Check out our comprehensive guide about everything related to XM to learn more about this world leading broker.
Is XM a scam?
No, XM is not a scam. In fact, XM is as far from a scam broker as one could get. XM has a fantastic reputation among traders, and they are an overall respected brand around the world. The broker XM is actually owned and operated by a British company called the Trading Point of Financial Instruments UK Limited, which is licensed and regulated by the Financial Conduct Authority (FCA). Any CFD broker with a license from the FCA is 100% legitimate since they have strict requirements to follow and are subject to regular audits.
XM’s Underlying Assets
XM provides access to several of the most popular CFD markets and a total of 700+ assets, meaning they literally have something that fits anyone. To separate the different markets from each other, XM has decided to split their available assets into the following categories.
- Forex – Everything from the largest currency pair such as USD/EUR to smaller less popular and even exotic currencies can be traded on the XM platform.
- Stocks – Trade hundreds of stocks from several of the world’s leading markets with your XM trading account.
- Commodities – This category consists of mostly soft commodities and food items such as coffee, wheat, and sugar. However, XM offers more commodities in the categories below.
- Equity Indices – Speculate on the price movements of 18 of the world’s most influential stock indices.
- Precious Metals – You can trade gold and silver with XM, and if you want to trade copper you can go to the commodity category.
- Energies – This category is just what it sounds like: oil, natural gas, brent, and other energy commodities.
- Cryptocurrencies – Bitcoin, Ethereum, Dash, Litecoin, and Ripple XRP are available to trade using XM. However, at the time of writing all of these assets had been paused due to high liquidity.
XM’s 16 Trading Platforms
XM is proud to offer 16 different platforms that are designed to be compatible with the world’s most used devices. Although, it can be a bit misleading to say there are 16 platforms since XM is offering the MetaTrader product. What the broker actually means is that they offer several versions of the same platform. Let us explain.
XM provides MT4 and MT5 for PC, Mac, iPhone, IPad, and Android. They also offer access to the MetaTrader Webtrader.
All in all, the selection of platforms is the same as other brokers that work with MetaTrader, and as per usual, we are as happy as always to use them.
XM Trading Accounts
XM currently has three different trading accounts with slightly different features and perks. The Standard Account is the account that most traders use and it lets you do all the necessary analytic work before you trade on your preferred platform. They also have a Micro Account that has lower limits and a somewhat limited selection of features. This account is best suited for traders with small bankrolls. XM also provides multiple XM Zero Accounts which provide different perks depending on how much you deposit and are willing to trade with.
Note that all of the real money trading accounts come with negative balance protection, tight to no spreads, and access to the world famous MetaTrader 4 and 5 platforms.
In addition, XM also has a demo account that you can use to practice trading techniques and evaluate strategies.
XM Funding and Withdrawal
Since XM is regulated by the FCA, their selection of payment options is very similar to other brokers regulated by the same agency. You can, for example, deposit and withdraw money using cards such as Visa, Mastercard, Maestro, and UnionPay. Or you can make an electronic payment using Skrill, Neteller, or Klarna (limited to certain countries). You can also deposit money with a regular bank transfer.
Customer Service for XM Customers
Contacting XM is as easy as it gets. You can either start a live chat, which is the easiest option or you can send them an email ([email protected]) directly from the website. Alternatively, you can call them on their support number (44 2031501500). Also, XM’s headquarters are located in England in case you need to send them physical mail.