Before you open a trading account with a broker, you have to make sure that it is safe and secure in every sense. When you open an account, you have to provide your personal information and then deposit funds in your account. Your information and money are the two most valuable assets that you own. Any compromise on their security can be quite damaging for you. When security is your top concern as a new trader, you will find XM as one of the best options you have. Why is XM a completely secure platform with some of the best trading conditions? Let’s find out in this XM review.
XM as a Company
You can compare some of the best online brokers of the world, but you will have to agree that XM is one of the biggest. The company has been around for many years and it has only improved since its inception. It might not be the oldest online brokers, but it has definitely achieved what many other brokers have not in more than a decade. The company was established in 2009 and it has been growing in numbers since then. Today, there are clients who are trading with XM from 196 countries of the world. There are not many brokers that can boast the number of countries they serve.
XM is a professional company and you can see that from its conduct. It never opens its offices in any country unless it has sent its management team to review the target market. It understands its traders first and then designs its features according to them. Today, there are hundreds of brokers that are trying to get millions of clients. On the other hand, XM has already achieved the milestone of more than a million clients in 10 years of its tenure. It also takes pride in providing the smoothest trading experiences to its traders wherein more than a billion trades have been executed on its platform without any complaints of requotes.
As mentioned at the start of the review, the most important thing for new traders is the safety of their information and funds. XM satisfies you excellently in these areas. Your information is safe because there are proper encryption protocols in place to protect your information from any unauthorized parties. In addition to that, you are dealing with a broker who gets regulated by a bunch of different authorities. The four big entities that regulate XM are ASIC, CySec, FCA, and IFSC. You can expect everything to be fair and square when a broker is being regulated by some of the biggest regulating authorities of the world.
XM and Trading Conditions
Before you put your money in the account with a broker, you have to be sure about the trading conditions. It is unfortunate that some brokers out there worry more about their own commissions and earnings. What you might not realize is that when brokers take big commissions, your profits are reduced significantly. The way brokers charge traders can be in the form of spreads or commissions. When a broker has spreads in place, you want them to be as tight as possible. That’s where XM proves that it cares more about its traders than it does about its commissions.
You can trade various assets with spreads as tight as 0.6. You can also enjoy the peace of mind when trading with XM because there are no other hidden fees involved in the process. What makes things even fairer is the fact that the tight spreads are available not only for advanced accounts but the basic ones as well. With most other brokers, people with basic accounts have to afford large spreads whereas only the people with advanced accounts enjoy tight spreads. That’s not the case when you sign up with XM. You can’t expect your trading account with any broker without margins and leverages.
You get a lot leverage regardless of the account you pick. First thing to keep in mind is that the leverage can change as you move from one asset to another asset. However, you will not find many brokers that offer more than 1:200 leverage. Yes, there are some brokers with 1:500 leverage as well, but you will hardly encounter a broker that gives you 1:888 leverage. Imagine the size of trades that you will be able to control with such a big leverage. On the other hand, the margin you have to maintain in your account to take advantage of the leverage is small. You don’t even have to worry about margin requirements changing overnight.
XM and Tradable Assets
The assets that you can trade with XM are from seven different asset classes. These asset classes include commodities, energies, cryptocurrencies, indices, stocks, forex, and precious metals. You have more than 55 currency pairs that you can trade when you join XM as a trader. There are no hidden charges and you can take advantage of huge leverages. You will not find many brokers that give you more than 50 currency pairs to trade. The stocks on XM come from all the major markets of the world. There are hundreds and hundreds of stocks that you can trade on the XM platform.
You can trade commodities that include crops and various other soft commodities. In the precious metals category, you can trade gold and silver. Of course, what you have to admire about XM is that it has adjusted to the demands of the time perfectly. The cryptocurrency market is rising with time and it is about time all the online brokers give their traders the opportunity to trade digital coins. At this time, you cannot trade all the cryptocurrencies, but you do have five of the best cryptocurrencies whose CFDs you can trade with XM. The cryptocurrencies available for trading right now are LTC, XRP, ETH, BTC, and BCH.
