RECOMMENDED FOREX BROKERS
XM is the brand name of Trading Point Holdings Limited. They own four subsidiaries, each with their own license.
Trading Point of Financial Instruments UK Ltd (XM UK) is authorized by the FCA, making sure that the broker works within the boundaries of the law, while enforcing strict financial and investment standards. XM UK is also a member of the Financial Services Compensation Scheme (FSCS) – users are entitled to a reimbursement of up to £85 000 if the company is unable to pay its debts.
In Cyprus, XM is licensed by CySEC. This regulatory body is authorized to work by the governing laws of Cyprus when investigating broker firms. CySEC covers its clients’ funds with the ICF which permits for a compensation of up to €20 000 to be paid to traders in case the broker fails to pay its dues.
In Australia, XM is certified by ASIC. As most regulatory bodies do, ASIC aims to enforce laws concerning the financial markets, and strives to deliver good investment environment.
XM is also regulated in the Mesoamerican country of Belize by their respective body: the International Financial Services Commission (IFSC). Their main goal is to promote Belize as a financial offshore center while also providing the appropriate regulatory measures to support said endeavor.
The average EUR/USD spread at XM is 1.6 pips, and goes as low as 0.1 pips for XM Zero account (plus commission- read below). The leverage can go as high as 1:500. However, due to ESMA introduced laws the leverage in the UK and EU has been limited to 1:30.
XM provides a rich choice of assets, making sure that almost every taste is met accordingly. These are: currency pairs, stocks, a substantial amount of commodities, indices, metals, energies and cryptocurrencies.
Expanding XM even further is the baffling volume of languages available: English, Australian English, Russian, Italian, Polish, Japanese, Thai, Czech, Malaysian, Greek, Indonesian, Swedish, Arabian, Portuguese, Filipino, Bengali, Chinese, Hungarian, French, German, Spanish, Vietnamese and Dutch.
The inclusion of the two most popular trading platforms- MT4 and MT5- is not surprising.
MT4 is always a good reminder of just how far the industry has gotten. This platform holds the popularity title for many a reason: advanced charting tools, custom indicators, Expert Advisors and more. MT4’s VPS allow for seamless automated trading at all times, uninterrupted by computer failures, sudden power cuts or connectivity issues.
Average EUR/USD spread is 1.6 pips, and 0.8 pips for the XM Zero account (including commission). Due to ESMA the UK and EU are limited to provide a leverage no bigger than 1:30. Offshore subsidiaries of Trading Point Holdings Limited are not bound by this rule and can afford a max leverage of 1:500.
XM Zero Account holders will be commissioned by $3.5 per side (7$ round turn) for every standard lot ($100 000), in turn changing the minimum cost of trading from 0.1 pips to 0.8 pips.
Besides the desktop version of MT4, there is also a neat web based alternative (no trading bots though). Get direct access to MT4 on virtually any device (mobile or tablet) operating with an Android or iOS operating system.
Offering more in pure quantity than MT4, MT5 has still a hard time replacing its predecessor mostly due to the fact that MT4 is universal, and essentially used by every online broker. Nevertheless, MT5 allows for full Expert Advisor support, has a built in economic calendar, more pending orders are available, has increased time-frames, and much more. Virtual Private Servers can be utilized as well.
The spread has not changed: with Standard account it is 1.6 pips for EUR/USD. By adding the commission to the 0.1 pip spread for XM Zero, account holder will get an actual spread starting from 0.8 pips.
In the UK and EU the leverage has been set by ESMA to 1:30 max. Outside of the EU and UK expect the leverage to be as high as 1:500.
The means of access to MT5 are various: desktop, web based platform, iOS and Android apps.
XM MINIMUM DEPOSIT
The minimum deposit is $5, and $100 if you’re using an XM Zero Account.
The broker purposefully retains payment methods information from non-deposited traders. From what we gathered, after extensive digging in the website and long customer support chat sessions, the broker accepts major credit cards- VISA, VISA Electron, MasterCard, Maestro and China UnionPay, XM Card and probably more- and eWallets (no names given), as well as Wire Transfer. The full list of payment methods can be seen in user’s Member’s Area once an account is registered.
The base currencies at XM are: USD, EUR, GBP, CHF, AUD, HUF, PLN.
Wire Transfer users will have to wait 2-5 days for their XM accounts to be funded. Card methods and eWallet deposits are instant.
The broker offers free of charge deposits for all methods except those made by Wire Transfer. If such is the case anything below a $200 (or other currency) will be billed with a commission by the broker.
XM WITHDRAWAL TIME AND FEES
CySEC and the FCA guarantee that all withdrawals will be safe and secure.
As mentioned above, payment methods are vague and unspecified unless you open an account. What we got from our own research is that the broker uses major credit cards (VISA, VISA Electron, MasterCard, Maestro and China UnionPay, XM Card, plus more), eWallets and Wire Transfer.
All withdrawals are processed within 24 hours. Users of XM Card or any eWallet methods will receive their money on the same day the request has been processed, while Wire Transfer and credit/debit card user will have to wait 2-5 working days.
The minimum withdrawal amount is $5. However the amount does vary depending on the payment methods. And as specified, without an account you cannot see all available methods of payment.
XM covers the fee for Wire Transfer for 200$ withdrawal and above. Anything below will not be covered by XM and can be burdened with a fee by the client’s bank of choice. All other withdrawal methods are free of taxes.
XM is massive in both quantity and quality. The regulations mean business, but also security for clients, while the amount of content is, quite frankly, impressive to say the least.
However every rose has its thorns. In XM’s case it’s the commission for XM Zero account holders, and the withheld information on deposits and withdrawals.