XM Group Broker Review

XM

Forex Broker

  • Company name: Trading Point of Financial Instruments UK Limited
  • Founded: 2009
  • Offices: Cyprus,UK, Australia
  • Regulators: EU CySEC License No. 120/10, UK FCA Registration No.705428, ASIC No. 443670
  • Broker type: Market Maker

Trading info

  • Min. Deposit: $5
  • Leverage: 500:1
  • Min. Spread: 0.0 pips
  • Deposit/Withdrawal: Bank wire, Visa/Mastercard, Skrill , Neteller
  • Currency pairs: 55+

Trading platform

  • Platform: MetaTrader 4, MetaTrader 5
  • Web based: Yes
  • Mobile: Yes

Open Account

8.5 TradeForexSA
Pros
  • Spreads from 0 pips
  • 5 USD Minimum Deposit
  • MT4 & MT5 Available for IOS & Android
  • Loyalty bonuses for existing customers
  • CySEC, FCA, IFSC & ASIC Regulated
Cons
  • Limited platform options with MT4 & MT5
  • Variable spreads might not be ideal for all traders
Summary

Rapid growth since 2009 has landed XM upwards of 1.5 million clients from 196 countries.   XM is considered to be the broker with the most extensive experience and in-depth knowledge of the global financial markets with an operational philosophy that is by ensuring client satisfaction, they earn client loyalty through 24/5 personal customer service, varied account types and competitive trading conditions.

From their start, XM set out to create an MT4 setup with high-speed market execution and a no re-quotes policy.  While that policy still exists today, XM has continued to improve trading conditions further by offering accounts with no hidden commissions on trades, tight spreads as low as 0 pips on all major currency pairs, and fractional pip pricing.

Account Types9
Client Support & Onboarding9
Free Services7.5
Deposit & Withdrawal8.5

Account Types

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

The zero account from XM offers spreads as low as 0 pips, leverage up to 500:1,  zero fees on deposits and withdrawals while keeping hedging and EAs allowed.  These account conditions are revolutionary in this industry, especially for a market maker, and it leads me to believe that XM is trying to make forex trading something more accessible to the average person.  This account requires a 100 USD minimum deposit for new customers.

The downside with the “zero account” is you can not keep your wallet in ZAR.  That said, I don’t think this small downside should not deter you from choosing this account.  The bottom line is – this is an excellent account great account option from XM with very low spreads for a small minimum deposit.

Micro Account

One of the best selling points of the micro account has a $5 minimum deposit requirement.  The max leverage with this type of account is 1:888 and you can keep your wallet in ZAR. Spreads are from 1 pip, which is extremely reasonable with this low minimum deposit.  Other brokers with this low minimum will not offer spreads this low, so this is a unique account offering.

Standard Account

The Standard account offers more in the way of options, including different bonuses, better help from XM staff, more access to the broker’s other features, etc. The minimum amount needed to start this account is $5. The main difference between the standard and micro accounts is the contract size.  The standard account uses standard lots, while the micro account uses micro lots.  The difference is not significant, so I would instead open the standard account.

Executive Account 

The Executive account a minimum deposit of $100,000. 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.

XM Account types

Bonus Structure

XM offers signup bonuses, no deposit bonuses and loyalty bonuses for customers who are actively trading.  At the time of writing, there was $30 of No Deposit Bonus, 50% up to $500 and 20% up to $5000.

Unique Selling Points

  • Tight spreads available from 0 pips on all major pairs
  • Up to 1:500 leverage for experienced traders
  • Interest rates accrue on all funds (swaps)
  • MAM Managed accounts
  • 57 currency pairs available
  • Speedy execution – Best Forex Execution Broker Award (Shares Magazine @ UK Forex Awards 2017)
  • No requotes

Compare XM

XM Vs. Etoro

 XMEtoro
FundingBank wire, Visa/Mastercard, Skrill , NetellerBank wire, Visa/Mastercard, Skrill , Neteller, PayPal
RegulatedEU CySEC License No. 120/10, UK FCA Registration No.705428, ASIC No. 443670UK FCA Registration No.583263 EU CySEC License No. 109/10
Broker TypeMarket MakerMarket Maker
Currency Pairs55+47
Minimum Spread0.0 pips2 pips
Minimum Deposit$5$200
Max Leverage500:1400:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit XMVisit Etoro

XM Vs. AvaTrade

 XMAvaTrade
FundingBank wire, Visa/Mastercard, Skrill , NetellerBank wire, Visa/Mastercard, Paypal
RegulatedEU CySEC License No. 120/10, UK FCA Registration No.705428, ASIC No. 443670FSCA No.45984, ASIC, FCA, BVI, FFAJ
Broker TypeMarket MakerMarket Maker
Currency Pairs55+50+
Minimum Spread0.0 pips0.7 pips
Minimum Deposit$5$100
Max Leverage500:1400:1
Expert ReviewRead reviewRead review
Visit WebsiteVisit XMVisit AvaTrade

The Breakdown

XM Group has been recognised for their speed in processing trades since 2009.  XM is a quality ECN/STP broker which provides a level of professional service beyond what is expected by customers.  XM is regulated by CySEC and ASIC and has segregated accounts for all client funds.

 

Jeffrey Cammack Administrator
Editorial Director at TradeForexSA
Jeff Cammack is the Editorial Director at TradeForexSA, a Forex trader since 2008, and educator. Always in search of new trading opportunities, Jeff can always be found doing research in the charts or combing through the financial news. When not trading, he is always researching his next article.
follow me
Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
+ +