XM Review Forex Broker & Trading Markets, Legit or a Scam

Score

3.5/5

Min Deposit

Min Spread

1.5 pips

Regulation

FSC, CySEC

Max Leverage

1:1000

Live chat, phone, WhatsApp, email

Positive Ratings

70%

Neutral Ratings

20%

Negative Ratings

10%

Company Summary

Aspect	Information
Registered Country/Area	Cyprus
Founded Year	10-15 years
Company Name	XM
Regulation	FSC, CySEC
Demo Account	Available
Minimum Deposit	$5
Maximum Leverage	1:1000
Spreads	Variable spreads from 0.6 pips
Trading Platforms	MetaTrader 4 and MetaTrader 5.
Customer Support	Email, Live Chats, and Calls
Payment Methods	Cards, Ewallets, and Wire Transfers

Introduction

XM is an online trading platform that allows you to trade in the global market. It offers a smooth and seamless trading experience. The platform has various trading assets and tools that improve your trading experience. The platform has dedicated customer support that helps with any issues.

This XM review will discuss the key features of the platform. Lastly, we will be able to understand whether the platform is legitimate.

XM Overview

XM is a well-regulated registered trading platform. It is regulated by top-tier financial authorities. It allows trades to invest in various products and access different accounts. XM broker operates on top trading platform, Meta Trader 4 and Meta Trader 5. The platforms let traders use advanced tools and features that improve their trading process.

Trading Instruments

The platform offers traders with multiple trading products. This allows users to trade in various products that help improve your portfolio. Some top products are:

Cryptocurrencies

If you want to invest in digital currencies, then XM has got you covered. It offers access to top currencies like Ethereum and Bitcoin to invest in.

Indices

At XM, you can trade in global indices. This makes it easier for traders to watch the market movements around the globe so they can invest and make informed decisions.

Forex

The platform allows access to over 100 FX currency pairs. These include all minor, major, and exotic currencies from around the globe. Also, the platform offers different trading conditions for differing accounts.

Stocks

The platform gives access to over 1000 stocks from international markets. Traders can invest and trade in global organizations and diversify their portfolios.

Commodities

With commodities, traders can invest in precious metals and energies. These include silver, gold, oils, and natural gases.

Well Regulated Platform
Multiple Account Types
Multilingual Customer Support

Lack of Information about Transactions

Account Types

XM offers a trader with multiple account types. These different account types are designed to cater to traders with different needs. These include:

Micro Account

These accounts are designed for beginners. A micro account provides traders with smaller lot sizes and multiple base currency options.

Ultra-Low Standard Account

These accounts are for traders who want zero-commission trading with spreads as low as 0.8 pips.

Standard Account

The standard accounts at XM offer traders with larger lot sizes than micro-accounts. They get variable pips from 1.6.

Shares Account

These accounts are created for trading shares CFDs. The accounts involve commission and offer no leverage. Even the minimum deposit is 10,000 dollars.

Fees and Commissions

XM does not offer any specific information about the fees and commissions. The platform provides variable spreads and high leverage for traders.

The platform involves swap-free trading for Islamic accounts. This makes it easier for Muslim traders to trade in coherence with Shariah Law.

The platform claims to offer zero-commission trading. There are no hidden charges involved in the transactional process at XM.

Withdrawals and Deposits

XM provides traders with smooth and quick transactions. The platform offers multiple payment methods that make it easier for traders. These include cards, e-wallets, wire transfers, and more.

The transaction at the airport takes more than 2 business days. There is not much information on the website about withdrawals and deposits.

Customer Support

XM offers traders dedicated and multilingual 24/7 customer support. The platform provides support in multiple channels like live chats, mail (support@xm.com), and calls(+501223-6696, +501227-9421). The platform offers support in over 30 languages which makes it easier for traders from around the globe.

Apart from the support team, XM also provides its traders with FAQ sections and educational resources. These resources include webinars, tutorials, and market analysis for traders. This overall support helps traders make informed decisions for a better trading experience.

Security and Regulations

XM is registered and regulated by top-tier financial authorities. These are the Financial Services Commission and the Cyprus Securities and Exchange Commission. These authorities ensure that the platform adheres to the industry level of security measures.

The platform also offers negative balance protection, segregation of funds, and transparency. These features ensure traders a safe atmosphere without losing client data and funds.

Is XM a Scam?

XM is a well regulated tradimng paltform. It is registered under top financial authorities which ensures security. The regulations and security measures at the platform offer a secure trading atmosphere.

Apart from these, the platform has detailed information about everything making it easier for beginners to understand.

With all this, we can say that XM is a legitimate trading platform that offers seamless trading for everyone.

Conclusion

XM has established itself as a leading Forex broker, offering a comprehensive range of trading instruments, competitive fees, and robust customer support. The broker’s strong regulatory status and commitment to providing a secure trading environment make it a trustworthy option for traders of all levels.

Whether you are a beginner looking to start with a Micro Account or an experienced trader seeking tight spreads with the XM Zero Account, XM provides a range of options to suit your needs. With its focus on transparency, security, and customer satisfaction, XM stands out as a reputable broker in the Forex industry.

FAQS

What is the minimum deposit required to open an account with XM?

To open an account at the XM trading platform, you need a minimum of 5 dollars.

Is XM regulated?

The platform is regulated and registered by top financial authorities like Cypris Securities and Exchange Commission, Financial Services Commission, and others.

What trading platforms does XM offer?

XM broker operates on the top trading platforms including MetaTrader 4 and MetaTrader 5.

Are there any fees for transactions on XM?

The platform offers a zero-commission trading process.

What is the XM Ultra Low Standard Account?

This ultra-low standard account offers low spreads from 0.8 pips. These are designed for traders with low budgets and less experience.

Does XM offer a demo account?

No, XM does not offer any demo accounts for its traders. However, the platform does provide accounts for low-budget traders.

What customer support options does XM offer?

The platform offers 24/7 customer support to its traders. They provide multilingual support through email, phones, and live chats.

Is XM suitable for beginner traders?

Yes, XM’s Micro Account and extensive educational resources make it an excellent choice for beginners.

How quickly are withdrawals processed on XM?

At the XM trading platform, the withdrawals might take over 2 business days.

Is XM a scam?

No, XM is not a scam. The platform has strong regulations and security measures to offer a credible trading process.