Since you Googled this search term (Is XM broker legit?) and found this blog post, I will ask you a question before I give you my answer.
Was your intention to find a reliable and trustworthy Forex broker to start your trading journey?
If so, then you are not wrong to have searched for XM Broker, one of the most popular and reputable online trading platforms in the world. But the big question is, is XM broker legit? How do you know if you can trust them with your hard-earned money?
In this blog post, I will answer these questions and more.
I will give you an overview of what XM broker is, how it is regulated, and why it is safe to trade with.
I will also explain some of the benefits and drawbacks of trading with XM Forex, especially for beginners.
Finally, I will show you how to get started with XM broker, how to make a deposit and withdrawal, and how to claim a generous bonus offer.
By the end of this blog post, you will have a clear idea of whether XM Broker is the right choice for you or not.
You will also learn some tips and tricks to make the most out of your trading experience with XM broker. So, let’s get started! Shall we?
What is XM broker and how is it regulated?
XM Forex is an online trading platform that offers various financial instruments, such as CFD Forex, stocks, commodities, indices, metals, and cryptocurrencies.
The XM Global was founded in 2009 and has since grown to become one of the largest and most respected brokers in the industry.
So far XM broker has over 3.5 million clients from 196 countries and executes more than 1.4 billion trades per month.
The XM Forex is regulated by several reputable authorities around the world, such as the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the International Financial Services Commission of Belize (IFSC), and the Financial Conduct Authority (FCA) of the UK.
These regulators represent different regions and they ensure that XM broker complies with the highest standards of security, transparency, and fair trading practices.
In addition to a broker being regulated, it should have a scheme that protects your funds in case of insolvency or bankruptcy.
And that’s not all, XM offers a partial guarantee of the protection of your funds. Continue reading to find out what I think about investing in Xm as a beginner.
Is XM broker safe to trade with?
As we have seen in the previous section, XM broker is a regulated and reputable broker that follows high standards of security and transparency. Save for the fact that it may not prioritize or pay you back in case of insolvency or bankruptcy. But is XM broker safe to trade with in terms of the trading conditions, platforms, and services that it offers?
In this section, we will explore some of the pros and cons of trading with XM broker and see why most new and experienced online traders choose it.
Pros of trading with XM broker
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Wide range of trading instruments
XM Forex offers over 1000 financial instruments to trade, including Forex, stocks, commodities, indices, metals, and cryptocurrencies.
You can diversify your portfolio and find the best opportunities in the global markets with XM broker.
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Low spreads and commissions
XM Global offers competitive spreads and commissions on its trading instruments, starting from as low as 0 pips on some currency pairs.
You can save on your trading costs and maximize your profits with XM broker.
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Flexible leverage and margin
XM broker allows you to choose the leverage and margin level that suits your trading style and risk appetite.
You can trade with up to 1:888 leverage on some instruments, which means that you can control a large position with a small amount of capital.
However, you should be aware that higher leverage also increases the risk of losing money.
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Fast execution and no requotes
XM Global provides fast and reliable execution of your orders, with an average execution time of less than 1 second.
You can also enjoy no requotes, which means that your orders are executed at the price you see on the screen, without any changes or delays.
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Multiple trading platforms
XM broker offers you the choice of trading on various platforms, such as MetaTrader 4, MetaTrader 5, WebTrader, and mobile apps.
You can access your account and trade from any device and any location, with advanced features and tools to enhance your trading experience.
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Free education and research
XM Broker provides you with free access to a wealth of educational and research materials, such as webinars, seminars, videos, articles, tutorials, market analysis, signals, and more.
You can learn from the experts and improve your trading skills and knowledge with XM Forex.
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Excellent customer support
XM Broker has a dedicated and professional customer support team that is available 24/5 via phone, email, live chat, or callback.
You can get in touch with them anytime you need help or have a question about your account or trading.
Interestingly, Xm customer support agents speak over 30 languages and are ready to assist you with any issue or query.
Cons of trading with XM broker
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No US Clients
XM broker does not accept clients from the US due to the regulatory restrictions in that country.
If you are a US citizen or resident, you will not be able to open an account or trade with XM broker.
