XM.com review: Xm is a scam or not? The most objective and detailed

BlogNovember 5, 2021

capital.com – The broker you should try to trade cryptos & US stocks. Learn more!

XM.com review: Xm is a scam or not? The XM exchange was founded in 2009 and is headquartered in Limassol, Cyprus. In addition, XM also has international offices in many places such as London, Athens, or Sydney. Currently, XM is one of the leading forex exchanges in the world that has been granted many operating licenses from the largest financial institutions today such as: FCA, CySEC, ASIC, IFSC.

Review pros and cons of XM.com

Pros

  • Register and verify your account quickly and easily.
  • The trading platform is simple to use and user-friendly.
  • A trusted broker, with FCA registration and CySec regulation.
  • Offers high leverage up to 888:1.
  • Instant transaction execution, no latency.
  • 24/7 customer care service by phone, email or online chat.
  • Fast processing of withdrawals with a choice of local bank withdrawal methods convenient for Vietnamese traders
  • Extensive list of account types and trading products.

Cons

  • Stock and Crypto CFDs are only available on MT5 accounts
  • High spreads on Micro and Standard accounts.

Basic information about broker

XM was founded in 2009 with more than 1.5 million users from 196 countries. XM is ranked 170th out of 353 in DailyForex’s top broker’s list with many advantages on trading platforms as well as professionalism and reputation.

The XM brand (XM Group) is a group of online regulated brokers. The first institution of XM was established in 2009 in Cyprus (regulated by CySEC under license 120/10) under the name Trading Point of Financial Instruments Ltd. In 2015, XM incorporated an entity (under ASIC regulation, license number 443670) in Sydney, Australia, and in the same year gained legal status in London (regulated by the FCA, license number 705428). , according to the UK Ltd Financial Instruments Trading Point. Recently, XM Global Limited was established in 2017 in Belize (as regulated by IFSC IFSC/60/354/TS/18).

XM Group has grown into an online multi-asset broker offering 57 currency pairs and 1000 CFDs. In 2017, XM Group launched CFDs on major cryptocurrencies including Bitcoin (BTCUSD), Bitcoin Cash (BCHUSD), Ethereum (ETHUSD), Litecoin (LTCUSD) and Ripple (XRPUSD), offering traders investors and traders the ability to gain exposure to digital assets without having exposure to the underlying owned digital assets. XM Group’s crypto offering does not include leverage (100% margin) with a maximum trade size capped at 1 Bitcoin and a minimum trade size of 0.1 Bitcoin. Besides, XM also launched Share account specialized for investors in corporate stocks. It can be said that XM has provided a full range of assets that investors love in today’s market.

XM offers traders the full suite of MetaTrader software from MetaQuotes Software Corporation, providing clients with a standard and superior experience on the popular MT4 and MT5 platforms for desktop, mobile and web. It has significant differences in how the platform is set up to distribute spreads and trading commissions, execute orders, and experience other tools, features and admin areas.

  • Meta Trader 4 (MT4) : for PC, MAC, Android, iOS
  • Meta Trader 5 (MT5) : for PC, MAC, Android, iOS
  • Web Trader: works on popular browsers

XM is one of the companies that supported the MT5 platform very early with many improvements in execution speed, stability, and trading tools.

It can be said that XM is a leading reputable broker that is getting more and more trust and absolute support from traders around the world.

Review of accounts, fees, and spreads XM.com

Account

XM offers 4 account types including Micro account, Standard account, Ultra-Low account, and Share account (stock account).

XM account for beginners: Cent is the best account type for beginners.

If you are a new trader, you will need an account with a low trading margin, trading in small lots to be able to practice trading. Trading on a real account will help you train your psychology much better than a demo account.

Why is the XM Cent account suitable for beginners?

  • The minimum deposit is only 5$.
  • Leverage 1:888
  • Low trading volume per trade.
  • There is no commission on trading.
  • Spreads from as little as 1 pip on major currency pairs.
  • Trade with 25 currency pairs and 2 precious metal pairs

Standard accounts are supported on both MT4 and MT5 platforms.

XM account for professional traders:

Standard is an account for professional traders with better trading conditions than Cent. That is:

  • Spreads from only 1 pip with major currency pairs. (lower than cent account)
  • Leverage 1:888
  • No transaction commission fees.
  • The minimum deposit is only 5$.

