It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.

Pros and cons of XM

Pros:

• Wide variety of financial instruments to operate.

• It offers popular platforms such as MT4 and MT5, as well as its own APP.

• Demo account available to practice before trading with real money.

• It offers educational resources such as market analysis, economic calendars and courses.

• 24/7 customer service via live chat, email and telephone.

Cons:

• The $10,000 minimum deposit for the stock account may be prohibitive for some traders.

• Spreads on some accounts may be higher than those offered by other brokers.

• Commissions are applied to the share account.

• The maximum leverage of 1:1000 may increase risk for inexperienced traders.

• Regulation in Cyprus may be less stringent than in other European countries.

What type of broker is XM？

XM is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, XM acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of offering leverage. However, this also means that XM has a certain conflict of interest with its clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interest of their clients. It is important for traders to be aware of this dynamic when trading with XM or any other MM broker.

Regulation

Regulation is a key dimension to consider when choosing a forex broker, as it offers some protection to the client in terms of security of funds, transparency and fairness of operations. XM is a Cyprus registered company and regulated by several major regulatory bodies, including ASIC, CYSEC, FSA, FSC and DFSA.

ASIC is the Australian Financial Services Authority and is responsible for regulating the financial sector in Australia. CYSEC is the Cyprus Securities and Exchange Commission and is the financial regulatory authority in Cyprus. The FSA is the Financial Services Authority of the United Kingdom and regulates the financial sector in the United Kingdom. The FSC is the Financial Services Commission of Mauritius, which regulates the financial sector in Mauritius. The DFSA is the Dubai Financial Services Authority and is the financial regulatory authority in Dubai.

Multi-entity regulation provides greater customer protection, as it means that the broker is subject to multiple sets of regulations and standards. In addition, this can enhance the broker's reputation in the industry.

In summary, XM is a forex broker regulated by several entities, which provides clients with greater protection and transparency in their operations.

XM General Information

XM is a Forex and CFD broker based in Cyprus and regulated by several internationally renowned financial authorities, including ASIC, CYSEC, FSA, FSC and DFSA. It offers a wide variety of financial instruments, including cryptocurrencies, stocks, metals, currency pairs, indices, energies, etc. Clients have access to several trading platforms, including MT4, MT5 and the XM mobile app, and can choose from four different account types. XM also offers a free demo account, educational resources and 24/7 customer support.

In the following article, we will analyze the characteristics of this broker in all its dimensions, offering you easy and well-organized information. If you are interested, read on.

Market instruments

XM offers its traders a wide variety of over 1000 financial instruments, including cryptocurrencies, stocks, metals, currency pairs, indices, energies and more. This variety allows traders to diversify their portfolios and take advantage of different markets to implement different trading strategies. Traders also have the flexibility to choose from a wide range of financial instruments and select the ones that best suit their trading preferences and objectives. However, for some new or inexperienced traders, the variety of financial instruments can be overwhelming, and some instruments may have limited liquidity, which can make trading them difficult.

Spreads and commissions for trading with XM

In terms of spreads and commissions, XM offers low spreads on the first three commission-free accounts. However, during periods of high volatility, spreads may be higher. On the equity account, a commission is charged in addition to the spreads. The accounts offer high leverage, which means that investors can trade significantly more money than they have in their account. Spreads can vary by account type and time of day, so investors should keep an eye out for changes. In general, XM offers competitive spreads and account options to suit different investment levels.

Trading accounts available at XM

XM offers a variety of account types to suit different investment levels. The micro, standard and ultra low accounts have no high minimum deposit and no commissions are charged. The ultra low account has higher spreads than the other accounts, but the goal is to offer even lower spreads than those offered in the micro and standard accounts. The stock account has a minimum deposit of $10,000 and a commission is charged. No leverage is offered on the share account, which means investors must invest the full amount of their trade. In general, XM offers account options for different investment levels.

The XM demo account is an excellent tool for novice traders or those who wish to test new trading strategies without risking their capital. The demo account comes with a virtual trading platform that replicates live trading conditions and can be accessed from any device. Traders can practice their trading skills and familiarize themselves with the financial instruments available at XM without having to risk their money. In addition, the XM demo account has no time restrictions, which means that traders can use it for as long as they need before they start trading with a live account. Overall, the XM demo account is a valuable tool for those who wish to improve their trading skills before getting involved in live trading.

