Slippage is the difference between the price at which the order has been placed and the price at which it has been executed by the broker. The less slippage you get, the better your trading results will be.
Our slippage data about XM is sampled by 10 of the most popular forex trading strategies in Zulutrade.com.
Kama-spot is a forex trading strategy, based on technical analysis. It trades mainly EUR/USD, GBP/USD and USD/CHF
Average profit: 14.0 pips
Average trade lifespan: 19 hours
Most traded pairs: EUR/USD, GBP/USD and USD/CHF
Average profit: 16.0 pips
Average trade lifespan: 1 day
Average profit: 9.0 pips
Average trade lifespan: 5 hours
Average pips/trade: 5.0
Average trade lifespan: 18 hours
Average pips/trade: 12.0
Average trade lifespan: 15 hours
Average profit: 28.0 pips
Average trade lifespan: 3 days
Average profit: 22.0 pips
Average trade lifespan: 13 hours
Average pips/trade: 9.0 pips
Average trade lifespan: 1 day
Average profit: 9.0 pips
Average trade lifespan: 11 hours
Average profit: 10.0 pips
|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average Spreads|
|Micro||$5||0.01||1:888||1.7 pip on EUR/USD|
|Standard||$5||0.01||1:888||1.7 pip on EUR/USD|
|Zero||$100||0.01||1:888||0.1 pips on EUR/USD + commission $5 per standard lot (per side)|
XM offers its clients three types to choose from: Micro, Standard and Zero. You may choose from commission-free trading (in Micro and Standard accounts) or tighter spreads, involving commission fees and higher initial deposit (Zero account). The broker offers high leverage levels and floating spreads. Beginners can sign up for Micro accounts with as little as $5, and micro lots are available for trade on all accounts.
What is more, swap-free (Islamic) accounts are available, designated for clients who are not willing to earn interest for religious reasons.
|Trading Point Holdings Ltd.||Cyprus||CySEC|
|Trading Point of Financial Instruments UK Limited||UK||FCA|
|Trading Point of Financial Instruments PTY Ltd.||Australia||ASIC|
Launched back in 2009, XM is the brand name, consolidating the former Trading Point and MegaTrader FX. Based on the sunny island of Cyprus, the broker offers great trading conditions for trading in a wide range of instruments, including 55currency pairs, CFDs on commodities, indices, precious metals, energies and stocks on two trading platforms (MT4 and MT5). What is more, XM provides ultra-fast execution (99.35% of all trades executed in less than 1 second), as well as awesome bonuses & promotions.
XM is the trading name of Trading Point Holdings Ltd., a Cypriot Investment Firm (CIF), registered in the European Union and licensed by Cyprus Securities and Exchange Commission (CySEC). The company has also set up an units in Australia and UK - Trading Point of Financial Instruments PTY LTD, regulated by the Australian Securities and Investments Commission (ASIC), and Trading Point of Financial Instruments UK Limited, which got licensed by UK’s Financial Conduct Authority (FCA) in 2016.
UK, Cyprus and Australia are currently one of the most famous forex broker destinations and probably the main reason for this is the well-balanced regulation. Tough regulation with high entry capital requirements and low maximum leverage has reduced competition in the United States and Japan, while light touch regulation affects credibility and safety.
FCA, CySEC and ASIC apply certain rules and requirements to regulated firms, which are not as stringent as those in the US, for instance, however they provide a good level of credibility. Cypriot and UK brokers must hold at least €730 000 in order to prove their good financial standing, while Australian FX brokers must possess net tangible assets amounting to at least $1 million. Besides, licensed brokers are required to keep customer funds in segregated accounts, separated from the company’s operating funds.
As a further guarantee to clients’ funds, all companies regulated in UK and Cyprus are covered by compensation schemes as additional guarantee to clients funds. All deposits with a UK regulated forex broker up to £50,000 per client are guaranteed by the Financial Services Compensation Scheme (FSCS) - UK’s statutory compensation scheme for clinets of authorised financial services companies. Similarly, Cypriot Investment Firms are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.
Currently, however, Australian forex brokers are not covered by any compensation scheme.
Minimum Initial Deposit
In order to open an account with XM, traders have to invest just $5. Such low minimum initial amount is rather attractive, as typically brokers require $100 - $300 as a start.
Spreads & Commissions
This broker offers variable spreads. The typical ones on commission-free accounts amount to 1.7 pips on EUR/USD, which is comparatively high. According to us, the conditions on the Zero account are the most attractive ones: spreads averaged 0.1 pips on EUR/USD and commission $5 per standard lot traded (per side). So basically trading costs on the Zero account amount to around 1.1 pips, commission included, which is quite competitive for the forex industry. What is more, you can open a Zero account with just $100.
