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Regulated: Regulated by CySEC and the FCA (UK)
Min Deposit: $5
Min Trade Amount: 0.01 Lots
US Clients:
Max Trade Amount: 100 Lots
Bonus: $30 No Deposit and 50% Deposit Bonus!
Leverage: 888:1
Free Demo Account:
Trading Platform: MT4, XM Webtrader 4, XM Mobile, XM MAM Trader
Payment METHOD NAME Charge Time

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Full Review

About XM

XM is the forex brand of Trading Point Holdings Ltd. This company is located in Limassol, Cyprus. It has a trading branch in New Zealand and the UK. Trading Point NZ Ltd is registered with the FSP under registration no. FSP235905, while Trading Point of Financial Instruments Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 120/10. The company is also registered with the Financial Conduct Authority (FCA) with license number 538324.

 

Special Offers and Bonuses

XM has a loyalty program as well as various bonuses and promotions.

a)    There is a no-deposit $30 account bonus which is given to new traders to be able to get a feel of what the market is like when trading with real money.

b)    There is also a two-tier account opening bonus, which requires a deposit to activate. Traders can get 50% of their account deposit up to a maximum of $500, as well as an additional 20% bonus when total account deposits total $5000.

c)     Traders can also gain XM points, which can be exchanged for cash or for bonuses. This is the XM Loyalty Program, which is only open to Real Account holders. Points can be earned on every lot traded without upper limits, and these points can then be redeemed either for real cash or credit bonus rewards.

d)    Finally, there are several seasonal bonuses (such as bonuses awarded at Christmas) and some other invitation only bonuses.

XM also has a number of trading contests where traders can trade on real accounts in order to win prizes.

a)    There is a starter contest so that traders can get to see what trading contests are like. This is a contest which pays $20 to its winner.

b)    THE BIG SMALL trading contest pays out a guaranteed sum of $2000. It commences every Thursday at 14.00 server time. Traders start off with $10,000. Registration starts with a ticket price of 100CAD, with a top-up of $C50 hourly if needed.

c)     The BIG FREE trading contest is free to join and features a guaranteed prize pool of $500. It is a weekly contest.

 

Types of Trading Accounts

The following account types are available on XM:

a)    Micro: The minimum contract size on the micro account is 0.01 lots. The minimum deposit on a micro account on XM is between $5 and $20,000. As far as leverage is concerned, there are two leverage amounts allowed. There is a maximum leverage of 888:1. Spreads on all majors is variable and starts from 1 pip. The maximum trade size is 100 lots and a maximum of 200 orders can be opened at a time. Hedging and the use of expert advisors are allowed on the micro account.

b)    Standard: When it comes to the standard account, we can say that the same conditions that operate on a micro account also operate on the Standard account, with the exception of the contract size which is a minimum of 1 standard lot. Traders also need to deposit between $20,000 and $100,000 to be able to trade the standard account. The maximum trade size is 50 lots.

c)     Executive: Maximum leverage on the executive account is 100:1, with minimum account balance of $100,000. The minimum trade size is 50 lots, and the use of experts and hedging strategies is also allowed.

On all account types, traders can also open swap-free versions in accordance with Islamic principles of investing. All accounts can also be operated in multiple currencies: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB.

 

Trading Platform Features

XM offers its clients the following trading platforms:

a)    XM MT4: This is the standard MT4 platform and comes in two versions; one for Windows computers and another for Mac computers.

b)    XM Multiterminal: This is the MT terminal specially designed for fund managers and those trading multiple accounts on XM.

c)     XM Mobile Platforms: Several mobile platform are available for trading on XM. These include the XM Droid Trader for Android devices, the iPad and iPhone Trader and the Mobile trader for Windows phones.

d)    XM MAM Trader: This is the trading platform specially dedicated to the PAMM account model of trading.

e)    XM Webtrader 4: This is the web-based version of the MT4 platform.

 

Commissions and Spreads

Below is the table of spreads for the micro accounts on one hand, and the standard/executive accounts on the other.

a)    Spreads on micro account

 xm spreads1 xmspreads 2 xmspreads3

 

b)    Spreads on Standard/Executive account

xmspreads4 xmspreads5 xmspreads6

Charting Packages

The charting packages are in-built to the trading platforms in use on XM.

 

Education and Demo Accounts

Traders can get access to a $100,000 free and unlimited demo account.

 

Customer Service

The customer service desk is available 24 hours a day and five days a week through the following channels:

a)    Tel: +357 25029933

b)    Fax: +357 25345225

c)     E-mail: [email protected]

There is also a live chat service available in several languages for traders to get instant solutions to their issues.

 

Deposit and Withdrawals

Deposits and withdrawals are made easy due to the various methods of transaction that are available to traders. Deposits are made with the following methods:

–       Credit cards: VISA and VISA Electron, MasterCard, Diner’s Club, Maestro and UnionPay

–       Electronic Payments: SoFort, WebMoney, iDeal, Skrill, PaySafe, CashU, GiroPay, Moneta.

–       Bank wires

–       Western Union and Moneygram

Deposit limits are set at a minimum of $5 for all methods except for Western Union and Moneygram which have minimum deposit limits of $100.

Withdrawals are processed in 24 hours for all methods of transaction. Minimum withdrawal amounts are $5 for all methods of transaction except for bank wires where withdrawal amount is set at a minimum of $200.

 

Conclusion

The XM platform is going to be a thrill to use for those who want to partake of the special features and simplicity of the MT4 platform. The trading contests can also be a good mechanism for traders to make money and add to their trading capital. With an array of deposit and withdrawal methods of transaction, traders can also transact on their accounts in many ways, giving them versatility.