XM Forex Review in 2024: Is it Scam or Legit Broker?

WATCH XM REVIEW 2024.

XM remains one of the most trusted names in Forex.

Unlike the other brokers that have been in the market for the same period that it has, XM has managed to expand its traded assets to over 1,000.

It has excellent leverage, it provides trading bonuses and it has a loyalty program that traders can use to make money without trading.

You can access the XM platform via browser, MetaTrader platforms, and also via the XM mobile app.

Other than taking you through the XM Forex history, showing you its benefits, and features, we will also use this review to find out if: –

• XM is regulated
• Accounts available in XM
• XM Forex Features.
• How to register in XM Forex
• How to Trade in XM Forex
• Deposit methods available in XM
• Withdrawal methods available in XM

And more.

About XM Forex

History, Regulations, and Platforms.

XM Forex is one of the leading online trading brokers in the world, with over 12 years of experience and more than 40 million registered users.

The company was founded by Donald Layfield who had worked for some other companies before starting XM.

Its headquarters are based in Cyprus, while its development center can be found in London.

XM is regulated by the Cyprus Securities and Exchange Commission (CySEC) under registration number 191/13, and it has a financial license issued by UK’s Financial Conduct Authority (FCA).

XM Forex provides services to traders globally with an exception of a few countries

It also offers education for its traders through webinars that are streamed live or via videos on demand (VOD).

If you are new to trading, you can take advantage of the XM learning center where you can take free courses about various topics including basic training, technical analysis, etc…

Unlike other brokers that have a complex and confusing platform, XM offers its users the MetaTrader terminal.

It is available for both web-based trading and desktop download.

The MT mobile app lets you access your account on the go – wherever you are.

Spreads and Commission.

XM Forex offers some of the lowest spreads in the industry.

The company does not charge any commission on trades and it offers a wide variety of trading instruments.

The minimum spread across all accounts is 0.1 pips, and the average spread for a major pair such as EUR/USD is 0.1 pips.

Leverage.

XM Forex provides traders with high leverage up to 2:1 to 888:1, which is one of the highest in the market.

This gives traders the opportunity to trade with more money than they have in their accounts, which can result in large profits or losses.

Accounts types available in XM.

XM allows its traders to open several types of accounts.

The most popular account is the standard XM Account that can be opened with $5, and it gives you access to various trading tools such as Spot contracts, PAMM accounts, etc…

You also have an opportunity to trade in different markets including currencies (FX), CFDs, precious metals, and indices.

Other accounts that you can open in XM Forex

1. Micro Account

XM also offers a Micro account that can be opened with just $5

This account is designed for beginner traders who want to trade in small sizes and learn how the market works before investing larger sums.

This account provides traders with access to Forex, indices, and precious metals.

• This Micro Account is provided in these base currencies – USD, EUR, GBP, JPY, CHF,‎AUD, HUF, PLN, RUB, SGD, ZAR.
• Contract Size1 Lot = 1,000
• Leverage1:1 to 1:888 ($5 – $20,000), 1:1 to 1:200 ($20,001 – $100,000), 1:1 to 1:100 ($100,001 +)
• Spread on all majors – As Low as 1 Pip
• Islamic Account – Optional

2. XM Ultra Low Account

XM Ultra-Low account is designed for traders who want to trade with low spreads.

The account can also be opened with only $5 and it offers a leverage of up to Standard Ultra: 50 Lots and Micro Ultra: 100 Lots

You get access to all the features in the XM standard account as well as commission-free trading, which is great if you are making a lot of trades.

This account is provided in these base currencies – EUR, USD, GBP, AUD, ZAR, SGD

3. XM Shares Account

The XM Shares account is not available for all traders.

Only clients who live in the UK and reside there can open an account with a minimum deposit of $10,000

This account type offers contracts that give you exposure to shares listed on NYSE, NASDAQ, ASX, or AIM.

• Contract Size – 1 share
• Base Currency Options – USD
• Leverage – No Leverage
• Spread – As per the underlying exchange
• Maximum open/pending orders per client – 50 Positions
• Lot restriction per ticket – Depending on each share
• Negative balance protection – Available

XM Demo Account.

XM also offers a Demo account that can be opened with $100,000 virtual funds.

The purpose of this account is to allow you to try out the platform and test different trading strategies before investing your money.

You can use this demo account for as long as you want until you feel comfortable enough to start trading with your own funds.

How to Register on XM Forex.

You can open an account on the XM Forex website in a few minutes by filling out the online form.

XM does not require traders to make a deposit when opening an account, but you will need to fund your account before you can start trading on a live account.

If you don’t have a trading account in XM Forex, follow these steps to register.

• Go to the XM forex website, or click this link to register.
• On the XM forex website, click on “register here” to get started.
• Next, fill the form displayed and click proceed to step to submit the form.
• Complete your registration on step two to access the platform either on MT4, MT5 or on your preferred platform.

How to Verify Your New XM Forex Account.

After you complete the registration process, your account is not ready for trading.

