The collaborative efforts of multiple foreign exchange brokers put XM.com ahead of its competitors. As it was developed by several brokerage firms, the platform guarantees a trading experience that supersedes the service of others. It was first introduced back in 2017, and while it is still a newbie in the industry, it is already backed with various financial authorities including the Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission (IFSC).
Presently, XM has over 1.5 million subscriptions from 196 countries. This impressive market traction was mainly from the company’s strong implementation of its objective, which is to provide a fair and friendly experience for its clients. But above this, its excellent customer support, personalized assistance, and flexible investment options come as another reasons for its growing market popularity.
XM Pros and Cons
Just like other brokerage firms, XM has its own set of benefits and downsides. As for the advantages it carries, clients will surely maximize its generous offers in terms of CFDs. It also has a relatively fast registration, with order execution faster than the industry standards. Lastly, its authoritative educational and research materials are designed to facilitate a holistic learning about trading fundamentals and technical know-hows.
Checking some of its setbacks, its limited asset classes for portfolio upgrade come unfavorable. Add to its list are average foreign exchange and stock index fees, which are slightly higher than what is commonly offered by other brokers. To say, it also does not provide investor protection schemes for its clients living outside the European Union. While these points might put XM in a bad light, other specifications heavily compensated for these, still making XM a good platform to invest in.
H2- XM Account Selection
XM has four accounts in its selection. The Micro, Ultra-Low, Standard, and Zero accounts all work in a tiered structure, allowing clients to progress depending on their level of mastery and knowledge in trading.
Micro Account– This is considered as an entry-level type of account, and the conditions may be availed for as low as $5. For an amount, clients are provided with a wide option of tradable currencies including USD, EUR, GBP, CHF, and AUD. More so, it has a trade size worth 1 micro lot for 1,000 units of the base currency.
Ultra-Low Account– This account comes similar with the Micro account in terms of available base currencies. Its trade size also bears similarities with the aforementioned account. But since the conditions are made more competitive, it demands a $50 minimum deposit.
Standard Account- The Standard account combines the conditions of the two aforementioned accounts. Clients are entitled to the same set of base currencies for a minimum deposit of $5. The only thing that sets this account different from the two is its trade size, quoted at 1:100,000 units of the chosen base currency.
Zero Account- This type of account has limited selection of base currency as it only offers USD, JOY, and EUR. It can be opened for a minimum funding of $10, with its trade size quotation similar to the standard account.
Education and Research
XM utilizes both in-house and external tools to conduct its trading education and research. This section is divided into two parts: the company’s proprietary tools provided on its official website and those that are integrated in the MetaTrader platforms. Both sections can be accounted for by their authoritative instruments, enabling a continuous flow of news, with articles, webinars, and quality articles to back the overall learning. Other materials included in the selection are Markets Overview, XM Research, Technical Summaries, and Podcasts.
One aspect that XM takes pride in is its responsive customer support. A wide selection of language is available for non-english speaking clients. It provides an impressive means where clients may place their queries through, including email, phone, and live chat, which may be used 24/5. But as for its downside, its live chat responds slower each time queries are placed subsequently. And while it renders fast resolutions, the quality of answers are given inconsistently.
As mentioned above, XM has its own set of advantages and disadvantages. While there are commendable points that XM is lauded for, it still has to work on its weak features including its insurance and compensation schemes. More so, its uniformed account selection also restricts clients from picking the best one as there are some similarities to it. But if we look past these, XM will still come as a decent brokerage firm that deserves a sound investment.