In this post I will be reviewing the very reputable XM forex broker. XM provides forex traders with demo and real accounts to directly trade the forex market. Using the XM trading platforms provided, including the highly recommended MetaTrader 4 trading platform, XM clients can place and manage trades on the forex market. XM is one of the largest forex brokers with a vast array of forex liquidity providers (LP’s) which ensures a huge liquidity pool which in turn gives retail forex traders access to some of the industries leading spreads, superior trade execution with minimal slippage and also allows XM to offer some of the lowest trading commissions to its clients. You really can save a lot on trading costs and increase your chances of getting good trading results by using a forex broker on the scale of XM. A reputable, reliable and good forex broker is half the battle when it comes to trading. Of course, trading emotions such as discipline, fear and greed also play a large part along with the manual forex trading system, automated forex trading system and money management that you have implemented.
XM Trading Accounts
As with most forex broker, XM allows you to practice on a demo account which is a great idea to familiarise yourself with forex trading and the forex trading platforms. You should use the MetaTrader 4 trading platform if you are new to forex trading as it is the quickest and easiest to familiarise yourself with in my opinion. It is recommended to practice on a demo account for a sustained amount of time until you constantly make a profit, then you may wish to switch to a real trading account. This mainly applies to beginners, the more advanced forex traders amongst you can perhaps jump straight into an XM real trading account. XM provides a wide variety of forex trading account types which allow you to trade on multiple financial instruments including the most popular forex currency pairs such as the EURUSD, GBPUSD, USDJPY, etc. Trading one of the most popular pairs that has the most liquidity usually means that you get the lowest possible trading costs which can give you a trading edge. Also, the most popular forex currency pairs tend to move the most and thus provide ample opportunities for all different trading styles – whether ranged or trend based. XM have a micro, standard and zero account – the XM Zero account has the lowest spreads and includes a small commission on top of the spread but you will usually find that it is still more cost effective to use a trading account that has floating spreads with commissions than it is to use a no-commission account which has a spread mark up, starting from 1 pip on the XM micro and standard account. This is especially true if you are using a forex scalping system. XM accounts allow you to trade from just 0.01 lots which is the minimal with all forex brokers that I have come across and they also allow you to open an account with a deposit as low as just $5!
Why choose XM?
With so many forex brokers to choose from, with XM you have peace of mind that they are strictly regulated by multiple regulative authorities, thus providing you with security to your funds and not leaving you to worry that they may try something untoward. XM also has extremely low spreads on the XM Zero account with zero requotes (no slippage) and zero rejections – this means you get your trades entered and exited when you want them to. Furthermore, the XM support team is second to none, with 24/7 live chat available which from my experience give very accurate and prompt responses. What’s more is that XM have won over 15 forex awards and accolades, have over 16 trading platforms to choose from and 1000+ instruments to trade. XM are transparent and fair with focus on the client, you even get your own persona account manager who is there for you to assist should you need them, other than that, they won’t bother you. Deposits and withdrawals through XM are easy, fast and convenient. XM have clients in almost 200 countries and staff who speak around 30 languages, this backing up the fact that they are a globally renowned and huge forex broker, without losing focus on individual clients – all are treated equally whatever your trading experience or trading account size. XM also provides free access to forex market research which can assist with your trading, forex market sentiment analysis (who is trading what and in what direction – great for contrarian trading!), free access to daily forex web seminars, unlimited access to video tutorials, daily access to forex signals, free daily technical analysis and much more.
What leverage do XM offer?
XM have very flexible leverage options for all forex traders, offering up to 1:500.
What deposits do XM offer?
XM accept deposits in multiple major currencies with a wide variety of different methods for making deposits and withdrawals which are conducted in a very quick and efficient manner based on my experience.
What regulation does XM have?
XM is regulated by multiple strict regulation authorities, the FCA, CySec, ASIC, IFSC. These strong regulations help to ensure your account is safe with XM.
XM Review Summary
Overall, XM is clearly one of the best forex brokers, primarily due to the strict regulation from multiple regulative bodies, the deep amount of liquidity pools and huge global presence. All of these factors ensure that XM provides the best possible trading conditions for forex traders. Additionally, the minimum deposit requirement being so low, multiple account types, multiple trading platforms, vast array of financial instruments and free tools provided, all make XM a great choice for both beginner and seasoned forex traders.
NOTE: IC Markets does not accept US clients due to strict US regulations. US clients can try Pax Forex for competitive trading conditions.
- Low spreads
- Low slippage
- Low commissions
- True ECN
- Fast deposit / withdrawal
- Multiple transfer options
- Excellent 24/7 support
- Multiple trading platforms
- Multiple Strict Regulation
- Multiple trading account types