🔥 XM Test 2021: Broker Experience & Rating

Over the past few years, the online broker industry has been able to generate enormous dynamism - above all, it is about special offers for people who describe themselves as risk-oriented and opportunity-oriented. But also (formerly) security-oriented investors are increasingly concerned with online brokers who offer Forex trading such as CFDs. Social trading has become particularly popular. Because with this variant of trading it is possible to copy the strategies and decisions of other brokers - that is, (successful) strategies are adopted, so that you make money without having an "idea" of the matter. It is important, however, to remain cautious because losses are also possible in the context of social trading. There is no guarantee of profit.

A trader who offers trading in leveraged financial products is XM. It is a subsidiary of Trading Point of Financial Instruments. A company based in Cyprus.

In addition to raw materials and precious metals such as stock indices, traders at XM can also trade currencies. In addition, the broker wants to address different customer groups - primarily beginners. That is why one also offers trading with smaller amounts. And XM also scores with Islamic compliant accounts.

But are there really only positive sides or are there also one or the other disadvantage that absolutely has to be taken into account when deciding on XM?

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XM Brief Overview - The most important facts about XM

• Trading Point of Financial Holdings Limited is behind the broker
• The broker is regulated (CySEC)
• The minimum deposit is 5 US dollars
• There are three trading accounts
• XM offers a free demo account

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Registration with broker XM: Our step by step guide

XM is a broker that provides a wide range of trading instruments. Anyone who wants to use the offer must open an account in advance.

1. Registration with XM 

In the course of registration, the usual data must be provided: Personal information such as first name, last name, email address and password, in order to then open an account - the next step is verification (identification). It should be noted that XM has taken great care not to make the registration process too complicated, so that even beginners will have no problems opening an account.

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2. Verification

Now the trader has to “prove” that he is a “real person”. The identity can then be confirmed with a copy of the photo ID, for example a driver's license, an identity card or a passport. Simply copy your ID and upload it. In order to confirm the address of residence, it is necessary to upload a consumer invoice on which the name and address can be read. Invoices from gas or electricity providers are recommended here. It is important that the invoice is not older than six months.

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3. deposit

The account can be topped up with a credit card or via e-wallets. The minimum deposit is 5 US dollars. Thus, XM clearly addresses beginners who do not want to take any risks.

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4. Trading on the platform 

Once the account has been opened and the minimum deposit has been made, trading via XM can then be started.

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What is the XM broker? The history of the broker

XM is a broker that was founded in 2009. In recent years, the broker has been able to grow steadily due to its very fair offer and appeal to more and more people who are no longer interested in the low interest rate phase. And if you follow the current forecasts and assessments, then the phase of low interest rates will probably not end in the foreseeable future. 

The customer base is growing - so XM - almost daily. This is mainly due to the fact that XM is the absolute leader in terms of minimum deposit. There are probably very few online brokers that require a minimum deposit of just 5 US dollars.

Due to the fact that Trading Point of Financial Holdings is behind the broker and is regulated, there is also reliable support for the trader here.

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Our XM experiences: The XM conditions in the test

One point that must not be overlooked is the terms and conditions. Can XM keep up here or are there already the first weak points to be reported?

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Trading at XM: The range of individual trading instruments in the Tes

First and foremost, the focus is on Forex trading. In addition, there are other tradable underlyings - commodities, forex indices, oil, metals as well as stocks and cryptocurrencies.

XM offers the following levers:

• Major forex pairs = 30 to 1
• Major Indices Minors = 20 to 1
• Raw materials = 10 to 1
• Shares = 5 to 1
• Cryptocurrencies = 2 to 1

Trading stocks & ETFs

Anyone interested in stocks has come to the right place. Because XM offers an extensive range so that one can speculate with all possible stocks - here there are the US sizes as well as well-known stock corporations from Europe.

Trading Forex

But XM makes no secret of the fact that trading with foreign exchange (Forex) is in the foreground. With regard to currency pairs, the trader can access more than 60 different currency pairs. There are all possible currencies - from US dollars to euros, through Swiss francs and British pounds. Even Canadian dollars are available. But XM also offers Scandinavian currencies - including Danish kroner or Swedish kronor. Variable and fixed spreads are also offered, which can be leveraged via the interest rate swap, i.e. via borrowed capital.