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No ECN accounts
XM broker does not offer ECN accounts, which are accounts that connect you directly to the liquidity providers without any intermediaries or market makers.
ECN accounts usually have lower spreads and faster execution than standard accounts, but they also charge higher commissions.
Some traders prefer ECN accounts for more transparency and efficiency in their trading.
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Limited cryptocurrency options
XM Forex offers only a few cryptocurrency options to trade, such as Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash.
You cannot trade other popular or emerging cryptocurrencies with XM broker.
If you ask me, XM Forex has many advantages and some disadvantages when it comes to trading online. However, the pros outweigh the cons, and if you are not particular about only trading with a broker that’s regulated in your country then you should definitely consider it.
How to get started with XM broker?
If you are interested in trading with XM broke and you don’t have an account then, you should follow these simple steps to open an account and start trading.
Here is what you need to do:
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Visit the XM broker website
You can access the XM broker website by visiting the official website.
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Register for an account
You can register for an account by clicking on the “Open an Account” button on the top right corner of the website.
XM broker will redirect you to a registration form, where you need to fill in your personal details, such as your name, email, phone number, country, and preferred language.
On the next page of registration, you will need to choose your account type, base currency, leverage, and platform.
Also, you will be required to choose an account type from three account types: Micro, Standard, and Ultra Low.
Each account type has different features and specifications, such as minimum deposit, lot size, spread, and commission.
Compare the account types here if you are not sure.
After filling in the form, you need to agree to the terms and conditions and click on “Open a Real Account”.
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Verify your identity and address
After registering for an account, you need to verify your identity and address by uploading some documents, such as your passport or ID card and a utility bill or bank statement.
This is a mandatory step to comply with the anti-money laundering and KYC policies of XM broker.
You can upload your documents through the “Upload Documents” section in your account area or by sending them via email to [email protected].
The verification process usually takes up to 24 hours.
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Make a deposit
Once your account is verified, you can make a deposit to fund your trading account.
You can choose from various payment methods, such as credit or debit cards, bank wire transfers, e-wallets, or mobile money.
The minimum deposit amount depends on your account type and payment method and XM broker does not charge any fees for deposits or withdrawals.
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Start trading
After making a deposit, you can start trading on your chosen platform.
Both a real and a demo account in XM gives you access to the MetaTrader 4 or MetaTrader 5 platforms which you can download from your client account area or just download them from the XM broker website.
You can also trade on the WebTrader platform or the mobile apps for Android and iOS devices.
You will find more information about which trading platform to download and the login credentials in the second email sent from XM.
How to claim a bonus offer from XM broker?
One of the best features of XM Forex is that it offers generous bonus offers to its clients. You can claim a bonus offer when you open an account or make a deposit with XM Global.
Here are some of the bonus offers that you can get from XM broker after registration:
This is a welcome bonus that you can get when you open an account with XM Broker.
You do not need to make any deposit to claim this bonus. You just need to verify your phone number and complete the registration process.
Though restricted to some regions, the bonus will be credited to your account automatically after a successful registration.
If you are among the lucky ones, use this bonus to trade on any instrument and withdraw any profits that you make from it.
This is a deposit bonus that you can get when you make a deposit with XM broker.
You can get a 50% bonus on your first deposit up to $500 and a 20% bonus on subsequent deposits up to $4500.
The bonus will be credited to your account instantly and you can use it to trade on any instrument and withdraw any profits that you make from it.
Conclusion
XM Forex is one of the most legit and reliable CFD brokers in the world. It is regulated by several reputable authorities and offers high standards of security and transparency.
It also provides a wide range of trading instruments, low spreads and commissions, flexible leverage and margin, fast execution and no requotes multiple trading platforms, free education and research, and excellent customer support.
In addition to all that, XM Broker offers generous bonus offers to its clients, such as the $30 no-deposit bonus, the 50% + 20% deposit bonus, and the loyalty program.
You can claim these bonus offers and use them to trade on any instrument and withdraw any profits that you make from them.
My take?
If you are looking for a safe, convenient, and rewarding broker to start your trading journey, XM Broker is the right choice for you. You can open an account with XM Forex in a few simple steps outlined above to start trading.
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