XM Group Forex Broker Review
XM Group Forex Broker Review
In this review of XM Group, we take a look at an online forex broker with over a decade of experience and a stellar reputation as one of the most trusted names in the industry.
XM Group provides a huge selection of assets to choose from for traders and is regulated by some of the most respected financial bodies in the sector. This regulation means you can always expect transparency and fair trading, no matter which instruments you choose.
Continue reading our XM Group broker review to learn more about every aspect of this top forex broker. Our expert team has explored the site thoroughly, giving you all the information you need to decide whether XM Group is the right broker for you.
- XM Group offers 57 currency pairs and CFD trading in commodities, indices, metals, energies, and cryptocurrencies.
- Major trading platforms MT4 and MT5 are offered to all traders.
- XM Group is regulated by the world’s most respected regulatory bodies.
- An accomplished and well-rounded package makes XM Group the best broker for new traders.
- Not available to US customers due to regulatory constraints
- Metatrader trading platforms only are available. No proprietary XM trading platform as yet.
XM Group is owned by Trading Point Financial Instruments Ltd and was established in 2009. The company originally operated solely from Cyprus yet, as they are now an international brand, they also have headquarters in Sydney, London, and Belize.
Our XM Group review team found the company’s registration documents with ease. Combined with its global reach, this transparency shows that XM Group is a broker you can trust.
XM Group regulation and licensing
XM Group is highly compliant with regulations in many jurisdictions around the world. During our review of XM Group, our team found that the broker is regulated by CySEC, ASIC, FCA, DFSA, and IFSC. These bodies represent the pinnacle of regulation in the industry.
XM Group is answerable to these regulatory bodies at all times and will be subjected to regular audits by each. This means they must always remain in full compliance with the regulations in each area of their company and in each of the countries they cater for.
This type of regulation also means that if the broker was to become insolvent or encounter other issues, your funds would be secure. All funds at XM Group are deposited within segregated accounts at top-tier financial institutions and are inaccessible to the company for anything other than your requested trades.
Opening an account with XM Group
Registering for a trading account with XM Group is a simple process, which you can complete from either mobile or desktop. The minimum deposit amount is accessible for all types of trader, and our XM Group review team were happy to find that the broker doesn’t require any unexpected documentation.
What is the minimum deposit at XM Group?
The minimum deposit at XM Group varies depending on your location and which account you choose. For instance, EU traders can open an account for as little as $5. If you are an Australian trader, however, you will have a minimum deposit of $50.
If you are trading outside of the two jurisdictions mentioned above, you will only be able to apply for the XM Group Shares Account. This account type comes with a minimum deposit of $10,000.
How to open an account at XM Group
To open an account with XM Group, simply follow the steps listed below. The whole process is digitalized, which means you needn’t worry about mailing documents to the broker.
XM Group advertise that the registration process can be completed in 2 minutes only. However, our broker reviewers found that it took more like 5-10 minutes.
- Step 1: Fill in personal details, including name, email address, country of residence, preferred language and phone number.
- Step 2: Select which XM Group entity you wish to trade with (only for EU traders, choose between XM CY or XM Global).
- Step 3: Select your trading platform (choose between MT4 or MT5).
- Step 4: Supply the broker with your date of birth and address (note your address should be the same as the one which will appear on your supporting documents).
- Step 5: Indicate whether or not you are a US citizen for tax purposes.
- Step 6: Choose your account base currency and your leverage.
- Step 7: Answer questions about your current employment status and capital.
- Step 8: Answer questions about your trading plans and ambitions.
- Step 9: Answer questions about your trading knowledge and experience.
- Step 10: Complete P.E.P checks (are you a Politically Exposed Person?).
- Step 11: Create a password and accept terms and conditions.
Once you’ve completed the steps above, you’ll need to confirm your email address and validate your account. To do this, you’ll need to log in and supply the required documentation. To make the whole sign-up process as straight-forward as possible, our XM Group reviewers have compiled a list of everything you will need:
- Personal information – Name, phone number, email, country of residence, address, social security number (national insurance number for UK residents).
- Regulatory information – Tax residency details, employment details, estimated wealth and source of wealth details, trading experience overview, trading objectives, P.E.P disclosure.
- Documentation – Proof of identity (valid passport or official country ID), proof of residency (recent utility bill or bank statement).
XM Group offers three specific account types for you to choose from. Our XM Group broker review team found that each account type has something to offer all traders, depending on your budget and trading aspirations.
