XM Forex detailed Review
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XM forex is a forex trading broker regulated in the Republic of Cyprus that was started by a group of interbank dealers in 2009. Their initial aim was to improve the level of services in the forex trading community. With XM traders can access commodities, CFDs as well as foreign currencies. The main advantage of dealing with XM is that because they are based in Cyprus, and Cyprus is a member of the Eurozone, it meets the minimum standards required of any financial service provider that operates in the EU. It’s also good to know that XM is registered with the FSA (Financial Services Authority) in the UK and Germany’s Federal Financial Supervisory Authority (BaFin). This additional registration gives any of XM forex traders extra protection.
XM have gained an excellent reputation over the years due to their core values of business transparency, top rate trading conditions and expert communication. They offer a wide range of trading options including foreign currencies, precious metals, stock indices and energies. Another positive factor is that there are no rejections or re-quotes of trading orders and their speed of execution is second to none. 99.35% of orders are executed within 1 second.
XM Trading Platforms
XM currently offer a great choice of platforms for their clients that include MetaTrader 4, XM WebTrader, XM Mobile and MAM Trader.
One of the world’s most popular trading platforms due to it’s user-friendliness and variety of tools. The XM MetaTrader 4 trading platform can be used for manual and automated trading with its own expert advisers.
This platform allows traders to trade via the internet without having to go to the trouble of downloading specialised software.
XM Mobile Trader
For those of you who are often on the move and those who love to use their mobile devices XM Mobile Trader is the obvious solution. Trades made using an iPhone, iPad or other mobile devices are easy with their suit of mobile platforms.
For more advanced trading and the professional trader with more than 1 account, MAM Trader enables you to manage more than one account and has all the necessary trading tools.
Types of XM Trading Accounts
XM offers 3 different types of trading account:
With an initial deposit of only $5 this first level account is ideal for the beginner and those who’d prefer a low risk approach towards their investing. Minimum contract size is 1 000 lots.
This next level account is much more suitable for more experienced and professional traders but requires a larger initial deposit before trades can be done. The benefits are the same as those for Micro accounts but Standard traders can trade with a larger contract size.
If you’re in the position to take bigger risks for bigger gains then an Executive account is for you. The minimum deposit is $100 000 but you get the opportunity to trade in much bigger volumes.
Other accounts include an Islamic Account as XM are glad to welcome customers from all over the globe and as such are happy to make special allowances for people’s religious beliefs. If you open an Islamic Account trades will be based on Sharia principles. For those traders who don’t have the experience or time to manage their trading activities there is the option of opening a Managed Account. This type of account allocates the account holder their own personal account manager to manage their funds and take part in trades on their behalf.
For complete beginners there is the valuable option of opening a Demo Account. Always a good way to start your forex trading journey as you can experience the highs and lows of trading without risking any of your own money.
Bonus info and some additional features
To encourage new customers the XM Bonus is currently $30 worth of credit when you open your first real account. It’s available to all new clients and no initial deposit is required. The bonus is automatically credited to your account and there are no hidden terms. Any profits earned can be withdrawn.
Other XM bonus offers include a welcome bonus, loyalty program, free VPS services and no charge for deposits and withdrawals.
So in conclusion XM is a worthwhile choice for both new and experienced traders as it offers an interesting range of bonuses and accounts that cater for the wide variety of people who are interested in investing their money in the forex market. Customer support is available in a wide range of languages and can be contacted on weekdays by live chat, email and via an extensive range of country specific phone numbers. It has a very high rate of executed trades, no rejections and no re-quotes. A distinct advantage in this ever changing market.
Claim your $30 no deposit bonus from XM now!