XM: reviews about the broker in 2021

Do you want to know if XM is it a scam or is it legit? On this page you will find all the necessary information about the XM CFD broker: reviews, licenses and product offer to get to the answer that it is not a scam, since follow the CySEC regulations .

The fundamental service of this company is investing in CFDs or contracts for difference, a very attractive financial instrument, offered by most online brokers, which has gained great popularity in recent times due to the spectacular returns that can be achieved and the great diversification capacity that it confers.

The company was founded in 2009 and the extensive experience it has in the field of financial investments is reflected in all aspects of its product and service offering. With all this, it is not surprising that it currently has more than 5 million customers from 196 countries .

The operator of the XM online platform, Trading Point of Financial Instruments Ltd, is authorized by the Cyprus Securities and Exchange Commission (CySEC) and it has license No120 / 10, carrying out its activity in New Zealand legally through the dollarpeo financial passport regime, which we can consider as a guarantee that XM is not a scam, but that it is a safe and reliable broker like the others online brokers in New Zealand that we recommend to you.

The users of this broker in trading with CFDs have the MegaTrader 4 and MegaTrader 5 platforms in versions for computers with different operating systems and mobile applications for phones and tablets with Android and iOS.

Without a doubt, XM is positioned among the best CFD brokers having assets to invest such as stocks, currencies, news wooes, stock indices and many more.

Our experience with XM

To find out if XM is a safe broker like eToro , for example, we have researched the information they offer about their security measures and regulations. Some aspects that must be taken into account to decide if a company is a scam are: the existence of a physical address and a telephone , because not many scammers create a real infrastructure for their crimes.

In addition, in a particularly sensitive section such as investment, regulations affecting the company should be analyzed , if you have a formalized complaint system, the security of the website itself and the transparency of its terms and conditions.

All this is what we have analyzed in our research and as a general summary, we can say that in this case it is not a fraud or scam , since XM holds a license from CySEC. Read the next section where we explain everything to you.

Regarding the offer of CFDs, we are not facing one of those companies that offer us an endless amount of underlying, which may be a problem for some investors, but more comfortable for those who prefer to focus only on a few underlying they dominate better.

In addition, the multiple options to access the products from different devices , make this investment platform a comfortable and attractive place to invest and really worth a try.

Clients' funds are covered by the Investment Compensation Fund of which it is a member, as required by Cypriot law. This fund guarantees an amount of $20,000 for all clients of its members.

But the guarantees do not cover all the assumptions . The fund covers the insolvencies of the members or some other problems that could arise in the event that the broker did not fulfill its obligations.

This means that your personal investment failures are logically not covered. In any case, even if the broker had insolvency problems, it should not go to the extreme of having to go to the fund, since clients' money is deposited in separate bank accounts of those that the company itself uses to pay its expenses or suppliers.

In summary, our opinions about XM agree that the user will get a good experience investing with them .

XM: Scam or legit?

Therefore, it is time to examine the reasons we have to say that in this case we can invest without fear because we are not facing a scam .

The first thing you should know is who is behind the web is this a real company? Indeed, the company that manages this website is Trading Point Holdings Ltd based in Cyprus. It is a company with more than 5,000,000 customers from 196 countries around the world, which is not bad considering that it was founded in 2009.

It is also convenient to know that it is registered in the CySEC and the CNMV , as well as some other financial authorities that we break down in the regulations section.

In short, we are dealing with an online trading broker that it works legally at the dollar level having the necessary authorization to accept New Zealand clients.

A look at the most relevant of XM

In addition, other security aspects related to the investments made through the platform must be taken into account and in that sense we are happy to verify that they do not support negative balances in the clients' accounts, so your losses are limited to the investment made.

Precisely the fact of being able to lose more money than invested is the great danger of CFDs, and in this case you will not have to worry about this possibility, since the XM broker be sure not to let this happen .

