Founded in 2009, XM Global today counts among some well-positioned and serious brokers. Due to its proven history & clean reputation, the platform has garnered considerable attention in the online trading community. For traders planning to start with it or are already engaged, this detailed XM Global Review 2023 will serve as a complete guide to this platform.
You may find it curious to know how a forex broker single-handedly attracts so much attention. Well! While it may seem like just another typical forex & CFD broker, our XM Global Review findings revealed something about this trading platform that makes it stand out from the rest. Let’s find it out through our in-depth analysis report.
In this review, we will go through the broker’s regulations to find whether it’s safe or a scam and assess its product offering, account types, trading platforms, and other aspects.
Is XM A Good Forex Broker?
It is a well-established Forex broker with exceedingly positive reviews from its clients. As a CFD and forex trading platform, it is a registered brand that belongs to a company called XM Global Limited, which is headquartered in Belize.
The platform has low minimum deposit requirements, commendable customer service, low fees, and an easy account opening process. Based on these features, XM can be said to be a good Forex broker and we highly recommend it to both beginner and professional traders.
Is It Safe To Trade With XM Global?
XM is a legit trading platform completely supervised by top-tier financial regulators. Firstly, it holds licenses from the Financial Services Commission (FSC – 000261/309) and Cyprus Securities and Exchange Commission (CySEC – 120/10).
In line with licensing conditions, the broker offers Negative Balance Protection (NBP), limiting traders’ loss up to their deposit.
Also, the broker keeps clients’ funds in segregated tier-1 bank accounts. Meanwhile, the Investors Compensation Fund in place provides funds insurance equals to $20,000 or 90% of the covered claim.
In conclusion, the broker is genuine with a good reputation and regulation, as per our findings from the detailed XM Global Review 2023.
Have Anyone Lost Money With XM Broker?
As with any financial investment, the risk of losing capital is common in Forex trading. However, most traders lose money due to poor investment decisions, lack of knowledge, or market volatility.
In the XM case, we researched a lot & went through all the reviews about it on the internet. And our findings from XM Global review 2023 revealed no user is complaining about losing money with the broker. However, there were some complaints about its revised withdrawal policy, but those didn’t prove it a scam.
What Does XM Offer To Trade?
Being a multi-asset broker, the trading platform offers a good selection of underlying assets to trade in. There are over 1000 financial instruments available across the global markets, including
- Forex: 50+ currency pairs, including major, minor, and exotic currencies.
- Commodities: Gold, silver, oil, and natural gas.
- Equity Indices: S&P 500, NASDAQ, and FTSE 100.
- Stock CFD: Shares of major companies listed on the NYSE, NASDAQ, and other stock exchanges.
- Cryptocurrency: 30
- + Crypto pairs BTC/USD, LTC/USD & ETH/USD
- Shares: 20+ stocks from top companies like Facebook, Apple & Alphabet.
A Review Of XM Broker Account Types
The broker offers four accounts ranging from micro to standard and Ultra-low accounts. However, the availability of these account types varies depending on the region you’re trading from.
So, it’s advisable to research and understand the available account types before you trade, to be familiar with the terms and conditions, and to be aware of the risks.
Overall, the account types being offered by this broker were found to be in line with the average global industry standards, as per our XM Global Review 2023.
Which Account Type Is Best In XM?
Look at the comparison table below to determine which account type suits your preferences best.
|Features||Micro Account||Standard Account||Ultra-Low Account||Shares Account|
|Minimum Contract Size||1 Lot = 1,000||1 Lot = 1,00,000||Standard Ultra: 1 Lot = 100,000
Micro Ultra: 1 Lot = 1,000
|Minimum Spread||As Low as 1 Pip||As Low as 1 Pip||As Low as 0.6 Pip||Varies|
|Commission||–||–||–||Varies depending on underlying exchange|
|Maximum open/pending orders per client||300 Positions||300 Positions||300 Positions||50 Positions|
|Lot restriction per ticket||100 Lots||50 Lots||
||Varies on each share|
XM Registration: How Can You Sign For Live Account?
To sign up for a live trading account with XM, you can follow these steps:
- On the homepage, click on the “Open Live Account” button.
- Now, fill out the application form with your name, address, email, and phone number.
- Choose the account type (Micro, Standard, Ultra-low) and select the base currency of your account.
