XM offers both an online trading platform and phone trading. The over-the-phone trading has more limited opening hours than the online trading platform.
With an XM account, you can gain exposure to a wide variety of underlyings, including a lot of currency pairs (50+) and commodity prices. Contracts for Difference (CFD) are available for stocks, commodities, energy, stock indices, and more. XM does not offer binary options.
The XM trading platform has received a lot of praise for executing orders exceptionally fast. If superior speed is important for you, we suggest you check out the XM Virtual Private Server (VPS) offer. It is available 24/7.
One of the reasons why XM has become so popular among novice traders is that with some of their account types (not all of them), your first deposit does not have to be larger than 5 USD. Many other online brokers require a first deposit of at least 100 USD, so it is easy to see why XM is appealing to novice traders who do not want to make a big first deposit.
Instead of charging a fee on purchases and sales, XM make their money through the spreads.
The size of the spreads will vary over time, by asset, and also based on XM account type.
With an XM account, you get access to the big and well-known third-party trading platforms MetaTrader (MT4) and MetaTrader (MT5). They are used by a wide assortment of online brokers and their clients worldwide.
MetaTrader4 (MT4) and MetaTrader5 (MT5) are available as mobile apps for both iOS and Android. They work well on both smart phones and tablets.
XM offers several different account types, so it is a good idea to devote some effort into selecting the type that is optimal for your trading style and preferences. Regardless of which account type you pick, you will be permitted to keep a maximum of 200 positions open simultaneously.
XM Micro Account
Smallest first deposit: 5 USD
This account type is popular among novice traders, since it only requires a 5 USD first deposit. Important: The XM Standard Account also only requires a 5 USD first deposit.
Examples of available base currencies for an XM Micro Account are EUR, GBP, USD, AUD, CHF, HUF, PLN, and JPY.
XM Standard Account
Just like the Micro Account, this XM Standard Account is popular among novice traders as it only requires a 5 USD first deposit to get started. Examples of available base currencies for a Standard Account are EUR, GBP, CHF, HUF, PLN, USD, AUD and JPY.
XM Ultra Low Account
The smallest first deposit for an Ultra Low Account is 50 USD, which is within reach for most hobby traders. Examples of available base currencies for this account type are EUR, GBP, USD, ZAR, and SGD.
The Zero Accounts require a 100 USD deposit to get started and is only available with the base currencies EUR / USD / JPY.
XM Demo Account (play-money)
You can open a free XM Demo Account to check out what XM has to offer and see if you like it. The free Demo Account is filled with $100,000 in play-money, so you can experiment with trading types and trading strategies without risking any real money.
You get access to both trading platforms with your Demo Account.
There is no time limit on your Demo Account, so you there is no need to stress – you can get to know the platforms on your own schedule.
Trading hours at XM
The trading platforms are open all the time, but exactly what you can trade with will vary. For some underlying assets, the trading hours are limited due to how they are traded on exchanges. A stock listed on Nasdaq will be traded during Nasdaq trading hours, and so on. Forex trading is active 24/7 at XM.
Phone trading is offered from Sunday 22:05 GMT to Friday 21:50 GMT.
Within the European Union, XM offers leverage from 1:2 to 1:30 to non-professional traders.
Other jurisdiction have other limits, or no limits, on leverage for professional and non-professional traders, respectively.
Phone customer service: +357 25029933
Live chat customer service: Go to the contact page at the XM site to find the live chat.
E-mail customer service: firstname.lastname@example.org
Deposits and withdrawals
XM accepts most major credit cards and e-wallets, and you can also use bank transfer or wire transfer.
You can make your deposit in almost any traditional currency, but it will be converted into the currency that you selected as base currency for your XM account.
How large the smallest first possible deposit is depends on your selected account type. Example: for an XM Micro Account the smallest first deposit is 5 USD, but for an XM Zero Account, the smallest first deposit is 100 USD. See the various account types listed above for more information.
At XM, withdrawal requests are typically processed within 24 hours, which is appreciated by many traders.
Different withdrawal fees apply for different methods, and for some e-wallets XM charges no withdrawal fee at all.
With an XM account, you get access to a wide range of educational resources, such as the XM webinars on trading.
The holding company Trading Point Holdings Ltd owns a variety of subsidiaries in order to comply with local regulations around the world. Among these we find Trading Point of Financial Instruments Limited, XM Global Limited, Trading Point of Financial Instruments UK Limited, Trading Point of Financial Instruments Pty Ltd, and Trading Point MENA Limited.
European Union: Traders in the European Union can trade through the subsidiary Trading Point of Financial Instruments Limited, which is based in Cyprus. This subsidiary licensed by the Cyprus Securities and Exchange Commission (CySEC), license number 120/10.
United Kingdom: As the United Kingdom is no longer a member of the European Union, traders in the UK will trade through Trading Point of Financial Instruments UK Limited, which is regulated by the UK Financial Conduct Authority (FRN: 705428)
MENA: Traders in the Middle East and North Africa can trade through Trading Point MENA Limited, which is authorized by the Dubai Financial Services Authority (DFSA). Reference number: F003484.
In Australia, Trading Point of Financial Instruments Pty Ltd is authorized by the Australian Securities and Investment Commission. (AFSL 443670)
In parts of the world where there is no local/regional subsidiary, XM works through its Belician subsidiary XM Global Limited, which is authorized by the International Financial Services Commission (IFSC) in Belize. Generally speaking, Belize has less stringent restrictions and requirements for online brokers than jurisdictions such as the European Union and Australia.