Live trading accounts
For traders within the EU, the XM Group Micro Account and the XM Group Standard Account both feature an unbeatable minimum deposit of $5. Spreads on these account types start as from as low as 1 Pip.
The XM Group Zero Account is also offered to traders within the EU. This account has a minimum deposit requirement of $100 and spreads start from 0 Pips. This account does apply a commission of $3.50 per lot traded, but the result is still a highly competitive cost.
As an Australia-based XM Group trader, you can benefit from the XM Ultra-Low Account. With a minimum deposit of $50, this account type offers spreads starting from 0.6 Pips.
If you are an XM Group global trader located outside Australia and the EU, you can take advantage of the XM Group Shares Account. This account is only available in US dollars and focuses on trading share CFDs. Spreads are dependent on the underlying exchange rate and the minimum deposit on this account is $10,000.
XM Group leverage is restricted within the EU to 1.30, due to ESMA regulations. Leverage can reach 1:500 for Australian traders, and 1:888 maximum leverage for traders operating in other global markets.
XM Group also offers forex demo accounts with starting balances of $100,000. These accounts give you the opportunity to practice using each of the account types listed above, so you can work out which one is best for you.
Clients who follow the Muslim faith can also open Islamic accounts with XM Group. Our reviewers were pleased to find that as well as being swap-free, these accounts come with no extra fees. Occasionally, brokers simply widen the spread or charge commission on Islamic accounts to make up for the swap fees. This isn’t the case with XM Group and so you can trust their Islamic accounts to be 100% Sharia-compliant.
XM Group trading costs
Our forex broker review team found that XM Group comes up trumps yet again when it comes to fees and trading costs. They offer competitive spreads on forex trading, low trading fees for CFDs, and low non-trading fees.
Trading Fees* Type of Fee Cost Minimum Order Size (lots per trade) 0.01 Average Spread USDEUR (pips) 1 Commission (%) 0 Commission on Islamic Accounts (%) 0 Non-Trading Fees Type of Fee Yes or No Inactivity Fee Y Deposit Fee N Withdrawal Fee N
*Based on standard account type.
XM Group charges no deposit or withdrawal fees and they offer commission-free trading as much as possible. They also charge a minimal rollover fee, depending on the market you are trading and its position, and a comparatively low inactivity fee of $5 a month. This is only charged after 90-days of no trading activity.
XM Group payment methods
At XM Group, you will always be able to deposit and withdraw from your account safely as the broker provides a great range of reputable and regulated payment options to choose from. These include:
All these methods can be used for both deposits and withdrawals, and there is a minimum limit of $5 per transaction. All withdrawals are credited back to you within 24 hours, so long as your account has already been verified.
All payments made at the XM Group online broker site are also protected by SSL technology. This means that there’s no risk of having your banking details fall into the wrong hands.
XM Group trading bonuses
XM Group offers a variety of excellent forex bonuses to new traders. These include both no deposit bonuses, which are credited to your account automatically upon registration, and match deposit bonuses. These bonuses allow you to explore everything XM Group has to offer before deciding to fund your account.
During our XM Group review, our expert team also found that the broker offers a plentiful loyalty program that offers seasonal and exclusive bonuses to regular traders.
Due to the seriousness with which XM Group takes its regulatory obligations, these bonuses are only available to traders outside of the EU.
XM Group trading platforms
Most XM Group traders will be satisfied with the fact that the broker offers MetaTrader 4. MT4 has been around for over a decade and continues to impress with its huge array of charting and professional indicators. You can be sure never to miss a moment in the market with this fantastic trading platform. XM Group also offers MT5, which is particularly suited for CFD trading.
If you don’t want to download trading platform software, XM Group also offers the lightning-fast and efficient Webtrader platform. Also created by Metatrader, this allows you to trade directly from your browser.
More experienced traders will also be delighted to discover that all the XM Group account types allow for hedging.
What is the execution policy at XM Group?
Our reviewers were impressed with XM Group’s execution policy. Although they are a market maker broker, they have variable spreads and fractional pip pricing. This enables them to offer real-time execution and no requotes. The XM Group execution policy is well respected and, since being put into practice in 2010, they have had no rejection of orders and no requotes at all. Our review of XM Group discovered that 100% of orders with this broker are executed, and 99.35% are executed within 1 second.
