XM is a well known online trading broker owned by Trading Point Holding, an international CFD and foreign exchange broker that was established in 2009.
XM is an international broker that is regulated and supervised by three financial regulations,
- The Cyprus Securities and Exchange Commission (CySEC)
- The Australian Securities and Investments Commission (ASIC)
- The International Financial Services Commission of Belize (IFSC).
- MENA Limited, XM legal division, regulated and supervised by (DFSA) the Dubai Financial Services .
Opening XM Trading Account
XM is an international broker, so you can easily open a trading account with them wherever you are, except for these countries: Israel, Japan, the United States of America, China, Canada and New Zealand. You can open your account with XM easily, with a minimum of only $5 for one category of accounts, and a minimum of $100 for another category of accounts. A minimum of $50 for the last category of accounts. You can view them as shown in the picture. You will also notice the variety of account types with XM.
With XM it is very easy when it comes to opening a trading account. In just a few minutes, you can finish entering your personal data and the account is verified to start trading directly. The form is available in multiple languages as XM is an international broker. Swap – free account, In the interest of XM and other trading brokers to preserve the religious beliefs of all. It provides Islamic or interest-free accounts. Compliant with Islamic rules.
With these Islamic accounts, the company charges a fixed commission as long as you maintain your leverage overnight. Here we come to the steps to open a real account with XM – with pictures
- Basic data ” Full name – country – email – phone number – address – date of birth.
- Choose an account type and trading platform.
- Determine the base currencies.
- Leverage size.
- Some questions regarding your level of trading experience.
- Verify your identity.
Deposit & Withdraw & Fees
XM offers a $0 deposit fee. Deposit methods are possible via bank transfer or credit / debit cards. By bank transfer, the process may take several days. With the bank card, the process takes place instantly. XM also offers a $0 withdrawal fee. But in the case that bank transfer is used as a withdrawal method, an amount of $15 will be deducted. Withdrawal process only takes 2 business days.
Note that in the process of withdrawing, you must withdraw a value equal to the amount that you deposited with the credit / debit cards. But if you want to withdraw a higher value, the only solution is a bank transfer. XM Fees, The question that always comes first, which to some extent favors one broker over the others. What are the brokers’ fees?
You should distinguish between two types of fees, the first being the fees for opening and closing deals & trades, which are represented in the spread, and the swap – free in Islamic accounts. The second is the fees related to withdrawals and deposits and also for inactivity of the account for a period of time.
Now, the vision has become clearer for you, and you can read the broker’s fees better and understand all of its details. Let’s start with the trading fees we mentioned in the first category, which includes opening and closing the trade. And you should think about it in both directions when opening and closing the position. XM comes as a competitive broker in these fees, as through its accounts, we focus here on the common account, which is the standard account.
Spread with XM
- Micro Account
- Standard Account
- XM Ultra Low Account
- Shares Account
- XM Zero
The cost on the EUR / USD currency pair is 1.7 pips “Standard Account”, however the cost drops to 0.8 pips with an XM 0 “ECN Account”. Given that the broker XM sets the minimum to open an account is only $5, meaning that these fees for the size of relatively small accounts meaning less than $1000, for example, are competitive prices.
If you are thinking of investing a larger amount than that, you will think of other solutions, whether by choosing the type of ECN account with XM, or by comparing the company with other brokers in the industry to serve your investment goal in the end. With this we may have covered the first class of fees for opening and closing trades and their costs for you. Let’s now move to the second category of fees that we mentioned above.
Islamic accounts and overnight swaps. The matter here is usually a net fee applied on a daily basis to trading operations. In theory, these fees go back to the next day that is applied in banks. Most brokers sometimes offer inappropriate prices that make trading costly. But with XM, their fees are due to the bank market’s next rates next with their margin & commission added for sure. Therefore, XM in this category of fees is also competitive for investors & traders who open trades and hold them for periods of time up to two days, for example.
The final part that we will talk about here regarding the fees of brokers and especially the broker we are talking about in this article “XM”. Fees for withdrawals and deposits. XM charges inactive accounts $ 5 a month after a 90-day of inactivity. XM offers a free deposit and withdrawal service without any charge, except in the case of funds less than $200 with a bank transfer. This fee makes great sense for most traders. Especially compared to other brokers in the industry, XM is very competitive at this point with its versatility and ease of payment.
Therefore, we can now get out of these details thus, XM offers competitive fees for traders and accounts less than $1000. In addition, the XM Zero account is suitable for all types of deposits.
XM User Experience
XM is one of the strongest brokers in the world in the degree of client preservation and always providing the best in a way that ensures strengthening the continuation of the client with them and attracting new clients. Hence the XM Prepaid Card Early last year, 2020, XM presented us with a new solution that was expected by everyone: XM Prepaid Cards
XM USD MasterCard & XM EUR MasterCard & XM USD Shanghai (China Union Pay. Unfortunately, the service has been suspended by XM. It is not new, as it is a general trend by brokers around the world to provide card service to clients, making it easier for them to manage their money, withdraw and deposit processes with ease.
FinTech companies spread in the world and in the European Union are working to restore and provide this service to clients, even if on the scale of Europe. Therefore, we may return again to seeing Prepaid cards available to clients in order to facilitate trading and provide a distinctive experience that will definitely attract many individuals to the trading experience in general.
XM offered its smart cards free of charge to traders with portfolios over $2000. Also, you could only charge them separately for $10. MasterCard is the partner that has always made a kind of success and expansion upon its participation in providing such services, especially due to its reputation, wide spread and strong infrastructure.
All the reasons on the ground that justify what happened to cancel this service is that it is not in agreement with the AML anti-money laundering policy, as you acknowledge that the broker must respect that the withdrawal process is in the same way as the deposit process.
Therefore, the companies suspended the service due to the fact that the financial partner and FinTech are located in the European Union and they are obligated to abide by the policies and laws. However, news remains that an international solution may be on the way, because it is indeed a distinguished experience and must be generalized and codified. We are seeing Bitcoin debit and credit cards now, so soon we hope that these solutions will return.
XM provides its clients with technical support to answer any inquiries you need. Where you can reach technical support by just a phone call, live chat, or browse their blog and the FAQs , where you can find what you want. you can choose your native language to communicate from among the languages supported by XM. This makes it relatively easier to explain what you want.
The service is available 24/5 from Monday to Friday during the global financial markets. The languages available with XM are English, Greek, Japanese, Chinese, Bahasa Malay, Indonesian, Hungarian, Russian, French, Spanish, Italian, German, Polish, Hindi, Arabic, Korean, Portuguese, Czech, Slovak, Bulgarian, Romanian, Dutch.
XM Final Thought
XM is a safe broker as it is regulated and supervised by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission of Belize (IFSC). In addition to Trading Point MENA Limited, XM legal division, regulated and supervised by (DFSA) the Dubai Financial Services
- The first offer is a 100% deposit bonus, the value is up to $5000. It is worth noting here, that you cannot withdraw any money from this offer, before you trade more than 500 contracts in the first 30 days from the date of depositing funds in your account. Profile.
It is somewhat difficult for a trader who deposits an amount of money to trade successfully in his first 30 days with a value of $ 50 million.
- The second offer from XM is the XM Loyalty Program, where you can win endless cashbacks.