All those who like to speculate in foreign exchange are sure to be enthusiastic about the offer that XM has built up over the years.

Trading in raw materials

But not only forex traders will feel at home at XM: There is also the opportunity to speculate with raw materials - 13 raw materials are offered here, including soft and hard raw materials. Of course there are also the popular energy products gas and oil.

Trading in cryptocurrencies

Anyone who is interested in cryptocurrencies will also be delighted. Because XM also offers speculation with Bitcoin and Co. This means that crypto fans should definitely take a look at the offer from XM and check whether the personal ideas match the offer of the online broker.

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The functions of the XM trading platform

XM enables trading via the popular MetaTrader 4 platform - MT4 for short. Experienced traders in particular will already be familiar with the trading platform and will know which advantages can be used here. There may very well be a reason why the majority of online brokers offer MT4. Because MT4 scores with a variety of tools to then be able to analyze the markets. In addition, the interface of MT4 is extremely user-friendly - even beginners will have no difficulty here if it is a matter of being able to find their way around quickly. That is also the reason why MT4 is offered by almost every broker.

MT4 is also available as its own software, although the WebTrader version is also available. This means that you don't have to download and install any software, you can access the platform via any browser and then access the platform or start trading.

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XM account types

XM makes sure that there are appropriate offers for the different needs. So it is not surprising that the online broker makes three account models available:

• Micro account
• Standard account
• Executive account
• Demo account

First and foremost, the accounts differ in terms of the minimum deposit. The next step is the volume and the available leverage as well as trading conditions. Before deciding on an account, it is important to clarify in advance what needs you have and what strategy is being pursued.

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The micro account

A volume size of a maximum of 1.000 lots is available here. The minimum deposit here is just 5 US dollars. The ideal account for beginners and beginners who have not yet had any experience in the field or are unsure whether they actually want to take the risk of working with leveraged financial products. Depending on the amount of the deposit, the leverage is between 1 to 1 and 1 to 200. With the lot restrictions per order, the micro account is set at 100 units.

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The standard account

The volume size of the standard account is 100.000. There are no differences in the minimum deposit or leverage - these are identical to the micro account. However, there is a difference in the lot restriction - this is 50.

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The Executive Account

An account primarily aimed at seasoned traders. The minimum deposit is 100.000 euros - the leverage is a maximum of 1 to 100. The lot restriction is 50.

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The demo account

XM also scores with a demo account that is available free of charge. All those who do not want to take a risk right from the start or who want to deal safely with the many functions are therefore well advised to use the demo account at the beginning. Also of particular interest to professionals who want to try out different strategies.

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The XM app

It should be noted that MT4 is of course also available as an app so that you can then participate in trading regardless of location. The app is available for iOS and Android and can be downloaded from the respective app store and installed on the mobile device - smartphone or tablet.

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The deposit methods at XM

When it comes to deposit and withdrawal modalities, the online broker makes it easy for the customer. Because at the moment it is possible to use a variety of common credit card providers to top up the account. XM also accepts some electronic payment systems - these include instant transfer and giropay. It should be noted that not all deposit options are accepted in all countries - so there are ultimately a few “regional” differences.

Please note that there is a minimum deposit amount of 5 US dollars - exception: the executive account.

The following deposit methods are accepted

• Credit card - VISA like MasterCard, VISA Electron, Diners Club
• Maestro
• Union Pay
• Giropay
• Instant Bank Transfer
• Neteller
• iDeal
• Skrill
• Paysafecard

The following withdrawal methods are accepted

• Credit card - VISA like MasterCard, VISA Electron, Diners Club
• Maestro
• Union Pay
• Skrill
• Neteller
• Webmoney
• Skrill
• Bank Transfer

There are no deposit or withdrawal fees.