- Verify your email address by clicking on the verification link.
- Submit the required documents, including a government-issued ID, proof of address, and a selfie of you holding your ID.
- Fund your account with the minimum deposit.
- Once your account is verified and funded, you can log in to start trading.
How Much Does It Cost To Open An XM Account?
The minimum deposit requirement varies depending on the account type you choose. For instance,
- Micro Account – $5
- Standard Account – $5
- Ultra-Low Account – $5
- Share Account – $10,000
The maximum leverage offered by XM broker varies depending on the type of account and the regulatory requirements of the country where the client resides. During our analysis for XM Global Review 2023, here’s what we have found:
- 1:1000 for Micro Account, Standard Account, and Ultra-Low Accounts
It’s important to note that leverage allows traders to trade with more capital than they have in their account, which can potentially increase their profits, but it also increases the risk of losing more than the invested capital.
What Are The Conditions For Deposits & Withdrawals At XM?
The broker is renowned for its hassle-free & convenient deposit and withdrawal conditions. There are plenty of payment options available and the withdrawal processing time is beyond our expectations.
Based on our experience through XM Global Review 2023, the conditions for deposits & withdrawals were found to be in the best interest of traders.
Supported Payment Options For Deposits & Withdrawals
- VISA Electron
- Diners Club International
- XM Card
- Web Money
- Bank Wire
How Long Does XM Withdrawal Take?
While the broker processes most withdrawal requests in 1 working day, some exceptional cases may take upto 3-5 working days.
XM Broker Fees Overview
Being a low-cost broker, XM charges fees in spreads and commissions only. There is no other fee or charges associated with the platform.
Meanwhile, the exact spread & commission charges vary depending on the account type and chosen instrument. Here’s a clear overview of XM Global fee structure:
|Micro Account||Standard Account||Ultra-Low Account||Shares Account|
|Minimum Spread||As Low as 1 Pip||As Low as 1 Pip||As Low as 0.6 Pip||Varies|
- $7 per $1,00,000 transaction
What Trading Platform Does XM Support?
As per our XM Global Review 2023, the broker’s platform offerings are upto the mark. Along with a dedicated XM app, it offers two of the most advanced trading platforms – MetaTrader4 & MetaTrader5. Let’s look into their detailed specifications.
MetaTrader 4 (XM MT4 for Web & Smartphones)
- 1 Single Login Access to 8 Platforms
- Spreads as low as 0.6 pips
- Full EA (Expert Advisor) Functionality
- 1 Click Trading
- Technical Analysis Tools with 50 indicators and charting tools
- 3 Chart Types
- Micro Lot Accounts (Optional)
- Hedging allowed
- VPS Functionality
MetaTrader 5 (XM MT5 for Web & Smartphones)
- 1 Single Login Access to 9 Platforms
- Spreads as low as 0.6 pips
- Full EA Functionality
- One Click Trading
- All Order Types Supported
- Over 80 Technical Analysis Objects
- Market Depth of Latest Price Quotes
- Hedging Allowed
- 100 chart options
XM Mobile App
- Instant order execution and no re-quotes
- Account customization options in-app
- Mobile deposits and withdrawals
- Advanced, up-to-the-minute charts
- Over 90 trading indicators
- The latest news, analysis, and market research
- MT4 & MT5 compatible
Traders Education Program At XM Forex Broker
The broker features a dedicated Learning section that includes a variety of educational resources such as webinars, video tutorials, trading guides, and e-books. The materials cover a range of topics, including technical analysis, fundamental analysis, risk management, and trading psychology.
The program is designed for traders of all levels, from beginners to advanced traders, and is intended to help traders improve their trading skills and increase their chances of success in the forex market.
At the same time, there is an availability of plenty of research tools which include
- Forex Calculator
- Markets Overview
- Discover NEW
- XM Research
- Trade Ideas
- Technical Summaries
- Economic Calendar
As per our findings from XM Global Review 2023, the broker’s rich and interactive educational program can be another reason for its high recommendation and immense popularity.
How Much Bonus Does XM Global Give?
The specific bonus offered can vary and may depend on your account type, the amount of your deposit, and other factors.
In the below section of XM Global Review 2023, we have given comprehensive information on the broker’s loyalty, bonus and referral programs.
