XM Review 2024 - Is it a Scam? Fees, leverage, minimum deposit

The broker XM is still known to many traders under the name XE Markets. The Cyprus-based company focuses on trading in foreign exchange and CFDs through several trading platforms. The broker trades with clients from all over the world and has branches in the Netherlands, Spain, Great Britain, Germany and Finland. In addition to fair trading conditions, the broker offers a large number of opportunities for further training according to our XM review, which makes a registration especially interesting for beginners. XM offers a comprehensive customer service by phone or live chat. Not to forget the attractive bonus of up to 4,500 euros, which new customers receive when registering.

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Customers can choose between different models when opening a trading account. For beginners, the "Micro-Account" is especially suitable, which can be opened with a deposit of 5 Euro or more. The broker already offers a high level of leverage with this account, which can reach up to 1:500. On the other hand, the spreads with a pip are very low for the major currency pairs.

For traders who have already gained experience with XM or are familiar with the financial markets, the "standard account" is a good choice. It can also be opened with a minimum deposit of only 5 euros and has a volume of 100,000 lots with a limit of 50 lots per ticket. The "XM Zero Account" allows trading from as little as 0 pips. In return, a commission is charged. As the XM review shows, this is worthwhile with higher trading volumes.

If you want to get acquainted with the different possibilities, you can open a demo account. All functions and strategies can be tested completely free of charge and without any risk.

Currently, 53 currency pairs can be traded in the Forex area. Based on our XM review, we offer the most important indices, precious metals, oil and a range of American and European equity CFDs.

Regardless of the selected account, all XM customers have access to MetaTrader 4, one of the most widely used trading platforms in the world. In addition to an almost unlimited number of charts and technical indicators, MetaTrader 4 enables a high trading speed and automatic processing of the various positions.

Platforms for iPhone. iPad and Android are available for mobile use of the trading account. These are designed in such a way that almost all functions of MetaTrader 4 can be used without restriction. With the XM MT4 Multiterminal, professional traders can manage over 100 different accounts from just one platform.

If you don't want to download special software to your computer, you can use the XM WebTrader 4 directly from your browser. In addition to being easy to use, the software offers constantly updated economic reports, a business calendar and a market sentiment analysis for even more flexible trading.

Time is money - speed is sometimes priceless. The XM Mobile Trader is based on this idea.

Built on top of the well-known MetaTrader4 software and designed for Windows Mobile, the XM Mobile Trader application offers a user-friendly interface with advanced features for mobile trading.

One of the major advantages of the Mobile Trader, according to our XM review, is its compatibility with "Pocket PCs" (PDAs) and the various smartphones that provide instant access to global financial markets from any part of the world and your mobile devices.

New customers receive a 50% bonus up to a maximum of 500 euros. For higher deposits there is a 20 percent up to 4,500 euros. For example, if you make a deposit of 1,000 euros, you will be credited with a further 200 euros directly to your trading account. The account opening itself is free of charge and only takes a few steps.

In addition, all new customers will receive a non-redeemable starting bonus of 25 euros. This is also credited to the trading account without payment. The bonus amount itself cannot be paid out, but the winnings made with it can be paid out without any problems. XM is currently one of the few brokers that offer a no deposit bonus.

XM offers its customers attractive bonuses for both new and existing dealers. For example, XM is one of only a few brokers to receive a bonus of 25 euros, even without a deposit. So, if you open an account, you can trade directly with an amount of $25 without depositing any money beforehand. Thus, all products and services can be tested without any risk.

If a first deposit is then made, the broker pays a bonus of 50 percent of the deposited amount. The broker will credit the trading account with a maximum bonus of 500 euros. For deposits of more than 500 euros, there is an additional 20 percent up to a maximum of 4,500 euros. The bonus will be credited immediately after the deposit has been credited.

XM has very low minimum requirements, which makes the broker particularly interesting for beginners. For example, deposits can be made from as little as 5 euros. The account management is absolutely free of charge, whereby different currencies are available. In order to verify the account, it is necessary, among other things, to provide proof of residence in order to activate the account for withdrawals. Review shows that a current bill from a utility company is sufficient for this. The default lot size is 1,000 units in the micro account and 100,000 units in the other account models.

Especially for beginners, it makes sense that you can test forex trading with a broker without any risk at first. Fortunately, XM offers its demo account without any time limit. In this way, even experienced traders can benefit and test new strategies before using them for real money operations. It is only important that at least one log-in is carried out every 120 days. Otherwise the demo account will be deleted. In our review we were able to test all functions under absolutely real market conditions. Finally, XM currently offers one of the best demo accounts of all Forex brokers.

The Forex Broker serves clients in 196 countries and provides comprehensive customer service in more than 20 languages. Of course, German-speaking support is also available. During trading hours, it is available around the clock according to our XM review. Unfortunately, only one telephone number is available in Cyprus for telephone enquiries, which sometimes results in additional costs. During our review, a German-speaking employee was always available during peak hours. Only during off-peak times there was occasional forwarding to the English-speaking support.

The easiest and cheapest way to contact customer service is via live chat. Here too, German is spoken at most times. Requests can of course also be made around the clock by e-mail. Review has shown that the answer is given within 24 hours.

Regular further training is sometimes of particular importance for successful trading in currencies or CFDs. At XM, customers can participate in interesting webinars on Tuesdays at 8 pm. The topics covered include the basics of Forex trading and platform operation. There are market studies based on live charts, whereby the markets are illuminated by means of fundamental and market-technical perspectives.

As an EU-based broker and regulated broker, XM is obliged to keep separate custody and administration of the client funds invested. This ensures that these are not lost in the event of insolvency. For this purpose, deposits are protected by the legal deposit insurance in force within the European Union (EU).

The broker acts according to our XM review as a market maker. The fact that XM. com has experience with the fears that arise more frequently in this respect is evidenced by the broker's information policy. The latter discloses the source of its prices (therefore it is a pool of 70 banks) and undertakes to hedge net positions externally. The complete hedging excludes conflicts of interest to a large extent, because in this case brokers earn exclusively on the spread and do not act against their clients.

The reliability of XM is also demonstrated by the comprehensive customer service that the broker offers. The German-speaking support is available from Monday to Friday around the clock by phone or via live chat. Open questions can also be asked via e-mail at any time.

The broker XM is currently one of the best brokers in the German-speaking countries. The broker offers a wide range of platforms and also convinces with first-class customer service and fast deposits and withdrawals. Beginners will benefit from the numerous webinars and expert tips offered by XM on an ongoing basis.