- 1 XM Basics
- 2 Our Opinion About XM
- 3 Key Benefits
- 4 XM Regulation And Safety
- 5 XM: Legit Or Scam?
- 6 XM Trading Assets
- 7 XM Account Types
- 8 XM Registration: How To Open A Trading Account
- 9 XM Registration: How To Verify A Trading Account
- 10 XM Deposits & Withdrawals
- 11 Trading Platforms
- 12 Trading Tools
- 13 Education
- 14 Extra Trading Services
- 15 XM Customer Support
- 16 Our Verdict
- 17 XM Forex Broker Review FAQ
- 18 Similar Brokers
|🏛️ Based in
|CySEC, FCA, DFSA, IFSC
|💰 Minimum Deposit
|$5 (2000 Naira)
|💳 Deposit Options
|VISA, MasterCard, Bank Wire, Skrill, Neteller.
|💳 Withdrawal Options
|VISA, MasterCard, Bank Wire, Skrill, Neteller.
|📌Open an account
|Start Trading with XM
Our Opinion About XM
XM is an award-winning international broker. It has a global client base and provides its services to traders in over 196 countries, including Cyprus. XM prides itself on its customer service and its top priority is making sure that its clients get a seamless trading experience.
XM Regulation And Safety
XM is a licensed forex broker. They have obtained licences from many international regulatory authorities including ASIC, CySEC, and the DFSA. XM has also secured licences from the FCA and many major EU financial institutions. Here is the full list.
- XM Subsidiary: Trading Point of Financial Instruments Ltd is regulated by the Cyprus Securities and Exchange Commission in Cyprus, with licence number CySEC 120/10
- XM Subsidiary: Trading Point of Financial Instruments Pty Ltd is regulated by the Australian Securities and Investments Commission in Australia, with licence number ASIC 443670
- XM Subsidiary: Trading Point of Financial Instruments UK Ltd is regulated by the Financial Conduct Authority in the UK, with licence number FCA 705428.
- XM Subsidiary: Trading Point MENA Limited is regulated by the Dubai Financial Services Board in Dubai, with Reference No. F003484
- XM Subsidiary: XM Global Limited is regulated and monitored by the Belize IFSC in Belize, under licence number 000261/104.
Regulation in Europe
Traders in Europe can register for an XM trading account under Trading Point of Financial Instruments Ltd. This XM branch is regulated by the Cyprus Securities and Exchange Commission, also commonly referred to as CySEC. CySEC has earned a reputation for being very strict when it comes to regulatory oversight. However, they require brokers to keep client funds in segregated accounts. They also require brokers to offer negative balance protection. This means that, in line with their legal mandate, CySEC actively monitors broker activity and enforces strict client fund protection measures.
Client Fund Safety
XM follows all industry recommendations for client fund security. It operates based on a segregated account policy, and keeps client funds in separate accounts, with tier-one banking institutions. This ensures that client funds cannot be used by XM for its own commercial purposes. It also operates based on a negative balance protection policy. This means that client balance can never fall below zero. In addition to these regulatory recommendations, XM also implements additional cyber security and data protection measures, for added client fund security.
XM Forex Awards
XM has won many forex awards in acknowledgement of its excellent products and services. They offer a great online trading experience and have earned a good reputation within the forex industry. Their most recent forex awards include:
- Best Crypto CFDs 2022 (Financial Expo Egypt)
- Best FX Service Provider 2022 (City of London Wealth Management Awards)
- Best Customer Support 2022 (CFI.co)
- Best Forex Trading Support (Global Forex Awards – Retail)
XM: Legit Or Scam?
XM is a legitimate forex broker. They have been offering online trading services since 2009 and have a large client base in Europe. They are a regulated company with several forex licences. They operate under the supervision of some of the top regulatory authorities in the world, including CySEC and the FCA. When it comes to products, they have a good trading accounts, fair pricing, and superb trading conditions. And when it comes to services, they have good funding methods, quick withdrawals, and a secure trading environment. In our opinion, they are a legit forex broker.
XM Trading Assets
XM gives you the choice of over 1000+ trading instruments. You can access forex pairs, commodities, indices, stocks, metals and energies – all from the same trading account.