The margin you will have to maintain while trading cryptocurrencies is at 20%. The spreads can be different based on the cryptocurrency you choose. With Litecoin, you can take advantage of spreads that are as small as 0.6. There is lot of useful information about cryptocurrency trading available on the website, so you can take a well-informed decision and enter into trades that profit you.
XM’s Trading Platforms
You can notice from the subtitle that the company does not have just one trading platform. This is one area where you will not find any other broker as good as XM. XM has gone the extra mile in facilitating its traders by bringing them the best trading platforms. You have the world’s best trading platforms available for starting your trading career i.e. MT4 and MT5. These platforms are available for all the different types of devices that the traders can own. Whether you are on your computer or using a tablet for the first time, you can use either MT4 or MT5 on your device.
MAC users are often ignored when companies talk about their trading platforms. That’s because it is a small market and most brokers are only interested in the most lucrative markets. Things are different when you are dealing with XM. This broker brings the MT4 and MT5 platform to the Mac users as well. If you have been using Macs all your life and you want to trade now, you will not have to switch your operating system. Both the platforms are also available in the form of smartphone applications. You can download them on your iPhones and Android phones without having any issues of compatibility.
XM and Trading Education
Trading education is compulsory for anyone who is stepping in this world for the first time. While financial markets are all about demand and supply, there are many other factors that the can affect the value of assets in these markets. In the past, traders did not have a specific place where they could go to learn trading. Today, it is the brokers who provide all the educational material to their traders when they create an account. The training material is different from broker to broker. XM does all it can to bring its traders the best from the educational world.
When you sign up with the broker, you get access to all the training material that includes forex reviews, market news, financial reports, etc. In addition to that, you have access to webinars that allow you to learn from the experts in real-time. Webinars are trading experts talking about trading and various other related topics on the internet. You can join these webinars live once you have created an account with the broker. Many brokers charge you for this service, but you can access the training webinars for free once you have created an account with XM.
You also have video tutorials that are perfect for learning about trading without wasting too much time. Ebooks are great but learning from the books can take a lot of time. Not to mention, videos contain visual charts and graphs to explain how trading works and what the fluctuations in the markets look like. Once you have become a part of XM as a trader, you can also participate in various seminars. In short, XM makes available all the different methods that traders can use to learn trading.
There are three different account types from which you have to choose one. You have to know your requirements as a trader if you want to pick the best account type. These three account types have been created for new, advanced, and professional traders in mind. The account meant for new traders is called the micro account. The contract size with this account is 1,000. What that means is that even students can open this account and trade with freedom. You can open 200 positions at the same time regardless of the account type you choose.
The best thing about the micro and standard accounts is that you can trade in a variety of currencies including but not limited to CHF, USD, AUD, EUR, RUB, GBP, etc. There is an account that’s called the Ultra Low account. This is yet another account that suits the students because of its requirements. The lot size in this account also be as small as 1000. You have to admire the generosity of this broker because of how it gives its traders the leverage they need. You can take advantage of up to 1:888 leverage regardless of the account type you chooses with XM. That’s something unique to XM because most other brokers give huge leverages to only certain account types.
Minimum deposit is often a barrier for new traders when it comes to opening a trading account with a broker. Brokers are always talking about huge leverages and small margins. However, very few brokers seem to care about the minimum deposit requirement. The Ultra Low account requires you to deposit only $50 to maintain this account. As for Standard and Micro account, you have to deposit only $5 to activate it. That’s another thing you don’t get with most other brokers.
Customer Support from XM
XM cares about its customers and for that reason, its website is available in more than 25 different languages. It also provides its registered address on the website for the peace of mind of its traders. The live chat option is there so you can instantly talk to an agent from the company about your issues. You can also call a phone number where you will find a representative 24/5. If you are not in a hurry, you can send your queries to an email address as well. In short, you have all the different methods of getting touch with the company available when you are a client of XM.
You will have complete sense of security when you sign up with XM. It is a fully regulated broker with technologically advanced trading platforms, and account features that cannot be matched by most other brokers on the market. There is a credit of $100,000 available for you to try the demo account to get a hang of the trading platform and the trading world as a whole. If you are thinking about starting a trading account with XM, you can do it without any hesitation.