XM has been in the industry for a long time. If you want to know more about them, read this XM review.
They’re known to be especially great for CFD trading. CFD trading is quite difficult, so your best bet is to work with a name like XM.
If you look around, you’ll see that many of XM’s competitors give it a run for its money. However, it has an edge, which is why it’s so popular.
If you’re interested in signing up, keep reading.
XM At A Glance
XM was created by Trading Point Of Financial Instruments UK Limited. It came into being in 2009, quickly becoming one of the most popular brokers online.
As they’ve been around for so long, they’re highly accredited. From the awards and accreditations they’ve received, some of the most important are for security, such as the CySec.
Traders across the world use XM. However, it has a large user base in Australia. Their user base is known to be 1.5 million active users which is a number its competitors can’t rival.
As of now, they’re regulated by the likes of the EU as well as the FCA.
If you ever speak with an XM representative, they’d say the company prides itself on its customer support and security.
|Type of Trading:||Forex|
|Regulation:||ASIC – Australian Financial Services Licence number AFSL 443670|
|Contact – Phone||+612 8607 8385|
|Contact – Email||Click here|
If you want to sign up for an XM account, you will appreciate the fact that they’re constantly improving. This is because they have regular surveys and questionnaires to fill out. With regular feedback, they make changes to their platform.
What Are You Trading?
Being a trader, there is a multitude of assets at your disposal. You may have a few favorites so you’ll have to choose a website that allows you to trade what you want. Thankfully, XM is such a site as you can trade various assets.
This number is immense and cannot be rivaled by many of XM’s competitors.
In terms of the assets they offer, you can expect the standard:
In terms of the cryptocurrencies available, you can only trade two types. These are Bitcoins and Etheruem. If you’re an avid cryptocurrency trader, you might find the lack of options frustrating.
If you enjoy Forex trading, CM is the place to be. They offer over 55 forex pairs for you to choose from. In terms of the pairs offered, there are pretty rare currencies available. The standard includes:
You’re Very Secure
When trading online, you need to work with very secure websites. This is because you’re transferring and depositing large sums to and from your bank account. If the site were to get hacked, you’d be in a rather messy situation.
You’d be happy to know that XM is quite secure. They’re one of the most secure names in the game. This is due to their website being heavily encrypted. However, we aren’t sure what type of encryption they use on their data.
If you’re new to trading, you may be intimidated by it, and think it’s a scam. Do not fear when using XM as it’s highly regulated by major regulators like the Australian FSIC and UK FCA. Along with this, the highly accredited CySec certification has been awarded to XM.
Traders struggle with negative balances. Unfortunately, this happens quite often and brokers don’t help when it does. This isn’t the case with XM as they have a negative balance protection in play.
If you want to make an account on XM, you can easily do so. They accept people from across the world. In terms of their competitors, they are one of the most widely available trading platforms internationally.
However, they’re not available in every country. If you’re from the US, Canada, Israel or New Zealand (alternative is HighLow), you’re not permitted to create an account. This is due to licensing reasons.
However, you can easily bypass this. You can do so with the aid of a good quality VPN.
Creating An Account
Making an account is relatively easy. Even though it’s easy, it has been noted that it can be quite time-consuming. This is because XM requires you to fill in a lot of information to safeguard your data later on.
If you’re interested in creating an account, you have to:
- Give your name and address
- Email address
- Telephone number
Then you’ll have to select what trading platform you’re interested in. XM offers MT4 as well as MT5 services. With this done, be sure to add in your ID. This can either be your passport or national identity card. Once it’s completed, you can pick your base currency and level of leverage.
Once all of this is done, you’ll have to wait for XM to review and approve your account. This is great as they don’t just let anybody join. However, the reviewing process is thorough so it takes a while. They’ll take more than a day to do this so you’ll have to be patient.
Are You Depositing Funds?
Since you need to deposit cash to trade, you may be wondering how you’re supposed to do so on XM. Each trading site offers different means for you to do so. Thankfully, it’s quite easy when you’re using XM.
They allow you to deposit the cash either with your credit or debit card.
Along with this, you can use electronic transferring applications like Skrill, Neteller, and Trustly. However, Paypal is not available which is disappointing as it’s the most common electronic fund transferring application available.
You won’t be charged a fee to deposit cash into your account. This is the case with many of XM’s competitors but not XM.
If you’re transferring the funds from your debit or credit card, you’ll notice that it takes a long time. Users have noted that it takes up to 3 business days. However, if you’re planning on sending the cash in through an electronic transfer application, it’s quick.
