XEMarkets – The Best Forex Broker?
Read our XEMarkets Forex broker review below...
...XMarkets is a financial services provider governed by European Union law and which provides the opportunity for online trading on the global financial markets. They position their services to the company as the most reliable and secure.
XEMarkets customers have direct access to the financial markets of more than 1000 financial instruments, including currency, stock indices, precious metals and energy, in terms of transparent real-time pricing, the lowest spreads and flexible financial leverage.
Great educational tools
Low trading fees
Low trading spreads
Fast trade execution
Excellent broker reputation
Scalping for trading is allowed
Only CFDs and Forex offered
Limited research tools
No Forex options
Fee for the inactivity of the account
Bonuses not offered for EU traders
Not available for USA traders
XEMarkets is a foreign exchange trading firm based in Cyprus and was established in June 2009. It is licensed with the Cyprus Securities and Exchange Commission (CySEC) with license number 120/10. It started its online operation in 2012 and was formerly known as Trading Point of financial Instruments.
It operates in accordance with the Cypriot Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(1)/2007). It is registered with the UK Financial Conduct Authority (FCA), with reference number 538324. It complies with the Markets in Financial Instruments Directive (MIFID) with license number HE 251334. It works under full European Union authorization including the Finanssivalvonta Finansinspektionen (FIN) of Finland; Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) of Germany with registration number 124161; Autoriteit Financiële Markten (AFM), Netherlands; Comisión Nacional del Mercado de Valores (CNMV) of Spain with registration number 2010157773; and the Finansinspektionen (FI) of Sweden.
XEMarket supports MetaTrader 4/5 (PC, Mobile, iPhone and iPad, Blackberry, Android and WebTrader) for its client trades. This allows clients to make their trades from their computer. These trading platforms also allow the programming of trading strategies for automated trades. Additionally, these platforms also have powerful charting capabilities for technical analysis and trades. These platforms are user-friendly and can be good tools for novice traders as well as for experienced players.
Trading conditions of the company attract not only professional traders, but also beginners. You can start here with just $5, and the allowable leverage ranges from 1:1 to 1:888. The spread at the same time is very miserable. Starting at 0 pips for Zero accounts. As assets at XM, you can use: currencies, stocks, CFDs, metals, energies, indices, commodities. In addition, company customers can take advantage of free signals from market experts and the rollover function to minimize commissions.
If you decide to open a real account in the company, then you will be given a choice of 3 types of account:
- Micro. This type of trade deposit is ideal for beginners. The minimum replenishment amount here will be $5, the spread from one point, and one market lot is 1000;
- Standard. The starting deposit for this account is the same as for the previous one. The differences here are in the lot size of 100000 and some additional parameters;
- XM Zero. This is an account with zero spreads and the ability to use built-in advisers. However, the minimum replenishment in this case will already be $100.
You can familiarize yourself with additional parameters of trade deposits in the «Trade» section on the XM official website.
Accounts can be funded via Bank Transfer, Debit and Credit cards, Skrill, Liberty Reserve, WebMoney, Neteller, Sofort, iDeal, Western Union and MoneyGram. The account currencies include the following United States dollar, Euro, United Kingdom pound, Swiss franc, Japanese yen and Australian dollar. All withdrawals except bank transfers are made within 24 hours. At the same time, the broker does not charge any additional fees. XEMarket provides a safe service, the money of traders is stored in separate accounts separately from the company’s own funds. All transactions, both commercial and non-trading, are conducted through encrypted channels.
Customer support is available via phone, live chat, email, Skype and callback. The support is available in the following languages: English, French, Italian, Spanish, Dutch, Greek, Russian, Polish, Arabic, Chinese, Japanese, Malay and Indonesian. To ask a question to a support service employee it is enough to use live chat or click on the «Support» button in the header of the site. The consultant will immediately help you with any problem.
The very low amount of money ($5) needed to start an account is one advantage of XEMarket. It aims to cater to small traders as well as wealthy investors. As far as the broker is concerned, the money could be pooled with other investors for split lot trading. It also offers a 100% Bonus program for its clients. Clients have praised the support for their timely assistance. This is a big feature and advantage which foreign exchange client/traders love. It offers convenient web and mobile trading. This can be a good forex trading broker for beginners because of its very low initial starting account. User reviews have harped on the bonus program, but it seems that the conditions were not met by the clients which led to some misunderstandings.
XM FAQ on the broker
1 Is XM a regulated broker?
Yes, XM is regulated by FCA, CySEC, ASIC, MIFID, BaFin in Cyprus and others.
2 What trading platforms does XM offer?
XM offers the full suite of MT4, MT5, Web.
3 What is XM maximum leverage?
Maximum leverage at XM is 1:888.
4 What methods can I use to deposit and withdraw funds on XM?
Deposits and withdrawals with this broker can be done using these methods: Bank Transfer, Credit Cards, Skrill, Liberty Reserve, WebMoney, Neteller, Sofort, iDeal, Western Union, MoneyGram.
5 What is the spread of the XM broker?
The spread for this broker is on average XM is 0.6 - 5 pips.
6 What’s the minimum deposit to open a Live account at XM?
The minimum deposit to open a Live account is 5 USD.
7 What cryptocurrencies are available at XM?
Sorry, but this broker does not support cryptocurrency trading.
8 In what currency can I open an account with XM?
With this brokers you can open an account in currencies: USD, AUD, EUR, GBP, CHF, RUB, JPY, HUF, ZAR, PLN, SGD.
9 What Trading Instruments are available at XM?
On XM, you can trade financial instruments such as: Forex, CFDs, Commodities, Indices, Metals, Energies, Oil, Gold, Stocks.