XM Global vs Olymp Trade | Which Broker to Sign Up With?

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XM Global vs Olymp Trade, which broker should you sign up for? The real question should be, between Forex trading and Fixed Time Trading, what’s best for a beginner? Tell you what, you can try both as a beginner.

But, don’t take my word for it. Read this post to the end to see how Olymp Trade compares to Xm Global forex; to learn the major differences between Forex trading and fixed time trading and make a decision for yourself – if Forex is what you want, or if you’d rather trade fixed time trades.

Before we begin the comparison, let’s get done with the differences between Forex and Fixed time trading.

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Understanding these two products will help you get a clear view of trading and/or help with our review.

What is Forex trading? { Offered by XM Forex }

How to trade on MT4 or MT5 platforms

In a layman’s language, Forex trading refers to the exchange of one currency for another. In Forex we buy one currency and sell another.

When we buy a currency in Forex, we say, we are going long.

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What that means is, that if the currency pair that we are trading is for example EUR/USD, we are simply predicting that the price of EURO is likely to rise over time as compared to the US dollar from the time we place a trade.

Conversely, we may SELL the market or go short, in which case we will be rather forecasting that the price of EURO in the EUR/USD pair, is likely to fall over time.

If the price of EUR ends up rising in a BUY position, we can close the trade manually/automatically and take profits.

If the price of EUR ends up falling, in a SELL position, we can close the trade manually/automatically and take our profits.

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Should things go south while trading Forex (the direction of price be opposite of what you predicted); you can close the trade manually or use stop-loss in order to minimize how much you lose in that bad trade.

In a nutshell, how much you make or lose while trading Forex solely depends on how far the price goes from where you placed your position and if you are either willing to take whatever amount the market has earned you or not.

Top 5 advantages of trading Forex.

No deposit Forex Kenya bonus

Forex trading has tens of advantages and if we are to list them all here, we might end up not comparing XM Global to Olymp Trade as intended by the title of this post.

To ensure that we don’t digress from the topic, I will only discuss 5 advantages of Forex and then move to fixed-time trading.

1). Anyone can trade Forex – since most Forex platforms now give FREE forex trading education on their sites, it’s very easy to learn and to get started as a Forex trader. Furthermore, some brokers now even offer no deposit bonuses to help new traders start trading without money.

2). Low transaction costs – the cost of trading Forex can either be measured in commission (offered by some brokers); or spread (offered by most brokers); whichever the metric a broker uses to charge traders for every trade executed on their platforms; it’s very low and often insignificant if you get a winning trade.

3). 24-Hour Market – In Forex, you can trade every day, 24/5. This is because the Forex market doesn’t stop throughout the week from Monday to Friday. And in 2022, you can even trade some CFD Forex pairs over the weekend advancing the trading time in Forex to 24/7.

4). No one can steal from the market – The Forex market is so liquid that even the richest of the richest (banks and hedge funds) can not dare try to manipulate it during active trading hours. This ensures that you always get fair results when trading Forex, anytime.

5). Leverage – Did you know that just with a $50 deposit to your Forex trading account, you can potentially control up to $50,000 in the Forex market? This is possible because of leverage.

Leverage in Forex gives traders the ability to make decent profits while keeping risk on the initial deposit at the bare minimum.

What is Fixed Time Trading { Offered by Olymp Trade }

Olymp Trade app

Fixed time trading is a type of trading, often done by phone that allows traders to speculate on the price of assets; for example EUR/USD with a fixed trading amount over a fixed duration of time.

Fixed time trading gets its name from the: –

  1. Fixed trade duration (you set this from 1 minute before you start trading).
  2. Fixed trade amount (the minimum trading amount in fixed time trading is $1).
  3. And fixed profits (most FTT platforms promise 80% or more in profits).

When trading Fixed Time Trades, we buy an instrument, for example, EUR/USD at the current price which in a layman’s language translates to forecasting that the price of the first currency in the pair, in our example EUR will increase in price.

Conversely, you can open a SELL trade (hoping the price will go down) of the EUR will fall as compared to the USD over a fixed amount of time.

Unlike in Forex where a BUY/SELL position can be held without time limits and as long as the balance allows it, in Fixed Time Trading, trades are closed as soon as the duration set for the trade expires (often 1 minute).

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if the trade closes in your favor, you end up making profits of up to 80% of your invested amount.

And if you lose a trade, you only lose the trade amount, often a minimum of $1.

Advantages of Fixed Time Trading.

Olymp Trade Live Chat Support

1). Easy to start – In 2022 there are more than 10 different reputable brokers offering fixed time trades in over 150 countries worldwide. All you have to do is open an account and you are all set. Plus, a fixed-time trading platform like Olymp Trade has already invested so much in fixed-time trading education which you can greatly benefit from.

2). Start with only $10 – Fixed Time Trading platforms are synonymous with the $10 minimum deposit which seems to be a reasonable amount for trading beginners interested in this type of trading.