Are You Withdrawing Cash?
When using XM, you’ll enjoy the various ways you can withdraw your cash. You can either get it transferred to your bank account or get it done through Skrill or other top applications. Once again, you can’t use Paypal.
That being said, withdrawing cash on XM has a downside. You’re charged pretty hefty withdrawal fees. In fact, its withdrawal fees are known to be quite large in comparison to its rivals.
If you’re wondering how much, it’s $15 for every $200 withdrawn.
If you’re withdrawing cash, it won’t be possible immediately. XM is known to take around 3 business days for this.
Are You Inactive?
If you’re inactive, you’re going to be penalized by XM. You’ll have to pay an inactivity fee. This is a shame as inactivity fees are going out of practice. So you’ll barely see any of XM’s competitors charging their users this.
However, the inactivity fees charged are only for certain countries. They are implemented only if you’re from Australia, Belize, Cyprus or the UK. This is great as the majority of its users are Australian.
There Are Many Base Currencies
You’ll enjoy the fact that XM offers some of the most base currencies on the market. When you register, you get to choose from 7 different currencies.
These 7 are some of the major currencies in the world.
This is useful. For example, if you place your base currency in USD and your bank account is in USDs, you won’t be charged extra. This is because the money you’ve earned on XM won’t have to be converted. Thus, you’re saving on the conversion fees that XM cuts.
Are You New To Trading?
If you’re new to trading, you’ll be too intimidated to get to work. You might be put off trading as you aren’t as seasoned as some of the other users on the site. This is the case with many new traders and thankfully, XM can help you.
XM offers a demo account you can use to practice trading. You can use it to try out new techniques. The account comes with $100,000 USD of virtual funds. Although great, this isn’t extraordinary as most online brokers allow their users to access a demo account.
You can access the demo account by filling a request form, sending in your ID with it. If it’s approved, you’ll have access to the demo account and its unlimited usage.
Want To Learn To Trade?
If you’ve never traded before, you can still use XM. They’re known to offer their users some great educational material. However, the material they offer is only in the form of video content.
Moreover, their guides are aimed mostly at beginners. This is unfortunate as XM’s competitors offer educational content for all types of traders, letting them improve their craft.
Along with video content, you can join in on live lessons.
Be Up To Date
To properly trade, you need to be up to date on all the trends taking place. You can easily do this with XM by your side.
They offer news on a number of things, but what you’re being notified about is very little in comparison to other brokers. What’s more, the news doesn’t automatically pop up on their homepage. You’ll have to go to a specific page dedicated to it.
That being said, XM offers an economic calendar. Economic calendars are useful to trade with as you get information on data types across the world.
It’s Easy To Use
The easier the site is to use, the more trading you’ll get done. You won’t be frustrated by the amount of clutter that’s on the website. Not just this, but the smooth interface makes the experience as lag-free as possible. This is important as tracking stocks can take a toll on your computer.
The web version wasn’t made in house. Instead, it’s customized to fit MT4 and MT5. Their MT4 function works well in a lot of languages. They offer 37 languages to use it on, to be exact.
If you don’t like the layout of their website you can easily change it. It lets you customize the tables to whatever colour you want as well as change its size.
You also have access to alerts and notifications, notifying you if a stock needs your attention.
They have a mobile version as well. Unfortunately, users have stated that XM’s mobile version isn’t as good as its web counterpart. This is due to a lack of functions, especially the notification option. Their mobile version isn’t available in as many languages. It can only be used in 27 languages.
In terms of both versions, you have access to reports. The reports would show how well your trading is going. By going through the information given, you can better your craft.
Although XM offers numerous means of contacting them, it’s well-known that their customer support isn’t the best. This is because they only work from Monday to Friday. So you’ll have to wait for the weekend to solve your problems. This is a shame as many of XM’s competitors have 24-hour support. And if they don’t, their support centers run throughout the week.
Their call center offers a multitude of languages, not just English so this is a bonus.
However, users have noted that their staff isn’t the friendliest. Thus, it’s difficult to get solutions to your problems. This is especially true for email support as not only do they take long, but they’re known to offer irrelevant answers.
There are a lot of promotions at your disposal if you choose to use XM. They provide you a free VPS to help you boost the speed of your sales. The virtual private server offered is available across the globe, throughout the day.
Although it’s primarily used by Australians, they’re regulated by the EU as well. Due to this, they don’t offer a $30 dollar bonus according to the ESMA ban on EU traders.