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Wondering if XM Group is your ideal broker for online trading? Here’s a detailed and updated review so you can find out if this brokerage is right for you.
|Founded||2009 – Trading Point of Financial Instruments Ltd
2015 – Trading Point of Financial Instruments Pty Ltd
2017 – XM Global Ltd
|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|
1:888 (*Leverage depends on the financial instrument traded)
(30:1 EU, Australia)
|Spread on EUR/USD||Variable|
|Payment methods||Multiple local payment methods|
|Demo account||Unlimited time|
|Accepts US traders||No|
|Regulated||FSC (Belize) – XM Global Ltd
ASIC (AU) – Trading Point of Financial Instruments Pty Ltd (XMAU)
CySEC (CY) – Trading Point of Financial Instruments (XMCY)
|Support||Phone, Fax, Email, Live Chat|
To sign-up with XM, you need to provide your name, country, phone number, email address, account type and platform type.
Keep in mind that this is just the initial part of the registration and you’ll need to submit more details after.
Want to register now with XM? You can click on the button below and we’ll take you straight to the sign-up page:
Account Types 8/10
XM Global currently offers the following types of accounts:
- Ultra Low
Be sure to check the features and perks so that you’ll know which type of account is suited for your trading needs.
Demo Account 10/10
The demo account is the perfect tool to use if you want to further explore the platform without risking your real funds.
It comes with $100,000 of demo funds that you can freely use for making test trades on the platform. This is a good way to try out some strategies as well.
Payment Methods 10/10
Transferring funds into your online trading account can be done via credit or debit cards, Neteller, online bank transfer, WebMoney, SticPay and other secured trading methods.
You also won’t get charged with fees for any deposits and withdrawals you will make except for deposits lower than $200 using international bank wire transfer.
Minimum Deposit 10/10
For Standard or Micro accounts, you can fund it initially with just $5. If you chose the Shares account, the minimum is much higher at $10,000.
You can trade via the MetaTrader 4 or 5 platforms that are offered by this broker. The following options are available:
- 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
In general, you can trade on almost any computer, tablet or smartphone.
Since the platforms are using MetaTrader, there are just minor changes that can be done with the user interface. It’s very much the same as any MT4 or 5 platform.
Tradable Assets 8.8/10
Over 1000 instruments are tradable on their platforms. You can invest on almost any kind of asset including stocks, commodities, currencies, indices and crypto. Keep in mind that some assets may not be available on some platforms.
Minimum Lot Size 10/10
We can’t emphasize enough:
The size of your lot will directly influence your risk management and the smaller the lot, the better you can control your risk.
Most retail brokerages allow their clients to trade with micro lots which means a Buy or Sell order will be placed for 1,000 units.
The fact of the matter is…
Micro lots are the smallest tradable lot size that are usually allowed by most brokers and the good news is that this brokerage offers the same size for specific account types.
For Micro accounts, XM Group’s minimum accepted lot size is 1 lot or 1,000.
For the Standard account, it’s 100,000 units while for the Ultra Low, the Standard Ultra account’s minimum accepted size is 100,000 and 1,000 for the Micro Ultra.
XM has very tight spreads particularly for the Ultra Low accounts so if you’re looking for the lowest figures then be sure to sign-up for this kind of account.
Quotes Accuracy 9.5/10
Market prices on the XM Group platforms are highly accurate and we found no discrepancies on the values that are displayed on the MT4 and 5 platforms. In fact, they are in sync with the actual market figures.
Withdrawal Time 10/10
What we liked about XM Group is that they are capable of processing withdrawals in less than 24 hours. That’s much faster than other popular brokers and this is a great advantage especially for those who want to get their funds as quickly as possible.
Customer Support 8.7/10
You can communicate with one of their support agents via different ways. There’s phone, email and live chat. Phone support is the fastest although live chat is also a great option since you won’t need to dial a number and just launch a chat session from your PC.
In general, customer service quality was great and it didn’t disappoint.
XM Group has lots of good reviews online and it’s quite popular in the online trading industry. Here are some comments we found:
Regulation and License 10/10
XM Group currently has a license from these regulators:
- Financial Services Commission (FSC) – XM Global Limited (Belize)
- Australian Securities and Investments Commission (ASIC) – Trading Point of Financial Instruments Pty Ltd (XMAU)
- Cyprus Securities and Exchange Commission (CySEC) – Trading Point of Financial Instruments (XMCY)
XM Group has all the features that we’re looking for in an ideal broker to trade with.
They are regulated, offer plenty of platform options and have a diverse selection of tradable assets. Add to that an excellent customer support team.
Overall, we were very satisfied with this broker.