XM is a forex trading platform with a long history of operation. However, many people still do not have clear information about XM and are also concerned about the reputation of this trading exchange. If you also have similar questions, please join MForex to follow the detailed review article about XM Forex below.
What is XM forex?
Founding company of XM Forex
XM Forex exchange was established in 2009. Their headquarters is located in Limassol, Cyprus. In addition, XM also has international offices in various locations such as London, Athens, and Sydney.
The founding company of the XM Forex platform is Trading Point Holdings Ltd. This is a company headquartered in Limassol, Cyprus – The parent company of many financial trading brands. Including XM Forex, one of the famous brands in the field of foreign exchange trading and CFDs (contracts for difference).
Achievements achieved by XM Forex exchange
XM not only has a prestigious license but has also obtained many valuable awards and titles as follows:
- The “Best FX Service Provider” award was presented at the 2022 City of London Wealth Management Awards.
- The title of “Best FX Training Broker in the Middle East – North Africa Region” was awarded in 2021.
- “Best Trading Experience” was awarded by Ultimate Fintech in 2021.
- The title of “Best FX Service Provider” was achieved in 2021.
- In 2020, they received the “Global Best Customer Service” award.
- The “Best Market Research & Training” award was awarded in 2019.
The operating license of XM exchange
To evaluate the reputation of an exchange, you can consider XM’s license:
XM is a reputable forex exchange, licensed to operate by leading financial authorities in the world, complying with strict management standards. In particular, XM has approved the following legal documents:
- CySEC – Cyprus Securities and Exchange Commission, license number: 120/10
- FSC – International Financial Services Commission in Belize, license number: 000261/158
- ASIC – Australian Securities and Investments Commission (AFSL 443670)
- DFSA – Dubai Financial Services Authority, license number: 000261/309
All are reputable licenses in the financial industry. These agencies are responsible for supervising and inspecting XM’s business activities, to ensure transparency in transactions, protect customers’ rights, and combat money laundering.
>>>See more: The most detailed way to XM login account on your phone.
Things to know about XM Forex
Types of accounts available at XM
XM offers a range of 5 trading account types, suitable for both new and professional investors. No matter which account type you choose, XM still guarantees the following trading conditions and order-matching quality.
Below is detailed information about XM Forex account types :
- Micro and Standard accounts: These are two types of accounts suitable for new investors without much experience. The minimum deposit requirement from $5, no commission, and a flexible spread from 1 pip.
- Swap-free XM account: This is an option for those who often hold positions overnight. Account quality is similar to the previous two account types. However, traders will receive free swap fees.
- XM Ultra Low account: This account type is reserved for investors with experience in the field of financial investment or the Scalping method.
- Share Account: This account is suitable for investors who trade stocks, and require significant investment experience. Minimum deposit required from $10,000 and no leverage supported.
Types of accounts available at XM
Methods of depositing and withdrawing money at XM Forex exchange
XM exchange sets the minimum deposit amount at 5 USD. Traders can use many different deposit methods. Such as Credit Cards (including VISA, Mastercard, and Maestro). E-wallets (Skrill, Neteller, WebMoney, PerfectMoney, etc.). And Vietnamese banks (Vietcombank, Sacombank, BIDV, Vietin bank, Dong A, ACB, and Techcombank). Each exchange often has differences in money transfer fees. However, XM is completely free for deposits. All fees will be borne by XM.
Traders can deposit any currency. XM will automatically convert into the trading account currency at the interbank exchange rate. At XM, you can use the same payment system for deposits and withdrawals. The minimum amount that can be withdrawn is only 2 USD or equivalent. It depends on the payment method chosen.
If you use a Vietnamese bank to deposit money into your account, you can also withdraw money through these banks at the market rate. Notably, you will not incur any fees when withdrawing your funds, as XM will cover all related fees.
Spreads of XM Forex
XM Forex exchange applies a floating spread model similar to the interbank Forex market. With quotes to pips (up to the 5th decimal place). Helps clients receive better quotes from liquidity providers. This means that all trading costs are built into the spread and there are no hidden fees.
