XM Forex Review and Insights - Emirates Business 24/7

Posted: 11 Feb 2020 02:40 AM PST

Offering a low minimum deposit and a wide range of account types, XM.com's access to over 1000 markets is appealing to almost any Forex trader. Even more attractive are their low spreads and flexible lot sizes.

With tools and account availability suitable for both beginning and experienced traders, XM Global Webtrade is the next generation Forex broker. Whether you're ready to jump in and start trading real money or you'd like to get your feet wet with a demo account, XM will support you. Demo accounts start with US$100,000 of virtual currency and provide access to auto-trading, fast order executions, multiple order types, and no hidden commissions. (Sign up and log in today!)

What Is XM?

XM.com is part of a much larger organization called the Trading Point of Financial Instruments UK Limited. This organization created the exam group in 2009, which then founded XM.com, which is now one of the best established and well-known investment firms in the world.

With over 1.5 million clients in 196 countries, the XM global company focuses on three core principles:

Be big;
Be fair;
Be human.

This has translated into excellent customer service, individualized support for each client, and global financial influence.

What Trading Platform Does XM Use?

XM.com does not offer a proprietary trading platform. Instead, it allows its clients to use either MetaTrader 4 or MetaTrader 5. Both trading platforms are award-winning and are used by many brokers throughout the world. Both platforms also have iOS and Android apps allowing clients to trade both on the desktop and their mobile devices.

Within the trading platform itself, many tools can be used, such as an economic calendar and advanced charting tools.

xm-trading-platform

What Markets And Assets Can I Trade?

XM offers a wide variety of asset classes that can be traded through their platforms. These asset classes include commodities, stocks, Forex, precious metals, equity indices, cryptocurrencies, and energies.

Forex can be traded through over 55 currency pairs, including GBP, USD, EUR, and JPY.

One notable exception for XM that they do not offer is the ability to trade futures or binary options.

What Kind Of Spreads Or Commissions Do They Charge?

As with most Forex brokers, spreads at XM vary according to the account type (Micro account, Standard account, and Zero account). The minimum spread for any of the three account types offered at XM is 0.1 pips. XM covers all transfer fees, and they also guarantee same-day withdrawals. While there are commissions on the Zero accounts, those commissions are explained up front and thus are not "hidden" like they are with many other brokers.

Can I Use Leverage at XM?

The short answer is, "Yes, you can use leverage at XM." However, leverage can vary from 2:1 to 30:1 depending on the currency pair and margin requirements for the trade. One benefit of XM is that margin requirements do not change during night or weekend periods (an uncommon practice with most Forex brokers).

EEA restrictions limit leverage and margin available but also provide certain protections for traders (such as negative balance protection). However, For traders located outside of the EEA, many of these restrictions do not apply. This allows traders from Australia and India, for example, to achieve much higher leverage levels than traders in the EU.

Note: increased leverage can magnify your profits AND your losses.

Do They Offer Mobile Apps?

All of the major mobile device platforms provide access to XM. This includes the Apple iPhone, the Apple iPad, Android phones, and Android tablets. The apps are available in their respective app stores. All mobile apps are fully functional and allow for trading and monitoring at all times. Desktop platforms, however, provide a more robust feature set, such as one-click trading.

What Payment Methods Can I Use?

Payments and deposits into the XM trading system can be done using wire transfer, local bank transfer, electronic payment methods, and most major credit cards. Currencies are automatically converted within the account according to the base currency you selected when you open the account. There are no fees to withdraw your money, and all withdraws are completed in under 24 hours.

As the laws regarding Forex trading vary from country to country, XM requires that all new accounts be verified using official documents such as a passport or driver's license as well as a recent utility bill. These two pieces of evidence serve as proof that you are who you say you are and that you live where you say you live. The minimum deposit amount for Micro and Standard accounts is $5. A minimum deposit of $100 is required to open a Zero account.

What Is The XM Demo Account Like?

In comparison to opening up a real money account, opening up a demo account is quite easy. With some basic personal details, anyone can open up a demo account and receive a virtual balance of US$100,000. One of the main benefits of the XM demo account is that the data provided for your trading is the same as the real market data. There are no limits or changes or restrictions on how long or how you can use your demo account.

Included with this demo account is a virtual private server (VPS). This service increases the speed of your trades and is accessible 24 hours a day from anywhere in the world.

How Are They Regulated?

Since XM.com – and its parent company XM group – are located in the City of London, the United Kingdom, they are regulated by the Financial Conduct Authority (FCA).

What Educational Materials Do They Offer?

Probably the most significant benefit to the XM platform is the available educational materials. This includes an extensive database of trainings, webinars, social instruction, instructors, and their question-answer sessions, as well as published research and technical analysis.

For beginners, there is a large package of training materials designed to get you up to speed and trading as fast as possible.

For more experienced traders, XM also offers high-quality tracking tools and qualified analysis through a multi-lingual interface.

xm-education

What Are The Account Types?

XM.com offers three different trading account types which are: Micro, Standard, and Zero.

Micro: Micro accounts allow for all major currencies to act as the base currency. These currencies include EUR, CHF, HUF, PLN, GBP, USD, and AUD and start at a minimum of US$5. Trading functions in "lots" and 1 Micro lot is 1,000 units of the base currency.

Standard: Standard accounts can use all of the same currencies that are used in the Micro counts and also or require only a five-dollar deposit. A standard lot is 100,000 units of the base currency.

