XM broker is a reliable broker, a CFD & FX broker worldwide established in 2009. It is available worldwide and is highly regulated by 3 financial authorities: CySEC, ASIC, and IFSC. Want to get more how-know of XM? Well, you should also learn forex trading for a complete understanding.
Disclaimer: The CFDs are highly complex instruments & come with a very high threat to lose a big amount of money quickly due to the leverage. About 78.28% of the investor accounts of retail lose money while trading & whether you can actually afford and manage to take this high risk of money lost.
Without any further ado, let’s have a look at the most essential things you should definitely know about the XM broker. So, let’s get started;
Look & feel:
The XM trading platform has really great customizability. Plus, it is highly convenient to alter the position and size of the tabs.
Anyhow, the platform also feels outmoded & some features are also difficult to find. For instance, it took us a little bit of time to determine how to add some assets to your watchlist.
Login and security:
XM broker also requires the two-step verification on the website for the account login where you can withdraw and deposit. However, the trading platform itself does not have any two-step verification or authentication.
The search functions of the XM broker are OK. Plus, you can also find virtues grouped into many categories. Anyhow, we missed the general search function, especially where you can easily type in the asset name manually.
Furthermore, you can utilize all the fundamental types of order. Anyhow, you will not find more civilized order sorts like ‘one-cancels-the-other’. The basic order types that are available are as follows;
- Trailing Stop
The trading stop is generally available on the platform of MT4 desktop only.
There are some order time limits as well that you can easily use:
- GTC (Good ’til canceled)
- GTT (Good ’til time)
Alerts and notifications:
You can’t set notifications and alerts on the XM broker trading platform. Plus, this amazing platform is present just on the specific desktop trading platform.
- Portfolio and fee reports
XM broker has a clear fee report and portfolio. You can conveniently see the balance of profits and losses & the commission you have paid. Well, these reports can easily be found in the tab of ‘History’.
XM pros and cons:
XM broker has comparatively low withdrawal fees and stock CFD. Opening an account is also fast and user-friendly. You can also use a lot of educational and efficient tools, like demo accounts and webinars.
On the other side, XM has quite a limited and restricted product portfolio because it offers forex and CFDs mainly. Its stock index CFD fees and forex are average. Plus, there is no protection of investors for clients onboarded just outside the EU.
- Low withdrawal fees & stock CFD
- Fast and easy account opening
- Superb educational tools
- No investor security for non-EU clients
- Average forex & stock CFD fees
- Limited product portfolio
Hope this article will be enlightening for you!