XM forex broker
XM is a trading broker working under the patronage of Trading Point, a company working under Cypriot rules and laws.
2016 marks seventh year of successful trading services offering of more than a hundred instruments for trading to the traders all over the world, minus US based traders.
The broker claims to be a specialist for Islamic trading. It means that it pays focus on trading in accordance with islamic law, which basically bans dealing with interest. Here it means that there is no swap interest for overnight positions. Interested parties should contact the XM team for additional and more detailed explanation of how to get the interest free account.
In order to live up to what it says about how it wants to offer its clients all the best, XM has several trading tools, recognized platforms for trading and a solid customer service. Trading here is allowed from Monday to Friday non-stop. CFD trading is also available, which means that there is trading with metals, energetic goods, and indices.
Money depositing, withdrawing, bonuses…
Depositing the said minimum of $5 is easy, and it can get you bonuses should you repeat and raise the stake. Bonuses in terms of +50% until reaching $500 and +20% until the maximum of $5000 can be yours. Even though we must mention methods such are bank transfer, neteller, skrill, iDeal, CashU, Western Union, it is easier to say that you can deposit money any way you want to.
When you want to withdraw your money, you will see instant changes to your account, but will have to wait 24 hours until it actually happens, that is, until the money ends up in your pocket. Of course, for safety reasons, document verification is necessary, and the fact that you are a verified user.
Another noteworthy fact is that XM asks for a minimum deposit fee of only $5, which is rather low, thus available and attractive to many traders.
XM can legally operate across many regions, as it works as a subsidiary of Trading Point. It is regulated by CySEC in Cyprus, for EU the regulator is MiFID, and it is also regulated in UK, Germany, Spain, The Netherlands, Sweden, Finland, Italy, Hungary, France, Poland and Australia. In addition, the New Zealand license enables XM to work throughout regions across the world, except for the US. XM secures its client’s funds with Barclays Bank. Also, there are more offers from XM to secure money. Noteworthy, there is a fund monitoring system that XM uses so the traders can be assured their account doesn’t go to minus.
XM has nine trading platforms, of which five are for computers, as well as four intended for mobile devices. The main platform is a version of MetaTrader4, which is here called XM MT4 Terminal. It is based on MT4, adjusted for XM’s vision of good trading. It comes along with “one-click trading”. Traders can choose to place trades automatically, or fully manually. XM gives traders several additional tools to help trade.
For mac users, there is also a MT4 version. It is basically the same as regular MT4 Terminal, just completely made for Mac. It dismantles necessity of having a windows emulator, as that might be the case sometimes.
Money managers who have need to trade with multiple accounts can use XM’s MT4-based MultiTerminal. As it is made for use of more than one account, it doesn’t come with as many features as the regular one. Still, it offers news, but no charts and analytics. It has a couple of models for execution, and it meets the needs of such traders who use several accounts.
Something for money managers
XM MAM is basically upgraded MultiTerminal version of MT4. It can be used to trade with multiple accounts, but with full features of regular MT4. Money managers should find this one interesting because it allows trading for several accounts, by using one account. The service support team can give more information about this should someone find it intriguing.
A web based trading platform that can be used with either Mac or PC or anything that has a browser and internet. It is fast, without the need to download anything, just hop into XM.com and start trading. You’ll find several trading tools here suitable for a quite serious trading. It is equipped with news, market analysis and it also has economic calendar. It is actually so good that if you are not all that into it for a day, it can get really handy to still try executing some trades quickly.
Speaking of executing trades quickly, how about trading on the move? Of course, this is a word about mobile devices platform. And also of course, as any other serious broker, it offers such feature. For “iSomething” users, there is MT4 ipad version. It is so decent and filled with the stuff you need, that sometimes you just might wanna feel like trading from your mobile, rather than turning the computer on, and trade without losing any aspect of the job.
There are also platforms for those traders who use devices that run on iOS, Android or even Windows. I say “even Windows” as it is yet to be waited to see everybody start developing apps for windows mobile devices. I noticed that many apps were not made for windows, including many brokers. Somebody had bought a Windows-based Lumia, and you as a trader want that somebody to buy a new phone? No – offer them app for windows. XM did.
As a regular serious broker, XM apparently keeps up with expectations regarding customer support team. The company pays attention to it and with more than twenty languages; people from almost any country of the world can get answers and help without using dictionaries and interpreters.
The support team can be reached either by a phone or chat, non-stop, from Monday to Friday. Even during the weekends, the team is available, but only from 9am to 5pm (CET + 2).
You can expect an Email reply in two days tops – depending on the timezone and the specific problem you might have. But no more than two days whatever the situation is. Well, at least what XM promises.