As an XM Group client, you can open up to a maximum of 200 positions at any one time (including pending orders). Orders of up to 50 lots (5 million) can be filled with a simple click. If you want to trade larger quantities, you can either trade via phone or split the order into smaller sizes.
XM Group markets and products
XM Group offers over 1000 trading instruments in seven asset classes. Our reviewers think this makes XM Group the perfect broker for those looking to diversify their portfolio.
XM Markets and Products Instrument Number Currency Pairs 57 Equity Indices 30 Stocks 1,184 Precious Metals 4 Commodities 8 Energies 5 Shares 100
Forex currency pairs
At XM Group, our reviewers found that you can trade 57 currency pairs including majors, minors, and exotics. This gives you the chance to trade currencies you may not find elsewhere.
If you enjoy trading equity indices, then we think you’ll be more than impressed by XM Group’s offerings in this area. They offer the option to trade 30 equity indices, including 18 cash indices CFDs and 12 futures indices CFDs. This includes major indices such as Nasdaq, FTSE 100 and Nikkei 225.
Our XM Group review team counted almost 1,200 stock CFDs on offer. These come from 17 different countries: the USA, the UK, Germany, France, the Netherlands, Belgium, Switzerland, Spain, Greece, Italy, Portugal, Norway, Finland, Sweden, Austria, Australia, and Russia. As such, you should be able to always find stocks to trade which suit your interests and trading style.
In addition to the two common precious metal CFDs (Gold and Silver), XM Group also allows you to trade Palladium and Platinum CFDs.
Commodities and energies
XM Group offers 8 commodities and 5 energy CFDs. This is great news no matter what type of trader you are as commodity trading is perfect for beginners, due to low deposits, whilst oil is ideal for day traders looking for fast market movements.
At XM Group, you can trade shares of huge global companies such as Facebook, GM, and Marks and Spencer. Take advantage of trading the companies you know well or use XM Group’s Corporate Events calendar to strategically trade when company announcements are made.
Please note, shares can only be traded by clients with an XM Global account (non-European clients).
Whilst XM Group does allow copy trading, it does not offer a specific copy trading account type or platform. This was disappointing to our XM Group review team, especially since the broker used to offer the Mirror Trader platform.
All XM Group account holders can use the MT4 mobile trading platform to enjoy smooth and secure trading on-the-go. In fact, the mobile experience at XM Group rivals many other desktop platforms.
With the MT4 mobile trading platform app, you still have access to an abundance of data and professional charting services. Our XM Group broker review team also found the app to be extremely accessible and easy to use on both iOS and Android devices. Simply download it from the Apple App Store or Google Play Store, log in with your XM broker credentials and you will be ready to start trading.
Alongside educational materials, XM Group offers an array of research tools to ensure you get the most from your trades. The broker offers analytical content, created by an in-house team of trading experts. They also offer trading signals, economic calendars, and news analysis.
XM Group clients can use trading signals and technical indicators created by industry guru, Avramis Despotis. These signals cover 10 financial instruments and are released twice a day. You can also access MQL5 signals via the MT4 and MT5 platforms.
You won’t be short of technical analysis at XM Group either. In addition to traditional technical analysis, you can also use the broker’s Trade Ideas and Technical Summaries to make more educated trades. Moreover, you can keep up to date with market news via their own news hub.
Education and training
The XM Group learning center provides access to a huge range of amazing forex learning guides to help you further your forex education and assist in your development as a broker. These include video tutorials and webinars with some of the top experts in the industry.
Whether you are a new trader who needs a little help or you’re already well on your way to becoming the best trader you can be, the XM Group online broker Research and Education Center is sure to be a useful tool.
XM Group customer support
XM Group boasts a professional support team to help you through any difficulties which may arise. Support services are available via telephone, email, and live chat, and these are available 24 hours a day, from Monday to Friday.
During our review of XM Group forex broker, we found the support staff to be both well-informed and quick to reply. There’s also a comprehensive FAQ guide which provides you with detailed answers on everything from fees to using the trading platform.
XM Group’s thorough support options should give you peace of mind every time you trade. You can rest assured help is always at hand and that this online broker is committed to making sure you’re always confident in what you’re doing.
XM Group – Our verdict
XM Group is a very popular broker with an excellent reputation, and it’s clear to see why from this review. With low costs, trusted regulation, great educational services, and attentive customer support, XM Group is a solid choice of broker for both new and experienced traders.
Complete the easy sign-up process at XM Group today to start trading with one of the best brokers around.