, so it’s not available at all times. If you miss it, you don’t get a second chance. They do offer a wide selection of video tutorials that are available at all times. However, not everyone wants to watch a video. It would be nice if they also offered written tutorials for people who simply want to scan through to find the highlights.

Customer Support

Customer support is available in over 20 different languages, and XM serves clients from 196 countries. Their headquarters are located in Cyprus, Hungary, New Zealand, Austria and Greece. Help is available via email, phone and live chat. Depending on your query, there are many different numbers and email addresses you can contact. However, the Support Desk is available 24 hours a day, 5 days a week. Other offices are also open 24/5 GMT or 7:00AM to 4:00PM GMT.

Xm.com - Online Forex trading platform

XM also offers a Frequently Asked Questions section for the most commonly asked questions. There, you may be able to find the answer to your question yourself. Categories include:

  • Supporting Documents
  • Trading Accounts
  • Deposits/Withdrawals
  • Trading Platforms
  • XM Cards
  • About the Company
  • Introduction of XM
  • New Features of XM
  • Supported Features of XM

Final Thoughts

Xm.com - Online Forex trading platform

XM is a great place for Forex trading. They have many platforms, great tools and educational materials for both beginners and experts. We recommend trying them if you are interested in Forex trading. However, keep in mind that Forex trading does come with risks.

If you are unfamiliar with Forex trading, you will probably not have a pleasant experience with XM. Make sure to educate yourself and try a demo account before you jump in head first.

Xm.com - Online Forex trading platform
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