Zero: Zero accounts are only able to use EUR and USD as the base currency for the account. A minimum deposit of US$100 is also required, but a total standard lot size of 100,000 units is available within the Zero account.

What Are The Negatives Of This Platform?

Even though the customer support at XM is high-quality and well respected, some users are disappointed that help is not available 24/7. Instead, support is only available Monday to Friday.

Some users would also like there to be a more significant distinction between the account offerings. This is because the differences between the Zero, Standard, and Micro accounts are minimal. In addition, as many users use PayPal as their primary payment processor, the fact that XM does not support it can be problematic.

Also, traders from the United States and Canada, as well as a few other countries, are prohibited from opening an account at XM due to licensing laws.

How Do I Contact Customer Support?

Customer support is easily reached through the live chat feature on XM.com. There is also the option to email customer support using the address support@xm.co.uk as well as a support telephone line at +44 203-105-1500.

xm-support

Should YOU Use Them For Your Forex Trading?

Whether you're a beginning trader or an experienced veteran, XM offers a wide variety of tools for you to increase your profitability with Forex trading. While XM does have a limited range of account types, it is still a solid choice that is simple to navigate and easy to use.

xm-charting

Which Countries Do They Work In?

XM is available to traders in the following countries:

Qatar
Luxembourg
Kuwait
Saudi Arabia
United Arab Emirates
Denmark
Italy
Sweden
Norway
Germany
France
India
Hong Kong
Singapore
South Africa
United Kingdom
Thailand
Australia
And many more…

Where Are They NOT Available?

XM is NOT available in the following countries:

Belgium
Iran
Israel
Canada
The United States

You can compare this trading platform with:

The Advantages of Mobile Forex Trading - iLounge

Posted: 10 Feb 2020 08:33 AM PST

When the very first iPhone was launched by the legendary Steve Jobs back in 2007, who could have known just how much it was going to transform our way of life? It literally put the internet in our hands, with no need to be tied to a PC or laptop if we want to go online. As smartphone popularity grew, more and more apps were developed, allowing even more uses for the device. Then, in 2010, the arrival of the iPad meant that the larger screen size made even more possible.

It's hardly any surprise that a decade after the original smartphone breakthrough, more people were using mobile devices to access the internet than using static computers. In fact, around 52% of all website traffic comes from mobiles, as consistently reported. It's also little surprise that virtually every sector has had to adapt the way it operates to accommodate this shift in consumer behavior.

Table of Contents

The mobile trading revolution

A prime example of this is the world of mobile trading, and in particular foreign exchange trading, or forex for short. Before the internet, this was an activity mainly restricted to the big banks and other financial institutions who would trade in millions of dollars worth of currency virtually every day. But, like so many things, the internet has opened the activity up to almost anyone who likes the idea of speculating on the world currency markets.

That's because today there are countless online currency trading platforms on which it's simple to open an account and get to work. What's more, many of them offer the option of mobile forex trading on the go, so you can be constantly connected to the markets, as long as there's an internet connection you can use. Such a "democratization" of trading as both a profession and a hobby has meant increasing popularity with almost all demographics, as well as more user-friendly interfaces – and, of course, greater public interest in forex trading.

Always in touch

Just like all financial markets, for example the stock exchanges all around the world, forex offers a constantly shifting picture, with some prices rising while others fall. It's not just a matter of convenience; to have the greatest potential of success it stands to reason that the better connected you are and the more constant flow of data that you're receiving, the better informed you'll be and the more opportunity you'll have to be able to make the right move at the right time, free from the limitations of being near a computer.

This means that the very first advantage of mobile forex trading is that you're able to track market trends as and when they occur. You're also then able to react to the information by choosing to buy, sell or even sit tight on your investment.

Better informed and prepared

In addition to the online news and price information that you can stream to your phone or tablet, the mobile forex trading revolution has meant that you're also able to access a wide range of training tools.

These are especially useful for novices, as they can allow you to test strategies using one of the demo accounts that most online dealers make available, without actually having to invest any money.

There are also multiple educational services and even information forums, which are a rich source of advice and knowledge that are freely available. Previously, this kind of help would cost a great deal of money to obtain; and it would have taken many years to gain the equivalent level of experience.

Mobile users also have access to a wide range of tools that help analyze the markets, which can cover anything from price movements to the volume of trading being carried out or from volatility predictions to so-called "moving averages." The latter are examinations of the previous performance of a currency which can be used to try to predict where it's headed in the future.

It all adds up to the general democratizing of the process of forex trading. Where it was previously only been an activity open to relatively few, now it's available to almost everyone.

Special mobile bonuses

As in any sector where there are a wide number of operators, often with very few differences between them, competition is fierce to draw in new business. One strategy that a number of online forex trading platforms use is to offer bonuses for new customers. These can take a number of forms ranging from extra money to invest to cashback to reward customers. If you are considering forex trading online, it's well worth spending a little time exploring the different options available and comparing what they're offering in exchange for your custom.

Choosing the right device

By its very nature, forex trading involves reading a great deal of information, so smaller mobile screens can make fairly challenging to some to use all the analytical tools available, at least for some. That's why many mobile forex traders favor tablets, simply for the extra control they offer. With the news that the next generation of iPad Pro is rumored to have a laptop-quality keyboard, it looks like the device might become an even better tool for mobile traders.

Summing up . . .

So there are very many reasons to choose mobile as your preferred method of mobile trading – but the most important of all is that you'll be perfectly placed to take advantage of this fast-moving market whenever, and wherever, you want to.

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