Reviewing XM – Which XM Account Type Should You Use?
- Website: www.xm.com
- Office address:
- Level 13, 167 Macquarie House, Macquarie Street,
- Sydney 2000, NSW, Australia
- Second office address:
- Citypoint Building 1 Ropemaker Street, EC2Y 9HT London, UK
XM is one of the largest Forex brokers around the world. Established in 2009, XM offers its services to traders from over 195 countries around the world. Over the past few years, the company has managed to attract over 5 million clients.
Being a true industry leader, XM supports more than 30 languages and offers traders 24/5 personal customer support services. XM focuses on the safety and security of its clients and has received licenses from leading regulatory agencies around the world. The broker claims that its main priority is the safety and security of the client funds.
The team behind XM consists of over 600 professionals, who work very hard to offer traders unparalleled services. Among many other things, XM broker account types ensure that traders of all interests can find something that fits their needs.
Over the years, the broker has adopted different types of policies to ensure the highest safety standards for its clients. Today, we are going to discuss what makes XM one of the leading brokers in the industry. So, follow our review of XM and start trading today!
XM – A Quick Overview
As we have already mentioned, the broker was established many years ago, back in 2009. Since then, the company has partnered with numerous industry experts and has managed to become a true market leader.
One of the best things about XM is the XM trading account types, low fees and commissions, tight spreads, numerous trading assets, and high standards of safety and security.
The broker also offers traders two of the best-known trading platforms in the market, MT4, and MT5. These trading platforms are very well-known around the world and are used by the majority of Forex traders. The broker also offers mobile applications for trading.
Review of XM Broker – Regulations
Before you decide whether you want to create XM ultra low account vs standard account or any other, let’s discuss the safety and security of the Forex broker.
As we have already mentioned above, XM is one of the safest FX brokers in the market today. But, what makes it such a safe and secure brokerage? One of the things that guarantee the safety and security of the clients of XM is the regulatory framework that the broker has to follow.
As we have already mentioned, XM Is a global Forex broker, offering services to citizens of over 190 countries. To be able to offer services to so many traders around the world, XM had to get licenses from regulatory agencies around the world.
XM is regulated by a total of three regulatory agencies around the world. They are the Cyprus Securities and Exchange Commission, CySEC, the Australian Securities and Investments Commission, ASIC, and the International Financial Services Commission of Belize, IFSC.
Thanks to these licenses, XM can offer its services to traders around the world. CySEC gives XM the ability to offer European traders its services.
All of the regulatory bodies that XM is licensed by are working very hard to make sure that the services of the company are safe and secure. Thanks to this, you can go through XM different types of accounts and find the one that fits your needs the best without having to worry about the safety and security of the broker.
XM Account Types – Which One Should You Use and Why?
There are numerous account types offered by XM. All of them are very exceptional and offer traders different types of conditions.
These accounts offer traders and clients of XM to trade with micro as well as standard lots, have unlimited access to the MT4 and MT5 Expert Advisors, enjoy the free and regular intra-day market updates and technical analysis as well as very fast execution and 24/5 available customer support team.
Here are the available XM.com account types:
- Micro Account
- Standard Account
- XM Ultra Low Micro Account
- Shares Account
All of these accounts are very popular among the clients of the broker but they are very different from one another. The main idea behind offering so many different accounts to traders is to make sure that anyone can find something that they are looking for in the market.
To better understand how each of these accounts works and which one you should create, we will discuss these account types one by one. So, let’s find out which is the best account for your personal interests in the market.
XM Micro Account
If you look at the account types available at XM, you will notice that they are divided into several different types. For example, there is an account that is called Micro Account. The name of this account comes from the lots.
As you might already know, in the Forex trading market, there are different types of lots. A micro lot in Forex trading equals 1,000 units of the asset you are trading. Thus, the contract size for Micro Account traders is 1,000.
The leverage for Micro Account holders is from 1:1 to 1:888, for positions worth $5-$20,000. On the other hand, the leverage for positions up to $100,000 should be at or below 1:200. As for positions over $100,000, they can only be traded with leverage up to 1:100.
But, this is not the only account that you can create at XM. Other very popular accounts are XM ultra low standard account types, which are used by the clients of the broker very actively.
XM micro account can be a great choice for traders who are just getting started in the market and do not want to lose more money than they can afford. This account is very popular and is used by a huge majority of the newcomers at XM.
To open this account type XM, you will be required to deposit a minimum of $5.
A standard account is one of the top choices when it comes to XM. The name of this account is also created according to the names of different types of slots. A standard lot in the Forex trading market equals 100,000 units of a currency.
Thus, the contract size for standard account traders is also 100,000. Leverage works exactly the same as it works for Micro Account, 1:1 to 1:888 for trading between $5 and $20,000, up to 1:200 for positions below $100,000. Lastly, the maximum leverage for those trading positions over $100,000, is limited to 1:100.
This might not be the best XM account type for beginners. Rather, it is mostly used by those who already have some experience in the Forex trading market. The minimum deposit for this account is the same as it was for Micro Account – $5.
If you are a trader who already has substantial experience and knowledge in the market and you do not want to trade using beginner or small accounts, it might be better to go with a standard account.
There are numerous Forex traders that are using this account type because it offers everything that a trader would want from a Forex broker. Since XM standard account minimum deposit does not differ from the other accounts, it can be created by even those who do not want to invest a lot of money in the market initially.
XM Ultra-Low Account Review
XM Ultra Low account is one of the best choices when it comes to beginner Forex traders. This account is used by a huge majority of beginners who want to grow as traders while also making small profits in the market.
The leverage for this account works exactly the same as it works for the other two account types. There are two variations of the XM ultra-low account.
