XM review - Forex Reviews UAE

Founded: 2009
Headquarters: Cyprus
Min deposit: 5 USD
Max Leverage: 1 : 888

XM is a well-known global brokerage firm that has been extending its services to traders within the Middle East and North Africa (MENA) region. Known for its robust trading platforms, wide range of financial instruments, and strong regulatory framework, XM aims to provide a superior trading experience. This review explores the various aspects of XM’s services, assessing its suitability for traders and investors in the MENA region.

Company Overview

Founded in 2009, XM has grown to serve over 3.5 million clients from 196 countries. The broker is well-regarded for its transparent and client-centered services. XM Group is licensed by several regulatory authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission of Belize (IFSC).

Trading Platforms

MetaTrader 4 (MT4)

XM offers the highly popular MetaTrader 4 platform, which is well-suited for both new and experienced traders. MT4 is renowned for its user-friendly interface, advanced charting tools, and automated trading capabilities via Expert Advisors (EAs). The platform provides a seamless trading experience with customizable charts, a wide range of technical indicators, and support for multiple order types. MT4’s robustness and reliability make it an excellent choice for algorithmic trading.

MetaTrader 5 (MT5)

In addition to MT4, XM also provides access to MetaTrader 5, which builds upon the strengths of its predecessor with enhanced trading features. MT5 offers more technical indicators, graphical objects, and timeframes, along with an economic calendar integrated directly into the platform. It supports trading stocks, forex, and futures, making it a versatile option for traders looking to expand their investment portfolios. The platform also enhances the trading experience with a more powerful strategy tester for EAs and better scripting tools for custom indicator development.

XM WebTrader

For those who prefer not to download software, XM’s WebTrader offers a convenient and accessible alternative. Fully compatible with both MT4 and MT5 accounts, WebTrader allows users to access global markets directly from their web browsers without compromising on features or performance. The platform’s interface is clean and intuitive, providing all the essential tools and resources needed for effective market analysis and trading.

Tradable Assets

XM stands out in the diversity of its asset offerings. Catering to clients in the MENA region, it provides access to a wide range of markets:

Forex Trading: forex traders at XM can access over 55 currency pairs, including all the major pairs, as well as several minor and exotic pairs. Spreads are competitive, starting from as low as 0.6 pips, and traders can leverage up to 888:1, depending on the account type and client eligibility.

Commodities: traders can also diversify their portfolios with a selection of commodities. XM allows trading in various commodities such as gold, silver, oil, and agricultural products (e.g., coffee and sugar), available through CFDs, which provide the flexibility to profit from both rising and falling markets.

Indices and Stocks: those interested in equity markets can trade indices and stocks from large markets such as the USA, UK, and Asia. XM offers CFDs on many major indices like the S&P 500, FTSE 100, and Nikkei 225. Moreover, stock CFDs are available, allowing traders to speculate on the price movements of major companies without needing to own the underlying assets.

Cryptocurrencies: responding to the growing demand for digital assets, XM has introduced cryptocurrency trading. Clients can trade CFDs on major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, offering a way to engage with this dynamic asset class.

Account Types

XM accommodates various trader needs with four different account types:

Micro Account: ideal for beginners or those testing new strategies, the Micro Account allows trading with micro lots (1,000 units of the base currency). The minimum deposit is only $5, making it accessible for low-volume traders.
Standard Account: the Standard Account is suited for experienced traders and offers more substantial volumes with standard lots (100,000 units). Like the Micro Account, it requires a minimum deposit of just $5.
XM Zero Account: this account type appeals to high-volume traders who seek even tighter spreads. XM Zero Accounts feature spreads as low as 0 pips, although there is a commission per trade. The minimum deposit for this account is higher, set at $100.
Islamic Account: adhering to the Sharia law, XM offers an Islamic Account option for all the above account types, which does not incur swap or rollover charges on overnight positions, making it ideal for Muslim traders who require swap-free accounts.

Deposits and Withdrawals

Ease of Transactions:

XM stands out for its user-friendly deposit and withdrawal processes. Traders in the MENA region can start trading with XM by depositing as low as $5, which is ideal for newcomers not willing to commit a large amount of capital initially. Deposits can be made through various methods, including major credit cards, electronic wallets like Skrill and Neteller, and direct bank transfers. Importantly, XM supports local payment methods which are crucial for traders in specific MENA countries, enhancing accessibility and convenience.

Speed and Efficiency:

One of XM’s strengths is the speed of its transactions. Deposits are generally instantaneous, while withdrawals are processed within 24 hours. This rapid turnaround is crucial for traders who need quick access to their funds, whether to capitalize on trading opportunities or for personal liquidity.

No Fees on Transfers:

XM does not charge any fees for deposits or withdrawals, which is a significant advantage for traders concerned about transaction costs eating into their profits. However, it’s important to note that while XM does not impose charges, some payment processors or banks might levy a fee, which traders need to verify with their respective financial institutions.

Fees and Costs

Competitive Spreads: XM is known for its competitive spreads, which can be as low as 0.6 pips on major currency pairs such as EUR/USD. For traders in the MENA region, this is particularly beneficial, given the high volume of currency trading in these markets.

