Because of the collaborative efforts of multiple forex brokers, XM.com enjoys a competitive advantage over its competitors. The platform, which was developed by a group of brokerage firms, provides a trading experience that is superior to that of competitors. It was first introduced in 2017, and despite being a relative newcomer to the industry, it has already received the approval of a number of financial authorities, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission (IFSC) (IFSC).
According to the firm, XM currently has more than 1.5 million members in 196 countries. Having gained such significant momentum in the industry is mostly due to the effective implementation of their mission, which is to give their clients with a fair and courteous experience. However, the company’s excellent customer service, personalised assistance, and flexible investment options are just a few of the other elements contributing to its growing market attractiveness.
The benefits and drawbacks of XM
XM, like all other brokerage businesses, has its own set of benefits and drawbacks. Consumers will almost probably take advantage of its vast CFD trading promos in terms of the benefits it provides. It also has a relatively short track record, with order execution speeds that are significantly faster than industry norms. Finally, its authoritative tutorials and research resources are designed to help students gain a thorough understanding of trading fundamentals as well as technical knowledge and abilities.
When considering some of its drawbacks, it is evident that it has a limited number of asset classes available for portfolio upgrading. The average commissions for currency exchange and stock indices have been added to the company’s list of services, which are slightly more than those generally offered by other brokers. Notably, it does not offer investment protection plans to clients who do not reside in the European Union, which is a big disadvantage. While these weaknesses may reflect a negative light on XM, the company’s other benefits more than compensate, making XM an excellent investment platform.
Account Selection for XM
XM has four accounts in its applicant pool. Customers can progress through the accounts based on their level of trading competence and awareness. Accounts are classified into four types: Micro, Ultra-Low, Standard, and Zero.
Micro Account – This is an entry-level account type that may be obtained for as little as $5. It is classified as an entry-level account. For a fee, clients can trade a wide range of tradable currencies, including the US dollar, euro, pound sterling, Swiss franc, and Australian dollar. It also includes a trading size of 1 micro lot, which is equal to 1,000 units of the base currency.
Ultra-Low Account — In terms of the base currencies allowed for deposit, this account is similar to the Micro account. Furthermore, the magnitude of their trades is identical to that of the previously stated account. However, because the terms are better, a deposit of at least fifty dollars is necessary.
The combined conditions of the two above-mentioned accounts are consolidated into a single account known as the Standard account. All clients who make a minimum deposit of $5 or more have access to the same choice of base currencies. The sole difference between this account and the other two is its trading size, which is described as 1:100,000 units of the base currency of choosing.
Zero Accounts have relatively limited base currency selections, in addition to just giving USD, JOY, and EUR as base currencies. You can start an account with $10 to fund it, and the trade size quote is comparable to that of a standard account.
Education and research are critical components of any organisation.
XM uses a combination of its own and third-party tools to conduct trading education and research. This section is divided into two sections: the company’s own tools, which are available on the company’s website, and the tools that are integrated into the MetaTrader platforms. Both sections may deliver an uninterrupted stream of news, including high-quality articles, webinars, and articles to aid general learning, as a result of their approved tools. Other tools used in the selecting process include Markets Overview, XM Research, Technical Briefs, and Podcasts.
A customer service that gives assistance
One of the things that XM takes pride in is their ability to reply rapidly to customer service concerns. Customers who do not speak English well might choose from a variety of different languages. It provides a wide range of alternatives for clients to submit enquiries, including email, phone, and live chat, which is available 24 hours a day, seven days a week. However, their live chat response time is substantially slower when multiple enquiries are received. Furthermore, while it gives quick solutions, the quality of responses is not always consistent.
As previously said, XM has its own set of perks and downsides. Despite the fact that XM has some excellent qualities, the corporation still has to improve in some areas, such as its insurance and compensation policies. Furthermore, because the accounts have certain similarities, their continuous selection of accounts makes it difficult for clients to choose the best one. However, once we get over this, XM remains a competent brokerage firm worthy of investing consideration.