XM offer

We have already anticipated that the CFD offer is not as spectacularly diverse as in some others, but we have no doubt that for many users it will be enough, especially for those looking for investing in stocks, commodities and stock indices .

According to the opinions sobte XM, the investor information section is also good, since it is well known that in finance, information leads to success . This broker conducts webinars in New Zealand, live seminars all over the world, offers a daily technical analysis and another of the most important news of the day, several calculators to check the profit and loss of a trade, convert currencies, calculate margins, swaps, pips, and much more.

Being a reliable trading broker supervised by the Cyprus Securities and Exchange Commission , XM thinks about the good experience of its customers by offering them the possibility of opting for one of three types of accounts according to the needs and preferences of traders.

In short, although the offer of options for investing in XM is not infinite, we consider it varied enough including more than 1,000 instruments, among which are more than 55 Forex trading currency pairs, stocks of the most important companies, renewable energy CFDs and many more.

There are suitable investment products for traders of all levels , both for professional investors and for retail clients with little experience. The latter will be able to deepen their knowledge with a lot of information and advice on the different operations.

CFDs

The offer of CFDs is good, although not as varied as that of the IQ Option Broker . As for CFDs on currency pairs o Forex the offer rises to 55, these being the main crosses of the dollar, pound and dollar. You will also find eight raw materials: coconut, coffee, corn, cotton, copper, soy, sugar, wheat, gold and silver.

In the same way you will have the possibility to invest in oil, diesel, natural gas and some other fuels. In addition you will find 16 liquid indices, 11 dividend indices and 11 index futures. Finally, regarding the shares in this broker you can invest in more than 700.

The leverage with which they work it depends on the type of underlying asset: 30:1 for pairs between USD, NZD, JPY, GBP, CAD and CHF; 20:1 for other currency pairs, the main indices and gold; 10:1 for other indices including the IBEX and also for commodities other than gold; 5:1 for stocks and 2:1 for cryptocurrencies.

To prevent investors from losing all their money, the broker will close all trades when the available margin does not reach 50 % of the trade . This, together with the protection against negative balances, seem to us to be two good security measures to avoid the shocks that sometimes violent fluctuations in the markets give.

Cryptocurrencies

As much as we like this platform and no matter how positive the opinions about XM are, it must be recognized that the fact not having the option to trade with cryptocurrencies it makes this trading simulator lag behind the bitcoin brokers and other cryptocurrencies.

Trading on the Forex market

The Forex or currency pair trading market is the largest branch of investments in risky assets with an immense diversity of combinations between the three main categories of currency pairs - main or major, minor and exotic.

On the XM broker's website there are more than 55 pairs of all three types with trading conditions depending on the type of account the client has. Operations are performed 24 hours a day, 5 days a week and they are accessible from all 16 gaming platforms for mobiles and computers.

Have detailed information about each currency pair with product description, the Summary Risk Indicator (SRI), costs, as well as different long and short performance scenarios. Seeing a page so dedicated to providing advice and information to the client, it convinces us that XN is not a scam and operating on its platform with implies the danger of being a victim of a scam.

Demo account

As we have highlighted on several occasions, this company does not try to scam its customers and tries to be transparent in all aspects of its activity. Therefore all users can open a demo account with a balance to invest for free . Logically, these are investments that do not generate real profits, but serve to familiarize themselves with the products and operations available.

These accounts have no expiration date and can be used for an indefinite period, although it should be borne in mind that if they remain inactive for more than 90 days, the broker will close them. This is also not a problem, because a new one can be opened, since each customer can have up to five active demo accounts . In this way, traders have much more time and resources to examine all the underlying and options of investing in XM.

Payment methods

Taking advantage of the opportunity to open a free demo account can be a good way to get to know the platform, however, if you have stayed on our page with tips and opinions about XM, most likely you want to earn money by investing. To start doing it you will need deposit funds to your trading account through the means of payment accepted by XM.

