First showing up on the scene around 2009, XM is a Forex broker that is recognized for its proclivity for handing out bonuses. This STP broker is registered with FSA UK and is regulated by CySEC. Some traders may recognize the company behind Trading Point, XEMarkets. Others, however, are probably unaware of this broker since they’re so new on the scene.
XM offers good bonuses for clients at signup, but also throughout they time they trade on XM making this a stand out aspect of this broker. At time of writing, there was $30 of Non Deposit Bonus, 50% up to $500 and 20% up to $5000. While this is likely to change at some point, it will more likely change for the better, and we will try and keep this page update with the latest.
Any eligible person who registers with XM is given a demo account to play around with until they get the feel for the MT4 platform. Other than that, you will find three basic account types via this broker: A Micro account, a Standard account, and an Executive account.
- Zero Account: A brand new account from XM that offers spreads as low as 0 pip, leverage up to 500:1, zero fees on deposits and withdrawals while keeping hedging and EAs allowed. This is a quite revolutionary in this industry and it leads me to believe that XM is trying to make forex trading something more accessible to the average person. Bottom line – a great new option from XM for an account.
- Micro Account: One of the best selling points of the Micro account is that there is no minimum deposit requires. Of course, any trader will need to put enough in to trade with, but XM doesn’t require a set number to begin trading. The max leverage with this type of account is 1:888, and it doesn’t come with a whole lot of features outside of some help and analysis and status reports.
- Standard Account: The Standard account offers much more in the way of options, including different bonuses, better help from the experts, more access to the broker’s other features, etc. The minimum amount needed to start this account is $3,000, maxing out at $100,000, so this is the epitome of the “standard” account in every fashion.
- Executive Account: A huge account with XM, this Executive option takes a minimum of $100,000 to open. For this, you’ll receive the full run of the broker’s services, from advanced charting and personal account management to mobile alerts every time the slightest thing changes in the market.
Unique Selling Points
- Interest rates accrue on all funds
- MAM accounts
- Good affiliate program available
- 54 currency pairs available
- Wide leverage options
- No rejection policy
- Very fast execution
Pros and Cons
- Tight spreads available from 1 pip
- Up to 888:1 leverage
- Solid support features
- Hedging allowed
- Phone trading available
- Frequent bonuses available, including loyalty bonus and 30% first deposit bonus
- No requotes
- Automated trading available
- Mobile trading
- No minimum Micro account
- Trading contests available
- Training courses
- Personal manager for accounts
- Segregated accounts
- No US traders allowed
- Only one platform option
- Limited deposit/withdrawal options
- Variable spreads might not be ideal for all traders
One of the strongest points of XM, which is comprised of numerous points, is the fact this broker works hard to retain traders. They offer a slew of different bonuses, including loyalty bonuses, to ensure that traders are happy. Now, whether or not one experiences success is up in the air and cannot be determined through a simple review. But with the tools provided by Trading Point, it’s clear that the broker is invested in the success of its traders. For most investors, having a loyal, attentive broker is plenty. Another strong point here is the micro account. It gives newbies a legitimate platform to earn. With very little money, one can conceivably work one’s way up the ladder. Again, it’s not guaranteed, but XM certainly offers the right tools.