Is XM Forex Legit?
XM is a broker with an emphasis on customer service that offers multiple trading platforms and comprehensive educational materials to both newcomers and experienced traders alike. Trading options at XM include 57 forex pairs, 17 commodities and 30 global indices to choose from.
XM is regulated by three securities commissions. EU clients trade through Financial Instruments Ltd (founded 2009), Australian clients with Financial Instruments Pty Ltd ( founded 2010) and Rest of World clients through XM Global Limited ( founded 2017).
XM is a regulated broker
XM Forex stands out as an exceptional broker by emphasizing client care. Their dedicated customer support team provides assistance via email, phone and live chat on their website; additionally they have a comprehensive FAQs section which covers various topics; in addition they offer multiple accounts including free demo accounts.
Traders at XM can access 57 forex pairs, equity indices, commodities, precious metals and cryptocurrencies for trading purposes. Market orders are filled instantly at the best available price and risk management tools are also provided to facilitate efficient trading.
XM is a licensed broker with licenses from International Financial Services Commission of Belize, CySEC, and ASIC; traders can trust XM’s operations. In addition to segregated accounts with negative balance protection worldwide and negative balance protection worldwide; however they don’t accept traders from the United States but welcome clients from Australia, Thailand, South Africa Singapore Hong Kong Germany France Italy respectively.
It offers a variety of trading platforms
XM offers an impressive variety of trading platforms for desktop computers, mobile devices, and tablets – as well as educational materials like webinars and videos – and provides traders with a free demo account for testing purposes.
Traders have access to more than 1000 instruments, such as forex, cryptocurrencies*, precious metals and CFDs on commodities, energies and equity indices. Leverage ranges from 1:1 up to 888:1, with traders being able to adjust the margin as needed at any time.
Before trading, XM requires traders to submit verification documents. Once verified, these include proof of identity and address. After having their documents approved, traders can deposit funds to fund their accounts – there are multiple deposit methods and withdrawal options, plus an Investor Compensation Fund which covers losses up to EUR20,000! In addition to all this, there are numerous educational resources offered as well as customer support via phone call, email correspondence or live chat – making XM an attractive broker option!
It offers EAs
XM is one of the premier online forex brokers. Regulated in over 196 countries and offering an excellent selection of trading platforms and research tools – not to mention some of the best trading conditions available – it stands out among competitors as an industry leader.
Add funds to an account quickly and efficiently with just $5 minimum deposits required for both Micro and Standard accounts. Furthermore, traders can select their base currency as part of this process to reduce forex costs.
XM offers round-the-clock client support that features multilingual staff who are ready to assist traders with all aspects of trading from technical issues to general queries. As well as this excellent client support team, the company also features an Education Center as well as daily briefings of major market events. Moreover, MQL5 trading signals are provided and can be found under “Forex Signals” within its Member Area. Furthermore, Islamic accounts are also offered at this provider.
It offers a demo account
The XM demo account enables traders to develop trading strategies and test expert advisors without risking real money. Users can simulate trading using various account conditions such as an XM Zero Account and commission-free MT4 and MT5 accounts; base currency selection from eleven options as well as investment amount and maximum leverage can all be customized before creating their demo account.
XM’s Research and Education center provides daily market reviews and technical analysis of major currencies. Their economic calendar features workshops and seminars taking place, while trading tools and calculators are also provided. Finally, there is 24-hour customer support in many different languages available 24/7 for any of your trading needs.
XM offers multiple deposit and withdrawal methods, including electronic funding through Moneybookers and Skrill and credit cards; bank wire transfers; local bank transfer payments and Western Union payments are also accepted, while customers can receive support in any language through email, phone calls or live chat support services.