XM Review: XM has a physical presence in Cyprus, the United Kindom & Australia. The online forex broker is regulated & overseen by CySEC in Cyprus, the FSA in the U.K. and ASIC in Australia. The broker is well known and ranks among the best forex brokers in India in the Nifty Outlook‘s Forex Broker list.
XM.com is part of the XM Group, brought to us by Trading Point of Financial Instruments UK Limited. The group was established in 2009 and has since grown to become one of the most well-known and established international investment firms in the world. The platform gained more than 15 Lakhs clients & traders in 196 countries.
Here at Nifty Outlook, we’ve published an unbiased XM Review that explains its features, trading platforms, types of accounts, accepted countries and much more.
The forex broker is known for its excellent customer service and a personalized approach for every client, no matter their investment goals. Trading accounts on XM.com can be opened with as little as $5 USD.
Must read: The list of Best Forex Broker in India.
XM Trading Account
There are three types of trading account offered by broker – Micro, Standard & Zero. All trading accounts allow up to 200 open/pending positions per trader.
For most of the traders, XM.com offers the following three types of accounts
- Micro Accounts: Micro accounts can use USD, EUR, GBP, CHF, AUD, HUF and PLN as the base currency and can be opened with a minimum deposit of $5USD. 1 micro lot is equal to 1,000 units of the base currency.
- Standard Accounts: Standard accounts can use USD, EUR, GBP, CHF, AUD, HUF and PLN as the base currency and traders will require a minimum deposit of $5USD. 1 standard lot is equal to 100,000 units of the chosen base currency.
- Zero Accounts: Zero accounts can use USD and EUR as the base currency and traders can start with just $10USD. Like the Standard account, 1 standard lot is equal to 100,000 units of the chosen base currency.
XM Trading Platform
XM offers two trading platforms and both are available for Active & Demo Accounts. The broker also provides very popular MetaTrader 4 and 5 platforms developed by MetaQuotes, which offer desktop, mobile and web-based trading options to its traders.
Furthermore, XM has provisions to use MT4 Multi-Terminal to manage several trading accounts at the same time from the same trading interface. XM’s maximum leverage ratio is a bit high compared to other Forex Brokers & goes up to 500:1.
Assets & Markets
XM offers to trade on the following assets:
- Equity Indices
- Precious Metals
XM.com offers several features to its clients and traders to make easy trading, are as follows:
- XM provides negative balance protection and segregated accounts to its traders.
- In addition to forex currency pairs, a trader can trade a variety of assets that include precious metals, energy commodities and stocks via its supported trading platforms.
- The broker allows trading in micro-lots and offers an Islamic account option to its traders.
XM accepts traders from the following countries:
- United Kingdom
- South Africa
- Hong Kong
- United Arab Emirates
- Saudi Arabia
- Qatar and most other countries.
Not Accepted Countries
Traders can not use XM from the following countries:
- United States
- Forex traders located in India
- MetaTrader 4 & 5 users
- Beginner forex traders
- Active forex traders
Contact Details / Customer Support
The easiest and fastest way to contact XM is through their live chat feature available on the contact page of their website. You can also email support on support[@]xm.co.uk or call on +44 2031501500.