Account management is possible in the following currencies

• US Dollar
• Euro
• British pound
• Swiss franc
• Japanese yen
• Australian dollar
• Polish zloty
• Russian rubles
• South African rand
• Hungarian forints
• Singapore dollars

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Security at XM                                  

The next step is the question of security - anyone who works with leveraged financial products only wants to deal with the market risk and has no desire that the broker also poses a danger or risk.

Regulation of XM

Since XM is a broker behind which the Trading Point of Financial Instruments is located, which is based in Cyprus, the Cyprus Securities and Exchanges Commission (CySEC for short) ensures compliance with all rules. The broker is regulated - and that clearly speaks for the seriousness of the provider.

Deposit insurance from XM

In addition, the broker keeps its business assets separate from customer funds. This means that if the broker were to file for bankruptcy, the customers' money would remain in their possession. There is also a guaranteed deposit insurance - this is 20.000 euros / customer.

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The customer service from XM

Of course, even with the best and most user-friendly platform, a problem or a question can arise that you want to have answered as soon as possible. Therefore, it is all the more important to deal with the customer service that is offered by the online broker. Because if competent employees are available, then you can be sure that the concerns and questions will be processed and answered quickly and to complete satisfaction.

XM provides the following contact options:

• E-mail
• Phone
• Live Chat
• Callback function

So if you want an answer within a very short time, you should choose live chat or opt for telephone support. Emails will be answered within 24 hours.

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XM Conditions: Fees & Costs

But can XM also convince with the fees or are they starting to examine the first weaknesses? Because the fees are absolutely not to be ignored - because fees and costs always gnaw at the profits.

spreads

The online broker XM works with variable spreads. Furthermore, fractional pip prices are offered, so that as a trader you get the best prices from the various liquidity providers. Instead of the four-digit price quotations, customers can benefit from the small price movements and add a fifth digit (fraction). This makes it possible to work with even tighter spreads.

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fees

Margin may be an important cost factor in financial planning in the trading business. This is not a fee, as it will be refunded if you “guess” the price trend or correctly estimate the price movement. The margin is something like a deposit, which is particularly crucial when working with financial instruments that are "leveraged". However, the margin is gone if the market moves in the undesired direction.

There are no other fees, such as an account management fee or inactivity fee, if you choose to use XM's services.

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Experiences and user opinions about XM on the Internet

If you want to have an insight into whether the traders are satisfied or not, you should always take a look at the experience reports that can be found on the Internet. Of course, a distinction must be made here between reports that can be found directly on the trader's homepage or on independent portals.

It is important not to be fooled. On the one hand, there may be negative comments again and again, but on the other hand, these should very well be questioned - because in some cases traders are dissatisfied because their strategies have not worked. And because you don't want to admit to yourself that you've made a mistake, you blame the broker.

Only when a clear majority of negative comments and reports emerge should one be careful and question the provider or decide on another online broker.

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At XM, the positive reports predominate.

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Is XM a scam or serious? Our XM rating

XM is an online broker that can by no means be accused of fraud. Since the broker is regulated, he can very well be viewed as a reputable provider. There is also no evidence that XM is dubious or pursues fraudulent machinations.

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Cons of XM: What didn't we like?

The fee model may not be as transparent as with other online brokers.

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Advantages of XM: What did we like

XM scores with a low minimum deposit of 5 US dollars and three account models. Furthermore, it is a regulated online broker. Above all, XM convinces with a free demo account. XM also provides the MT4 trading platform.

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XM Review: Frequently Asked Questions about the Broker

What is XM?

XM is an online broker regulated by the CySEC. Due to the fact that there are three account models with a low minimum deposit, the broker can be recommended especially for beginners.

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Is XM a recommendable broker?

Beginners in particular will be delighted here because the minimum deposit is just 5 US dollars. But XM can also be recommended to professionals - the Executive Account can be opened with a minimum deposit of 100.000 US dollars, for example.

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Will I be able to trade successfully with XM?

Yes - the trader does not put any obstacles in the way that prevent one from participating successfully in trading.

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How is the test and the experience of Bitcoin-news.one about XM?

XM convinces with a wide range of different trading instruments and scores with regulation and deposit protection. XM can therefore be seen as a recommendable broker.