However, it is a great option if you are new to trading and need some guidance along the way. The main difference between MT4 & MT5 is that MT4 does not offer trading on stock CFDs and MT5 has slightly more features and functionalities in comparison. However, if you just want to follow price activity whilst placing and managing trades with ease, then MT4 should be fine. On the other hand, if you want to build more complex trading strategy templates, then you may prefer the extra indicators, timeframes and tools that are included with MT5. XM Group is authorised and regulated by the Australian Securities and Investment Commission (ASIC) and Cyprus Securities and Exchange Commission (CySEC).
What Can I Trade With XM?
It allows for closer simulation to actual trading results from the testing of strategies. When creating a demo account, traders can select the trading platform, MT4, MT5 or XM app, and their account type, followed by the base currency from any of the eleven supported ones. Next is the investment amount, where ten options await, and finally, the maximum leverage from 16 choices. You can get instant access to no-requotes, tight spreads, fast execution speeds, low commissions, and negative balance protection.
Trading Platforms Details
Pleasenote that deposit and withdrawal methods vary based on client location. XM Group is operated with client requirements at the forefront of everything that they do. This is not just for the best possible trading conditions but also the simplicity they can offer you when it comes to everything from opening an account to making deposits/withdrawals, contacting support and trading. Deposits and withdrawals are essential parts of trading on a brokerage platform.
What languages does XM support?
Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering.
Choose a Big, Fair and Human Broker.
We have clients from over 190 countries and staff speaking over 30 languages. Our management has visited over 120 cities globally to understand clients’ and partners’ needs.
What is Important in Forex Trading?
This account is basically a combination of the Standard and Micro accounts, offering traders the best of both worlds. When creating a demo account, the broker will provide you with a certain amount of virtual cash, which can be used for trading. You can use this virtual cash for as long as you want to and if you run out of virtual money, you can always contact the customer support of XM and ask them to provide more. We have hosted hundreds of seminars around the world to educate traders, enabling them to make better trading decisions. Over the years, traders have embraced XM for our refreshing approach to customer service and outstanding support.
Finally, data on the average round trip cost of trading the precious metals Gold and Silver shows that it is never below 30 cents for Gold and 3 cents for Silver. The average round trip cost of trading the benchmark EUR/USD Forex currency pair is 0.8 pips. XM has been in operation as a brokerage since 2009, giving it a relatively long track record. Typically, it can be said that the longer a broker has been in business, the more reputable the broker should be held to be.
They offer an impressive 25+ secure payment methods, 16 trading platforms and 24/5 customer service. I like the fact that they take great pride in being a fair and reputable broker with all clients receiving the same trading conditions regardless of their investment size or trading experience. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.
The second step requires you to provide information such as your address and date of birth, as well as details relating to your account, such as the base currency, leverage, and so on. First, it is the standard ultra, for which, 1 lot equals 100,000 units of the asset traded. Among the crypto assets that can be traded on XM are BTC, BCH, ETH, LTC, and XRP. Digital assets can be great for investors to diversify their portfolios. Indices offered by XM give you the opportunity to have cost-effective and direct access to global markets. Founded in 2009, XM has grown to become one of the leading online Forex brokers in the world.
XM’s Zero account also has an extremely competitive fee structure at a very low minimum required deposit. Traders can choose from over 100 Instruments, including Forex, CFD, and Futures, with one login access to 8 Platforms, spreads as low as 0.6 pips, one-click trading, and built-in news functionality. To summarize, the broker is committed to educating its traders, but further enhancing and diversifying educational resources would better meet traders’ needs and align with industry leaders. If you fund your account in a currency different from the base currency of your account, a currency conversion fee may apply. XM may charge overnight financing fees for holding CFD positions overnight.
- Thus, the broker is able to offer traders services that work perfectly for their trading needs.
- All these factors have determined a growing forex trading marketplace, which will only continue to grow and become more dynamic, liquid and responsive.
- While industry-standard fees include overnight funding and currency conversion, the inactivity fee may concern less active traders.
- This makes it quick and easy for you to identify trading signals without needing to constantly stare at your charts all day and night.
XM makes its money from spreads and commissions charged on trades, an overnight financing mark-up, and from its clients’ trading losses on its market-maker account types. The next thing to consider as part of the fee structure is overnight financing, which is usually a net charge applied to every trade daily which is open at 5pm New York https://traderoom.info/ time, although it can sometimes be a payment. XM are open and transparent about their overnight financing rates, which is a good sign. XM state that their rates are based upon the bank market’s tom/next rates plus the XM mark-up. XM Group provide you with very good proprietary trading tools for the MetaTrader 4/5 trading platforms.
These tools will help you learn how to trade on XM trading platform even if you are a first-time user. There is a library of free educational materials for XM users including the likes of week https://traderoom.info/is-xm-a-brokerage-we-can-trust/ interactive webinars and video tutorials. They always have the latest news from the world of forex as well as providing regular market analysis from the team of experts at the platform.
Especially those who do not want to download additional applications to their computers. XM provides both web-based and downloadable trading platforms to their clients. Once you download the platform, you can simply log in using your account credentials.
Index CFDs remain reasonably priced, with the S&P 500 showing a minimum spread of 0.45 pips, placing it among the most competitive offers. Data on the lowest costs for gold and silver reveal 1.30 and 2.00 pip spreads, respectively. XM lists WTI Crude Oil with a minimum of 0.03 pips and the minimum price fluctuation as 0.01 pip or $1.00. Overall, XM implements an acceptable CFD fee, most favorable for traders with smaller portfolios and less trading frequency. Like all Forex / CFD brokerages regulated in member states of the European Union like Cyprus, all clients of XM enjoy negative balance protection.
Tofigure out the total costs, it’s important to lookclosely at the different account types and how their commissions are set up. The XM VPS allows you to remotely connect to a Virtual Private Server (VPS) located just 1.5 km away from the brokers data centre in London, with optical fiber connectivity. Another great benefit of a VPS is that you can run trading platforms 24/7 without needing your own computer switched on. XM Group was founded in 2009 and has since grown into a large globally established trading broker. This experience combined with strict regulation and customer service in over 30 languages makes them one of the best forex brokers for traders from all different backgrounds and levels of experience.