The Standard account is the most popular account chosen by many traders. Suitable for many different trading styles and no commissions on trading.

Standard accounts are supported on both MT4 and MT5 platforms.

Ultra-Low Account

  • Initial minimum deposit 50$
  • Spreads from 0.6 pips on major currency pairs.
  • There is no commission on trading.
  • Leverage 1:888

The Ultra-Low account is the account with the best trading conditions at XM with the lowest spreads. However, the initial minimum deposit will be $50 larger than Standard or Cent accounts. But compared to other exchanges this is a relatively low minimum deposit to enjoy such a good trading environment.

If your capital is over $50, you should choose an Ultra-Low account to maximize profits.

Share account

Using this account, you can trade European and US stocks (by capitalization) and diversify your portfolio with competitive trading conditions.

Securities products of many countries such as USA, UK, Germany, France, Netherlands, Spain, Australia… with 1184 stock codes.

This is an account that is very suitable for traders who like to trade stocks.

Why should you own an XM Shares CFD account?

Trading stocks of big companies in countries around the world

  • Receive dividends.
  • There is a commission fee.
  • Trade easily through the MT5 platform.
  • Leverage does not apply
  • Minimum deposit 10,000$

Review of Spread XM.com

Spread is one of the strongest advantages of XM. The broker has an average spread – between 1.6 and 2.6 pips.

The special thing is that the XM group acts as the sole agent in all the trades they make and does not re-quote on all of its account types but provides the market price directly to its clients. . This allows it to offer lower spreads under certain market conditions.

Review of transaction fees XM.com

XM does not charge trading fees and commissions. XM pays all transaction fees (for wire transfers, it is over 200 USD).

XM does not charge a fee for deposits/withdrawals. This offer is applicable to all deposits by credit/debit cards and e-wallets. For deposits/withdrawals via bank transfer, XM will pay all fees imposed by XM’s banks, except for deposits less than 200 USD (or equivalent amount).

Review of deposit and withdrawal at XM

XM applies many online payment gateways for traders. Some payment gateways for depositing and withdrawing money to XM accounts include Credit Card, Debit Card, Neteller, Skrill, UnionPay, Bank Wire.

  • XM has withdrawal ports including Skrill, Neteller, and Bank Wire.
  • XM Recharge payment gateways include: VISA, Master Card, Maestro, Diners Club International, UnionPay, XM Card, Skrill, Neteller, Web Money, Bank Wire

Customer Support at XM

XM supports live chat in more than 30 languages. Customer support channels include phone, email, or live chat. XM’s customer care service has Vietnamese-speaking support staff who respond very quickly & live 24/7. XM support time via live chat from 8 am – 7:45 pm on weekdays (from Monday to Friday)

Resources and Training

XM is a highly regarded exchange that is very dedicated to educating its customers. With a large trading documentation system, constantly emailing traders instructions.

Also, organize seminars both online and offline so that experts can share knowledge on topics to help clients trade better. It is worth it for the novice or inexperienced traders to learn from the experts.

Review promotion at XM

XM is quite famous for its bonus programs and promotions for customers such as a 30$ bonus when registering an account (no deposit required), 15% bonus on the first deposit.
Free 30$ without deposit
This program applies to customers who first register for an XM account, just need to verify the account and the account will be automatically added 30 USD without having to deposit money or anything else.

To get a 30 USD trading set or test trading on the exchange you need:

  • Sign up for an XM account
  • Verify your account in the member’s area by submitting proof of address and identity proof
  • Click the Claim button
  • Complete the SMS confirmation procedure.

After completing the above procedures, if the XM account is successfully verified, the money will automatically be added for you to try trading.

To withdraw money, XM also offers very simple requirements such as:

  • Minimum trade volume 0.1 Standard Lot
  • The minimum number of trading orders is 5

Bonus 15% deposit

With this program, you will get a 15% bonus on all deposits within 24 hours (from the time of the first deposit). The maximum bonus amount is 500 USD. This Bonus you will not be able to withdraw, its meaning is only to increase free margin for customer accounts.

Loyal customers

XM regularly organizes promotions throughout the year for its loyal customers. It can be seen that XM is quite generous in promotions and bonuses.

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