- Forex – They offer 57 XM forex instruments, including majors, minors, and exotics pairs. The leverage available on forex pairs is up to 1:888.
- Stock CFDs – XM offers 1291 stock CFDs, including a wide range of popular US, UK, and EU stocks. The leverage available on stock CFDs is up to 10:1.
- Commodities – XM offers 10 commodities, including gold, silver, coffee, corn, soybeans, and wheat. The leverage on commodities is 1:50.
- Equity Indices – XM offers trading on 14 indices, including the US30Cash, the UK100Cash, and the EU50Cash. The leverage on indices is up to 1:200.
- Energies – XM offers trading on 5 energies, including Brent, Natural Gas, and Oil. The available leverage on energies is up to 67:1.
XM Account Types
This forex broker has three types of trading accounts. These are the Micro Account, the Standard Account, and the XM Zero Account. They all have excellent trading conditions and trading support.
|From 1.7 pips
|From 1.7 pips
XM is one of the best forex brokers in Europe when it comes to micro accounts. The XM micro account has many benefits including low entry requirements and low trading costs. As such, it is a great choice for new XM forex traders in Europe. It comes with an average spread of 1.7 pips and high leverage of up to 1:30 on forex pairs. The XM minimum deposit for this account is just $5. The account base currencies are USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, and ZAR.
XM is also one of the best forex brokers in Europe when it comes to standard trading accounts. The XM standard accounts have many important features including fair pricing and fast trade execution As such, it is a great choice for intermediate XM forex traders in Europe who want competitive trading conditions. The account comes with an average spread of 1.7 pips and a high leverage of up to 1:30 on forex pairs. And with an XM minimum deposit of just $5, it offers easy market access. The account base currencies are USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, and ZAR.
The XM demo account is great tool for forex traders in Europe. This is because the demo accounts provide a risk-free trading environment where you can trade with virtual funds. This means that there is no minimum deposit and you can practise your trading skills with virtual money. Demo accounts are great for beginners who want to learn about the market and to develop their core trading skills. Demo accounts are also great for more expert who want to test their EAs before going live on real accounts.
The minimum deposit is $5 on all trading accounts.
The XM maximum leverage is 1:30, depending on which instruments you trade.
The average spread is 1.7 pips. This may change depending on which instrument you trade.
There are no commission fees on XM trading accounts.
XM Registration: How To Open A Trading Account
As part of our XM review, we looked at their online registration requirements. If you live in Europe, then you are eligible to open an XM online trading account. The online registration process is quite straightforward. The first step is to go to their website and fill in the registration form. This is so that XM can get some personal information and start creating your trading account. Then, you need to provide an email address and password. This so that they can collect your contact information and start creating your account login details.
The next step is to complete a short trading quiz This is so that XM can understand how much you know about online trading and decide if their services are suitable for you. After all, trading can be risky. If you pass the trading quiz, you will be able to proceed to the next stage in the registration process. The final step is to complete the account verification process, sometimes also called the KYC process, or the ‘Know Your Customer’ process. It usually involves submitting copies of certain documents. This is to that XM can complete their regulatory checks and approve your trading account. After this final step, you can add funds and start trading!
XM Registration: How To Verify A Trading Account
To verify your account, you will need to provide XM with copies of certain documents. You need to give them a colour copy of a valid passport or another official identification document issued by authorities (e.g. driver’s license, identity card, etc). You also need to give them a copy of a recent utility bill (e.g. an electricity bill or a bank account statement) dated within the last 6 months.
XM Deposits & Withdrawals
XM has many deposit methods including credit cards, Skrill, Neteller, and bank transfers. Deposit requests are handled quickly. Withdrawal requests are processed within 24 hours. There are no extra deposit or withdrawal fees.
XM has two trading platforms. These are MT4 and MT5. They are available on PC, Mac, mobile, and tablets. There are also web versions. The trading conditions you get on the platform will depend on which account you choose.
MetaTrader4 (MT4) is probably one of the best online trading platforms for new XM forex traders in Europe. This is because it has a simple layout and comes with user-friendly features. You can use the platform to get access to all of XM’s top trading instruments including forex, stocks, metals, and indices. The XM MT4 trading platform also has good charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects. This means you can use it to study the markets and make your trades.
