XM
Quick summary
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.
Newbie friendly
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
All XM bonuses and promotions are subject to terms and conditions, including different bonus amounts and limited availability in some countries. Please check the eligibility rules on the website for more information.
| Deposit | Bonus Amount | Bonus Code |
|---|---|---|
| $0 | $30 | None required |
| Up to $1000 | Up to $500 | None required |
| Up to $23,500 | Up to $5000 | None required |
$30* No deposit bonus
Open a new account with XM and receive $30 or the equivalent in your chosen currency without making a deposit. The money is automatically credited to your account. The bonus can’t be withdrawn but any profits you make can be withdrawn. An excellent way to get started trading real money without having to put up your own. Highly recommended.
Up to $5,000* in deposit bonuses
You can receive up to $5,000 (or your currency equivalent) in additional bonus funds through a 2 tier deposit bonus system. You will receive a 50% bonus on your deposit up to a maximum of $500, then 20% on any amount over to make up to another $4,500 in bonuses. In other words, if you deposited $5,000 you would receive:
- 50% bonus on your first $1,000 which would give you $500 bonus funds and reach the limit of the first tier
- 20% bonus on your remaining $4,000 which would give you $800 bonus funds
- Your total account balance therefore would be $6,300 (Your $5,000 deposit + $500 bonus + $800 bonus)
So this means to receive the maximum $5,000 bonus you would need to deposit $23,500 which is broken down as follows:
- The first $1,000 gives you a 50% bonus which is $500
- The remaining $22,500 gives you a 20% bonus which is $4,500
- Together, the bonus amount is $5,000 on your deposit of $23,500
Our opinion is that this is the best value bonus available right now from the reputable brokers.
Loyalty reward points
You can earn loyalty points through every trade and convert them to bonus funds. Points can be earned from even the smallest micro lot transactions so this is a great way to build up additional credit as you trade.
This ensures that as a client of XM you are consistently rewarded for trading, regardless of whether you are winning or not.
XM Regulation & Licenses
Where is XM Regulated?
XM is authorised and regulated in 3 countries: Australia (ASIC), Cyprus (CySec) and the United Kingdon (FCA).
You can view the licenses: ASIC, FCA, CySec
With Australia and the UK both having very strong reputations as stable, first world countries, you can be assured that your dealings with XM are safe and secure.
Furthermore, XM is registered in 10 European countries including Germany, Spain, Italy and France.
Our opinion is that XM is undoubtedly one of the leading forex brokers in the global market.
Minimum & Maximum Deposits / Withdrawals
XM Deposits Summary Table
| Deposit Method | Minimum | Maximum | Fees |
|---|---|---|---|
| Credit Card, Neteller, Skrill | 5 USD | Varies by method | XM |
| Bank Wire | 200 USD | Varies by bank | Sender pays bank wire fee |
XM Minimum Deposit
The minimum deposit at XM is 5 USD or the equivalent in any other currency when depositing via credit card or electronic payment (Neteller or Skrill). All fees are covered by XM. If you are depositing by bank wire, the minimum is 200 USD or the equivalent in any other currency. Fees in this case are only covered on the receiver’s side. You will have to pay whatever your bank charges you for a wire transfer.
XM Maximum Deposit
The maximum deposit at XM will generally be limited by your deposit source. Bank transfers are the best option if you wish to deposit a large sum of money for your trading account.
Please note that deposits can only be made from account in the same name as your trading account.
Paypal does not appear to be an option for depositing at XM.
XM Withdrawals Summary Table
| Withdrawal Method | Minimum | Maximum | Fees |
|---|---|---|---|
| Credit Card, Neteller, Skrill | 5 USD | Varies by method | XM |
| Bank Wire | 200 USD | Varies by bank | XM pays bank wire fee |
XM Withdrawals
The minimum withdrawal methods and amounts are exactly the same as deposits. Once again, XM cover fees and do not charge any fees for withdrawals. This is why we believe that XM are one of the best forex brokers.
XM Bad Reviews
Is XM a Scam?
Our verdict is NO. We found that XM representitives were very prompt in replying to all claims made through popular online forex forums. The result of most cases involved customer fraud – people opening multiple accounts, claiming multiple bonuses or not understanding the terms and conditions of trading. We also saw some cases where XM appeared to be at fault, but they were all resolved properly by XM.
We are satisfied that XM handles complaints efficiently. There are no obligations for any forex broker to participate in 3rd party forums but XM make an effort to be available and that’s a very big positive.
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 | 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 |
| Contact methods | ||
| 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 |
| App acceptances | ||
| Not on Apple App Store | -5 | 0 |
| Not on Google Play | -5 | 0 |
| Major partnerships / Public Exposure | ||
| No major partnerships | -5 | 0 |
| Client security | ||
| No negative balance protection | -20 | 0 |
Forex brokers who are listed on our website must be regulated with at least one regulatory body.