XM is one of the youngest Forex trading brokers UK and yet has emerged into the market in a big way. They were established in 2009, and have their base in Cyprus, however they are covered by the FCA as well as being subjected to the strictest European regulations. They are therefore trusted and secure Forex brokers for you to choose.
Which Trading Platforms are Offered?
There are two available trading platforms offered by XM, Web Trader and Meta Trader 4. Both of these are convenient systems that are simple to access. Traders on the move will be pleased with Web Trader as there is no need to download any of the software to PC and therefore its live market information can be accessed via mobile devices. Although Meta Trader4 needs to be downloaded, it is a very user friendly system and so is very popular. Its clear interface and options to pick from either automatic or manual trading options are just some of its positive features, and it also allows those considering investing in an account the opportunity to practice with unlimited demo accounts before they finally commit their funds to an account.
Which Account Types are Available?
XM offer a Micro trading account, perfectly suited to those who are just entering the Forex trading scene. With a minimum deposit amount of just $5 it is ideal for finding your feet in the market. Those experienced traders who would prefer large contracts can take advantage of XM’s Standard trading account. If you are a very experienced investor who would like to make large deposits, the Executive account is only available to those who can deposit a minimum amount of $100,000. For Muslims wishing to trade under Sharia law, there is even an Islamic account available.
Those who would like to try out XM’s platforms and services before making a financial commitment can open a demonstration account before depositing any funds.
Other Useful Information About XM
As one of the best Forex brokers UK, XM never charge any fees or commissions on financial transactions so investors can enjoy 100% of their profits. It is important to note that, although no monthly fee is charged for holding an account, should it remain inactive for longer than 90 days there will be a $5 per month fee charged.
Spreads offered can vary depending on the account chosen. It is possible for the spread to be as low as 1 pip, but the average on a EUR/USD transaction is expected to be approximately 1.9 pips. XM’s pricing structure is fractional, with 5 digits rather than the traditional 4.
XM offer a wide range of currency pairs, with over 100 on offer. However, they also offer keen traders the option of varying their investments outside of the foreign currency market. Commodities, gold and silver, CFDs, oil, indices and traditional stocks are also permitted to be traded through XM’s trading platforms, allowing investors a greater spectrum of choice.
Depending on the type of account chosen, traders can expect different amounts of leverage to be offered. Those with a good track record and lots of experience in the market can even be offered leverages of up to 888:1.
XM are aware of the need to make sure that deposit and withdrawal systems are speedy and streamline, and they do not disappoint. There are several methods that can be chosen to deposit funds into an account, and also several methods available for withdrawal, including Neteller, MoneyBookers, IDEAL, Skrill, SOFORT, Western Union as well as bank transfers and credit and debit cards. Unfortunately, however, there is no PayPal option for transferring money into or out of an XM account.
The withdrawal of funds is efficient and speedy, with guaranteed processing within one working day, although funds may not be received in the investor’s account for up to 10 days depending on the third party service chosen. No withdrawal fee is charged, although traders should be aware that their third party service may take a percentage.
What is the XM Customer Service Experience Like?
Traders requiring assistance can contact the customer helpline 24 hours a day to find guidance relating to the trading platforms. With live chat, telephone or email customer service contact available, all investors regardless of their account type can find assistance from the multi-lingual team.
Trading platform dealing is open for business any all times between 22:05 GMT on Sundays and 22:05 on Fridays. Telephone trading is also available as the customer support team simply transmit orders to the 24 hour dealing room.
XM take the reliability of their trading platforms seriously and ensure that all transactions are speedy, usually under 1 second. They guarantee never to give re-quotes and there is only minimal time lag between real-time market prices and quotations.
Why Should I Choose XM for Forex Trading?
Those traders who choose XM can expect:
- Trading platforms that are easy to use
- A reliable and reputable broker
- Leverages offered up to 888:1
- No re-quotes guaranteed
- Excellent customer service during the working week
- Speedy withdrawal and convenient deposit services
- A range of tradable assets.
Traders should be aware however that there are some negative points:
- PayPal is not an option for deposits or withdrawals
- The top level account is only available to those who can afford a $100,000 deposit
- There is no customer service support available during the weekend