After operating and developing for over 13 years, the XM Forex trading platform is now familiar among financial investors worldwide. Let’s find out with Betomon about the offerings, credibility, fees, advantages and disadvantages of the reputable Forex exchange, XM, in the following article.
Overview of XM Forex Platform
Similar to FBS, XM is a forex trading platform that was established in 2009 by Trading Point Holdings Ltd. XM has successfully grown into a reputable and large investment firm with over 3.5 million customers after 13 years of operating in the foreign exchange market.
Furthermore, this exchange has a group of proficient specialists, estimated to comprise as many as 450 individuals, combined with the European Union, guaranteeing this is a transparent, anti-money laundering platform.
- Thus far, the XM trading platform has garnered numerous impressive numbers, including:
- More than 2.5 million customers from 196 countries;
- Daily trading volume of $15 billion;
- 1.4 billion transactions have been performed, with no order rejections or requotes;
- Many partnerships around the world with over 120 cities;
- More than 5 million visit the official website each month;
- 16 comprehensive trading software and 25 secure payment methods;
- Over 450 experts with many years of financial support experience.
Development History of the XM
XM has experienced a remarkable development journey:
- 2009: Established and launched trading-point.com.
- 2010: Launched MT4 and received licenses from the FSA and key regulatory organizations in Europe.
- 2011: Launched mobile trading and training program.
- 2013: Changed domain name to XM.com and launched new base currency on MT4 platform.
- 2014: Opened a representative office in Budapest, Hungary.
- 2015: Opened a representative office in Athens, Greece.
- 2016: Became the official sponsor of Al-Nassr FC Football Club.
- 2018: XM was honored as the Best International Broker in the Middle East – North Africa.
From 2019 to 2023: Continuously receiving awards for best Forex platform, best FX broker, and most trusted broker.
Is XM exchange Licensed?
Examining the licenses that XM Broker has obtained from respectable regulatory organizations is necessary to determine the reliability. XM has been granted by many important regulatory authorities:
- XM Global Limited: Licensed by the Financial Services Commission (FSC) in Belize (license number 000261/397).
- Trading Point of Financial Instruments Ltd: Licensed by CySEC – The Cyprus Securities and Exchange Commission (license number: 120/10).
- Trading Point of Financial Instruments Pty Limited: Licensed by ASIC – Australian Securities And Investments Commission (license number 443670).
- Trading Point MENA Limited: Licensed by DFSA – The Dubai Financial Services Authority with license number F003484.
- Trading Point of Financial Instruments UK Ltd (XM UK): Authorized and regulated in the UK by the Financial Conduct Authority (FCA).
What are the MX’s trading platforms?
Customers can choose from 2 trading platforms, MT4 and MT5 as well as numerous other options, including Webtrader, which is compatible with computers running Windows and Mac OS, Android, Android Tablet, iPad, and iPhone, which is one of the benefits of MX.
MT4 Software
Due to its widespread use across all forex trading platforms, MetaTrader 4 (MT4) can be regarded as the most popular software. The application has an intuitive user interface and facilitates automated trading using robots or trader orders.
MT4 is undoubtedly the best option for investors who want to trade forex, coins, or CFDs.
Outstanding features of Metatrader 4 software:
- Spreads from 0.6 pips;
- Integrates more than 1000 products: Forex, CFDs and Futures;
- Technical analysis tools over 50 indicators plus other charting tools;
- Synchronize with 8 different coin or forex trading software;
- Hedging (equal and opposite orders)
- Offers all kinds of technical analysis tools, more than 50 indicators and charting tools
- Provides 3 types of charts (bar chart, candlestick chart and line chart);
- Ensures full and secure data storage for users;
- Set up custom indicators and different time cycles;
- There are built-in and customizable indicators that allow EA.
MT5 Software
Investors can trade a wide range of product categories, including contracts for difference (CFDs), forex (currency trading), precious metals, stock index, energy, stocks, and commodities by using the MT5 software, which was upgraded from MT4.
Compared to MT4, all of the features on MetaTrader 5 (MT5) are much more optimized. This includes trading on stocks and many other specialized markets, as well as the flexibility of algorithmic trading (automated trading).
