Coming Soon: Our Review for xm.com
Until then, we recommend the following top 3 alternatives:
PrimeXBT
83/100
PrimeXBT Review
-
Visit Provider
eToro
81/100
eToro Review
-
Visit Provider
easyMarkets
78/100
easyMarkets Review
-
Visit Provider

XM.com Review 2020

XM.com is a Cyprus-based broker that allows you to trade forex, stocks, commodities, equity indices, precious metals and energies. It falls under the umbrella of global trading powerhouse Trading Point Holdings Ltd., which also owns trading.com. The group is licensed and regulated by the Cyprus Securities and Exchange Commission, International Financial Services Commission and various other regulatory bodies.

This XM.com review 2020 explores the fees, limits, security, user experience, customer service, ease of payments and trading conditions you can expect when using the platform. Our XM.com review should be of interest to anyone new to the wonderful world of trading, and for seasoned traders seeking a compelling new platform.

Pros & Cons of XM.com
  • Fully licensed and regulated broker
  • Low fees for CFDs
  • Free withdrawals
  • A wealth of educational tools
  • No hidden fees
  • Limited portfolio in some areas
  • Does not offer crypto trading
  • Average forex fees

Security, Usability, Look & Feel

XM.com clients benefit from a clean, uncluttered, simple and easy-to-use interface. The site is effectively designed and aesthetically pleasing, and we had no trouble navigating our way around the various sections when conducting this XM.com review 2020. It offers an abundance of educational tools, blog posts and other helpful advice, and the attention to detail impressed us during this XM.com review.

The business is also keen to provide an excellent customer experience offline. It claims that the management team has visited more than 120 cities around the world for face-to-face meetings with customers, as it believes in the value of human interaction. XM.com also hosts a number of seminars around the world to educate traders, enabling them to make better trading decisions. It strives for high customer retention, and it claims to have executed more than 2.4 billion trades, with zero requotes or rejections.

We also analysed the security of the site when conducting our XM.com review. It has invested in the latest SSL technology as part of a strong commitment to guaranteeing transfer security and clients’ privacy. XM.com has not had any significant security breaches since the site launched in 2009, so you can trade with confidence at this site.

How To Trade

You are presented with two key options at XM.com: practice on a demo account or begin live trading straight away. If you want to open a live account, you will have to provide your personal details and choose your trading platform. MT5 allows you to trade forex, CFDs on stocks, equity indices, metals and energies. MT4 does not provide CFDs on stocks. You can then choose a Micro, Standard or Zero Account. You will have to validate your account by providing proof of identity and address.

Once you have installed the platform and made a deposit, you can find a trade you are interested in. You can double click on a particular instrument in the Market Watch section, or click on “New Order”, Enter the size of your contract in the “Volume” box. Choose the type of trade – either a market execution or pending order – and click on either buy or sell. Your order will then be instantly processed, and you can view your active trades in the “Terminal” window, by clicking on the “Trade” tab.

Payments

The next part of our XM.com review 2020 concerns the range of payment methods at your disposal. It accepts multiple credit cards and debit cards, a range of electronic payment methods, local bank transfers and slightly more niche options. Neteller, Skrill, UnionPay, Sofort and Przelewy24 are all among the deposit options, and you should be impressed with the breadth of choice on offer. You can deposit money in any currency, and it will then be automatically converted into the base currency of your account by XM prevailing interbank price. Deposits are instant.

Most of the deposit methods are also valid for withdrawals. All withdrawal requests will be completed within one working day. If you have opted for an e-wallet like Skrill or Neteller, you should receive your money that day. Payments by bank wire, credit card or debit card typically take two to five business days to arrive in your account. Your trading account must be validated in order to make a withdrawal. All withdrawals are totally free of charge, but some providers may charge their own handling fees.

Fees

The account tiers differ in pricing at XM.com. The Zero Account charges lower spreads, but it does charge a commission. Spreads are higher for clients with the other accounts, but there are no commissions. The minimum spread across all accounts at XM.com is 0.1 pips, and the average spread for a major pair such as euros to US dollars is 0.1 pips.

The site promotes a strict “no hidden fees or commission” policy, which should appeal to novice traders reading this XM.com review. It covers all transfer fees and guarantees free, same-day withdrawals to a range of different banking options. The fees are generally lower than average on CFD trading, but you will find rival brokers with more attractive forex fees. Stock fees are lower than average, but not quite as appealing as those on offer at eToro.

Accounts are free, and the only non-trading fee we need to make you aware of in this XM.com review is an inactivity fee. You will have to pay a one-off £15 fee after a year of inactivity, and then a $5 monthly fee if your account remains inactive. An inactivity fee is fairly standard in the industry. All deposits and withdrawals are free at XM.com.

Credit Card
Bank Transfer
Neteller
Skrill

Customer Service

XM.com prides itself on excellent customer service. It offers support in more than 25 languages: English, Greek, Simplified Chinese, Traditional Chinese, Bahasa Malay, Bahasa Indonesia, Korean, Russian, French, Spanish, Italian, German, Polish, Hindi, Arabic, Portuguese, Czech, Slovakian, Bulgarian, Romanian, Bengali, Urdu, Thai, Nepali, Tagalog, Vietnamese, Cebuano and Serbian. That is extremely comprehensive. You can choose from live chat, email or phone.

