Reviews
- Financial Conduct Authority (FCA) – UK: Exness is authorized and regulated by the FCA, one of the most reputable regulatory bodies globally, ensuring that it follows strict financial protocols to protect its clients.
- Cyprus Securities and Exchange Commission (CySEC): Operating under CySEC, Exness complies with the Markets in Financial Instruments Directive (MiFID II), which governs financial market transparency, fairness, and investor protection across the EU.
- Seychelles Financial Services Authority (FSA): This allows Exness to extend its services globally, while still maintaining oversight and regulation.
- South African Financial Sector Conduct Authority (FSCA): Exness is licensed by the FSCA, ensuring that it meets the regulatory requirements for traders in South Africa.
- Central Bank of Curaçao and Sint Maarten (CBCS): This regulatory body adds further credibility for Exness’ offshore operations, giving it the flexibility to offer services across various jurisdictions.
- Micro Accounts: Micro accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as the base currency and can get started with a minimum deposit of $5USD. 1 micro lot is 1,000 units of the base currency.
- Ultra Low Accounts: XM Ultra Low Accounts, can use EUR, USD, GBP, AUD, ZAR, SGD as the base currency and traders will require a minimum deposit of $5 USD. 1 Standard Ultra lot is 100,000 units of the chosen base currency, whereas, 1 Micro Ultra lot is 1,000 units of the base currency. XM Ultra Low Accounts are not applicable to all entities of the group.
- Standard: Standard accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as the base currency and traders can get started with just $5USD. 1 standard lot is 100,000 units of the chosen base currency.
- Zero Accounts: Zero accounts can use USD, JPY and EUR as the base currency and traders will require a minimum deposit of $5USD. Like the Standard account, 1 standard lot is 100,000 units of the chosen base currency. Zero accounts are not applicable to all the entities of the XM Group.
- Strong Regulatory Oversight: XM is regulated by top-tier authorities like CySEC and ASIC, ensuring client funds’ safety and trading transparency.
- Variety of Account Types: With multiple account types, XM caters to both beginner and advanced traders.
- Comprehensive Educational Resources: From webinars to tutorials, XM provides a wealth of educational materials to support traders of all levels.
- Flexible Leverage Options: XM offers up to 1:888 leverage, depending on the account type and region, providing flexibility for traders with different risk appetites.
- No Requotes and Fast Execution: XM guarantees no requotes, ensuring smooth and efficient trade execution.
- Higher Minimum Deposit for Some Accounts: The Shares Account requires a minimum deposit of $10,000, which may be prohibitive for small traders.
- Limited Cryptocurrency Selection: XM offers limited options for cryptocurrency trading compared to some specialized brokers.
- Inactive Client Fees: XM charges a fee for dormant accounts after a period of inactivity, which could be a disadvantage for infrequent traders.
Introduction to XM
XM is one of the most prominent names in the global online trading industry, having established itself as a trusted broker since its launch in 2009. Offering forex and CFD trading on a variety of financial instruments, XM is well-regarded for its transparent practices, cutting-edge technology, and a wide range of trading accounts. With a client base spanning over 190 countries and more than 5 million clients, XM provides a compelling trading experience backed by strong customer support and advanced trading platforms.
Overview of XM’s Trading Conditions
XM offers an extensive range of financial instruments, including forex, stocks, commodities, precious metals, energies, indices, and cryptocurrencies. With over 1,000 instruments available, the broker ensures traders have ample options for diversification.
Key Features of XM:
- Leverage: XM offers flexible leverage options up to 1:888, depending on account types and regions, providing traders with the opportunity to control larger positions with smaller capital.
- Spreads: XM’s spreads are highly competitive, with the EUR/USD spread starting from as low as 0.6 pips on some accounts.
- No Requotes: XM guarantees no requotes, allowing traders to execute their trades with confidence, knowing that market conditions won’t affect their order placement.
- Minimum Deposit: Traders can open an account with just $5, making XM accessible to traders of all levels, from beginners to professionals.
- Regulation and Safety
One of the standout features of XM is its regulatory compliance. The broker operates under the strict supervision of multiple top-tier financial regulators:
- Cyprus Securities and Exchange Commission (CySEC): As a part of the European Union, CySEC ensures that XM adheres to stringent regulatory standards set by MiFID II.
