In recent years, a dynamic industry of online brokers has developed that is courting risk-averse investors with special offers. The keywords in this industry are social trading, binary options or CFD trading. Most providers have specialised in individual asset classes, while other providers offer the full range of leveraged financial products. One of these providers is XM, a subsidiary of Trading Point of Financial Instruments, a company based in Cyprus.
The client of XM can intervene not only in commodities, stock indices and precious metals but also in forex trading with various currency pairs. In addition, XM tries to address different customer groups in which very small amounts can also be traded, for example, or by offering Islam-compliant accounts. In addition, the provider claims to make suitable offers for both experienced and inexperienced traders. We have tested XM and checked to what extent it is possible to serve so many customer interests satisfactorily at the same time. In our review the results can be read.
Video preview of XM
In the following video you will find our experiences with XM in the summary. We will also show you how the registration works and show you the first steps with the provider.
Now take a look at the video to get a preview of XM:
Our experiences at a glance
The company, founded in 2009, is a broker that has grown steadily over the last few years and has continuously expanded its worldwide presence in addition to its range of tradable products and trading instruments. Of course, the customer also benefits from this diversity and experience. According to its own information, XM now has a huge customer base with 300,000 opened accounts and traders from almost 200 countries. The provider also tries to make offers to its customers on the spot by holding real events, i.e. events that are not carried out online. But first XM is to be regarded from view of the potenziellen new A RISER, who looks for a suitable broker.
In principle, five different product types can be traded on XM. These include commodities, precious metals, stock indices, crypto currencies and international currencies. For equity indices and commodities, XM uses the CFD trading instrument, also known as a difference contract in the German-speaking world, in which the price performance of a specific underlying can be relied upon. Spreads form the basis for the other forms of trading. Leverage ratios of up to 1:30 are offered.
Here the levers corresponding to the underlying assets at a glance:
In relation to currency pairs in the Forex TradingForex Trading the investor can choose between the impressive number of 60 different currency pairs. All common currencies of US dollars, euros, British pounds, Swiss francs and Canadian dollars are possible. XM also offers a selection of Scandinavian currencies such as Swedish or Danish krone for trading. Broker XM offers both variable and fixed spreads, which can be leveraged via an interest swap, i.e. borrowed capital. While in the case of XM in the variable version the spreads are taken directly from the Forex market, in our experience the trader must expect certain trading restrictions with the fixed spreads. This is mainly due to the fact that these have to be recalculated again and again. In addition, fixed spreads are generally higher, which also increases the profit and loss potential. In this case, the trader must therefore take out additional insurance against the default risk. The spread of the variable spreads already begins with a pip, XM assures the waiver of a so-called requoting, i.e. the original conditions prevailing on the financial markets are passed on. In the case of US dollar and euro trading, a pip corresponds to an exchange rate change of 0.0001.
XM also offers a selection in commodities trading. This includes cocoa, grain, coffee, soybeans, sugar and wheat. In addition comes again a selection of energy products such as oil and gas. Here CFDs are used. These contracts also form the basis for trading in equity indices, while spreads form the basis for trading in precious metals. Overall, the client finds a broad spectrum, even if the selection within the product classes is rather small. There are only two precious metals and only 13 commodities to choose from. Other platforms offer a lot more.
All in all, our experience with Broker XM shows that the customer can expect a fair fee system. This includes the fact that a uniform leverage is defined for trading, which only the customer can change individually. In principle, this also allows a uniform level of risk to be defined. In addition, XM also offers two different account types with the micro account and the standard account, which can also be seen as a contribution to the control of trading risk. While a micro account trades with a so-called micro lot as a unit, a standard account trades with a standard lot. A micro lot corresponds to 1,000 units of a currency pair, while a standard lot equals 100,000 units. In addition, the lot can also be reduced to 0.1 lot. This makes trading with very manageable amounts possible. Our experience shows that this is a very good possibility, especially for beginners, to start trading with a low risk. Logically then also the chances of winning are not so high.
One last feature offered to minimize the risk is the so-called “Negative Credit Protection”. This excludes a possible obligation to make additional contributions from the outset. Very generally one has as a customer of XM very fast the impression of a through and through respectable offerer, who makes fraud and Abzocke from the outset impossible by his trading conditions fraud and.
Finally should not remain unmentioned that the Trading with XM ran off after our experiences always smoothly and all transactions were completed time near. This is not necessarily a matter of course, especially in view of the broad spectrum of activities, as the corresponding liquidity in the market is not always available for certain positions. However, thanks to the cooperation with nine trading platforms and other trading houses, this is a surprisingly smooth process. Nevertheless, corresponding bottlenecks cannot be completely excluded.
Bonus for new customers
The bonus program, which XM offers both for new customers and for existing customers, is also varied. For new customers there is a bonus of 25 Euro independent of the first deposit amount. Thus XM is a Forex Broker without deposit , which grants a free bonus. This bonus can also be credited in other currencies such as British pounds, US dollars or other currencies on request. In contrast to many other brokers, XM also offers that winnings achieved with this bonus are immediately payable and no further conditions are attached to this bonus. Our experiences, also with other brokers show that this is a very fair offer.