In this section the platform does stand out for the great offer of possibilities when it comes to depositing money, counting on a total of 25 payment methods . You can deposit with credit cards, bank transfers, electronic wallets such as Skrill, Neteller, Sofort, Cash and also through paysafecard.

The withdrawal options are credit card, electronic wallet or bank transfer. It is very important that you keep in mind that XM it only allows withdrawals by the same means by which you made the deposit , so we recommend that you always do it by electronic wallet.

If you make an income by credit card, this will be fixed as the withdrawal system. As usual, before sending you the money they will make a check of your identity, to make sure that no one carries out a scam with your account. The minimum deposit and withdrawal is $5 and they do not apply any commission, but by bank transfer these amounts rise to $ 200.

When registering on the XM broker website you will have to choose the base currency of your account , but this does not mean that you can only make deposits in this currency. When making income in different currencies, the broker will convert them into the main currency.

Another important point that we pay attention to when analyzing the conditions of payment methods is the possible XM commissions, although in this case we are glad to see that no fees apply for depositing or withdrawing money .

The only exception turns out to be income and withdrawals under $200 made by international bank transfer, on this occasion the broker does not cover the transaction fees and these are usually at the expense of the client.

Finally, in terms of security of payments , you do not have to doubt the protection of your personal and financial data, as authentication systems are applied, in addition, most payment methods, such as paysafecard or electronic wallets, guarantee anonymity, since they do not disclose your personal data to the casino.

Licenses and Regulations in XM

In this section we are going to complement the information about the security offered by the broker by pointing out the regulations it follows and in which institutions it is registered . In the CySEC, Trading Point of Financial Instruments Ltd is registered under the number 251334 and with the license number 120/10, at the postal address 12, Richard & Verengaria Str, Araouzos Castle Court – 3rd Floor, CY-3042 Limassol / P.O.Box 50626, CY-3608 Limassol.

Like other brokers like BDSwiss , to operate in New Zealand offering greater reliability, XM was registered with the CNMV on December 21, 2010, with the number 2774 as foreign investment services companies in free provision.

In any case, if for some problem you had to file a claim, keep in mind that you should do it before the Cypriot authority and not before the CNMV. In addition, of the other XM Group entities, Trading Point of Financial Instruments Pty Ltd was incorporated in 2015 and is regulated by the Australian Securities and Investments Commission (ASIC 443670) and XM Global Limited was incorporated in 2017 and is regulated by the International Financial Services Commission (IFSC 000261/106).

All this implies that it must comply with the requirements of the dollarpea MiFID directive and the Cypriot Regulated Markets Act of 2007 (Act 144(I)/2007).

As we have already detailed before, all client funds they are kept in separate bank accounts , which guarantees that the company will not use them for its operating costs or for other own purposes.

Customer service

Many of the positive reviews about XM are due to the efficiency of their customer service center. One of its main advantages is that teleoperators speak more than 25 languages , making clients feel much more comfortable expressing their doubts in their native language.

On the official XM website they are available the contact details and locations of the different departments of the company, among which is the support center in New Zealand, which can be contacted by email and sometimes by chat.

However, it is best to resign yourself to speaking English because the service in this language covers 24 hours of the five days of daily . In addition to the chat and e-mail, you can contact them by phone or by traditional postal mail. They even invite you to visit them if you pass through any country where they have an office: Australia, Greece, Cyprus and Belize.

Consult the frequently asked questions section it is something that we always remind our readers, because many times the answers solve their doubts and it is not necessary to waste time to contact the teleoperators.

Functionality of the website

The website has a Moderna look with white background and black as the second color. In it the navigation is very easy and intuitive , making it quite easy to find the section or section you are looking for thanks to the top menu and the footer options.

When trading, the Webtrades platform of MT4 and MT5 is used, a authentic guarantee of a good user experience , also used by AvaTrade and other reliable brokers. You can also download the PC or Mac version of MT4 and MT5 or the multiterminal version to manage up to 128 trading accounts.

