Choosing a good broker sets you up for trading success because you enjoy access to many markets and can use stable trading platforms. Moreover, the fees incurred when transacting with such brokers are low, which helps you hedge your risk and enjoy more profits. So, is XM the right broker for you? This review of the XM promotions explains what you can expect from this online broker that has existed since 2009. But to help you narrow down your motivating factors, we will focus on five things to know about this broker before you open an account.
Is XM Regulated?
You should always trade with a broker that has a valid license. XM holds a license from the International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission (CySEC), and Australian Securities and Investments Commission (ASIC). You can rest assured that it adheres to the trading policies and has your best interests at heart. Of course, it also must ensure that you are in line with the regulations. You will thus need to verify your identity when creating an account. During your account opening, you will need to provide:
- A valid ID, e.g., driving license or passport, and
- Proof of address, e.g., a utility bill.
Moreover, you will need to indicate your trading knowledge as forex trading is a high-risk venture. Why is all this important? As the XM disclaimer states, all trading involves risk, and they want to do their part to safeguard your interests. Once your account gets approved, it’s up to you to make calculated trades and know when to stop.
What Platforms Does XM Use?
XM, like many other brokers, does not have a trading platform. It uses third-party platforms like MetaTrader 5 and MetaTrader 4. You can use any of these easily as they boast similar functionality. But if you want to trade stock CFDs, you should sign up on MetaTrader5. When trading, you can use:
- The web platform: It’s easy to use but has the lowest score,
- The desktop version: This is much easier than the web platform, and
- The mobile platform: This one has an intuitive interface and is the easiest to use of all the platforms.
You will love that XM has up-to-date news and is awash with trading ideas. However, you cannot get fundamental data and need to research this.
How Can You Open an Account with XM?
Account opening on XM has to be one of the easiest processes you will ever encounter when trading. You can even start using your account on the same day once you have verified your details. How does it work?
- You will need to choose from one of the many accounts offered: demo, Islamic, or standard. You can always go live if you are ready to put some money on the line,
- Once you receive your login details via email, you will need to validate your account to prove you are who you claim to be,
- You will then effect a deposit to make your account active: The minimum required deposit is $5 or its equivalent, and
- You can then download the trading platform you wish to use.
Once the account is verified, you can start trading at a minimum of 0.01 lot and a maximum of 50 lot. Please note that the minimums and maximums come down to the type of account you choose.
What Are the Costs Associated with Trading with XM?
It’s always important to consider how much you will pay a broker when using its services. In the case of XM, you will be happy to know that there are no fees associated with:
- Withdrawing cash from your account: Please note that wire transfers may incur fees,
- CFD commissions, and
- Depositing money into your account.
However, the broker will penalize you for not using your account for a long time, i.e., inactivity. This money helps them maintain your account on the trading platforms. So, if you are not trading, it’s always best to close your account to avoid these penalties.
How Can You Reach the XM Customer Service?
We’ve indicated that inactivity fees are due on accounts that do not trade for a specified amount of time. And the way to avoid this is by contacting customer support. What methods are available to you?
- Live chat: You can send live messages to the agents and get responses in as few as 30 seconds,
- Email support: Alternatively, you can send emails and get a response within 8 hours,
- Phone support: You can call the team and speak directly to an agent. It takes a few minutes to secure the connection.
The customer support team caters to clients who speak a wide range of languages, from English to Spanish down to Thai. Thus, you can find an agent who will understand what you need and cater to you efficiently.
XM currently has more than 3 million users, showing how good its services are. With the perks we have outlined above, it is not hard to understand why so many people continue to choose this broker, despite the emergence of other options since 2009. All the best in your trading and remember to exercise caution as you manage your bankroll!
