XM Group Broker Review 2020

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XM Group Broker Review 2020
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Official Fx Watchdog Verdict: BROKER NAME comes with high reviews across the masses with an excellent variety of social trading options.

Is XM the best broker for you? Welcome to the XM Group review of 2020. XM Group, one of the well-regulated brokers mainly known for CFD and Forex trading, was founded in 2009. It is headquartered in Limassol, Cyprus and is also regulated by Cyprus Securities and Exchange Commission (CySec).

With CFDs and Forex being its core components for trading, XM offers its 3.5 million clients more than 1,000 instruments to trade from 196 countries. The broker, also the subsidiary of Trading Point Holding ltd., has successfully executed over 2.4 billion trades worldwide without any re-quotes or rejections.

The main focus for this broker has always been connecting with their prestige clients to establish trust. The management of XM Group has visited over 120 cities to meet their clients and partners letting them have their best experience with the broker. This human interaction is also the reason why XM Broker is considered one of the most trusted brokers.

 

Trading Platforms of XM Group

  • Web trading platform of XM

The trading web platform is provided by MetaTrader – MT4 and MT5. XM does not have its own web-trading platform. The MetaTrader is designed to accommodate different types of global clients and it is highly customisable. The only problem is with the design being obsolete and price alerts are not available.

As per the security perspectives, no two-factor authorisation is available however you can use this option when logging into the account on the web for deposits and withdrawals.

  • Mobile platform of XM

The mobile application based platform (available on iOS and Android) is also supported by the MetaTrader. The on the go application is very fast, user friendly and comes with different features like charting and calendars. The drawback is you cannot set notifications on mobile. The application version comes with the same level of security as the web platform and no face id or biometric verification feature is available.

  • Desktop platform of XM

The desktop version is the actual MetaTrader software, which is same as the web. It is so similar to the web that they almost have the same features and drawbacks. The only difference and plus point is that you can set price alerts here. Furthermore, double factor authentication while logging in is not available.

Products offered by the XM Group

The products range offered by XM Group is limited as compared to its competitors. Its core products are CFD and Forex instruments. Other products include Cryptocurrencies, Indices, ETFs, Stocks (non-Europeans only) and commodities (metals). Despite the fact that product types are limited, there is a wide variety of instruments in each type of product.

Is it safe to trade with XM?

To make trading safe, XM Group is regulated by top tier regulators and authorities around the globe. These regulators include the Cyprus Securities and Exchange Commission (CySec), the International Finance Service Commission (IFSC), the Financial Conduct Authority (FCA), and Australian Securities and Investment Commission (ASIC) and the Dubai Financial Services Authority (DFSA). These five regulations make XM a reliable broker.

The broker is not listed on any stock exchange and also does not provide its financial statements to the general public and hence, it is not very much of a transparent entity. However, it does give its clients negative balance protection. The funds of clients are also kept separate in regulated banks from the broker’s own funds so that they cannot be used for their own operations or to settle debts in case liquidation or insolvency happens.

Target group

XM does not target a specific type of audience and they think traders of all levels should be welcomed. The services could be used by both traders who are just starting out and traders who have a vast experience in trading. A demo account is available with a virtual $100,000, which allows users of all types to gain an understanding about the trading platform.

Account types

There are 4 types of accounts available on XM. These are Micro, Standard, XM Ultra Low and Shares account. The Micro and Standard accounts have no commissions or deposit bonuses. However, it does provide negative balance protection along with trading bonuses.

The XM Ultra Low is the light version having no commissions, bonuses or even negative balance protection at all. While the Shares account is Islamic and does not provide any bonuses. You also need to deposit a minimum of $10,000 for such account.

Account opening

Opening an account with this broker is extremely fast and very easy. The steps are pretty straightforward and require very basic information. The only hurdle is you cannot open an account if you are from a country that is banned due to their regulatory requirements such as the US, Canada, China, Japan, New Zealand or Israel.

Fees

XM charges a low trading fee from its clients. The deposits and withdrawals are very fast and it allows 11 base currencies. The spreads are variable and there is no fee for withdrawals. You can use credit cards, electronic wallet, wire transfer and local bank transfer for depositing money. An inactivity fee ($5/month) is also charged when an account is inactive for more than 90 days.

CFDs and Forex are complex instruments and requires a proper level of knowledge to trade. About 69% of retail investor accounts have lost their money while trading with this provider. It is highly advised to consider your understanding before investing in such a business.

Learning and Research

A very wide range of analysis is available on the learning and research area of the broker. It is very user friendly and enlightens clients with great trading areas. A news feed is also present which updates the users with all the recent and relevant information.

There is a lot of educational material present on the platform and most of the stuff is video-based making it extremely easy for users to understand. You can find tutorials for almost everything and also sign up for live sessions through webinar offering different courses. A feature of the economic calendar is also provided to the clients.

Sponsors and Partnerships

XM Group became the official sponsor of Al-Nassr Football Club in April 2016. The name Al-Nassr means victory in Arabic and the marketing director then said that victory is in the DNA of XM. It was their goal to achieve what the football club was representing.

Later in November 2016, XM also entered into a partnership with Usain Bolt, the world record holder sprinter as their brand ambassador for a 3 years deal. Currently, they have made donations to support fight against the ongoing pandemic and for the vaccinations of COVID-19.

Awards

XM has won numerous awards in the previous years. There is a very long list of awards for its services in 2019 and 2018. In the current year, this broker once again bragged some of the key awards which are as follows.

  • Best FX Broker, Europe (World Finance Awards)
  • Best FX Broker, Australasia (World Finance Awards)
  • Best FX Service Provider (COLWMA)

Customer support

For customer service, XM provides 24 hours service for 5 days a week from Monday to Friday. This service is fast and multilingual to cater to clients globally. Also, you can choose between phone, e-mail or live chat to connect with their staff for support.

Online reviews

The reviews from people online for this broker are not very moving. They were only happy with fast deposits. In fact, some of them said this is the fastest deposit service provided by any broker. However, they were not happy with the withdrawals, as it was very slow. A lot of them called their services a scam as they saw spreads being manipulated. The best way to figure out is to go through the demo account first before getting actually involved in the trades.

Conclusion – is XM the best broker?

Overall, this broker seems a decent one specifically for those interested in CFD and Forex. Also if you are comfortable with the MetaTrader platform, you will find yourself pretty much satisfied. The product range is limited as compared to other brokers but it does provide a lot of research and educational stuff.

Being a well-regulated broker offering fast deposits and withdrawals with low trading fee and useful features, XM is a good choice to trade through for all levels of investors.

Interested in other broker reviews? Our BDSwiss review is a great read.

Good

  • Fast process of opening an account
  • Low withdrawal fees
  • Easy-to-use platform
  • Regulated by top-tier authorities

Bad

  • Inactivity fee
  • Forex, CFD and cryptocurrencies only available in Europe
7.3
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