XM Review | Reputation and Safety

"XMTrading" has a large number of trader users, and its popularity is due to the following characteristics.

If you are going to start Forex, I would recommend XM anyway . It is a popular contractor with high safety and reliability.

XM's official site is here

XM Safety

Financial license acquired by the Seychelles Financial Agency

First of all, about important "corporate safety".

Founded in 2009, Trading Point (Seychelles) Limited, which operates XM, has acquired a securities dealer license at its headquarters in Seychelles.

The securities dealer license holder is obligated to meet strict financial requirements and is required by law to hold sufficient liquid capital to fund customer deposits, potential changes in the company's currency position and other unpaid expenses. It is done.

If the annual audit finds a shortage, the internal audit corporation will report all details to the authorities.

In other words, because XM is under external control and supervision to ensure safe operation, it can be said that the reliability and safety as a company are very high like a Forex company.

 

Client assets segregated + guaranteed up to $ 1 million

What is particularly worrying about using a vendor, if the vendor goes bankrupt, what happens to the funds deposited in the account?

If it is a domestic company, customer assets are fully refunded because trust maintenance is obligated.

XM does not have this trust protection.

However, customer deposits are clearly segregated from the funds of XM at Barclays Bank of the United Kingdom, and in the unlikely event that XM fails, they will not be used for repayment.

In addition, AIG (American International Group) insurance is covered, so the customer's money is covered up to $ 1 million.

In other words, in XM, it is possible to receive a guarantee close to the contractor who has introduced the trust preservation scheme in practice.

 

XM Reviews

Next, let's look at some of the word of mouth and reputation for XM.

Evaluation is fair with FPA

The rating on the largest Forex bulletin board "FPA (Forex Peace Army)" is "star 35", and it is a fair rating.

However, when I asked for comments, there were also claims such as "people with certain nationalities can not trade, or are not eligible for transaction bonus."

 

Features, Pros and Cons of XM

 

Necessary margin from 1 yen! However, transaction costs are expensive

There are three types of XM accounts: "Micro", "Standard"and "Zero".

The transaction format is NDD, which is highly transparent.

It sells high execution power such as "No requoting, no rejection of trade", "100% of trade rate", and "Slows 99.35% of all orders in less than 1 second".

Leverage is up to 888 times for micro standard accounts and up to 500 times for Zero accounts.

As 1Lot is 1,000 currencies, micro account can be traded from 10 currencies (0.01Lot) with MT4.

That is, in the case of USD/JPY, if the leverage is 888 times, the minimum required margin is about 1 yen.

The transaction cost is only the transaction fee generated by the Zero account and the variable spread, and the nature differs depending on the type of account.

Micro standard accounts have wide spreads and transaction fees are free.

The spread on the Zero account is fairly narrow, but there is a $5 one-way transaction fee per 100,000 currency, so it is not a good deal in terms of overall transaction costs.

Swap points are not suitable for long-term trading because they have many negative swaps and small grants.

 

Enhanced support and bonus system

XM is attractive when you open an account, make a deposit, make a transaction, and get a big transaction bonus for each way.

Users are likely to be relatively newcomers who made Forex debut for trading bonus.

It can be said that it is easy for a beginner who has been benefited from the surface to make a deal with high leverage, and a pattern of losing funds in an instant.

The loss cut rate is a general margin maintenance rate of 20% among vendors, so it is an immediate loss cut if you make an unreasonable trade.

As a zero cut system is adopted, there is no more loss than the account funds, but this may also be a factor that may lead to oversight and into unreasonable trade.

 

From opening account of XM to deposit and withdrawal

All you need is your ID and address confirmation

If you only need to open an account or deposit money, you do not need to submit documents.

However, to submit a withdrawal request, you need to upload the following identity verification documents from the member page.

It is meaningless if you can not withdraw, so if you can not prepare this identification document, you should not open an account or make a deposit.

This is a point that is likely to develop into trouble, so please be careful.

Identification documents can use "passport, driver's license, my number card", address confirmation documents can use "bills such as latest utility charges that address was listed in, bank statement within the past six months".

The image format is "GIF · JPG · PNG · PDF".

Once the identity verification documents are prepared , visit the XM official site to open an account and upload required documents.

The procedure is very easy as follows.

Account opening procedure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment method is general, but payment can be made by domestic remittance

XM has a very rich deposit and withdrawal method.

Credit and debit cards, mybitwallet, are the most advantageous when considering fees and account reflection times.

In the case of domestic bank remittance, the cost is only the transfer fee to "Resona Bank or Sumitomo Mitsui Banking Corporation"and the account reflection is also quick, so it is the payment method with the most users.

However, even if payment is made by domestic bank remittance, the withdrawal will be overseas bank remittance, so fees for relay financial institutions etc. will be incurred, and people with frequent withdrawals will cost considerably.

In addition, if the cash currency is different from the account currency, it is not recommended because it is automatically converted at the rate at the time of deposit and withdrawal and extra costs are incurred.

Previously, WEB money such as "NETELLER"and "Skrill" could also be used, but it is currently inactive and can be used instead with "i-Account". 

The payment procedure is as follows (the withdrawal procedure is almost the same).

Procedure of payment

 

 

 

Trading Terms and Rules of XM

Currency pairs are basic with 57 types

There are 57 types of currency pairs, regardless of the type of account.