You will need to verify that it belongs to you by submitting a copy of your ID and proof of address documents.

To do so,

1. Log in to the client area
2. Click the upload documents button.
3. Upload the required documents then wait for verification.

This can take a few minutes to a few business days.

Trading Platforms available on XM Forex.

You can access the XM platform via browser, MetaTrader platforms, and also via the XM mobile app.

XM offers a web-based trading platform, as well as downloadable MT platforms for PC and android.

XM MT4 Platform.

What is MT4?

The MT stands for MetaTrader, which is a trading platform that gives you access to trade the Forex market.

It has been around since 2005 and it is one of the most popular platforms on the market today.

MetaTrader provides traders with advanced charting tools to help them make educated decisions when buying or selling assets on Forex.

The MT4/5 platform also offers the following features:

One-Click Trading: This allows you to open, close, and manage trades with a single click.

• Flexible Order Types: You can place orders such as market, limit, stop loss, take profit, trailing stop, etc.
• Depth of Market (DOM): This feature allows you to closely monitor the market and identify key trading opportunities.
• News: You can access live news from all major financial organizations on the MT platform as well as view detailed analyses of specific currency pairs.

The XM MT4/5 Platform offers the following features:

• Real-Time Quotes & Charts: View up-to-the-minute live prices and charts for all the assets you’re trading.
• One-Click Trading: This allows you to open, close, and manage trades with a single click.
• Flexible Order Types: You can place orders such as market, limit, stop loss, take profit, trailing stop, etc.

Apart from the features listed above, MT4 allows traders to access over 100 Instruments including Forex, CFDs, and Futures.

MT is available for Windows, Mac, and Linux.

XM MT4 Android Platform.

The XM MT4 Android platform is a mobile app that allows you to trade Forex on the go.

It offers all the features of the desktop version including real-time quotes and charts, one-click trading, as well as flexible order types.

The XM MT Android platform is available to download on Google Play Store, and it requires you to login with the same username/password combination used when logging in to your account on the XM website.

XM WebTrader 4

As if all these trading platforms aren’t enough, Xm Forex offers the XM WebTrader in addition to the available platforms.

What is the XM WebTrader?

The XM WebTrader is a trading platform that allows you to trade Forex, CFDs, and metals on your web browser without having to download any software.

It offers all the features of MT including real-time quotes and charts, one-click trading, and flexible order types.

The XM WebTrader is available to all traders and does not require any download or installation.

Download the XM Forex Platforms here.

1. MetaTrader 5 (MT5) Download.
2. MetaTrader 4 (MT4) Download.
3. MT4 for Android.
4. Access the WebTrader platform here.

How to Trade on XM Forex.

Now that you have created a demo account for trading on XM, downloaded the trading platform, and learned a few things about trading, don’t you want to know how you can place your first trade on XM?

To place your first trade on XM, you need to open the trading platform and select an asset that you want to trade.

Once you have selected your desired asset (for example EUR/USD), click on “Chart Window” in the top right corner of the platform.

You will now see a chart for the selected asset with two lines:

The blue line is the “buy” line and the red line is the “sell” line.

To place a buy trade, you need to wait for the blue line to cross above the red line (this is called a “buy signal”).

Once you have identified a buy signal, enter the amount of money you want to invest in the trade and click on “Buy”.

To place a sell trade, you need to wait for the blue line to cross below the red line (this is called a “sell signal”).

Once you have identified a sell signal, enter the amount of money you want to invest in the trade and click on “Sell”.

You can also use Stop Loss and Take Profit orders.

To place a Stop Loss order, click on the “More” button and select “Stop Loss”. Enter your stop loss amount in pips or dollars and then click on OK to confirm.

For example: If you want to enter a trade with EUR/USD at 0.9050 using a buy signal, XM Forex would allow you to enter a Stop Loss amount of 30 pips.

You can also use a Take Profit order in the same way as a stop-loss order.

Did you manage to place your first trade on XM Demo?

Was it profitable?

Now it’s time to learn about trading on a real account.

Note. If you trade on a real account, you will be able to withdraw your earnings to your e-wallet or to your bank account.

Before I show you how to deposit, let me share with you something else that is as much important as growing your trading capital.

XM Bonuses.

The XM bonuses are both a gift and a curse for all new traders.

There is no doubt that these bonuses can help you grow your trading capital, but the problem is it’s difficult to withdraw them from your account if they don’t meet some conditions.

Learn more about XM Forex bonus conditions here.

If you decide not to accept the bonus, I suggest that you at least use it for trading purposes (for example trade with 50% of your capital using a 100% margin).

Doing this will allow you fast access to your bonus earnings and help speed up withdrawal earnings from bonuses.

Types of bonuses available on the XM Forex Platform.

XM No Deposit Bonus.

This bonus type is rarely offered and can’t be requested through the XM customer service.

It is usually given to active accounts that have at least $25 in live account equity.

This means you will not get this bonus if your current account balance is less than $25, even if you request it from XM Customer Service or via Live Chat.