Account Opening

XM, is a broker, which has an account opening with a minimum deposit of $5. The steps for account opening

How can you open an XM Broker account？

Currently, there are numerous online brokers on the market, where you can trade forex, CFDs. Each of them offers a variety of trading accounts, in a simple and fast way, where there are brokers that have an easier registration process. Below are the steps to follow for opening an XM Broker account:

a) Fill in your personal data and address in the online registration form.

b) Usually, you have to choose the leverage, to comply with regulatory bodies, in this broker does not meet the regulatory parameters. So be careful.

c) Upon completion, it is recommended to read, agree and accept the terms and conditions of the contract.

d) Sending documentation, there are brokers that request documentation, in this case, the company does not indicate the requirement of the same.

e) Proof of identity, you must send a scanned document proving your identity, e.g. passport, ID card or driver's license. Must be valid

f) Proof of Address: as to the veracity of the address, a scanned copy of the current utility bill verifying the address must be provided.

g) Make initial deposit: each Broker establishes its minimum deposit, for the opening of the trading account it offers.

h) Upon completion of the registration process, you have access to the client area with the Broker.

Operating platform offered by XM

XM offers its clients a selection of trading platforms, including the popular MT4 platform and its successor, MT5. In addition, the company has also developed its own custom trading platform for those looking for something different. Both platforms offer a wide variety of technical indicators, analysis tools and customization possibilities. XM's mobile app is also easy to use and is available on iOS and Android. However, for those who are comfortable with a particular platform, it may be difficult to switch to another platform. Beginners may also find the MT4 and MT5 learning curve steep, although the customization possibilities and variety of analysis tools may make it worth the effort. Overall, XM offers a solid selection of trading platforms to meet the needs of all traders.

XM also offers a series of instructional videos, such as this one from its YouTube channel, on how to open an account using MT4.

XM maximum leverage

Leverage is an important tool in Forex trading that allows traders to have greater exposure to the market with limited capital. At XM, the maximum leverage offered is 1:1000, which means that for every $1 of capital, the trader can control up to $1000 in the market. This can be attractive to traders looking to maximize their profits with less capital.

However, it is also important to note that high leverage carries a higher risk of loss. If the market moves against the trader's position, losses can be significant. That is why it is important for traders to have proper risk management and understand the risks associated with trading with leverage before trading XM.

Deposit and Withdrawal: methods and fees

In XM deposits and withdrawals are made from the user's site, and is functional on mobile devices can use mobile trading.

There are brokers that accept bank transfers and credit or debit card payments. Some brokers offer greater facilities by implementing the possibility of payment through electronic means of payment such as Paypal, Skrill Moneybookers, Neteller, WebMoney, CashU, GiroPay, etc.

XM Education

XM strives to provide a wide variety of educational resources to help their clients improve their trading skills. They offer a wide range of tools and resources, such as market analysis, economic calendars, signals and online courses. In addition, XM regularly offers webinars and online seminars, which are an excellent way to learn from experienced traders and gain a better understanding of the markets. However, not all educational resources are available in all languages and the quality of educational resources may vary depending on the trader's level of experience. In addition, some educational resources may not be up to date with the latest developments in the markets, so traders should be careful in selecting the resources they use. Overall, XM makes a solid effort to provide a variety of useful educational resources for its clients.

XM Customer Service

XM excels in its customer service by providing a live chat available 24 hours a day, which means that customers can get real-time help at any time. In addition, XM's website offers the company's registered address, which provides greater transparency and confidence to the customer. Multi-language customer support is also a significant advantage for international customers. In addition, XM provides an international e-mail address and phone numbers for support inquiries. However, a disadvantage is the lack of a toll-free number, as well as the lack of social media and fax support. In addition, there is no mention of an estimated response time for support inquiries and no callback service is offered.

Conclusion

Overall, XM is a well-regulated and secure company that offers a wide range of financial instruments and a good variety of accounts. Its focus on customer education and 24/7 multilingual support is also a big plus. Disadvantages include floating spreads that can be higher than the competition and the lack of a proprietary trading platform. Overall, XM is a good choice for those looking for a regulated broker with a wide range of products and customer support services.

Frequently asked questions about XM

• Question: Is XM a regulated company？

• Answer: Yes, XM is regulated by multiple agencies such as ASIC, CYSEC, FSA, FSC and DFSA.

• Question: What are the account types offered by XM？

• Answer: XM offers four account types: micro account, standard account, ultra low account and share account.

• Question: What is the minimum deposit required to open an XM account？

• Answer: The minimum deposit required for the first three accounts (micro account, standard account and ultra low account) is $5, while for the share account it is $10,000.

• Question: What trading platforms does XM offer？

• Answer: XM offers the most popular trading platforms in the industry: MT4 and MT5, as well as its own mobile application.

• Question: What is the maximum leverage offered by XM？

• Answer: The maximum leverage offered by XM is 1:1000.

• Question: Does XM offer a demo account？

• Answer: Yes, XM offers a demo account for clients to practice without risking their own money.

• Question: What educational resources does XM offer？

• Answer: XM offers a wide range of educational resources such as market analysis, economic calendars, trading signals, tools, videos, courses and webinars.

