XM is a forex broker site that was founded in the year 2009 as trading point. Being a forex broker, it is able to connect traders around the globe to different trading platforms where they can execute their trade upon depositing some funds in their trading account.
XM is well regulated by different financial watchdogs across the globe thus making it safe for traders. Some of the financial watchdogs are IFSA(International Financial Service Commission) and CYSEC(Cyprus Securities and Exchange Commision). XM does not allow traders from USA, Israel and Canada to use its platform.
Deposit and withdrawal method
XM provides several ways of depositing and withdrawing funds in their platform. Some of them are neteller, skrill, bitcoin, USDT, visa card,union pay ,webmoney, mastercard and bankwire. Deposit is instant while withdrawal takes some few minutes to some while others like visa card it can take up to 3 working days. Traders can deposit as little as $5 to their trading account.
In XM platform, there are two trading platforms being offered to traders. There is MT4 and MT5. Traders can use both webtrader as well as they can download the app to their computer or their mobile devices.
Category of accounts
In XM platform, there is both standard and cent account. This means that in standard account, the funds will be in USD while in cent account, it will be in USD cent. 1USD is equivalent to 100 USD cent.
This is the transaction cost that is being charged by brokers whenever a trader opens a certain position. It is the difference between the buy and sell. In xm, there will be a 1.8 pip charged whenever a position is being opened.
Minimum lot size
In forex trading, lot is the amount to be executed by a trader. 1 lot is equivalent to 100,000 units in forex trading. The minimum lot size both in cent and standard account that a trader can open is 0.01 lot.
This is the borrowing ratio that gives the trader the power to open positions. The maximum leverage that a trader can use is 1:888. That is, if the trader has $100 in their account, then he/she can be in a position of opening a position size of up to $88,800 if he chooses to use the leverage of 1:888.
Opening a trading account
Now that you have an idea about xm broker, it is time to open a trading account with them. You can simply follow the link from below and open an account and make sure to upload the required documents in order for your account to be verified;