Is XM Worth It? My Honest Review of Features, Fees, and What It’s Like to Use

Reviewer Verdict

If you’re looking for a trading platform, XM is one you’ve probably come across. After spending a good amount of time using it I’d say it’s solid. It’s straightforward, offers a lot of features and works well for different types of traders. Whether you’re just starting or have been trading for years, there’s something here for you. That said there are a few things it could do better.

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Pros and Cons

Pros:

  • Super easy to use even if you’re new.
  • A ton of stuff to trade—forex, commodities, indices, shares and more.
  • Great educational tools for people who want to learn.
  • Fast trade execution.
  • Customer support that actually responds.
  • No sneaky fees for deposits or withdrawals.

Cons:

  • Limited crypto options compared to other platforms.
  • They charge you a small fee if you don’t use your account for a while.
  • High leverage can be risky if you don’t know what you’re doing.

Trust and Safety

One of the first things I look at in a broker is whether I can trust them. XM checks out here. They’re regulated by big names like CySEC, ASIC and FCA. That means they’re legit and follow some pretty strict rules.

They also have features like negative balance protection so you can’t lose more money than you put in. Your funds are kept separate from their own money which is another layer of safety. I had no problems with depositing or withdrawing my funds—it all felt secure and above board.

Tradable Instruments

XM has a pretty big list of things you can trade. Here’s a quick rundown:

  • Forex: Over 50 currency pairs including majors, minors and some exotic ones.
  • Commodities: Stuff like gold, silver and oil.
  • Indices: Global markets like the S&P 500 and FTSE 100.
  • Shares: A decent selection of stocks from around the world.
  • Cryptos: A few like Bitcoin and Ethereum but not a ton.

I mostly traded forex and gold. The spreads on EUR/USD were tight and the execution was fast. When I tried trading gold during a volatile market day my trades went through without any hiccups.

Account Types

XM has four account types and they keep it pretty simple.

  1. Micro Account: Great for beginners since you’re trading micro-lots. The minimum deposit is just $5.
  2. Standard Account: Same minimum deposit but trades in standard lot sizes.
  3. Ultra-Low Account: Tighter spreads starting from 0.6 pips but the minimum deposit is $50.
  4. Shares Account: For stock traders but it has a high minimum deposit of $10000.

I started with a Micro Account to test the waters and eventually moved to the Ultra-Low Account. The lower spreads really helped when I was trading more frequently.

Commission and Fees

The fees on XM are pretty transparent.

  • Spreads: This is where most of the cost comes from and they’re competitive especially on the Ultra-Low Account.
  • Commissions: Only applies to the Shares Account. Everything else is commission-free.
  • Inactivity Fee: If you don’t use your account for 90 days they charge you $5 a month.

There were no fees for deposits or withdrawals which is a huge plus. Compared to other platforms I’ve tried, XM feels fair in this area.

Trading Platforms

XM uses MetaTrader 4 (MT4) and MetaTrader 5 (MT5) which are pretty much the gold standard in trading.

  • MT4: Perfect for forex traders. It’s simple and has all the tools you need for analysis.
  • MT5: A bit more advanced with extra features like Depth of Market and more instruments to trade.

I mostly used MT5 since I like having more options but MT4 is great if you’re just trading forex. The mobile app was smooth too—no glitches and it had all the features I needed to trade while I was out.

Unique Features

XM has a few standout features:

  • No Re-Quotes: This means your trades go through at the price you click even if the market is moving fast.
  • Free VPS: If you trade a lot, they give you a free VPS for faster execution.
  • Bonuses: Depending on where you liv,e you might get a deposit bonus or a loyalty program.
XM features

Research and Education

XM does a fantastic job with education.

  • Webinars: These are held regularly in different languages. They cover everything from the basics to advanced strategies.
  • Market Analysis: Daily updates with insights on what’s happening in the markets.
  • Tutorials: Video guides on how to use the platform and trading tips.

I joined a webinar on candlestick patterns and it was super helpful. They explained things clearly and even answered questions live.

Customer Support

Customer support can make or break a platform and XM delivers here.

  • Live Chat: Quick and efficient. I used it to ask about account settings and they answered in minutes.
  • Email: Detailed responses usually within a few hours.
  • Phone Support: They have local numbers, which is great if you want to talk to someone directly.

The live chat was my go-to. Every time I used it, the reps were friendly and knew their stuff.

Account Opening

Opening an account was a breeze. Here’s how it went:

  1. I filled out a short form on their website with my personal info.
  2. Uploaded my ID and a utility bill for verification.
  3. My account was verified in under a day.

The whole process was smooth and didn’t feel like a hassle.

XM

Deposit and Withdrawals

XM makes deposits and withdrawals super easy:

  • Deposits: No fees and they accept credit cards, e-wallets like Skrill and Neteller and bank transfers.
  • Withdrawals: Also fee-free for amounts over $200 and processed quickly.

Final Thoughts

All in all, XM is a solid trading platform. It’s user-friendly, offers a lot of tradable instruments and has great customer support. The fees are fair and I appreciate the transparency. While it could improve by adding more cryptocurrencies, I think it’s a great choice for both beginners and experienced traders.

Contact Info

FAQs

Is XM legit?

Yes. they’re regulated by top authorities like CySEC, ASIC and FCA.

What’s the minimum deposit?

It’s $5 for Micro and Standard accounts.

Are there fees for withdrawals?

No, as long as you’re withdrawing over $200.

Can I trade crypto on XM?

Yes, but the options are limited.

Does XM offer a demo account?

Yes, you can practice with a free demo account that has $100000 in virtual funds.