MetaTrader5 (MT5) is probably one of the best online trading platforms for intermediate XM forex traders in Europe. This is because it comes with better, more modern trading tools. You can use it to trade any of XM’s financial instruments including forex, shares, energies, and cryptos. The XM MT5 trading platform has some nice tools including 6 order execution types, 38 indicators, and 37 analytical objects. This means that you can use it to forecast prices and plan your trades.
XM provides six technical indicators. There are three indicators that are particularly useful for new traders. These are the River Indicator, Ichimoku Indicator, and the Ribbon Indicator. The River Indicator gives you a better idea of how the market is moving. The Ichimoku Indicator enables you to quickly identify support and resistance levels. And the Ribbon Indicator helps you to follow trends and decide the best time to to trade. It is worth nothing that these trading tools are only available for free on certain accounts.
XM does its best to offer its traders a good forex education. They provide free access to their fundamental and technical analysis. This enables you to study the markets and stay on top of financial news. They also provide free access to trading videos, free forex webinars, trading alerts, and weekly market outlooks. This enables you to deepen your understand of the forex market and get the skills you need to trade profitably.
Extra Trading Services
XM offers a trading signals service in partnership with MQL5. It also offers a VPS service for $30 per month if you have less than $5000 in your account.
XM Customer Support
XM has a great customer support team. They offer great customer service and are always ready to help you with your account. You can reach them via phone, email or live chat during working hours.
XM is a reputable, regulated forex broker. It offers excellent trading services to its clients. It also offers great educational resources, helpful market analysis, and useful trading tools.
XM Forex Broker Review FAQ
Yes, XM in Europe is a good broker. They have a nice range of account types and offer fair, transparent trading conditions. XM has also a great choice of online trading instruments including forex pairs, stock CFDs, index CFDs, and commodity CFDs. They also provide leveraged trading, tight spreads, and low commissions. In our opinion, XM is a good broker and a great choice for European traders.
Yes, XM in Europe is legit. They are an established forex broker with offices in several countries around the world. In terms of their services, they provide low-cost trading accounts, fair trading conditions, and robust trading tools. Furthermore, XM has convenient payment methods, easy withdrawals, and superb client fund protection. In our opinion, they are a legit forex broker and a good choice for European traders.
Yes, XM in Europe is a licensed forex broker. The XM Group is licensed by many reputable regulatory authorities including the ASIC in Australia, the CySEC in Cyprus, the IFSC in Belize, and the DFSA in Dubai. XM also has registrations for outward passporting with the FCA in the UK and many EU regulators. Traders in Europe can open an account under the CySEC-regulated branch of XM, and will benefit from CySEC’s excellent regulatory oversight.
Yes, XM in Europe is a safe forex broker. When it comes to client fund safety, they abide by all their regulatory requirements, and apply strict client fund protection measures. For example, XM keeps all client funds in segregated accounts, separate from its own funds. This means that they never use client funds for their own operational purposes. They also offer negative balance protection. This means client balances never fall below zero. In our opinion, XM is a safe broker to trade with.
Yes, XM in Europe offers good live trading accounts. There are two live trading accounts – the XM Micro Account and the XM Standard Account. There are also many other types of trading accounts including demo accounts, Islamic swap-free accounts, and PAMM accounts.
XM offers many convenient deposit methods. It accepts credit cards, Skrill, Neteller, and bank transfers. XM also offers many convenient withdrawal methods. You can withdraw money via all of the payment methods listed. For more information about how to fund XM accounts, check their website or your client portal.
As part of our XM review, we also looked at their minimum deposit requirements. XM in Europe has many affordable account types and their minimum entry requirements are very low. For example, the XM minimum deposit for the XM Micro Account is just $5.
Yes, XM is good for beginners. They have low cost account options and low minimum deposits. They also have a large selection of trading tools and educational resources. For example, beginner traders, who may need more help with their trading, can also choose to use XM PAMM service.
XM in Europe is a great forex broker. They have excellent trading accounts, competitive trading conditions, and powerful trading platforms. They also have great educational resources, helpful trading tools, and good customer support However, if you want to look at more options, there are many other great forex brokers in Europe as well. We recommend looking at HotForex, FXTM, FXPro, FXPrimus, and Instaforex.
Looking for more information? Check out our full list of forex broker reviews.