3). 24/7 Trading – Since all Fixed Time Trading platforms offer over-the-counter (OTC) currencies, and indices among other instruments, you will still find them active on weekends. if you fancy trading all day, every day, you still have a chance as trading the EUR/USD on a weekend though over the counter.

4). Demo account – this is an account type offered by a broker. Often with virtual currencies to help new traders get started on Fixed Time Trading. Most FTT brokers offer $10,000 but you can also get a broker with a demo account of up to $100,000.

XM Global vs Olymp Trade | Which Broker to Sign Up With?

Now that you are not so green about what Forex is or what Fixed Time Trading is, it’s time to now introduce the brokers.

Between XM Global and Olymp Trade, which broker offers it best? Let’s find out.

a). About XM Global Forex.

About XM Global Forex.

At a glance, we see XM Global as this giant broker with over 5, 000,000 clients from over 190 countries and over 2,400,000,000 trades executed with zero requotes or rejections, ever.

But is this really the true reflection of XM as a company.

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Is it really that good a broker or is it some make-believe shenanigan new traders are shown to open a trading account?

In this section, we dive deep to the core of XM Forex right where a new trader is barred from seeing to provide you as much information about the broker as possible so that when you do make a decision to trade with them, it is an informed decision.

1). XM Forex History.

XM isn’t that old a broker. As a matter of fact, it just turned 10 years in 2019.

And why is this a good thing?

For a broker to be operational for a decade, means that they are doing something right.

Maybe they are good as they say on their website or maybe they are good at marketing. Or maybe they are good in both marketing and service.

What we can not overlook though, is that XM has grown to its reputation by being honest (in 2011 XM made a payout worth $1 million to a trader); human – XM has participated in hundreds of charitable activations worldwide. And, XM is BIG (won tens of accolades for being best overall in awards for Forex).

To better understand XM, let’s first try to understand their business.

Is XM Global a Forex trading platform or a Fixed Time Trading Platform? XM is a Forex trading platform.

2). Instruments offered by XM Global.

Over 1000 instruments to trade in XM

XM Global does not offer one instrument only; it offers over 1,000 instruments in Forex CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs, and Energies CFDs.

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This literally makes it one of the giant brokers offering everything a trader would need.

In XM you will find all Major currency pairs, Minor currency pairs, and Exotic currency pairs in one place.

And if you want a specific index, stock, crypto pair, or metals (Gold and more), you will also find them on XM.

3). XM Global Account Types.

XM Trading Account TypesXM Trading Account Types

XM Forex has 4 different account types each with both a demo and a real account version.

Those accounts include: –

1). A micro account 

2). Standard account 

3). XM Ultra-Low Account

4). Shares Account

While each account type is designed for different sets of traders, each one of them has exceptional trading conditions with unlimited access to MT4/MT5 and expert advisor trading.

Traders with any of these 4 XM account types also get free regular intra-day market updates and technical analysis.

And, there is no difference in the quality of the execution for all account types. Before opening an account with XM Forex, visit the official account type page to compare the four accounts and to choose what fits your investment plan.

4). XM Trading Platforms.

XM Forex Meta Trader Platforms

Being a leader in the retail Forex industry, we don’t expect XM Global to only offer a web trading platform. And true, they offer more than a web-based trading platform.

Once you have created an account with XM, you can choose to either trade with the XM mobile app, or download a separate platform to manage your trades.

You have the option to either trade with: –

1). XM MT4 trading platform for android 

2). MT4 trading platform for iOS

3). XM MT5 trading platform for android

4). MT5 trading platform for ios

5). XM MT4 trading platform for Windows

5). MT5 trading platform for Mac

6). XM Web-based MT4/MT5 trading platforms.

7). MT4 for Android tablet 

8). MT5 for Android tablet.

It’s all up to you to choose what works for your device.

5). XM Forex Account Opening Process.

How to download XM MT4 and/MT5 platforms

The XM Forex account opening process takes about 2 minutes which is standard for all reputable Forex trading platforms.

But that’s not the main focus of this section.

The main focus of this section is, how easy it actually is to set up an account and start trading as a beginner.

Other than filling in your personal information during the XM account opening process, is there really something else you need to do as a new trader?

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Yes. After you have created an account, XM will send you an email congratulating you for opening an account. You need to open that email and validate your email.

Since this is Forex we are talking about, the funds’ management platform is different from the trading platform. Except of course if you are trading with the XM mobile app.

Download either the mobile app or MT4/MT5 platforms to start trading.

Lest I forget, XM also asks for ID verification before you start trading. Ensure you complete that part too.

Proof of residence verification is not mandatory for traders in XM.

Open a new trading account in XM.

b). About Olymp Trade.

Olymp Trade was founded in 2014. And since its inception, over 28 million accounts have been created on the platform.

On an average month, Olymp trade achieves over $150,000,000 in trading volume and over 1 million transactions are done on Olymp Trade monthly.

If all these numbers are true, then Olymp Trade is definitely a broker to reckon with.

But just like we did in the “About XM section”, we won’t take Olymp Trade’s word for their success; we will dive deep to the core of their business to have fairness in this comparison.