What is FXCM？

FXCM is a retail forex broker that was founded in 1999. The company is headquartered in London, UK, but has offices and affiliates in a number of other countries, including Australia, Germany, France, Italy, Greece, Hong Kong, Japan, South Africa, and the United States.

The company provides online trading services in forex, contracts for difference (CFDs), and other financial instruments. FXCM offers various trading platforms including the popular MetaTrader 4 (MT4), Trading Station, TradingView Pro, ZuluTrade, Capitalise AI. The broker provides customer support in multiple languages and offers educational resources and market analysis tools to help traders make informed trading decisions.

What Type of Broker FXCM is？

FXCM is a retail forex and CFD broker that operates as a No Dealing Desk (NDD) broker. This means that FXCM does not take the opposite side of clients' trades and instead uses Straight Through Processing (STP) to send client orders to liquidity providers in the interbank market. This model is designed to provide traders with faster execution and more transparent pricing. FXCM also offers commission-based pricing, as opposed to spreads, which may appeal to traders who prefer a more transparent fee structure.

Pros & Cons

FXCM is a well-established and reputable forex broker with over two decades of experience in the industry. Its strengths include its comprehensive educational resources, a wide range of trading instruments and platforms, and a global presence. FXCM also offers competitive pricing and flexible account options, making it accessible to traders of all levels.

However, FXCM's weaknesses include limited deposit and withdrawal options, high fees for certain services, and the potential for slippage during periods of high volatility. Some traders have also reported issues with customer support, particularly in non-English speaking regions.

It's worth noting that the pros and cons listed above are not exhaustive and may not necessarily apply to every trader's individual experience with FXCM.

Overall, FXCM can be a good choice for traders who prioritize education and a diverse range of trading options, but it may not be the best fit for those who require a specific deposit or withdrawal method, or who prioritize low fees above all else.

Is FXCM Safe or Scam？

FXCM is a legitimate broker with a long-standing reputation in the industry. The company is regulated by top-tier financial authorities, such as the FCA in the UK, the ASIC in Australia, CYSEC in Cyprus and FSCA in South Africa, which ensures that it operates under strict financial and ethical guidelines. FXCM also has a solid track record of handling client funds in a secure and responsible manner.

However, like any broker, there are potential risks involved in trading, such as market volatility and the possibility of losses. It's important to carefully evaluate the risks and benefits before deciding to trade with any broker.

How are you protected？

FXCM provides negative balance protection and offers its clients access to segregated accounts, providing additional security measures. More details can be found in the table below:

Note: The table only includes a few of the many safety measures that FXCM employs to protect its clients.

Our Conclusion on FXCM Reliability:

FXCM is a well-regulated and reputable broker with a long-standing history in the industry. The company is regulated by top-tier financial authorities and has multiple licenses, demonstrating a commitment to client protection.

However, FXCM has faced regulatory penalties in the past and the company's reputation was negatively impacted. Overall, while FXCM has had some past issues, the broker has taken steps to address them and appears to be a reliable choice for traders.

Market Instruments

FXCM offers investors a diverse range of tradable instruments, including currency pairs, precious metals, commodities, global stock indices, treasury bonds, as well as a forex basket, a stock basket, CNH, and other popular products.

Account Types

There are two types of accounts: Regular Accounts and Premier Accounts. Regular accounts have a minimum deposit of $50 and allow investors to trade up to 39 popular currency pairs and the entire CFD range.

The Premier Account is designed for high-volume investors and requires, firstly, an FXCM account or a new account, a total USD notional trading volume of $10 million per natural month. The account offers investors a range of benefits: exclusive support, premium services, and tailor-made trading solutions.

Leverage

FXCM offers different leverage levels based on the jurisdiction of the client and the type of trading account. In general, FXCM offers leverage up to 1:400 for forex trading, and up to 1:200 for CFD trading on certain instruments. It's important to note that high leverage increases the potential for both profits and losses, so traders should use it with caution and have a good risk management strategy in place.

It's also worth noting that different regulatory bodies have different restrictions on leverage. For example, in the United States, the maximum leverage for forex trading is limited to 1:50, while in Europe, it's limited to 1:30 for retail clients. Traders should always check the specific leverage restrictions for their jurisdiction and account type before trading.

Spreads & Commissions

The spreads are 1.3 pips for EUR/USD, 2.3 pips for EUR/GBP, and 1.8 pips for AUD/USD. The Premier account offers investors a cashback offers. If a client trades EUR/USD pair and reaches $300 million in notional volume for the month (for the fifth step), then the cashback amount is $25/million, for a total cashback amount of $7,500. The cashback for equity index CFD products ranges from $1 to $3 per million USD.

Below is a comparison table about spreads and commissions charged by different brokers:

Note: Spreads can vary depending on market conditions and volatility.

