xm forex broker review

XM is a leading Forex broker that also offers a wide range of other investing options. The parent company is Trading Point Holdings Ltd.

Some of the benefits they claim include:

  • No fees on deposits and withdrawals
  • Webinars and other training resources
  • Forex signals
  • No requotes
  • 888 to 1 leverage
  • Negative balance protection
  • 8 trading platforms

Start your trading with one of the best forex platforms at XM

Trading Platform

The XM trading platform system is based on the popular MT4 platform. They offer MT4 for PC, for Mac, for iPhone, for iPad, for Android phones and tablets, the MT4 WebTrader, and MT4 Multiterminal.

Metatrader 4, or MT4, used by XM offers a single log in access to all 8 platforms, over 100 trading instruments including Forex, futures, and CFD’s, one click trading, three different chart types, chart tools, technical analysis indicators, and the same features for trading micro lots as full lots.

The MT4 Multiterminal is specifically designed for money managers and / or traders with multiple accounts. While this isn’t of interest to most traders, it’s nice to know you’re using a broker that can handle large clients and take care of you as your trading volume and needs grow.

Most traders like the XM MT4 platform but a few don’t. In my experience traders tend to like the platform they learn to use first best. This makes sense because every trading platform has at least a small learning curve and we like the things that are familiar.

If you learned how to trade using a different platform, give the MT4 a chance. It’s one of the best platforms on the market and is highly configurable and flexible. Once you learn how to manipulate the platform you’ll find it works as good as anything on the market and better than most.

Banking

XM offers free deposits and withdrawals, a minimum deposit of only $5, and multiple ways to make a deposit. Here’s a partial list of deposit methods.

Visa, MasterCard, Neteller, WebMoney, Skrill, Diners Club International, Visa Electron, QIWI, bank wire, Fasapay, PaySafeCard, Giro pay, Sofort, iDeal, and Przelewy24.

Trades Offered

XM has over 50 Forex pairs you can trade, offering more than most brokers and more than any professional trader can keep up with.

  • AUD / CAD
  • AUD / CHF
  • AUD / JPY
  • AUD / NZD
  • AUD / USD
  • CAD / CHF
  • CAD / JPY
  • CHF / JPY
  • CHF / SGD
  • EUR / AUD
  • EUR / CAD
  • EUR / CHF
  • EUR / DKK
  • EUR / GBP
  • EUR / HKD
  • EUR / HUF
  • EUR / JPY
  • EUR / NOK
  • EUR / NZD
  • EUR / PLN
  • EUR / RUB
  • EUR / SEK
  • EUR / SGD
  • EUR / TRY
  • EUR / USD
  • EUR / ZAR
  • GBP / AUD
  • GBP / CAD
  • GBP / CHF
  • GBP / DKK
  • GBP / JPY
  • GBP / NOK
  • GBP / NZD
  • GBP / SEK
  • GBP / SGD
  • GBP / USD
  • NZD / CAD
  • NZD / CHF
  • NZD / JPY
  • NZD / SGD
  • NZD / USD
  • SGD / JPY
  • USD / CAD
  • USD / CHF
  • USD / CNH
  • USD / DKK
  • USD / HKD
  • USD / HUF
  • USD / JPY
  • USD / MXN
  • USD / NOK
  • USD / PLN
  • USD / RUB
  • USD / SEK
  • USD / SGD
  • USD / TRY
  • USD / ZAR

In addition to all of the Forex pairs listed above you can trade commodities, equity indices, precious metals, and energies.

Bonuses and Promotions

XM offers both a $30 no deposit bonus and up to $5,000 in deposit bonuses.

Though it isn’t required to read the terms and conditions for the bonuses, it’s always a good idea. The terms and conditions for both of the bonuses described here are five page documents. That’s a separate five page document for each bonus. These may be the longest terms and conditions documents dealing with bonuses in the industry. I’m fairly certain they’re the longest I’ve seen.

In order to be able to withdraw the no deposit bonus you must trade at least 50 micro lots and complete at least five round turn trades. You can always check the current status of your trading and bonus clearing by logging into your account under the account history tab.

The $5,000 bonus is earned by taking positions and then closing trades. You receive a $10 bonus credit for every standard lot you trade. In order to receive the entire $5,000 bonus you need to trade 500 standard lots. In addition, you only have 30 days to earn the bonus. If you trade in micro lots you receive 10 cents per micro lot as a credit bonus.

Complaints

It seems like you can find the same complaints about every Forex broker if you look deep enough. You can find complaints about spreads and the trading platforms and stops. The good news is that XM doesn’t seem to have as many as most brokers, but they still have some.

I’m going to cover the main ones below.

Spreads – I did find a few complaints about the spreads, but when I compared them to other brokers they’re among the best in the business. If you can find a broker offering better spreads you should consider trading with them, but you don’t have to worry about XM taking advantage of you in this area.

Platform Issues – I’ve read a few complaints about some of the XM trading platforms freezing or crashing, creating a missed trade opportunity or other issue. All software can have issues from time to time and one of the issues can be the computer that’s running the software. The platforms offered by XM are traditionally stable and most users report no problems. Make sure your computer is up to date and capable of running the current platforms.

Stops – Every Forex platform is eventually accused of having stops blown through, but XM has fewer complaints than most. I’ve never had a stop not work, but the best advice I can offer is start trading small lots until the broker proves to you that they honor their stops.

Conclusion and Rating

The only real negatives that I have with XM are they aren’t available to traders in the United States at this time and the bonus terms and conditions are somewhat convoluted and long.

Our overall ranking for XM is 9 out of 10.

We recommend the XM trading system for new traders and experienced traders alike. The free demo account is the best place to get started and the $30 no deposit bonus gives you an opportunity to start trading micro lots for real money when you’re ready to get a feel for playing for real cash.

Don’t ignore the training and free resources they offer. Many beginning traders make the mistake of thinking if the training is free it must not be worth much. I’m a firm believer in training and education and you never know when you might learn the one thing that transforms you from a losing trader to a profitable one.

Claim Now $30 no deposit welcome bonus from XM Forex