XM broker review (2022) Review
XM is an online broker. Their parent company is Trading Point Holding, a global CFD and FX broker founded in 2009, XM Global was established in 2017 and is regulated by the International Financial Services Commission. You can get started with the trading software real account or test the waters with a demo account platform with $100,000USD of virtual currency. XM offers 2 trading platforms; more than 200 financial instruments and you need a minimum deposit of $5.
XM Group offers over 250 different instruments to trade.
- Forex CFDs,
- Commodities CFDs,
- Equity Indices CFDs,
- Precious Metals CFDs
- Energies CFDs
XM Group has a range of brands. These are covered by different regulators. XM Global was established in 2017 and is regulated by the International Financial Services Commission, whereas Trading Point of Financial Instruments was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission and Trading Point of Financial Instruments Pty Ltd was established in 2015 and is regulated by the Australian Securities and Investments Commission. They have also won many awards.
XM demo account
You can sign up for a demo account platform with $100,000USD of virtual currency. And learn trading without risk. It offers exactly the same trading conditions as the live account.
There are no time limits on how long you can use your demo account. You can simply access the demo account from the main page and fill in a few details, to open one.
The commissions and fees at XM Group depend on the type of account you choose. XM has low stock CFD and withdrawal fees, the forex and stock index CFD fees are average, and they charge an inactivity fee. They do not charge a withdrawal fee.
More about fees can be found on their website.
The registration form was filled in a couple of minutes. But they require your name, email and telephone number, your exact address, the trading platform you have chosen, account base currency, etc. That`s awkward if I`m a beginner and I`m not sure what’s best for me and only want to learn and find out on the demo account. So, I left it the way it was set.
As soon as I registered, I received an email, where I had to verify myself. The email contained a link to register for a live account and the risk warning proclaimer.
The next step is to download the XM MT5 platform. After clicking the download button, I was on a page explaining the two platforms they offer. I could choose MT4 or MT5, their pros, and a link to download based on my pc software. I went for MT4 on my MAC as I heard, that MT4 is better. Another page with information about MT4. After downloading a message that appeared, I can only use MT4 on a newer version of my MAC. I have decided not to download the platform but use the MT4 WebTrader. The only turndown here was the fact, I had to register again for my demo account. Once you`re in, you have to register again, for a demo account, and choose what do you want to trade on.
At this point I have given up, because as a beginner I have no idea what should be filled in, of course, I tried all sorts, nothing worked. So, after spending around 30 minutes registering, again and again, I`m shutting it down.
XM’s web trading platform is provided by MetaTrader. You can choose from MT4 and MT5, both on mobiles, tablets, IOS or windows. These platforms are very similar to each other in functionality and retro design. Unfortunately, I can`t say more about the MT4 here, because I couldn`t open a demo account to train on.y
The first opinion about the website isn`t good. It felt as if I had opened a website for gaming or racing or something like that. After browsing I found, that all information is intuitively easy to find. The main page offers you to register for a live or a demo account. Scroll down and you`ll get the information on why to choose them. And a peek into their Analysis Centre.
At the bottom of the page, you can view their awards. The top pane offers:
- Research and education
- About us
Diving into the Research and education option, I found out they provide a wide range of technical tools and a great economic calendar. XM offers trading ideas, which are based on technical indicators, XM has also charting tools, also, what I liked that news items are categorized based on product types. There`s more to be found, like calculators, Trade-Ideas or Live Education. Live education are webinars, that you can watch daily. Educational videos are available too.
XM offers good customer service. You can contact them via email, live chat or social media and of course by calling.
XM social networks
In the footer I have noticed, they are active on Facebook, Twitter, YouTube, Instagram and LinkedIn. On Facebook, they are active a couple of times a day. They post news, analyses or facts and webinars coming up. You’ll find the same feed on Twitter and other social networks.
Advantages and disadvantages of XM
XM is a solid choice for beginners or professionals. The education support is enormous, they are active on their social network accounts too. XM is regulated by several authorities globally and holds many awards. On the other hand, the first impression of the website isn`t nice, the platform MT4 and MT5 design are outdated too, but I couldn`t test that myself because the demo account registration took a long time and, in the end,, I couldn`t open one anyway.
- Old-school design
- No fundamental data available in Research
- Inactivity fee charged
- Average forex and stock index CFD fees
- Educational webinars and videos
- No withdrawal fees
- Low minimum deposit
Pros / Cons