In all sections there is information about all the products complemented with links to information sections and educational resources for traders . Seeing how your trading portal has developed, we have no doubt that this is a reliable website and that XM is not a scam.

The mobile device compatibility of the platforms available in XM it is another of the pros that we have observed when analyzing this broker, with the versions of MT4 and MT5 for phones and tablets trading with risky assets becomes even more accessible.

XM mobile app

Users who like to invest from anywhere or away from the PC can also do so thanks to the mobile apps available for iPhone, iPad and Android smartphones and tablets .

The truth is that the opinions about XM and its applications are very good , but we have to recognize that the app lacks some points of improvement, such as being able to import the analyzes done on the PC to the app, since those same analyzes through a mobile phone are quite tedious to do.

In addition, it seems that every time the app is updated it is not able to keep the updates. Even so, having access to the XM portal at all times and anywhere makes it possible to track trends, do analysis and, most importantly, investing at the right time .

The XM apps for Android and iOS mobiles they can be downloaded from their respective Google Store and App Store or directly from the official XM page, where there are direct links to the applications in the right corner below.

Finding

To end this review based on the analysis and opinions about XM, we will make a summary and we will emphasize the most important points that have come to our attention and that are crucial to reach the conclusion that XM is not a scam.

First of all, we should highlight the fact that this broker is registered with the Cyprus Securities and Exchange Commission (CySEC) and several other regulatory organizations, as well as it is authorized to operate in New Zealand through the dollarpeo financial passport scheme.

We can assure without fear of being mistaken that the XM broker is legit , and that it complies with dollarpeas regulations by being registered with the CySEC, IFSC and ASIC, at the same time that it has customer deposits covered up to an amount of $ 20,000*.

We especially like hedging against negative balances and that it has implemented the EU recommendations whereby positions are closed automatically when the margin covered is less than 50 %. Although for professional traders this might be annoying, at the user level they are welcome practices.

Beyond the legal aspect, we are dealing with a broker to invest in CFDs with a good supply of underlying assets , which has improved quite a bit in recent years. He has caught up by developing mobile applications, allowing his clients to access his products wherever they are and with any of the trading platforms they prefer.

FAQ: frequently asked questions

Although there is enough evidence that trading on XM is safe, you may still have some other doubts that will not let you trust this broker and you are absolutely right, because after all it is about risky asset operations with real money. Below we will try to help you solve them by collecting the most common questions that investors ask themselves .

👍 What is XM?

XM is an online broker that intermediates trading with various risky assets. The XM platform it includes various options for investing and is compatible with the most popular trading software : MegaTrader 4 and MegaTrader 5 in desktop and mobile versions.

💰 Does XM charge commissions?

XM has its fees to remedy investments. For Forex trading, for example, a fee is charged commission for each night the client holds a position . On the other hand, when depositing with the accepted payment methods no commissions are applied, except for bank transfer transactions under $ 200.

🧐 How does XM work?

XM works in a similar way to all online investment brokers. This means that use special software to access the global trading markets and operate the different underlying. Most opinions about XM agree that its is characterized by a excellent functionality using the MT4 and MT5 platforms.

👨 How to invest in XM?

To trade assets on XM you must register on their online portal , this is done in just a few minutes, by filling out an account opening form. At this stage you will have two options: create a real account or test the platform with a free demo account and then deposit funds to start making money on investments.

🤨 Is XM a scam or is it legit?

XM is a broker that presents all the reliability and safety guarantees counting on the authorization of the CySEC and operating in New Zealand through the dollarpeo financial passport scheme. He also makes sure to provide all the necessary data so that his clients are informed about the pros and cons of trading.

Is it possible to invest in cryptocurrencies with XM?

Unfortunately, XM does not offer the option to trade with cryptocurrencies. It is one of the few brokers that they have not included this underlying in their offer yet , which consists of over 1,000 different instruments such as currency pairs or Forex , stocks, stock indices and many more.