XM forex broker review? You don’t understand the exchange even though you’ve heard it before. Therefore, MForex has compiled all information related to XM Global in the article below. Check it out so you don’t miss out on a reputable and quality trading exchange!
What is XM Forex?
XM Forex is a trading platform established in 2009 by XM Global Limited. During the past 13 years, XM has continuously developed and expanded its market worldwide. It has attracted nearly 10 million customers and is present in 190 countries, including Vietnam.
To support all traders, the exchange has designed a website that can be changed into 30 languages.
Besides, XM offers 13 trading platforms that can be used on most devices. XM Forex exchange also offers 25+ safe payment methods. All transactions take place transparently, and quickly and always ensure customers’ interests.
Is XM Forex a reputable trading exchange?
Although bad rumors often appear, we are committed to XM being a reputable trading platform. This is expressed through many different factors, specifically:
Business license of XM Forex exchange
Currently, Vietnam does not have specific regulations on how trading exchanges operate. However, traders can still put their trust in XM. Because XM has been recognized by the world’s leading financial regulators. Specifically: FSA, CySEC, ASIC, DFSA.
Prestigious awards from the XM exchange
Through more than 13 activities, XM Forex Exchange has proven its reputation and quality through awards received over many years. The most prominent are:
2020:
- Award “Broker with best customer service in 2020”.
- Rated as the best Forex service provider in 2020.
- XM is considered the best forex exchange in Oceania and Europe.
- The most transparent broker globally in 2020.
- The best online CFD and FX trading Broker globally.
2021 continues to receive many awards and positive reviews:
- Rated as the trading platform that provides the best experience.
- XM Forex is considered the best Forex service provider.
- Rated as the most famous broker in 2021.
- Continue to receive the award for best Forex exchange in Europe and Oceania.
- Among the top 10 popular Forex Brokers.
2022:
- Have the best support policy in 2022.
- Become the Global Forex Broker of 2022.
- Rated the best Forex trading platform and mobile app of 2022.
- Rated as the best FX broker in Europe, Latin America, the Middle East, and Oceania.
Policies to protect customer interests at XM
- The client’s account is segregated from the account from the exchange. This ensures that, even if XM goes bankrupt, the money in investors’ accounts will still be kept safe.
- Insurance policy in case of bankruptcy: According to the content of the license issued by CySEC, there is an insurance mechanism for customers. Accordingly, the highest compensation level for traders when the XM Forex exchange goes bankrupt is up to 20,000 euros.
- Ensure capital safety with minimum value according to CySEC and ASIC regulations. To do that, XM has hired auditing companies to check its annual financial statements. Ensure completion of requirements from regulatory agencies. From there, it affirms its financial position in the market, creating trust with investors.
What are the trading platforms of XM Forex?
Currently, XM Forex is providing two platforms MT4 and MT5. Traders can do it directly on the website or install it on the device. Includes: Phone (Android, iPhone), PC (PC, Mac), iPad.
These platforms are from MetaQuotes and have the largest number of investors participating in trading today. With these platforms, you will receive many analysis, evaluation, and charting tools. Guaranteed to help investors during the transaction process.
Types of trading accounts at XM Forex
What is the XM Forex exchange? How many accounts are there? There are 5 different account types for investors to choose from. Specifically:
| Account type | Micro | Standard | SWAP free account | Ultra Low | Share |
| Minimum deposit | 5 USD | 5 USD | 5 USD | 5 USD | 10,000 USD |
| Lever | 1:1000 | 1:1000 | 1:1000 | 1:1000 | No leverage |
| Spread | From 1 pip | From 1 pip | From 1 pip | From 0.6 pips | Depending on the exchange rate |
| Commission | Are not | Are not | Are not | Are not | Have |
| Minimum lot | 0.1 lots | 0.01 lots | 0.01 – 0.1 lots | 0.01 – 0.1 lots | 1 lot |
| Lot limit per order | 100 lots | 50 lots | 50 – 100 lots | 50 – 100 lots | Depends on each stock |
| Maximum pending orders | 300 | 300 | 300 | 300 | 50 |
What are the leverage and fees at Forex XM?
Each exchange will have its regulations on leverage and fees. If you are planning to participate in trading on XM Forex, please refer to the following information:
Lever
The leverage ratio at Forex XM will range from 1:1 to 1:1000. Specifically:
- Maximum leverage: 1:1000 when depositing from $5 to $20,000 for Micro account and Standard account. Ultra Low accounts need to deposit from $50 to $20,000.
- Maximum leverage is 1:200 if depositing from $20,001 – $100,000.
- Maximum leverage is 1:100 if depositing $100,000 or more.
- Unlike other accounts, the Share account will not support leverage.
Spread Fees
- Micro, Standard, and SWAP-free accounts will be applied Spread from 1 pip.
- Ultra Low accounts will have spreads from 0.6 pipi
- Share accounts will apply spreads based on the trading stock code.
XM overnight fees
Overnight fee XM forex broker review? How to apply?
Overnight fees will be applied from Monday to Friday. On Wednesdays, overnight fees will be charged 3 times the standard rate.
Commission
The platform only collects commission fees for Share accounts. For the remaining accounts, no commission will be charged.
Attractive XM promotional programs
Promotional programs at XM forex broker review? Just by successfully registering an account, investors will have the opportunity to participate in the promotions below.
- Promotion of $30 when registering a Live account for new customers
- Get $35 when you invite friends to trade on XM.
- 50% deposit promotion up to $500, minimum from 5%.
- The program charges a 0% fee when depositing/withdrawing $200.
- Attractive cash rewards when transactions achieve high rankings.
>>>See more: Receive XM Bonus immediately when opening an account
Instructions on how to open an XM account for newbies
- Step 1: Visit the XM Forex homepage.
- Step 2: Select Open an Account to open a new account: https://www.xm.com/
- Step 3: Provide information as requested by the exchange. Traders need to completely and accurately fill in fields such as Country, full name, date of birth, email, phone number, experience, account type, and password.
- Step 4: After registering, you will receive a notification email providing the server ID.
So, you have completed the process of opening an XM account
>>>See more: The most detailed instructions for login XM for traders
Conclude
XM forex broker review? Surely the information MForex shared in the article is enough for investors to find the answer to the above question. XM will constantly update new and improved features to bring the best experience to customers. So, feel free to trade with us today.
FAQ
Does the XM Forex platform charge additional fees?
Currently, XM will charge a $5 surcharge to maintain your account if you are inactive for more than 90 days.
Is XM a scam?
XM Global has 13 years of experience operating in the field of foreign exchange investment. In addition, it is also licensed to operate legally by reputable financial organizations such as FSC, CySEC, DFSA, and ASIC, so there is no way XM is defrauding users.
Is the XM exchange licensed to operate in Vietnam?
Not only XM but any other trading platform is not licensed. Because there are no regulations from state agencies and no agency or organization to manage foreign exchange trading activities. So there is no license to operate forex.