They are ultra low standard account and ultra-low micro account. The contract size of a standard ultra account is 1 lot, which equals 100,000 units of a currency, and the contract size for micro ultra is 1,000.
There are some differences between XM ultra low standard vs standard that traders should understand before they decide which one to use. If you are a complete beginner in the market, it might be a better choice to use the ultra-low version, as it offers you the opportunity to trade with very little money and grow as a trader.
Among the different XM types of accounts is Shares Account. This account uses only USD as the base currency, and the contract size is one share. The clients of XM using Shares Account are not able to use leverage, and the spreads are applied as per the underlying exchange.
The maximum opening and pending orders per client with this account is 50 positions. The minimum trade volume is 1 lot. To create this account, you will be required to deposit a minimum of $10,000.
While the majority of the previously discussed accounts, including XM micro vs ultra low micro accounts, are great choices for beginner traders, there are other offering that XM has.
If you are a Forex trader with almost no experience in the Forex trading market, it might be better for you to start trading using a demo account. A demo account is a great way to get started in the Forex trading market and it offers you the opportunity to access the market without any issues.
Demo account unlike XM standard vs ultra low, or any others available at XM, do not require you to make any deposits. When you open a demo account, you will receive virtual funds from the broker which you can use to trade and gain more experience in the market.
However, keep in mind that while a demo account can be a great choice for beginner traders, there still are some drawbacks to using this account. One of the biggest disadvantages is that it can’t teach you how to control your emotions while trading.
Because of this, it might be better to slowly start using live accounts and don’t get used to trading without your real money too much.
That said, a demo account is used by even experienced traders very frequently. It is very common for traders to go back to the demo account to test out different types of trading strategies and so on. You can also use ultra low standard XM account and micro account to practice more in the market.
As we have already noted, XM is a global Forex broker. To make sure that clients of all different backgrounds are able to trade with the broker, it offers the swap-free, also known as Islamic Forex trading account.
You can create the Islamic version of any of the available trading platforms at XM. However, make sure to always contact the Forex broker first and let them know that you want to create an Islamic account.
Islamic accounts in the Forex trading market refer to the account types that prohibit accumulation, collection, or payment of interest rates. This is why they are called swap-free accounts, their holders do not pay swaps.
What is the best XM account type?
Depending on your needs, you can create any of the above-mentioned account types. All of them are very good and there are millions of people using them very actively. If you are a beginner trader, it might be better to choose one of the smaller accounts – micro or ultra low account.
On the other hand, if you already have enough experience in the market and want to make the best out of the Forex trading market, it would be a better choice to go with the standard account.
Keep in mind that the XM minimum deposit is the same for every account – $5. Thus, you can create any of the trading platforms that sound attractive to you. In fact, you can even hold multiple accounts at XM. The broker offers traders the ability to create up to 10 trading accounts and 1 shares account.
Trading Platforms of XM
Our review of XM shows that the Forex broker offers traders access to trading platforms such as MetaTrader 4 and MetaTrader 5. Both of these trading platforms are very well-known in the market and they are used by millions of traders around the world.
Both MT4 and MT5 are very well-known around the world. Created by the same software development company, MT4 was released in 2005, while MT5 was released in 2010.
MT4 and MT5 are very similar to one another, yet, they are still different. MT4 is mostly used for Forex trading, while MT5 also offers traders access to other trading assets.
Mobile Trading at XM Reviewed
Over the past few years, mobile trading has become very popular around the world. There are numerous companies that have created trading applications for mobile phones. XM is no exception and it offers its clients the opportunity to trade Forex whenever and wherever they want to by using mobile trading platforms.
The trading platforms for smartphones are available for both Android and iOS devices and can be used by holders of both of these devices. Traders can use the same XM Forex account types for mobile trading and desktop trading.
The broker also offers traders a web-based trading platform, which can be used directly through a browser without having to download anything.
Bonuses & Promotions of XM
While reviewing XM, we found that the Forex broker offers traders different types of bonuses and promotions created to help them increase their final profits in the market.
Among the bonuses and promotions available at XM are a 30% trading bonus, 50% deposit bonus up to $500, 20% deposit bonus up to $4,500, and a special referral program. The broker frequently updates its bonuses and promotions on its website.
Pros & Cons of XM
Pro – XM is licensed by leading regulatory agencies around the world, including CySEC, ASIC, and IFSC
Pro – Offers traders different types of accounts that can fit the needs of any trader
Pro – XM is available in over 190 countries and has over 5 million clients
Pro – Offers traders access to numerous assets, including Forex, shares, indices, and others
Con – Not available in the US due to the local regulations
FAQs on XM
Is XM a good broker?
Yes, XM is a very good Forex broker. Licensed by some of the most reputable Forex regulators, XM is able to offer its clients safe and secure trading services. The Forex broker is available in over 190 countries around the world and due to its competitive services, it has as many as 5 million clients.
There are numerous XM.com account types available at the Forex broker, making sure that anyone can find something that fits their personal trading needs.
What is the minimum deposit for the XM standard account?
The minimum deposit for XM standard account is just $5. In general, no matter which accounts you are using, the minimum deposit is the same. For example, for the XM ultra low micro minimum deposit is $5 as well as for regular micro account. The only difference is the Shares Account, for this type of account, the minimum deposit is $10,000.
Is XM good for beginners?
Yes, XM can be considered a good Forex broker for beginner traders. Known for its numerous promotions and bonuses, there is a lot of things that XM has to offer to beginner traders. Apart from that, there are numerous XM account types available at this Forex broker that can be created by beginner traders according to their own needs and wants in the market.
XM also offers beginners numerous educational materials which can be used by Forex traders to grow as traders and learn more about the market. Thus, XM can be a great brokerage for beginners.