- Australian Securities and Investments Commission (ASIC): ASIC is known for its robust regulatory framework, which adds an extra layer of protection for XM clients.
- International Financial Services Commission (IFSC) of Belize: This allows XM to provide services to clients outside Europe and Australia while maintaining high operational standards.
Awards and Recognition
XM has received numerous awards over the years, which highlight its excellence in customer service, trading platforms, and execution speed. Some notable awards include:
- Best Forex Broker 2020 – Acknowledged for providing exceptional trading conditions.
- Best Customer Service Global – Known for its client-centric approach and responsive customer support.
- Best Forex Execution Broker – With fast and reliable order execution, XM has won this accolade multiple times.
Account Types
XM offers a variety of account types to suit different trading preferences and skill levels. Each account type offers unique features catering to different strategies:
Micro Account
- Minimum Deposit: $5
- Leverage: Up to 1:888
- Contract Size: 1 lot = 1,000 units
- Spreads: From 1 pip
- This account is perfect for beginners looking to trade with smaller amounts and practice their strategies.
Standard Account
- Minimum Deposit: $5
- Leverage: Up to 1:888
- Contract Size: 1 lot = 100,000 units
- Spreads: From 1 pip
- Ideal for intermediate traders, offering a balance of low-cost trading with significant market exposure.
XM Ultra Low Account
- Minimum Deposit: $50
- Leverage: Up to 1:888
- Spreads: From 0.6 pips
- This account type is suited for traders seeking ultra-tight spreads without commissions.
Shares Account
- Minimum Deposit: $10,000
- Leverage: No leverage
- For traders who prefer trading stocks, this account offers direct access to over 100 stock CFDs with zero leverage.
Demo Account: For new traders or those who wish to test their strategies risk-free, XM provides demo accounts with virtual funds, offering the same market conditions as live accounts.
Trading Platforms
XM supports the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, two of the most widely used trading platforms in the world. Both platforms are available across desktop, web, and mobile devices, ensuring flexibility for traders who need to manage trades from anywhere.
- MetaTrader 4 (MT4): The industry standard, offering a wide range of features including advanced charting tools, automated trading through Expert Advisors (EAs), and customizable indicators. It’s particularly suitable for forex traders.
- MetaTrader 5 (MT5): Building on MT4, MT5 offers additional tools and features, such as more timeframes, built-in economic calendars, and a larger range of instruments. It’s ideal for traders who also want to trade stocks and commodities.
- XM WebTrader: This platform allows traders to execute trades directly from their browser, without any software downloads. It offers a seamless and intuitive interface for easy access to global markets.
Customer Support and Education
XM is well-known for its excellent customer support, offering 24/5 service in multiple languages. Clients can reach out via live chat, email, or phone to resolve issues quickly and efficiently.
In terms of education, XM goes above and beyond with its extensive library of educational resources, including:
- Webinars: XM hosts frequent webinars in multiple languages, covering topics like trading strategies, risk management, and market analysis.
- Video Tutorials: These tutorials cover everything from basic forex concepts to advanced trading techniques, making it easy for beginners to learn and professionals to refine their strategies.
- Market Research and Analysis: XM offers daily market updates, technical analysis, and insights from leading experts, keeping traders informed about market trends and opportunities.
Deposit and Withdrawal Methods
XM provides a wide range of deposit and withdrawal methods, ensuring convenience for traders around the globe. Options include:
- Credit/Debit Cards (Visa, MasterCard)
- Bank Transfers
- E-wallets (Neteller, Skrill, PayPal)
Withdrawal Speed: XM is known for processing withdrawals efficiently, with most transactions completed within 24 hours for e-wallets and a few days for bank transfers.
Spreads, Commissions, and Fees
XM offers tight spreads across its account types, with no hidden fees. While most accounts are commission-free, the XM Ultra Low account provides the lowest spreads without charging commission fees. Micro and Standard accounts offer spreads starting from 1 pip with no commission.
Conclusion
XM is a reliable and well-regulated broker offering a range of trading instruments and account types suitable for both beginner and professional traders. With competitive spreads, top-tier platforms like MT4 and MT5, and robust customer support, XM continues to be a popular choice for traders seeking a comprehensive trading experience. While it has minor drawbacks like limited cryptocurrency offerings and high deposit requirements for certain accounts, its strengths far outweigh its limitations, making XM a highly recommended broker in 2024.