Promotions

FXCM provides rebates through three channels: Rebate Program, Friends and Family, Accounts Promotions. Account promotions, particularly, gives traders most benefits. To benefit from these promotions, traders simply need to open an account and register for the promotion by filling out the designated form. Upon account activation, making a deposit within 24 hours qualifies traders for the highest bonus of 5%, while those depositing within one month of activation can enjoy a 2-3% bonus. The bonus amount is then credited to the trader's account within 14 business days of the deposit, enabling them to boost their trading capital right from the start.

Trading Platforms

FXCM offers a comprehensive platform suite designed ffor various trading needs:

Trading Station: Proprietary advanced platform

TradingView Pro: Powerful charting and analysis

MetaTrader 4: Industry-standard user-friendly platform

ZuluTrade: Social trading, copy successful strategies

Capitalise AI: AI-powered automated trading and portfolio management

Overall, FXCM's trading platforms offer a range of advanced features and tools that can appeal to traders of all levels and styles.

Deposits & Withdrawals

FXCM welcomes several payment methods, including online banking payments, bank transfers, and other payments. The minimum single deposit for CUP is $100, and the minimum deposit for a credit card or wire transfer is $50. Besides, traders can withdraw funds once a month for free.

Minimum deposit requirement

The minimum deposit requirement for FXCM varies depending on the account type and the region of the client. For example, in the UK and some other regions, the minimum deposit for a Standard account is £300 or equivalent in another currency, while for the Mini account, it is £50 or equivalent.

However, in some other regions, such as the US, the minimum deposit for a Standard account is $5,000, while for the Mini account, it is $50. It is important to check the minimum deposit requirement for the specific account type and region before opening an account with FXCM.

FXCM minimum deposit vs other brokers

FXCM Money Withdrawal

To withdraw funds from your FXCM account, you need to follow these steps:

Step 1: Log in to your FXCM account on the FXCM website.

Step 2: Click on the “MyFXCM” menu and select “Withdraw.”

Step 3: Select the account you wish to withdraw from and choose your withdrawal method.

Step 4: Enter the amount you wish to withdraw and provide any additional information that may be required for your chosen withdrawal method.

Step 5: Review and confirm your withdrawal request.

Step 6: Once your withdrawal request has been processed, you will receive an email confirmation with details of the transaction.

It's important to note that the time it takes for your funds to be withdrawn will depend on the withdrawal method you choose and the processing times of your bank or payment provider.

Fees

Apart from spreads and commissions, FXCM also charges overnight fees. Overnight fees, also known as swap fees, are charged for positions that are held overnight.

FXCM does not charge any deposit fees, but there are withdrawal fees depending on the withdrawal method used. For example, bank wire withdrawals are subject to a $40 fee, while credit card withdrawals are subject to a 1.8% fee.

Inactivity fees may also be charged if an account is inactive for a certain period. For example, FXCM charges an inactivity fee of $50 per year if there are no trades or open positions for 12 months.

It is important to review the fee schedule on FXCM's website before opening an account to ensure a full understanding of the fees associated with trading.

See the fee comparison table below:

Please note that these fees may be subject to change and may vary depending on your location and account type. It's always a good idea to check with the broker directly for the most up-to-date information.

Customer Service

FXCM offers customer support via phone, email, and live chat 24/5 during market hours. They also have a FAQ section on their website to provide answers to common questions. FXCM provides localized support in various languages and countries, and they have a team dedicated to handling account-related inquiries.

In addition, they offer remote assistance through TeamViewer to assist clients with any technical issues they may encounter. Overall, FXCM is known for their responsive and helpful customer support.

Note: The above information is based on general feedback from clients and may not be applicable to every individual experience.

Education

FXCM offers a range of educational resources to help traders improve their knowledge and skills. Some of the educational resources available on the FXCM website include:

• Webinars: Live and recorded webinars covering a variety of trading topics, including market analysis, technical analysis, and trading strategies.

• Video library: A collection of videos covering various trading topics, including trading psychology, chart patterns, and trading platforms.

• Trading guides: In-depth guides on various trading topics, including Forex trading, stock trading, and trading psychology.

• Forex news: Daily updates on market news and analysis from FXCM's team of experts.

• Trading signals: Trading signals based on technical analysis and market trends.

Conclusion

In conclusion, FXCM is a well-established and reputable broker that offers a range of trading instruments and account types with competitive spreads and commissions. The broker's trading platforms are user-friendly and offer advanced features for traders of all levels. Additionally, FXCM provides educational resources and excellent customer support, including 24/5 support in multiple languages.

However, FXCM does have some drawbacks, including the lack of negative balance protection and the high inactivity fee. The broker is also not available in all countries, which may limit accessibility for some traders. Overall, FXCM is a reliable and trustworthy broker that can meet the needs of both beginner and experienced traders.

Frequently Asked Questions (FAQs)