For purposes of comparison, another leading Cypriot broker, Exness, provides average spreads of 0.4 pips on EUR/USD with $5 commission per standard lot (round turn) on ECN accounts, available against $300 initial deposit. For further information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage with XM is high, reaching 1:888. Some jurisdictions cap leverage ratios at considerably lower levels (1:50 in the USA, 1:100 in Poland). At the end of 2016, CySEC also proposed the dafault leverage provided by Cypriot brokers to be 1:50.
The reason for such leverage limitations is that the higher leverage, the higher the risk of losses, which may even exceed initial investments. However, many Cyprus-based brokers offer leverage levels, similar to the ones provided by XM. More FX brokers offering leverage equal to or exceeding 1:888may be viewed here.
MT4 is an internationally acclaimed trading software, offering a full array of trading tools and features: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work, no human emotions involved. The MT4 with XN is availavle in all forms and shapes: desktop, web, and mobile.
What is more, XM provides MT4 MultiTerminal, which offers a practical and convenient way to manage multiple accounts simultaneously from a single interface (PAMM).
Recently MetaQuotes has been putting a stronger emphasis on the MT5: the hedging function was finally added to it and all versions of the platform have been ehanced. As a result, the number of brokers that support the platform has been on the increase. XM also followed suit and added it to its offerings.
Besides, free Virtual Private Server (VPS) hosting is offered to both new and existing customers of XM who deposit a minimum of $5,000 and trade at least 5 round turn lots per month. VPS hosting allows the execution of orders 24 hours, 5 days a week.
This broker is famous for its awesome bonuses and lucrative promotions. By the time of writing this review, XM runs the following promotions:
- 100 % Deposit bonus UP TO $5,000 (only available for Micro and Standard Accounts);
- $30 No deposit bonus;
- Forex World Championship with 41 million pool prize;
- Cash rewards and credit bonuses available under loyalty program.
What is more, as a result of XM’s partnership with rebate service provider PayBackFX, clients of this broker can now participate in a rebate program and get back $5.25 for each closed trade. All they have to do is open a new account, since traders’ existing accounts are not qualified to get cash back.
Methods of Payment
XM supports a wide range of payment methods: credit/debit cards (Visa, Visa Electron, MasterCard, Maestro, China UnionPay, Diners Club International), bank wire transfer and e-wallet payment systems Skrill, Neteller, WebMonew, Paysafe, iDeal, Sofort, Qiwi, CashU, giropay, Przelewy24, FasaPay. Pyyments through Western Union are also available.
XM covers all deposit and withdrawal transfer fees for payments made via Neteller, Moneybookers and all major credit cards (including VISA, VISA Electron, MasterCard, Maestro and China UnionPay). Additionally, all deposits and withdrawals above 200 USD processed by wire transfer are also included in our zero fees policy.
XM is a EU award-winning broker that offers wide range of trading products and account types on two great platforms under competitive conditions. What is more, it provides Negative Balance Protection, as well as lucrative bonuses to its clients. To sum up the above, here are the advantages and drawbacks with regards to this broker:
|Well-regulated (ASIC and CySEC licenses)||No significant disadvantages|
|Negative Balance Protection|
|Competitive spreads on the Zero account|
|Attractive Bonuses & Promotions|
|Fast execution speed|
FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
HY Markets is global forex broker with more than 30 years of operational experience, regulated by FCA in the UK. Trade Forex with spreads as low as 1.8 pip
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
easyMarkets is a CySEC and ASIC regulated broker offering access to over 300 trading instruments, tight fixed spreads, no slippage and a 50% deposit bonus.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.
|Cyprus||CySec||MT4, MT5, Web||$5||Review Website|
|US, UK, Australia||CFTC/NFA, FCA, ASIC||MT4, Web,
|UK, Cyprus, Hong Kong||FCA, CySEC, SFC||MT4, Web,
|UK, Australia, Singapore||FCA||MT4, Web,
|UK, Cyprus||FCA, CySec||MT4, MT5||$5||Review Website|
|UK, Cyprus||FCA, CySEC||MT4, MT5, Web,
|Cyprus||CySEC||MT4, MT5||$300||Review Website|
|Belize||IFSC||MT4, MT5||$100||Review Website|
|UK, Cyprus, Bulgaria||FCA, CySec, FSC||Web||$150||Review Website|
|Belize||IFSC||MT4, Web||$500||Review Website|
|New Zealand||FMA||MT4||$1000||Review Website|