- XM Standard and Micro accounts have floating spreads from just 1 pip.
- XM Ultra Low accounts have lower floating spreads, from only 0.6 pips.
- XM Zero accounts can have spreads down to 0 pips.
- Share account spreads will vary depending on the underlying stock of each transaction.
Traders get commission-free with Standard, Micro, and Ultra Low accounts. However, there are still commission fees applicable to Share accounts and Zero accounts.
Trading platforms provided by XM
At XM Forex, customers can participate in trading on three main platforms: MetaTrader 4, MetaTrader 5, and XM WebTrader. These three platforms provide modern features to support customer operations.
When using the MetaTrader 4 (MT4) platform, traders have access to eight different platforms. Can be accessed using the same login account. They can also trade through multiple devices. Such as PC, Mac, multiterminal, WebTrader, iPhone, iPad, Android, and Android tablets. In addition, they are provided with a wide range of technical analysis tools. With over 50 indicators and charting tools, built-in and customizable indicators. Along with many different time frames. The platform also supports the use of automated trading robots.
On the MetaTrader 5 (MT5) multi-asset trading platform, customers can trade Forex, stocks, stock indices, precious metals, and cryptocurrencies. They have access to up to 7 asset groups using the same login account. The platform also provides the latest quotes, displaying up to 100 different charts simultaneously. MT5 can work flexibly on many devices such as PC, Mac, WebTrader, iPhone, iPad, Android, and Android tablets.
Trading platforms provided by XM
Reasons to choose XM Forex to trade foreign exchange
XM platform supports beginners
XM Forex exchange often has many documents and support services for beginners. Here are some points that XM supports for beginners:
- Educational materials: XM offers many educational materials on Forex trading, technical analysis, fundamental analysis, and trading strategies. And many other aspects of the financial market. This helps beginners gain basic knowledge. Aim to gain a deeper understanding and participation in the market.
- Online courses: The platform provides free online courses with content that is presented and easy to understand. To help beginners master the basics of trading.
- Demo Account: XM offers a demo account that allows beginners to practice trading on a real platform without risking capital. This allows them to apply the knowledge and strategies they have learned without worrying about losing real money.
- Trading Signals: XM provides daily trading signals and market analysis from experts. To help beginners have more information to make trading decisions.
- Customer support: XM has professional customer support services in Vietnamese. The purpose is to help beginners be able to ask questions. At the same time, to easily answer questions about transactions.
>>>See more: Important information to know about XM Login partner
Reasons why users choose to trade on XM Forex exchange
Noticing the impressive numbers and strong PR campaign, it is undeniable that XM is a reputable trading platform. Below are some reasons that users should choose to trade on XM:
XM claims to be a pioneer in implementing a no-requote policy and fast order matching speed, with order matching rates in a short time. However, information about their technology or servers is not disclosed. This can make the numbers announced by XM difficult to verify.
It is also important to note that XM does not state the nature of its operations or mention liquidity providers. Although their spreads are competitive, they do not charge commissions like other brokers. The purpose of this is unclear.
However, from a fair perspective, XM forex is considered a really good forex exchange. Continuously strive to improve to bring the best experience to customers. This platform has invested heavily in providing educational materials and trading signals to support customers.
Conclude
After you read the information that MForex has presented about the XM forex exchange above. Perhaps you have a clearer view of this exchange. It can be seen that XM forex continues to be a bright spot in the foreign exchange market. It can be considered a “trusted address” so you can confidently open an account and participate in transactions. Besides, the exchange also provides useful trading support tools such as XM CFD or XM forex calculator to help traders improve efficiency.
FAQ
Which country does XM exchange originate from?
XM was founded by Trading Point Holdings Ltd. Located at 404, The Matalon, Coney Drive, Belize City, Belize. This is a fairly large country in Central America.
What is the minimum deposit limit of XM Forex?
XM sets a minimum of $5 for all account types. Only the Share account requires a minimum deposit of $10,000.
Is it possible to test trading at XM without making a deposit?
Exactly. You can open a Demo account at XM to find out. And test trading before deciding to open a real account.
