A forex broker is a primary link between you and the markets. Your choice of broker can have a big impact on your profits, so it’s important to get it right. Some brokers are good, some are bad and some are just plain ugly. We’ve done the hard work for you by reviewing XM Forex, one of the leading brokers that puts customers first.
XM Forex is a well-known online forex broker that was founded back in 2009. The company is based in Cyprus and has been regulated by CySEC since May 2010. In addition, it is licensed in Australia by ASIC and in the United Kingdom by FCA.
Although XM Forex is not a bank, the broker acts as a financial intermediary between clients and the interbank market. The company’s mission is to provide its customers with the best possible trading conditions, including tight spreads and fast execution speeds. XM Forex also offers more than 1,000 financial instruments to trade.
In this XM Forex Review, we are going to shed more light on the benefits of this broker as well as point out some of its drawbacks. Keep reading to learn more about XM Forex.
Is XMRegulated?
XM Forex is a Cypriot broker founded in 2009 whose representatives claim to be regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC). However, it is important to note that XM Forex is actually owned by Trading Point of Financial Instruments Ltd, a company that is registered in Cyprus.
Furthermore, although CySEC (Cyprus Securities and Exchange Commission) claims that Trading Point of Financial Instruments Ltd is authorized to provide investment services and perform investment activities with respect to forex trading, there are no official statements or information on their website about this.
As mentioned above, XM Forex represents itself as an FCA and ASIC regulated company. In both cases, though, it seems like they have been only granted authorization by these authorities but not a full-fledged license. In other words, even though they have obtained authorization from these two regulators, they are still not allowed to provide their services in the UK or Australia.
XM Group is an online forex broker with more than three million clients, mostly in Europe. The broker offers several services to its customers, including zero-fee deposits, negative balance protection, and flexible leverage of up to 888:1. Additionally, XM Group is regulated in the United Kingdom, Cyprus, and Australia.
What Kind Of Investor Is XM Best For?
XM is best for experienced forex traders who are looking for minimal fees and a comprehensive product selection. Because of the broker’s complex fee structure and difficult-to-understand website, novice investors may find it hard to get started.
Who owns XM?
XM was founded as Trading Point of Financial Instruments Ltd in Limassol, Cyprus, and is currently headquartered there. According to its financial report from 2016, the company has seen a steady rise in net profit over the years.
Benefits of XM Forex Broker
XM Forex Broker is one of the best brokers in the market. Here we list some of its key features to help you decide whether this broker is for you.
1. Minimum deposit: XM Forex Broker’s ultra-low minimum deposit requirement makes it easier to get started as a new trader. This amount is also exceptionally low compared with that required by other major brokers, which are usually around $100.
2. Low fees: The fees charged by XM Forex Broker are generally low and comparable with those levied by other major brokers. Spreads are as low as 1 pip, while there is no minimum lot size, and leverage of up to 888:1 is available.
3. Wide range of instruments: With over 1300 instruments available, there’s something for almost every kind of trader at XM Forex Broker. These include a wide range of forex pairs, commodities, and indices, plus stocks, ETFs, and cryptocurrency CFDs (available via MT5 only).
4. Two trading platforms: You can choose between the popular MT4 or the newer MT5 platform to use with your XM Forex Broker account.
Final Words
As you can see, XM has a lot to offer its customers. From their great selection of assets to their fast and efficient customer service, they bring a lot to the table. If you are looking for a Forex broker that puts customers first, look no further than XM. Also, check out the best forex brokers malaysia list from Traders Union.
