Exotic pairs tend to be traded less frequently, in comparison to majors. In forex trading, some currency pairs are nicknamed majors (major pairs). This category includes the most traded currency pairs and they always include the USD on one side.
Withdrawal fees
As discussed in this XM review forex and financial traders trust XM as it complies with many regulatory standards. Your trading account login details will correspond to a login on the trading platform which matches your type of account and is ultimately where you will be performing your trades. Any deposits/withdrawals or other changes to settings you make from the XM Members Area will reflect on your corresponding trading platform. Our clients can choose to trade forex and derivatives on stock indices, commodities, stocks, metals and energies from the same trading account. With a wide range of trading instruments available from a single multi asset platform XM makes trading easier and efficient.
Traded Instruments
As we can see the trading costs of trading via the Zero spread account are lower. These savings can be much great when you trade other instruments with wider spreads on the Standard account. This is the final main account that you can open with XM and is a zero spread account. Traders can keep their costs down by trading with spreads that “can be as low as 0 pips” (although not always this low). For this privilege, traders will have to pay a commission of $3.5 (both in and out) for every 1 Lot traded. (See Trading Costs for a comparison of the spread versus commission account models).
Get more than a trading account at XM
XM offers tight spreads, with three account types catering to different preferences. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points. binance canada review You cannot use an MT5 account on the MT4 trading platform, so make sure you create your MT4 account beforehand. The webtrading terminal offers instantaneous trade execution and allows traders to buy and sell various assets, such as stock indices, forex, cryptocurrencies, precious metals, and energies.
XM TV is a great addition for videos whilst podcasts are also now on the site. MetaTrader 4 (MT4) – is good for charting, technical analysis indicators and translates very well across your devices, meaning desktop, tablet and mobile versions interact very well. Notable countries that traders will not be able to sign up from including the US, Canada, China and Japan. Furthermore, there are other notable countries that traders are restricted from trading with XM. The conventional way of judging the quality of regulation that a broker holds that the more the merrier.
In line with anti-money laundering regulations, the withdrawal method has to be the same as the deposit method in which the account was funded. There is also a withdrawal priority procedure if you have funded the account by different methods. If you have deposited via a credit/debit card then the powertrend withdrawal back onto the card can cover the deposit amount. Anything above this amount can then be transferred via bank wire or e-wallet for the remaining transfer of funds. We like the fact that XM does not charge any fees or commissions on withdrawals across payment methods.
All brokers want you trading, and when a trading account lies dormant, they begin to incur inactivity charges on the account. These need to be measured by how long your account can lie dormant before being charged a fee and secondly how high the fee is. We believe that XM scores poorly on the length of the dormant period allowed, but scores well on cost.
This means that trading 1 Lot of EUR/USD is the equivalent of $10 per pip. These tools will help you learn how to trade on XM trading platform even if you are a first-time user. To start generating more significant profits, a micro lot account can be a good choice. Micro lot trading accounts typically operate with account balances between USD 1,000 and USD 10,000 and allow you to trade with a fraction of a standard lot (i.e. USD 100,000 of any currency of your choice). With the reasonable use of your initial deposit and some leverage you can gain considerable profits on a micro lot account.
Yes, XM is regulated by the Financial Services Commission, ASIC, and CySEC. XM is regulated by tier-one financial regulatory agencies, which ensure that it adheres to best practices when dealing with clients. XM offers great customer service, which is currently available in over 20 languages. When it comes to data protection, XM broker does not disclose users’ private information and strives to provide them with the best possible trading conditions. First, there is negative balance protection, which means that even if markets move rapidly against your trades, your account will not be negative. XM does this to protect clients from highly volatile market conditions, such as news releases.
XM broker allows traders to use MT4 and MT5 platforms because it currently has no proprietary trading platform. You can use either of these two platforms, depending on the asset you are trading. Because demo accounts simulate results, order execution time may be relatively fast – even faster than having the same order executed on a real account. Investing virtual funds, even if under real-time market conditions, does not equal with investing real money.
- This includes just 2 precious metals (Gold and Silver, but no others) with 5 energies and 8 soft commodities.
- There are as many as 11 base currencies to choose from and a $5 minimum deposit for the account.
- Starting with the regulation in Cyprus (which covers the EU’s ESMA regulation), expansion has included Australia (a strong, tier-one jurisdiction) and latterly in Belize.
For traders outside Europe and under the XM Global entity, there are bonuses available. Given the demo account has an unlimited duration, this is one way of persuading traders onto the live platform. To help facilitate the customer service that XM offers its clients from around the world, it claims to have support in over 25 languages.
A good price makes no sense if your bank or broker cannot fill your order fast enough to get that bid/ask price. XM Group offers a variety of unique features and tools designed to enhance traders’ decision-making processes and provide valuable insights into market trends and trading practices. XM generally does not charge fees for deposits and withdrawals, but additional charges might apply depending on the payment method you use.