|Platform||MT4 for PC, MT4 for Mac, MT4 Multiterminal, MT4 WebTrader, MT5 for PC, MT5 for Mac, MT5 WebTrader, MT4 for iPhone, MT4 for Android, MT5 for iPhone, MT5 for Android, MT4 for iPad, MT4 for Android, MT5 for iPad, MT5 for Android|
|Minimum account size||$5|
|Minimum lot size||0.01|
|Spread on EUR/USD||1.8 pips|
|Payment methods||Credit Cards, Neteller, WebMoney, Skrill, Sofort Banking, iDeal, paysafecard, QIWI, CashU, giropay, Przelewy24, fasapay, Perfect Money, Bank Wire Transfer, Local Bank Transfer, Boleto, OXXO|
|Demo account||Unlimited time|
|Accepts US traders||No|
|Regulated||FCA(UK), ASIC(Australia), CySEC(Cyprus)|
|Support||Phone, Fax, Email, Live Chat|
- Fully regulated by CySEC, FCA and ASIC
- Forex Islamic accounts available
- Over 20 supported banking methods
- Unlimited demo account
- $5 minimum deposit
- Deposits via PayPal not accepted
XM was established in 2009 and is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). They are highly regarded for offer a range of MT4 platforms across various workstations but is this the only advantage that they have? Let’s find out in this review.
XM has an extensive range of MetraTrader 4 platforms that can be accessed using just one account. For desktops, it can be installed and run on both Windows and Mac operating systems while in the mobile platform, they have dedicated apps for smartphones and tablets that are running Apple or Android operating systems. They also have a WebTrader 4 platform that can be accessed with any web browser. Practically speaking, they have every solution for almost any kind device or computer.
Such diversity earns a perfect Platform score of 10/10.
XM definitely found a way to make their interface very inviting and this can be credited to their organized but trendy layout. Aside from the list of instruments, graphs and buy/sell configuration sections, there’s also an All News section which lists the most important updates that could affect the financial markets for easy guidance. There’s even an option to switch between two themes (dark and light) which is not common with most forex trading interfaces. And regardless if I use the desktop, mobile or the web-based platform, I can easily log-in and trade without any delays or long waiting time.
This deserves a Design score of 5/5.
Opening a live account starts with just a minimum deposit of $5 which is extremely lower than the requirements of other forex brokers. Such affordability is an opportune way for those who want to start with a low trading capital and also for starters since there’s no need to deposit a very large amount and it effectively allows proper fund management.
This certainly tops the majority of forex brokers which is why XM gets a Minimum Deposit score of 5/5.
Minimum Lot Size
The minimum accepted lot size is 0.01 which is quite common with most brokers and this is an advantage because the investment amount can be set to an acceptable size.
XM receives a Minimum Trade score of 4/5.
This broker has more than 300 instruments which can be traded on the platform and this includes forex, CFDs, equity indices, energies and precious metals. This mixture of available assets opens a lot of chances to find an opportunity to earn and make profits.
Such diversity warrants XM a Tradable assets score of 4/5.
With XM’s tight spreads the prices don’t need to move as much in order to make a profit. The spread for the EUR/USD currency pair is 1.8 pips which is already considered to be better than what most brokers can provide.
This warrants XM a Payouts score of 8/10.
All withdrawal requests are processed within 24 hours if the funds are transferred to XM Cards or any of the supported e-wallet methods. Credit/debit card and bank wires on the other hand can take 2 to 5 business days. Based on the several withdrawal tests that I made, they were able to fulfill these requests and I was able to get my money back just as they promised.
This level of speed gets a Withdrawal Time score of 10/10.
Deposit and Withdrawal Methods
They accept the most commonly used banking methods today including credit cards, Neteller, WebMoney, Skrill, Sofort Banking, iDeal, paysafecard, QIWI, CashU, giropay, Przelewy24, fasapay, Perfect Money, Boleto, OXXO, Bank Wire Transfer and Local Bank Transfer. Their coverage is quite extensive and adds more flexibility on adding funds into the account.
XM earns a Deposit and Withdrawal Methods score of 5/5.
XM can be effortlessly reached via phone, fax, email or live chat. That means I have the option to contact them in almost every channel possible and this allowed me to save time and effort. When I contacted them, the waiting time only took less than 10 seconds and their responses are most of the time quick and very straightforward so the conversation only lasted for a few minutes. Based on my actual conversation with their support agent, I find them to be very direct in providing answers to any of my questions and I never experienced any sort of marketing schemes that other agents from other forex brokers usually do. Overall, my discussions with them ended with positive results.
For this XM gets a high score of 13/15 for Support.
It is always important to trade with a forex broker that has accurate market prices because this is where your decision will be largely based on. The good news is that the several tests that I have done with their platform showed no signs of delays or manipulation with their quotes and the same price is shown for both pre and post deals.
XM deserves a perfect Quote Accuracy Score of 10/10.
XM is licensed and regulated by the Cyprus Securities and Exchange Commission, the Financial Conduct Authority and the Australian Securities and Investments Commission. This means that they are abiding by the rules and regulations that are set by these trusted financial authorities so I am able to trade with peace of mind.
Regardless of the fact that they are a regulated online broker, they are very popular in the forex trading community most of the reviews and comments praise them for having multiple online trading platforms and very flexible trading conditions.
This kind of credibility deserves an impeccable Reputation score of 19/20.
Aside from the fact that XM is a regulated online broker, there are plenty of other compelling reasons why they topped my list of recommended forex brokers today. The wide range of tradable instruments, the multiple online trading platforms, the fast processing of withdrawals and the highly flexible trading conditions are just some of its strong advantages. An unlimited demo account and extremely low deposit is also worth mentioning. XM has all the attributes of being a trusted and superior broker for any forex and CFD trader.
Final Score: 93/100