Beyond that XM offers a deposit-dependent bonus for its new customers. This bonus is structured two-stage and offers with the first two deposits a maximum bonus of 5,000 euros or the corresponding amount in another currency. There is with a first deposit a capital bonus of 50 per cent as well as with a second deposit of again 20 per cent up to the maximum amount mentioned on top. In principle, this bonus can also be used once by existing customers. In addition, however, there are bonus programs explicitly designed for existing customers. These loyalty bonuses are linked to the duration of the respective trading activity. Already at the start of trading there are 10 loyalty points (XMPs) or lot credits. The trader can choose whether he wants to withdraw these credits or uses them in the trade. The bonus points increase according to the trading activity. After 60 days there are 13 lots or XMPs, after 100 days there are 20. In addition, customers with an equity trading balance worth 5,000 US dollars are upgraded to a status that gives them better access and even faster trading by allowing them to connect to the virtual private server (VPS). The bonus offer is rounded off by free competitions in which the customer can win up to 20,000 euros.
Deposit and payout
In terms of deposit and payout modalities, XM also makes it very easy for its customers. It is currently possible to make deposits via a number of popular credit card providers. In addition, a number of electronic deposit systems such as giropay or Sofort Überweisung are offered. Individual services are not equally available in all countries. The same systems are also offered for withdrawals. XM attaches great importance to relying exclusively on reputable and internationally recognized providers. Payments can also be made by bank transfer. Especially comfortable for the customer is the fact that XM takes over the fees of all providers. This applies both to the deposit and to the payment. Beyond that a very low minimum deposit amount of five euro applies spreading. Regarding the duration of the deposit XM is dependent on the cooperation with the respective providers, this is the reason for partly different terms. In the case of credit cards, the transfer usually takes place immediately. With bank transfers it can take however a few days, until the credit is carried out on the own account.
Security and regulation
XM offers the usual rules with regard to the security of deposits. This includes a guaranteed deposit protection up to 20.000 Euro. In addition, the deposit protection can be higher, but varies according to the amount of individual customer deposits. In principle, a higher level of protection can therefore be agreed.
In addition, the usual separation of accounts in the industry is also applied. This means that in the event of insolvency of the broker, the customer’s credit balances remain untouched. As a subsidiary of the Trading Point of Financial Instruments based in Cyprus, XM is subject to EU regulation, which guarantees basic standards and prevents fraud and rip-off. A further guarantee for a high degree of seriousness is the regulation by the Cypriot regulatory authority CySEC. Among other things, this ensures that sufficient liquidity is always available.
Support and customer service
Exemplary, always available and multilingual – these are the essential attributes of XM’s customer service. Worldwide, professionally trained employees are available at any time to answer customer inquiries patiently and competently. Especially with the not always uncomplicated products, this is an important and helpful service.
User friendliness of the website
In general, the customer has to deal with highly complex trading products with the offers of XM, which are not to be understood at first glance, especially for beginners. Often the function mode shoots itself also not directly from the explanations on the web page. For this the customer can and should fall back on the telephone customer service as well as the extensive offered training offers, before he enters into trading. A demo account is also available for testing purposes. Of course, all this is also possible with XM via mobile app, which is available for all systems from iPad to Android.
Fazit – levered trading with safety belt
The broker XM offers the trader a broad spectrum of tradable leverage products, even if the selection within the categories is manageable. Who finds his product here, has with XM however a solid and respectable partner with fair conditions. In addition, it offers a number of security levels that are designed to limit losses in this risky market segment. This “safety belt” can be enormously important for beginners, even if its use is naturally not obligatory.
xmNow traden!XM is an international broker with European regulation, which invests a lot in the further training of its customers.4.5 / 5.0 rated by Roland Herrmann
Was a little sceptical at first because the company’s headquarters are unfortunately not in Germany. But then I looked around for a fraud test and read that it is generally safe to trade with XM. Therefore I decided at the end to simply register and try it. I was not mistaken and am still very satisfied. A very good decision. Why I come to a positive conclusion: the training possibilities are extremely good, I find myself there very well and there is practically for each possibility and each small trade secret a Tutorial, with which I can improve my personal acting. That’s why I’m a big fan of the Education Center and I use it almost every day when there’s something new to trade or when I just want to continue my education to make even more profits. This also goes along with the demo account, which I also use very often to check strategies.
written 43 months ago
XM convinced me because I get a mobile app there, which according to the reviews on the Internet is really useful and can be used at any time. It works perfectly, very fast and there are no problems with it. It has never crashed before. That’s why I hope to continue trading so successfully with XM. There was for me still before the deposit namely a starting capital, of which I can still trade now. I made a deposit nevertheless, in order to have more capital to trade. I basically only use about 5% of my total capital to trade it. There was also a bonus, which of course I also used directly. All in all very satisfied.
written 39 months ago
I consider XM to be an absolutely reliable and fair provider for trading CFDs, with which I have had only positive experiences so far. Never transactions were rejected or it came to Requotes. And also the fee policy is absolutely transparent.
written 33 months ago