The other version of the no deposit bonus is the “30% no deposit bonus given to new accounts”.

Common as it is, it’s currently not available on the platform.

If you just registered in XM Forex today, you should consider using these bonuses instead.

XM 100% Deposit Bonus.

This bonus is usually given to all new accounts that open an account with XM.

You can get this bonus by depositing $50 or more in your live trading account, after which you will be awarded the 100% deposit match within 24 hours.

The good news about these bonuses is they are not subject to any withdrawal conditions and you can get up to $500 with this bonus.

Did you just create your account? Claim your 100% deposit bonus with this link.

Valid from 13 December 2021 to 13 January 2022.

XM Forex 50% Deposit Bonus.

This bonus is usually given to all new accounts that deposit between $50 and $500.

You need to request your 50% Deposit Bonus via Live Chat or through the XM Customer Service team after making a successful deposit.

It’s important to note here that this type of bonus can’t be claimed if you are using any other bonuses on your account.

XM Forex 30% Deposit Bonus.

This bonus is usually given to all new accounts that deposit between $500 and $5000.

You need to request your 30% Deposit Bonus via Live Chat or through the XM Customer Service team after making a successful deposit.

It’s important to note here that this type of bonus can’t be claimed if you are using any other bonuses on your account.

XM Forex Refer a Friend Bonus.

This bonus is usually given to all new accounts that refer a friend or family member.

If you refer your friends and they start trading, you will earn up to $35* for each person you refer

To start earning money with the refer a friend bonus, share your referral link or invite others via email.

The best part about this program is, earnings can be withdrawn. So, other than making money as a trader, you can also make money via referrals.

Zero fees on deposits and withdrawals

This bonus is available to anyone making a deposit or withdrawing funds from an XM Forex account.

Features of the Zero fees on deposits and withdrawal bonus.

• All e-wallets are 100% covered
• All major credit cards are 100% covered
• Wire transfers above 200 USD covered
• Instant account funding
• No hidden fees or commissions

Now that you know about all bonuses available on XM forex, isn’t it only right that I show you how to fund your XM Forex account?

How to deposit money into XM Forex.

There are a number of different ways you can deposit money into your XM Forex account.

The most popular methods for depositing money into an account include credit cards, debit cards, bank wire transfers, and electronic payment systems such as Skrill, Neteller, and WebMoney.

XM accepts all the major credit cards including Visa, MasterCard, American Express, and Maestro.

To deposit money via credit card you need to visit the XM website where you will find a section dedicated to deposits.

You can choose your preferred method of payment depending on the amount of money you are depositing into your account.

For instance, if it is less than $500 you can use a credit card whereas if it is more than $500 then you will need to select another method.

You also have the option of depositing money into your account via bank wire transfer or e-wallet such as Mpesa, Skrill, and WebMoney,

The minimum deposit amount for this type of payment is usually around $5 and the funds usually reach your account instantly.

You can also deposit money into your XM Forex trading account by using a debit card such as Maestro, Visa Debit/Delta, Laser cards among others which come with lower transaction fees compared to credit cards.

XM Forex also accepts deposits in various currencies including EUR, USD, GBP, AUD, CAD, CHF, and JPY.

You can find all the deposit options available to you on the XM website.

Withdrawing money from XM Forex account.

There are a number of ways you can withdraw money from your XM Forex trading account and we will be taking you through them now.

The most popular methods for withdrawing cash include wire transfers, credit cards, e-wallets such as Skrill and WebMoney among others.

To make an online wire transfer you need to go to the XM website and click on the “withdraw” tab.

Select your preferred method of payment, enter the amount you want to withdraw, and hit submit.

You will then be asked to provide some personal information such as your name, address, and contact number.

Once all the details have been entered, hit submit and your withdrawal request will be processed.

XM Forex usually processes withdrawals within 24 hours.

You can also withdraw money from your account using a credit card or an e-wallet such as Skrill or WebMoney.

The minimum amount you can withdraw is $50 and the maximum amount depends on the method of payment you choose.

Withdrawals are usually processed within 24 hours and they will be posted to your account once they have been approved by the XM Forex compliance team.

One of the unique features of making withdrawals at XM is that there are no hidden fees or commissions for doing so even when using credit cards, e-wallets, and bank wire transfers.

Conclusion.

Is XM Forex The Best broker in 2024?

There is no definite answer to this question as everyone has different needs and preferences.

However, XM Forex does offer some of the best features in the market and it remains one of the most trusted names in Forex trading.

It has a wide range of instruments to trade, excellent leverage, provides trading bonuses, and has a loyalty program that traders can use to make money without trading.

You can access the XM platform via browser, MetaTrader platforms, and also via the XM mobile app.

XM Forex is regulated by some of the most reputable financial authorities in the world and offers a wide range of deposit and withdrawal methods.

We hope you enjoyed this XM Forex review.

If there is anything that I left out, feel free to add it in the comments.

Happy Trading.