XM Reviews & Ratings
License: FCA UK, CySEC, ASIC
USA Accepted: No
Trust Score: 99
An impressive organisation putting their money into some big brand exposure activity, sponsoring the worlds fastest man, Usain Bolt. A lot of bonuses and competitions to take part in, making XM one of the highest recommended brokers on our list. Very friendly for new traders with an extensive education / learning section.
Sleek, modern appeal for the "new age" trader
I stumbled across XM forex trading by way of a banner advertising a million dollar forex trading competition. After visiting the website, I was impressed by the very modern feel, they look very much like a forex broker targeting the younger generation.
On their website they also proudly display their sponsorship of Usain Bolt which couldn't have been cheap. I always take notice of companies that engage global superstars as brand ambassadors because the truth is, these types of relationships are very much controlled and dictated by the celebrity. A personality like Usain Bolt has a huge reputation to uphold, countless sponsorship offers and is a mega brand in itself so they would have taken great care in only selecting reputatble businesses to promote. Therefore, XM receives a big boost of credibility in my books.
Opening my account
Very straight forward. Enter details, confirm an e-mail, login and I was requested to upload ID documents through their website. All went smoothly. Within 24 hours, I had a call from my account manager who introduced herself and let me know that I can get in touch with her at any time for assistance. Within another 24 hours, my documents were all verified and I was ready to go.
The million dollar competition
In truth, I signed up so that I could take part in the million dollar trading challenge. Of course I must open an account at many brokers so that I can report here for this website.
The competition details can be found at www.xm.com/forex-world-championship/overview but in short, there are 10 rounds of play, each round lasting a calendar month. You start with $10,000 virtual currency and try to make it into the top 5. There are cash prizes for finishing in the top placings each month and the top 5 places gain entry into the semi finals. The winner of the grand final wins a cool $150,000. Not bad for a free game based on skill as well.
XM have done everything so well to attract what I would call "new age" traders (people in their 20's, disposable income, looking for a challenging investment) and ensure that the biggest hurdle for any new trader, education, is covered from top to bottom. The market is tough to grasp so a lot of people need some guidance in understanding all those terms, the charts, the patterns, etc. Sure you can have random fun with a $100,000 demo account but at the end of the day, discplined trading follows a strategy and without anything to learn from, it makes it difficult to want to jump in to real money trading.
Traders of any level should feel extremely comfortable working through the extensive education section at XM.
Key benefits of trading with XM
- Real-time market execution with no re-quotes and no rejection of orders
- 16 MT4- and MT5-based platforms for seamless trading operations
- The same fair trading conditions for every client
- Personal Account Managers in over 30 languages
- Free trading signals in over 25 languages
- Free live webinars in over 16 languages
- Daily technical analysis and market reviews in multiple languages
- Regular on-site seminars in various countries in the world
XM User ReviewsNo user reviews submitted yet
$30 Free to trade
The current promotion awards each new client $30 without any deposit requirement to start trading.
What is Trust Score?
This is a rating out of 100 which we calculate for each broker based on a combination of factors, all of which you will find below on the scorecard.
Every broker starts with a base score of 100 and we subtract points according to what criteria they match in each category.
Whilst Trust Score provides a good insight into the broker's reputation, our overall rankings are based off our own thorough reviews plus the user reviews. Therefore, brokers with a high Trust Score aren't always guaranteed to be ranked at the top.
XM Scorecard - 99 / 100
Major sponsorships: The fastest man on the planet, Usain Bolt is sponsored by XM. This provides a large credibility boost for this broker as Usain Bolt would only be associating himself with brands that can further enhance his reputation.
|Category & Criteria||Point Deduction||Score|
|Years in operation|
|Over 10 years||0||0|
|Between 5-10 years||-1||-1|
|Between 1-5 years||-2||0|
|Less than a year||-10||0|
|No phone number||-10||0|
|No e-mail address||-10||0|
|No live chat||-2||0|
|Social media accounts|
|No Facebook page||-5||0|
|No LinkedIn page||-5||0|
|No Twitter account||-3||0|
|No YouTube channel||-1||0|
|No Google+ account||-1||0|
|No Instagram account||-1||0|
|Not on Apple App Store||-5||0|
|Not on Google Play||-5||0|
|Major partnerships / Public Exposure|
|No major partnerships||-5||0|
|No negative balance protection||-20||0|
Rules: You must fill in all fields. Your ID is only used to verify with the broker that you are a real user to ensure that all reviews are fair.