XM Broker – Review 2021 | Top Trusted Forex

XM Broker – Review 2021

XM Broker, an online forex broker has been around for more than a decade founded in 2009, it’s an admirable and reliable online forex broker. 100% safe and secure with multiple licenses from top-tier regulators. It is a 100% safe environment for all types of traders as it provides 5 different types of trading accounts, advanced research tools, and a wide range of trading instruments, and 24/5 customer support in 17 different languages.

Through this review, you will get all the information about the XM broker so that you can decide whether it is the right broker for you.

Our expert team has used this broker personally and judge them a rating using our methodology and scoring system, while reviewing this broker, we have given more attention to the crucial things because we know what a trader wants most from a broker.

XM broker commission and fees

When we talk about the commission and fees of the XM broker, it has surpassed the other competitors in this section. It offers many very tight spreads and low trading fees for CFDs. This is why it is an ideal broker for both bigginer and expert trader, and it is very useful for new traders as it has the advantage of different types of accounts, and a very low deposit amount ($5 only).

Fees are generally of two types, Trading fees, and Non-trading fees.

Trading fee

Whenever a broker charges you a fee for opening a trade, this fee is charged for spreads, commissions, and overnight, and rule over fees, and currency conversion fees.

Non-trading fee

Non-trading fees include payment fees and inactivity fees. The chart below based on standard trading account fees.

XM broker trading fees

XM Broker offers variable spreads on all instruments, offers much lower spreads than it’s competitors, with different trading fees for each asset. Below are our experts showing in detail how the fee is kept for each asset.

Fees for Forex trading

In the case of Forex trading, they offer extremely low spreads with an average fee of 1.6pips, and in the case of major currency pairs, it’s about one pip.

Stock CFDs

In the case of Stock CFDs, the spreads vary depending on the stock. The minimum spread is 0.012 pips and the maximum spread is 6.91 pips. And the commission depends on which stock market you are trading with. You will also occur some charges if you are selling a dividend stock.

Commodities

Commodities have a minimum spread of 0.0009 and a maximum of 15 pips.

Equity indices

In the case of equity indices, the minimum spread is 0.6 pips and the maximum spread is 18 pips. It depends on the asset itself.

XM Broker group commissions

In the case of standard accounts, one type does not charge any commission, but in the case of zero accounts and share accounts, they charge a commission. And only clients outside Europe can open a share account.

Overnight rates

In the case of Forex trading, it depends on the position of the trade, whether it is a long position or a short position, and the difference in the rates of the currency pairs. And in the case of stock and /)/)/)/, it depends on whether it is a short position or a long position. However, there is no overnight fee for futures products.
XM broker charge interest fees on the position that are left open after 22 GMT and for any position laptop and during a weekend and three days rule over charge on Wednesdays.

Non-trading fees

If a user is inactive for more than 90 days, he or she will have to pay an inactivity fee of $5 per month. However, if he has a balance of less than $5 in his account, no charge will be deducted.

XM broker security

XM broker is licensed by top-tier financial institutions, these make XM broker a highly trustworthy and admirable broker.

IFSC (International Financial Services Commission) XM Global Limited is licensed by IFSC under license number 000261/106

CySec (Cyprus Securities and Exchange Commission) Trading Point of Financial Instruments Ltd is licensed by CySEC under license number 120/10.

ASIC (Australian Securities and Investments Commission) Trading Point of Financial Instruments Pty Ltd has been issued an Australian Financial Services License by ASIC (number 443670)

Trading Point of Financial Instruments UK Limited with the UK Financial Conduct Authority (FCA), under license no. 705428

Open account in XM broker

Opening a trading account at Xm broker is very easy, you can only open an account using a mobile or computer. XM Broker has multiple licenses, traders from almost all countries of the world can accept its servicing, but Exam does not provide service for the rules and regulations of some countries, including USA, Canada, Israel and Iran.

How to open an account on XM broker

Creating an account in XM broker is very simple, it takes roughly 6 minutes including downloading in email confirmation. Follow these steps:

• First, go to the homepage and select the big “open an account” button. Then fill in your personal details,
  Select which group entity you wish to trade with only for European traders choose between XM CY or XM global, select your trading platform MT4 and MT5.
• Provide year birth date information and address, (please be honest with brokers, only provide real information same as your documents). If you are a US citizen then you have to verify your tax documents, then choose your base currency and leverage you are comfortable with.
• Provide some information about your implement status, previous trading experience, etc.
• Create a strong password that you can remember, and of course, you have to accept terms and conditions, then click the “Open real account” button.
• Download and open trading platform software (MT4 or mt5) or you can use their web trader if you don’t want to download them.

Documents you need to verify your account

• Personal information like email address phone number date of birth personal address social security number level of education employment details
• Regulator information like tax residency details estimate income and net worth in USD
• Documentation proof of Identity valid passport, driving license, or your national ID card. And the proof of your address, provide something like utility bill bank statement or any kind of document that is same as your identity documents.

This process called KYC (know your customer). KYC guidelines keep you safe and stop the broker from accidentally facilitating illegal practices such as money laundering.

What is the minimum deposit at XM broker?

The minimum deposit depends on the user’s account type. Below we have mentioned the minimum deposit amount for different accounts.

How to create demo accounts on XM broker

XM broker offers different demo accounts, through demo account you can trade like real account using virtual balance. This will allow you to check your trading strategies and enjoy the real trading experience. If your demo account is unused for more than 90 days, your account will be canceled.

XM Broker Islamic account

XM broker offers Islamic accounts for Muslim Forex traders, these accounts are 100% Sharia-compliant. The broker not only removes swap fees but doesn’t charge extra fees either. Sadly the are some brokers who simply widen the spread or and commissions to cover the Swap fees, this is not the case when you are trading with XM broker.

XM broker research tools

Market research is very important for forex training, in order to make technical and fundamental analysis easier for traders, XM broker offers a variety of research tools, including fundamental news, trading signals, and indicators, expert analysis, economic calendar, etc.

XM broker education and training

XM broker provides a lot of educational content to build traders, including tutorial pdf live webinars, and XM live allows you to join live training sessions and get help from their experts.

XM broker customer support

They provide customer support 5 days a week and 24 hours a day via phone call or like share or e-mail. 25 Va

They also provide customer support so that most people in the country can solve all their problems in their own language through customer support. and customer support responds almost immediately.
There are three ways you can get customer support with XM. These are:
Phone: +501 223-6696
Email: support@xm.com
Live chat: available 24/5

Conclusion

XM broker is a very popular broker with a long-term good reputation, great customer feedback, a very admirable and reliable broker. This can be a good choice for new and experts.
If you are serious about Forex trading and want to trade with the best broker then XM broker may be the best choice for you.