XEMarkets Forex Broker Review
XEMarkets, more commonly known as XM, is a licensed international Forex broker based in Cyprus and established in 2009. XEMarkets specializes in offering a variety of trading instruments, ranging from Forex and precious metals to indices and energies.
With XEMarkets, you don’t have to worry about the security of your trading funds or your personal information. XM is regulated by several regulatory bodies, including the Australian Security and investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), and the Markets of Financial Instruments Directive (MiFID).
XM Trading Accounts
XEMarkets offers 3 different trading accounts. They include the micro, standard and executive accounts. The micro trading account is the preferred type of account for traders new to trading Forex or for those wanting to test out XM’s platform with little risk. A micro account can be opened for as little as $5. Leverage goes as high as 888:1.
The standard account is typically used by traders with experience. There aren’t many differences in the standard account, apart from the number of available contract sizes. The executive account requires a $100,000 initial deposit, and rather than using spreads, the executive account uses a commission based fee structure.
XM Pros & Cons
Much of XM’s worldwide popularity is attributed to the company’s no re-quotes, zero order rejection, and no hidden fees policy. This ensures traders get the exact price execution they intended.
After personally trading with XEMarkets to get a feel for the platform, I was extremely happy with the price quotes I received. After dealing with many brokers who have execution slippage, I can confidently say that XM executes its orders in under 1 second.
Here and some of the pros and cons that come with trading the XEMarkets broker.
Enables simple one click trading
Allows hedging and scalping
Has an EA integration feature and allows automatic trading
Has a VPS service for superior execution times
Offers DMA, ECN, and STP accounts
Welcomes Islamic traders, offers Islamic accounts
Never any re-quotes
Does not allow Paypal payments or withdrawals
No EFT instruments
No equities or stock trading
Has a $5 inactivity fee after 3 months of no trading