 Olymp Trade Overview.

Olymp Trade Platforms

If you remember from our introduction, we mentioned that there are varying numbers of trading platforms. And we also opened up a different conversation between the two most popular methods of trading, Forex trading and Fixed Time Trading.

If you schemed through this article and found yourself reading this part, go back to the bigging to find the major differences between Foxed and Fixed Time Trading.

Now, is Olymp Trade a Forex trading platform or a Fixed Time Trading Platform?

The answer is, that they claim to do both.

If you log in to the Olymp Trade platform and try to navigate your way through the instruments offered, you will find Forex, FTT, and Stock. However, the platform is largely known for Fixed Time Trading.

To be fair to XM and also not to hurt Olymp Trade in this review, we will look at all the Olymp Trade features that aid Forex trading before giving out our verdict.

a). Olymp Trade Forex Platform.

You don’t need to create a separate account from the Olymp Trade FTT platform to be able to trade Forex.

Once you’re registered, you can easily switch from Olymp Trade Forex to Olymp Trade FTT with a lot of ease.

Since this is a whole new venture for them the financial instruments offered on the Forex platform including currency pairs, metal, cryptocurrencies, indices and commodities do not amount to 100 in number.

This is very low, especially considering that you may want to advance to try new things like trading exotic pairs or indices for specific countries.

If you just want something to start with and of course not consider your future in trading, then this basic trading platform is ideal.

b). Olymp Trade Account Types.

Olymp Trade Account Types

Olymp Trade has two different account types. A demo account and a real account.

Once you have registered, click on the account balance to switch between the two account types. You can however choose to keep your trading capital either in a USDT account or a currency account often in EUR or USD.

If you choose to trade with the Olymp Trade demo account, you will not be able to withdraw earnings as all funds in the demo account are virtual currency only meant for training.

Trading on a real account on the other side only required you to make a minimum deposit of $10 and if you trade and earn, you can withdraw all your earnings without any limitations.

c). Olymp Trade Trading Platforms.

Though Olymp Trade offers forex, you can not access them on any major Forex platforms. Not even on MetaTrader platforms.

Now, this is both a good and a bad thing.

It’s a good thing because you do not need to install any software to access the trading platform. Once you have registered and verified your account, you are good to go.

If you ask me, Olymp Trade is especially very ideal for beginning traders with no prior experience in trading or the markets.

And Olymp Trade only offering trading on their platform is a bad thing because you can only use what’s provided.

For example, there are hundreds of indicators, strategies, and EA trading tools that you will find in MetaTrader platforms that are not available in Olymp Trade.

And most of the good strategies and trading tools on the platform are either paid for or need an upgrade to VIP trading for FREE access.

Olymp Trade platforms

d). Olymp Trade Account Opening Process.

The Olymp Trade account opening process is one of the simplest ones.

You only need an email address and at least 30 seconds to fill in your email address and password to get an account.

Once your account has been approved, log in and fill in the required information like your name, and address, and/or upload the required documents for id verification and proof of address before starting to trade.

This may not be necessary, and you may even start trading without verification but when you want to withdraw your earnings, you will need to verify the required documents.

So why not save yourself the hustle and do it as soon as you have created an account?

Open an Account.

XM Global vs Olymp Trade | Which Broker to Sign Up With?

Now that we have seen a few features that compare the two brokers, why not now compare the two head to head?

XM GlobalOlymp Trade
✅ Minimum Deposit $5✅ Minimum Deposit $10
MT4/MT5
MT4/MT5
Account Types 4Account Types 1
✅ Instruments Offered
1,000 +
✅ Instruments Offered
LESS THAN 100
Account Currencies
USD, EUR, GBP, CAD, AUD, JPY, ZAR, CHF, PLN
Account Currencies
USD, EUR, USDt
✅ Available in Kenya✅ Available in Kenya
✅ Regulator
IFSC, DFSA, CySEC, ASIC
✅ Regulator
FINACOM
✅ Spot Trading
YES
❌ Spot Trading
NO
✅ Market Maker
YES
❌ Market Maker
NO
✅ Trading Apps
iOS, Android, Mac and Windows
✅ Trading Apps
iOS, Android, Mac and Windows
✅ AUTO Trading
YES, EAs
✅ AUTO Trading
NO
✅ Leverage
1:888
✅ Multiplier
x500
✅ TRSUSTED✅ TRSUSTED
Join XM ForexJoin Olymp Trade

The Verdict XM Global vs Olymp Trade. Which Broker is Best?

After looking at everything that makes a trading broker good to trade with, I’d say they are both good.

It all depends on your trading goals and the kind of trading you want to engage with,

Do you want to trade Forex? Then XM would be the best broker for you.

DO you want to Trade Fixed Time Trade? The Olymp Trade is the best broker to go for.

DO you have questions? Ask in the comments down below.

 

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One Response to “XM Global vs Olymp Trade | Which Broker to Sign Up With?”

  1. This was so enlightening. I registered with Olymp Trade and got $10,000 on my DEMO account. I’ll soon make my first deposit.

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