We put the customer service to the test for this XM.com review and found it to be excellent. We received quick responses to a multitude of questions, ranging from basic requests about how to set up an account to complex queries about trading. The representatives were friendly, diligent and helpful at all times.

However, one drawback is that customer support is only available from Monday to Friday, and only for 14 hours per day. Some trading sites offer 24/7 customer support. XM.com offers 24/7 trading, so you would expect to be able to benefit constant support, so that is one area in which we have to mark it down in this XM.com review 2020. On the other hand, it does offer an extremely comprehensive FAQ section, so you should actually be able to find answers to most questions without even having to contact anyone.

License & Security

XM.com is a fully regulated site with a number of different licences. It is licensed by the Cyprus Securities and Exchange Commission, Australian Securities and Investments Commission and International Financial Services Commission. It then has registrations for outward passporting in countries such as the UK, Germany, Spain, Hungary, Italy, France, Finland, Poland, the Netherlands and Sweden. The business is approved by respected bodies like the UK Financial Conduct Authority, BaFin in Germany and CNMV in Spain.

It follows a number of procedures to maintain the safety of our clients’ funds. XM.com uses an automated system for monitoring transactions and risk management for the sake of no negative balance, and therefore protects its clients from any losses bigger than their original investments. As mentioned earlier in this XM.com review, it uses the latest SSL technology to encrypt data, and it ensures trading transparency for its financial instruments by providing detailed information about trading conditions. The firm also pledges to work with a variety of liquidity providers to offer the best spreads and liquidity at all times.

Reputation and Customer Feedback

XM.com has a strong reputation among traders and their subsequent customer reviews. It prides itself on great service and high retention rates, so it goes the extra mile to keep clients happy. The site is renowned for its above-average leverage of 1:888, so it is popular among traders.

CySEC - Cyprus Securities and Exchange Commission
xm.com Crypto

XM.com Cryptocurrencies

XM.com started offering Bitcoin to US dollar as a trading instrument on its MT5 platform in September 2017. It also allowed Dash, Ethereum, Litecoin and Ripple to USD pairs on the XM.com crypto trading section. However, XM.com Bitcoin trading lasted just a few months. In December 2017, XM.com announced it would stop offering cryptocurrency trading on the MT5 trading platform. The firm cited a lack of trustworthy liquidity providers within the crypto market for its decision to axe XM.com crypto trading.

Crypto is no longer listed as a tradeable category at XM.com. You can learn more about cryptocurrency trading apps or check out cryptocurrency mining software and cloud mining if you would prefer to go down the mining route. This XM.com review 2020 notes that you cannot currently trade crypto on the site, but we will quickly update our XM.com review if the situation changes.

Jurisdictions & Limits

XM.com claims to have more than 3.5 million clients spread across 196 different countries. By most accounts, there are between 195 and 197 countries in the world, so XM.com welcomes clients from anywhere across the globe. However, it is not permitted to accept US and Canadian citizens.

This XM.com review 2020 found that the site provides leverage from 2:1 up to 30:1, depending on the instrument traded. However, experienced traders with strong credentials can take certain accounts that offer flexible trading conditions and leverage up to 888:1. You can opt for a Micro Account, Standard Account or Zero Account. The minimum trade volume is 0.01 lots, you can open up to 200 positions and the minimum deposit is $5 for a Micro or Standard Account, and $100 for a Zero Account.

There is no maximum amount you can trade online at XM.com, but there is a maximum number of 50 standard lots you can trade online at streaming prices for Standard accounts and 100 micro lots for Micro accounts. The minimum withdrawal is also just $5.

Other Trading

The site offered more than 1,000 trading instruments at the time we conducted this XM.com review. That includes 55 forex trading pairs, featuring USD, EUR, GBP, JPY and many more currencies. You can trade stocks based in the USA, UK, France, Germany, Netherlands, Spain, Switzerland, Belgium, Italy, Greece, Portugal, Sweden, Finland, Norway, Austria, Russia, Australia, Brazil and Canada. Our XM.com review found that the site provides rapid, cost-effective access to global economies, allows traders to speculate on market trends and provides you with the opportunity to go short or long.

XM.com should be suitable for traders pursuing both short-term and long-term strategies. Commodities on offer include cocoa, coffee, corn, cotton, copper, soybean, sugar and wheat. There are various tradeable CFDs on offer at XM.com, including 18 cash indices and 10 futures indices. You can also trade gold and silver, plus brent crude oil, London Gas Oil, natural gas and WTI oil. The margin is always 50% when you hedge positions on CFDs and if your margin level is over 100%. Our XM.com review found that the range of tradeable assets was reasonably strong at the MT5 trading platform, although it is below average in some categories.

Overall Conclusion

XM.com is an excellent trading broker that provides strong customer service, great user experience and a wealth of educational material. The trading platform is easy to use, the fees are generally attractive and the level of flexibility on offer is appealing. It has a limited product portfolio compared to some rivals, it does not offer crypto trading and its forex fees are not particularly exciting, but overall it fully deserves a positive XM.com review.

Move to Top
×
Your Bonus Code:
The bonus offer was already opened in an additional window. If not, you can open it also by clicking the following link:
Go to Provider
Close
Bitreviews.com recommended online Broker