Account Types and Associated Costs: XM offers several account types, including Micro, Standard, and XM Zero accounts, each catering to different trader needs and investment styles. The Micro and Standard accounts do not have a commission on trades, relying instead on slightly wider spreads as their main cost. In contrast, the XM Zero account offers ultra-tight spreads but includes a commission fee. This flexibility allows traders to choose an account type that best suits their trading strategy and cost preference.

No Hidden Fees: Transparency in fee structure is another area where XM excels. There are no hidden fees, and all costs are clearly stated on their website. This transparency is crucial for trust-building, particularly in regions like MENA where traders are wary of hidden costs that can impact investment returns.

Education and Resources

Comprehensive Educational Offerings:

XM places a strong emphasis on trader education, which is a considerable advantage for both novice and experienced traders. Their offerings include free webinars, extensive trading guides, and tutorial videos covering a wide range of topics from basic trading concepts to advanced strategies and risk management.

Quality of Materials:

The quality of educational materials provided by XM is high, with resources available in multiple languages, which is a significant plus for the diverse linguistic landscape of the MENA region. These materials are not only comprehensive but also designed to be accessible, catering to traders of all experience levels.

Regular Market Analysis and Research:

XM provides regular market analysis and research, which is invaluable for traders looking to stay informed about the global economic conditions impacting the MENA markets. Their daily market recaps and in-depth analyses of economic events help traders make informed decisions, enhancing their ability to manage risks and capitalize on market opportunities.

Customer Support

Availability and Responsiveness: XM distinguishes itself with exceptional customer support, which is crucial for traders who require assistance around the clock. Support services are available 24/5, aligning perfectly with the global forex trading hours. Clients from the MENA region can access support in several local languages, including Arabic, which enhances the support experience and eases communication.

Channels of Communication: XM offers multiple channels for customer support, including live chat, email, and telephone. The live chat feature is particularly responsive, with support staff usually connecting within a minute and providing concise and informative answers. Emails are typically answered within a few hours, while phone support offers a direct and immediate solution to more complex issues.

Security

Regulatory Compliance: Security is paramount in online trading, and XM adheres to stringent regulatory standards. XM is licensed by the IFSC in Belize and the CySEC in Cyprus, providing a regulatory framework that reassures clients of its credibility and safety.

Data Protection: XM employs state-of-the-art encryption technologies to protect sensitive client information and financial transactions. The use of SSL (Secure Socket Layer) encryption ensures that all data transmitted between the client and the server remains secure from unauthorized access.

Fund Safety: XM also excels in the area of client fund protection. All client funds are kept in segregated accounts with top-tier banks, ensuring that client assets are not used for any other purposes, such as day-to-day operations of the company.

User Reviews and Community Trust

Positive Feedback: Many users in the MENA region have expressed satisfaction with XM’s user-friendly platforms and the range of educational resources available, which are beneficial for both novice and experienced traders. The provision of regular webinars and seminars is frequently highlighted in user testimonials.

Community Trust: XM has built a solid reputation over the years and is generally well-regarded within the trading community in the MENA region. Its transparency in pricing, no hidden fees policy, and responsiveness to client issues contribute to its high level of trustworthiness.

Concerns: However, some users have noted that during periods of high market volatility, the platform can sometimes exhibit lag, which may affect trade execution speeds.

Pros and cons

Pros

Cons

Pros

Cons

Conclusion

XM is a robust option for MENA traders looking for a reliable and versatile online broker. Its adherence to regulatory standards, combined with comprehensive trading platforms, a wide range of instruments, and competitive fees, makes it a suitable choice for traders and investors of all levels. Whether you’re looking to trade forex, stocks, or other commodities, XM provides a secure and supportive trading environment.

XM’s commitment to technology, customer service, and trader education makes it a standout choice in the crowded field of online brokers. If you’re a trader in the MENA region considering XM, their platform is well worth a closer look to see

FAQ

Is XM regulated?

Yes, XM is regulated by several regulatory bodies, including the International Financial Services Commission (IFSC) in Belize and the Cyprus Securities and Exchange Commission (CySEC) in Cyprus. This ensures that XM adheres to strict standards of operation and client protection.

What types of accounts does XM offer?

XM offers several account types to cater to different trading preferences and levels of experience, including Micro, Standard, and XM Zero accounts. Each type has distinct features, such as different leverage options, spreads, and minimum deposit requirements.

Can I trade cryptocurrencies with XM?

As of the last update, XM does not offer cryptocurrency trading. XM provides a wide range of trading instruments, including forex, commodities, equity indices, precious metals, and energies.

Does XM offer Islamic accounts?

Yes, XM offers Islamic accounts that comply with Sharia law. These accounts do not incur swap or rollover charges on overnight positions, making them suitable for Muslim traders who must comply with these financial regulations.

What platforms can I use to trade with XM?

XM supports several trading platforms, including the highly popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms are available on desktop, web, and mobile versions, providing traders with flexible and accessible trading options.

Are there any fees for trading with XM?

XM does not charge commissions on most trades. However, fees may be associated with certain types of accounts or services, such as XM Zero accounts, which offer lower spreads but include a commission on trades. Additionally, traders should be aware of potential inactivity fees if they do not trade for an extended period.

What kind of support can I expect from XM?

XM provides customer support 24/5, aligning with the global forex market hours. Support is available via live chat, email, and telephone. Importantly, XM offers multilingual support, including support in Arabic, which is a significant advantage for traders in the MENA region.