We have tested and analyzed XM's investment platform and sought the different opinions that exist on the Internet about this broker.
To carry out this research work, we have to say that this broker was previously called Xemarkets so many of the opinions we found to refer to the broker with this name. Most of the views we have seen are in forums and broker review pages where traders comment on their experience with the broker.
We have compiled and summarized the most common opinions that exist on the Internet about XM broker and divided them into different categories according to the various aspects.
XM Broker: Opinions about the investment platform
The XM broker offers different options of investment platforms. On the one hand, it has the well known Metatrader in its version 4 both in standard and multiterminal version to manage different accounts. It also has its trading platform for both desktop and mobile versions.
Any automatic trading system (Expert advisors) can be used on the Metatrader platform without any restrictions on the trading strategy. In this sense, it is a reasonably standard broker, and traders' opinions are generally neutral.
Feedback about XM service
XM is mainly a forex broker but also has other financial instruments such as CFD's, indices and precious metals.
XM is a Market Maker type broker, so it is a DD broker (dealing desk). The most remarkable aspects of this broker were to offer and promote itself because of the high leverage is provided. Currently, regulation in Europe has dramatically limited the maximum advantage available to retail customers. In other countries, it is possible to trade with higher leverage. Some users take this aspect as a negative because it entails a high risk in trading. However, XM has always allowed selecting different values from 1:1, 1:10... to the maximum.
Another representative aspect is that the execution of the orders is done through "Market Execution". Therefore there is no possibility of re-quotes or rejections. This point is valued positively by the majority of traders as in many cases, and the re-quotes spoil a profitable trading strategy.
XM has different accounts which are the MICRO account (for micro-lot trading), STANDARD (standard lot size) and ZERO (account with low spreads from 0 pips and commission of $5 per $100,000 traded). In all accounts, all types of robots (Expert Advisors) are allowed for automatic trading and any trading strategy is allowed (Scalping included). Most traders agree that scripts and bots run entirely in XM.
Another characteristic of this broker is that they claim to execute 99.35% of the orders in less than 1 second. Many of the traders' opinions agree that the execution is indeed swift, and they do not have a recall. Still, the update of the prices in the broker's platform could be faster since there are brokers in which the update of prices is instantaneous.
As for the default spreads, they are variable although you can ask for them to be fixed by paying an insurance premium as the fixed ones are higher. There is a lot of diversity in traders' opinions about spreads. Most are correct in saying that the spreads on the most popular currencies are reasonable, but on other pairs, they are quite high.
Our experience with technical support has been outstanding. You can contact us by email or online chat in Indonesian. We posed as a potential client and contacted them through the online chat. We made them quite dizzy with questions about the demo account, the execution types, the ways to get in, the available bonuses and they answered us in Indonesian and quickly to all the questions. The traders' opinions agree with us that the technical support is excellent although it would be nice if they had a contact phone with Indonesian number.
XM review on the Demo account
The XM demo account has no expiration date unless it is not used for more than 120 days.
The registration of the demo account takes approximately one minute and is a straightforward process to perform. When creating the demo account, we can choose the currency, the leverage used and the initial deposit.