XM is a trading name of the Cypriot financial company Trading Point Holdings Ltd that is regulated by the Cyprus Securities and Exchange Commission (CySEC). The headquarter of XM is in Cyprus with offices in Hungary and Greece. Company claims to have more than 1 million clients from 196 countries at the beginning of March 2017.
XM offers over 300 instruments divided into currency pairs, shares, commodities and energy indices.
Clients can trade with MetaTrader 4 or MetaTrader 5, two of the most popular trading platforms around the world, available for PC, MAC, smartphones and tablets. Customers should know that choosing MT4 as an account platform doesn’t allow neither trading of shares, nor access to XM WebTrader (that is included in the MT5 family of platforms).
There are three categories of accounts:
- Micro account requires a minimum deposit of USD5, spreads on all major currency pairs start from 1 pip and 1 lot is 1,000 units of the instrument;
- Standard account requires a minimum deposit of USD5, spreads on all majors start from 1 pip and 1 lot is 100,000 units of the instrument;
- XM Zero account requires a minimum deposit of USD100, spreads on all major currency pairs start from near 0 pips and 1 lot is 100,000 units.
XM claims that over 99% of deals are executed within 1 second, there are no re-quotes or rejected orders. However, the execution policy shows that under certain circumstances XM could decline an order or execute it at the first available market price, which means slippage exists. Furthermore, during announcement of important news or volatile markets, stop loss and pending orders are executed at the first available market price, which means they are not guaranteed.
The maximum leverage is 1:500 and this could lead to a greater risk of loss. However, there is negative balance protection that means traders cannot owe money to their broker. Platforms closes all open positions, if the equity falls below 20% of the necessary margin.
XM doesn’t transmit all client’s orders in the external market, so it acts as a market maker and this could lead to potential conflicts of interests with customers.
Company provides some useful services such as daily access to trading signals, video tutorials, free daily analysis and free access to market research.