There is no handling such as "ZAR/ JPY"or "TRY/ JPY" which are popular among domestic traders, and the lineup can be said to be general among traders.

 

Total cost is considerably higher than other companies

Micro/ Standard accounts

 

Zero account

The above table is the average spread for each currency pair published in XM.

The spread on the micro standard account is wide and transaction fee free, the spread on the Zero account is fairly narrow, the transaction fee is $5 one way (one lot = 100,000 currency).

Let's compare actual spreads with other leading Forex vendors.

Of these four spreads, XM's standard account (micro account) was the widest, and conversely, XM's Zero account was the narrowest and stable.

At first glance, you tend to think that a Zero account is more advantageous than other companies, but when calculated including the transaction fee (round-trip), the result is as follows.

Thus, regardless of the type of account, XM is the one with the highest transaction cost except for GBP/ JPY.

 

There are few swap points and it is unsuitable for long-term trading

Swaps are also quite disadvantageous compared to other companies.

XM is not suitable for swap-targeted long-term trades because the amount is small and there are many negative swaps.

 

Zero cut adopted, no additional certification

In XM, a margin call triggers with a 50% margin maintenance rate and a loss cut with a 20% margin maintenance rate.

In addition, since the zero cut system has been introduced, there will be no loss over the deposit amount.

Even if the loss cut is not in time in certain conditions and the account balance becomes negative, the new balance will automatically cancel the negative balance.

XM Trading Tools App

 

There are two types of trading tools: "MT4" and "MT5"

The main features of MT4 and MT5 are as follows.

Meta Trader is a versatile trading tool used by many Forex vendors.

Using a proprietary programming language " MQL ( Meta Quotes Language )" similar to C language, it specializes in indicator and automatic trading program (EA) development.

In XM, Meta Trader4 · Meta Trader5 (hereinafter, MT4 · MT5) 2 different versions of, is available on a PC, smartphone.

MT5 has been developed as a successor to MT4 and its functions have been expanded.

The reason why we use two different versions of tools is that the number of MT4 users is overwhelmingly large now, and there is a fact that MT5, which should have high functionality has not been widely used.

The main reason is that the traders who used MT4 are outperforming the transition to MT5 because the indicators are incompatible between MT4 and MT5.

XM, which employs both MT4 and MT5 as trading tools, can be said to have a good grasp of the facts of this user.

How to use and functions will be omitted for more information because the companies almost the same, here's take a look at the differences between the two.

 

Comparison of specifications for "MT4" and "MT5"

MT4

MT5

The difference between time base, chart type, technical (indicator) and drawing tools is as described above.

MT5 has more time, technical and drawing tools than previous versions.

 

Difference of window, management screen

In addition, in MT5 , the brand management screen and board information screen have been remodeled and are easier to use.

It is now possible to search for stocks on the MT5 brand management screen.

When you enter some keywords, corresponding candidates will be listed automatically, and usability is much improved.

A tick chart has been added to the board information screen.

However, although it is possible to display the transaction volume etc. originally as follows, the function is limited in XM.

 

XM Customer Support

Support email and live chat are high quality

 

There are two types of customer support: email and live chat.

In fact, when I made an inquiry , I felt that the response was very fast and the response was very good.

By the way, XM allows you to place an order by phone, but this is all for English and only for international calls.

 

XM Information Service

Great for beginners! Video content and video seminars are enhanced

XM differs from other Forex vendors in that it has a lot of content for investment beginners and a solid support system.

The official site offers the following various information services.

 

Watch market analysis reports with videos

Economic news is distributed by video.

You can also watch archived videos.

 

Ample video manuals available

Video manuals for trading tools are also provided.

The points that many beginners would ask questions is well explained and the content is very easy to understand.

 

Free trading signals preinstalled

MT4 · MT5 has a free trading signal installed from the beginning.

Signal is updated twice a day, it is possible to automate the entry-profit-loss cut.

It may be good for beginners to use it as an automatic trading portal.

 

Paid trading signals can also be purchased

You can also purchase paid trading signals provided by the MQL5 community.

You can purchase and set up directly from the trading tool.

 

Economic calendar

Economic calendar can check even detailed information.

 

A wealth of useful FX calculation tools

The above six types of calculation tools are available in XM.

However, there is no calculation tool for margin maintenance rate and price range up to loss cut.

 

XM Campaign Bonus

With XM , you can earn a large amount of trading bonus by opening an account, receiving money, and trading, so you can significantly increase the amount of former funds.

However, because there are many restrictions, please be careful not to lose the bonus you have saved.

 

You can get a bonus of 3,000 yen for opening an account

First, when the account opening is done and the personal identification is approved, a transaction bonus of 3,000 yen is given to all real account holders. The acquisition method is as follows.

 

How to get an account opening bonus

 

 

 

 

 

You will receive a bonus each time you deposit

The deposit bonus is a transaction bonus that is given in the next two stages depending on the deposit amount.

This means, if 50,000 yen deposited 50,000 yen bonus will be granted for 100,000 yen transactions, since combined both the deposit 500,000 yen up to about 190,000 yen transaction bonus is granted, It is possible to trade for about 690,000 yen.

 

We can convert  XM points to transaction bonuses

When trading with XM , XM points (XMP) will be accumulated.

There are four stages of XMP to receive, depending on the trading period of the trader, and can be exchanged for a trading bonus.