One of the newer UK Forex brokers, XM was only established in 2009 but has quickly achieved a good reputation in the money markets. They have their base in Cyprus and are subject to that’s country’s regulation through CySec, however they are also covered by the FCA in the UK giving them trusted status.
XM offers traders a choice of online platforms with one being suited to traders on the go while the other is perfect for those who don’t mind loading software to a PC. Both are suited to novice or experienced traders and have user friendly interfaces. WebTrader and Meta Trader 4 are both convenient and reliable options, well known in the finance markets and benefit from their own unique advantages. WebTrader is especially good for use on the move as it can be accessed from smartphones and mobile devices. They also offer demo accounts for investors who are new to XM and would like to try out the platform before committing.
XM offer a choice of four account types, each suited to different needs. The Micro account is perfect for newcomers who only require a small deposit to get started. With its minimal limit of just $5, this is the ideal account for novices. Those who are ready to make a greater commitment and take a greater risk can open a Standard account and high rollers who are among the top traders can commit $100,000 to open an Executive trading account. Those who require trading accordingly to the principles of Sharia law can opt for the Islamic account.
There is no commission or fees charged by XM, like many other Forex brokers, and financial transactions are extremely secure, with no hidden costs. There are no account fees charged on a monthly basis unless an account is inactive for more than 90 days in which case $5 per month is levied.
The average spread across XM’s accounts is 1.9 pips on a USD/EUR transactions, and their fractional pricing structure offers traders 5 digits instead of the more common 4.
XM offer more than 100 varieties of currency pairs, but they also offer a wide range of other assets for trade including commodities, stocks, precious metals and energy products.
There are differing leverages available depending on the account type held, with XM’s most proven traders being offered leverages of up to 888:1.
Convenience of deposit and withdrawal services is paramount, and XM ensure that there are many options of methods including SOFORT, IDEAL, Neteller, Skrill, Western Union and MoneyBookers as well as credit and debit cards and bank transfers. However PayPal is not offered. Withdrawals are rapidly processed within 24 hours however funds may not be received for up to 10 working days depending on method chosen.
XM’s customer helplines are available 24 hours a day from Monday to Friday and there are lots of contact options including telephone, email of online chat. The staff are multi-lingual making getting assistance really simple.
Trading platforms are open 24 hours a day between 22:05 GMT Sunday and 22:05 Friday, with access during these times to the customer service centre where orders can be placed and transferred by telephone to the dealing room, which is ideal for investors who would prefer not to use the online trading platform to place their transactions.
Trading platforms offered are extremely reliable and transactions are very swift – often under 1 second. This means that there are no requotes given and there is only a minimal time delay between prices given and real time market values, helping to give investors a competitive edge.
Should you choose XM as your number one Forex broker you can benefit from:
A choice of trading platform interfaces that are simple to use and user friendly.
A reliable and trustworthy broker, with FCA registration and subject to CySec regulation.
A range of leverages offered dependant on account type up to 888:1.
A guarantee that absolutely no requotes will be given thanks to the minimal time delay in making transactions.
A 24 hour customer service team available by phone, email or online chat Monday to Friday.
Rapid processing of withdrawals with a choice of withdrawal methods available to select from.
The option of trading in a wide range of assets including precious metals, commodities, stocks and energy products.
PayPal is unfortunately not an option for deposit or withdrawal.
The highest level account is only limited to the investors who can afford to deposit the very high sum of $100,000.
No customer support services are offered during the weekends.