To help traders increase their chances of making a profit while trading, in addition to the 4 available orders: buy limit, buy stop, sell limit, and sell stop, MT5 provides 2 additional orders: buy stop limit and sell stop limit.
Trading robot programming features can be performed by MT5, which may set up personalized indicators to fit the trading style of each trader.
Specifically, you can trade stock CFDs with MT5. MT5 software is required in order to trade this product.
Special characteristics of the MT5 provided by XM:
- Synchronize transactions for 7 software;
- Provides more than 80 technical analysis topics;
- Allows trading more than 1000 products, including stock CFDs, stock index CFDs, forex-forex, precious metal CFDs and energy CFDs;
- Spreads from just 0.6 pips;
- Ability to display more than 100 graphs at the same time;
- Market depth of latest quotes;
- Analyzes more than 40 objects and more than 80 technical indicators;
A variety of other forex order types are supported: market orders, pending orders, buy limit, buy stop, sell limit, sell stop, stop buy stop limit, sell stop limit, stop loss and trailing stop.
MT4 Multiterminal
Multiterminal is an application intended for traders who want to manage multiple MT4 accounts simultaneously. This account only needs to be logged in once, using a single password. This application has the following features:
- Supports many types of orders;
- Offers 3 allocation methods;
- Enables to 128 trading accounts;
- Real-time-based management and execution;
Directions for easily and quickly creating an XM account
Steps to register an XM account
Step 1: Visit the official website
- You need to access the XM homepage link here, you can switch to your language for easier operation. https://www.xm.com/
- Select the section to open an XM account and fill in the required personal data
- Enter your name, phone number, email, select country and select language.
Step 2: Provide date of birth and address
- Using the information on your citizen identification card, precisely enter your address and date of birth. These details will be used to confirm your identity.
- In the section: Are you a US citizen obligated to pay taxes? Option no
- Postal code/Zip: The code from the place where you registered your permanent residence must be entered. This code can be searched for online.
Step 3: Provide information about trading purposes to continue with the XM registration process.
- You need to specify the account’s initial currency.
- Indicate whether you intend to invest large or small amounts.
- Select leverage.
- If you intend to receive a reward, select “Yes, I want to receive a reward”.
- Furthermore, there are several inquiries from the regulatory agency that you must respond to. This is done to protect you before the transaction takes place.
You can look at the following questions that Betomon has addressed:
If the leverage when opening a CFD trade in EUR/USD is 10:1, what will be the required margin to carry out a CFD trade of 1 (100,000 EURO) in EUR/USD?
- The answer is 50,000 EUR.
What type of order should you place to limit losses when trading CFDs?
- The answer is “Stop loss order”.
The market increased by 2%. Trading with which leverage will result in the largest profit or loss?
- The answer is 30: 1. The largest leverage can have the most impact.
Step 4: Enter password
- Enter password and access XM trading account. The password can include special characters to make it stronger.
- Once you have completed your XM registration, click on the “Open a real account” button.
Step 5: Verify the newly created account
Since Forex exchanges are required by international law to grasp customer information, you must register to open an XM account using your email address to validate the account you just created.
You must click on the confirmation link that XM Broker sends to your email box. After that, you’ll be taken back to the XM website.
Step 6: Sign in and trade
- You must enter the account number information you obtained in the email when you go back to the XM website.
- The password is the one you defined at the beginning.
- Click “Log in” in order to access your trading account after entering those details.
Enter details of the received account number
You can quickly register for a trading account on XM in just 6 easy steps.
Notes on registering for XM
When signing up for XM, take note of these points:
- Do not fill in your name with accents to match the English language.
- Enter the phone number: You have to change it to match your area code (for example, replace 0 with +84 to match the Vietnam area code).
- Using Gmail is recommended. You can still register using email even if you don’t have Gmail.
- Selecting MT4 software will make things easier for you if you do not need to trade stock CFDs.
- You can use the website’s chat box in case you encounter any problems during the XM registration process.
- After creating your account, you should delete the whole history by pressing Ctrl + H. By doing this, you’ll be able to avoid browser Cache memory issues that could interfere with the procedure of creating an account.