- 50% Deposit Bonus Up To $500 + 20% Bonus Up To $4,500
The broker’s loyalty program offers special seasonal bonuses on certain calendar events and occasions. However, these promotions are available for a limited period of time only.
With XM, the Global Referral program, you can earn up to $35* for each person you refer.
How Can You Contact XM Global Customer Support?
The customer support executives are available round-the-clock with accurate and quick answers. We had a great experience with the team during our interaction for XM Global Review 2023.
Here are the contact details for this broker:
- Phone: +501 223-6696
- Email: firstname.lastname@example.org
- Live chat
- Help Center
- Social Media
Local offices: Suite 404, The Matalon, Coney Drive, Belize City, Belize
It’s important to note that support hours may vary depending on the method of contact and your location. You should check the XM website or speak with a representative for the most up-to-date support hours and availability information.
Why Do We Recommend XM?
- Felicitated with several Industry-leading awards like Forex Expo Dubai 2022, etc.
- Customer-centric services
- Free Access to Forex Market Research
- Daily Forex Market Outlook
- Personal Account Managers
- Lowest Deposit requirements to start trading
- Multi-Regulated Broker
- Generous Bonuses & Welcome Offers
- Instant & Hassle-free Withdrawals
Final Verdict On XM Review 2023
The findings from XM Global Review 2023 indicate the broker services are upto the mark. However, there is room for improvement in some aspects. Still, it doesn’t affect its market reputation and popularity among active traders.
After this analysis report, we decided to put XM broker on our top recommendation list for quite obvious reasons. The account offerings are exceptional, trading platforms are advanced & straightforward at the same time, loyalty programs are well-placed, and customer support is commendable. Overall, the broker is worth your time and deposit.
However, it’s important to note that trading in the forex market carries a high risk and may not be suitable for all investors. Therefore, before trading with XM or any other brokerage firm, you should carefully consider your experience level, investment objectives, and risk appetite.
Is XM GLobal A Genuine Broker?
Having a regulatory license from reputable regulatory bodies is generally a positive sign that a broker is legitimate and follows strict rules and guidelines to protect the interests of its clients.
Also, it is a member of the Investor Compensation Fund (ICF), which provides protection for clients’ funds if the broker cannot meet its financial obligations.
Which Country Is XM?
It is a Belize-based Forex & CFD broker, which is headquartered at Suite 404, The Matalon, Coney Drive, Belize City, Belize.
Can I Withdraw Profit From XM?
Yes, you can hassle-free withdraw profits from your trading account that are processed in 2-3 business days.
Is XM Trading Legal In India?
Yes, trading with this broker is legal in India as it abides by all the local rules and regulations of the country.
Which Is Better, OctaFX Or XM?
XM Global is far better than OctaFX in many ways: The regulations are well-placed, account offerings are better and customer support services are exceptional. These features need to be added in OctaFX.
How To Deposit Funds In XM?
- Login to your account and head to the Deposit section.
- Select your deposit method and enter the amount you wish to deposit.
- Review your details and click on the ‘Deposit’ icon to complete the transaction.
How To Withdraw Money From XM?
- Log in to your account and click on ‘Withdrawal’ from the menu.
- Choose the withdrawal method and/or the account to withdraw to.
- Enter the amount to be withdrawn and submit your request.
What Are XM Review Trustpilot?
The platform has got 2.8/5 rating on Trustpilot, which is considered suitable for a trading platform.
How To Retrieve XM Login Credentials?
If you have lost or forgotten your login credentials, immediately contact customer support via email or phone. Follow the instructions given and you can recover your account details.
Who Is The Owner Of XM?
Constantinos Cleanthous is the CEO and founder of the trading firm.
How To Delete XM Account?
To let your trading account, kindly contact the customer support team and tell them your issue. They will raise an account deletion request after your confirmation.
Does XM Have Fees?
Yes, the platform charges Spreads, Commissions on trades placed, and a SWAP fee for positions that remained open overnight.
How Much Is The Withdrawal Fee Of XM?
There is no fee associated with withdrawal.
How Much Does XM Charge For A Deposit?
There is no fee associated with deposits.
Does XM Have An Inactivity Fee?
As per XM Global Review 2023, we found the platform doesn’t charge any inactivity fees.