Is XM Forex Legit?

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XM Forex REVIEW

XM Forex Preview: (to pause video, simply tap/click on it)

Summary

XM Forex is a subsidiary company of Trading Point Holdings Ltd.

XM Forex is an MT4-based platform for trading Forex on Mac, PC, iPad, iPhone, and Android tablets and phones

Read 100% Free XM Forex Review by Scamorno Team

Details

System XM Forex
Website URL www.XM.com
Trial Start Trial
Overall Score 9.1/10

Overview OF XM Forex Benefits:

  • No fees on withdrawals or deposits
  • Forex trading signals
  • Webinars and many other training resources
  • 888:1 leverage
  • No re-quotes
  • 8 full trading platforms
  • Negative account balance protection

Which Platform Does XM Forex Run On?

The XM trading platform is based on the popular MT4 platform. Metatrader 4, or MT4, used by XM offers a single log in access to all 8 platforms, over 100 trading instruments including Forex, futures, and CFD’s, 3 different chart typesone click trading, chart tools, technical analysis indicators, and the same features for trading micro lots as full lots. The MT4 Multiterminal is specifically designed for traders and money managers with multiple accounts. While this isn’t of interest to most traders, it’s nice to know you are using a broker that can handle large clients and take care of you as your trading volume and needs grow. Ourselves and many other traders we have contacted are all pleased with the XM Forex trading experience.

Review Verdict: XM Forex is a legitimate product that works

Visit XM Forex Website

Should You Use Mt4 Platform to Use XM Forex?

In our experience traders tend to like the platform they have learned to use first best. This makes sense because every trading platform will have a small learning curve and we like the things that are familiar.

If you learned how to trade using a different platform, we highly recommend give the MT4 a chance. It’s one of the best platforms for trading Forex on the market and is highly configurable and flexible. Once you learn how to manipulate the platform you should find that it works as good as anything on the market and better than most.

XM offers free deposits and withdrawals, a minimum deposit amount of $5, and multiple ways to make a deposit. Here is a list of deposit methods available at time of writing: MasterCard, Visa, WebMoney, Neteller, Diners Club International, Skrill, Visa Electron, bank wire, QIWI, PaySafeCard, Fasapay, Sofort, Giro pay,  Przelewy24, and iDeal.

Which Forex Pairs Can You Trade With XM Forex?

XM has over 50 Forex pairs you can trade, offering more than most brokers and more than any professional trader can keep up with.

  • AUD / CAD
  • AUD / CHF
  • AUD / JPY
  • AUD / NZD
  • AUD / USD
  • CAD / CHF
  • CAD / JPY
  • CHF / JPY
  • CHF / SGD
  • EUR / AUD
  • EUR / CAD
  • EUR / CHF
  • EUR / DKK
  • EUR / GBP
  • EUR / HKD
  • EUR / HUF
  • EUR / JPY
  • EUR / NOK
  • EUR / NZD
  • EUR / PLN
  • EUR / RUB
  • EUR / SEK
  • EUR / SGD
  • EUR / TRY
  • EUR / USD
  • EUR / ZAR
  • GBP / AUD
  • GBP / CAD
  • GBP / CHF
  • GBP / DKK
  • GBP / JPY
  • GBP / NOK
  • GBP / NZD
  • GBP / SEK
  • GBP / SGD
  • GBP / USD
  • NZD / CAD
  • NZD / CHF
  • NZD / JPY
  • NZD / SGD
  • NZD / USD
  • SGD / JPY
  • USD / CAD
  • USD / CHF
  • USD / CNH
  • USD / DKK
  • USD / HKD
  • USD / HUF
  • USD / JPY
  • USD / MXN
  • USD / NOK
  • USD / PLN
  • USD / RUB
  • USD / SEK
  • USD / SGD
  • USD / TRY
  • USD / ZAR

In addition to all of the Forex pairs listed above members can also trade commodities, equity indices, precious metals, and energies.

Review Verdict: XM Forex is a legitimate product that works

Visit XM Forex Website

Is XM Forex Right For You?

XM offers both a $30 no deposit bonus and as much as $5,000 in deposit bonuses.  Though it is not required to read the terms and conditions for the bonuses, it is definitely a good idea. The terms and conditions for both bonuses are described in five page documents. There is a separate five page document for each bonus details.

These may be the longest terms and conditions files dealing with bonuses in the industry. We’re sure these documents were some of the longest we have ever read.

In order to be able to withdraw the no deposit bonus you must trade a minimum of 50 micro lots and complete at least five round turn trades. You can always check the current status of your bonus clearings and trades by logging into your account under the account history tab.

The $5,000 bonus is earned by trading positions and then closing trades. You receive a $10 bonus credit for each standard lot you trade. In order to earn the entire $5,000 bonus you will have to trade 500 standard lots.

What Are The Drawbacks Of XM Forex?

It seems like you can find the same complaints about every single Forex broker if you look deep enough. The most common complaints about XM Forex we have found are regarding spreads. The good news is that XM doesn’t seem to have as many problems as most brokers, but they still have some. We’re going to cover the main ones below: Spreads – we did find a few complaints about the spreads, but when we compared them to other brokers they are still among the best in the business.

If you can find a broker offering better spreads you can consider trading with them, but you would not have to worry about XM taking advantage of you in this aspect.

While this is not a problem we’ve had, we’ve read a few complaints about some of the XM trading platforms freezing or crashing, causing a missed trade opportunity or other issue. All software can have issues from time to time and one of the issues could be the traders’ computer that is running the software.

Review Verdict: XM Forex is a legitimate product that works

Go To XM Forex Website

Conclusion about XM Forex

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The free demo account is the best place to get started and the $30 no deposit bonus gives traders an opportunity to start trading micro lots for real money when they’re ready to get a feel for playing for real cash. One should also not ignore the training and free resources they offer. Many beginning traders make the mistake of thinking if the training is free it must not be worth much.

We’re firm believers in training and education and you will never know when you might learn the one thing that transforms you from a losing trader to a profitable one.

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