Buzz
XM is rated quite well, with good responsibility and customer support services, ideal trading conditions, high liquidity, numerous promotional programs, and bonuses. If you're wondering whether XM is a scam or not, read on to find the answer in the following article by Mytour.
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Is XM a scam?
XM, a subsidiary of Trading Point of Financial Instruments Ltd., offers a range of unique features not found in every forex trading platform, including spreads from 0 pips, unlimited deposits, transparent and professional trading. The company adheres to regulations of FI, FIN, BaFin, AFM, and CNMV, ensuring high liquidity.
Fundamentally, the trading platform meets legal requirements of the countries where they are headquartered and conduct business.
Should you trade with XM?
Why choose XM broker?
XM trading platforms
XM offers 3 platforms, including MT4 MetaTrader, MT5 MetaTrader, and WebTrader platform for both Windows, Mac, and mobile platforms. The WebTrader platform is available on the Internet browser.
This allows customers to flexibly choose trading methods anywhere and anytime.
Types of XM accounts
XM provides 3 different types of accounts, including MICRO accounts, STANDARD accounts, and XM ZERO accounts.
- MICRO account: Traders can choose from various currency pairs, including USD, EUR, ... with a contract size of 1 lot, equivalent to 1000, trading volume of 0.01. The minimum spread is 1 pip, leverage from 1:1 to 1:888 spread on all major currency pairs, maximum deposit amount is 5 USD.
- STANDARD account: Offers most features similar to MICRO accounts, however, the contract size of 1 lot is equivalent to 100,000, maximum 200 positions on open or pending orders / clients, and minimum 1,000 units in trading volume, maximum deposit amount is 5 USD.
- XM ZERO account: Basic currency pairs include USD, EUR, and JPY. 0 pip spread, trading volume 0.01, maximum deposit amount is 100 USD.
Bonuses and promotions
XM offers attractive bonus and promotion schemes. Customers can choose from:
- Bonuses for trades on XM platform: Available for all traders immediately upon opening a live XM account for the first time. The trading bonus amount is 30 USD, traders can use this amount to conduct trial trades and assess the transparency of the trading platform. The bonus amount will be available immediately after the trader completes their account setup.
- Zero Fee for trades over 200 USD: According to XM's Zero Fees policy, XM ensures payment of all deposits and withdrawal fees for bank transfer trades over 200 USD.
Traders with deposits up to 5,000 USD (or equivalent amount in other currencies) can request free VPS service. Linking XM VPS allows traders to remotely connect to XM Virtual Private Servers in London, near their data center, without worrying about natural factors that could disrupt their trades, such as slow internet connections.
This article by Mytour just answered your question about whether XM trading platform is a scam or not. Essentially, the trading platform is quite reliable, meeting legal requirements of the countries where they are headquartered and conducting business, with high liquidity and transparency. Additionally, if you're not familiar with XM Forex platform, wondering about the risk of leverage on XM, you can refer to other articles available on Mytour.
Similarly to XM trading platform, many people also wonder if Forex4you is a scam. To know more about this platform, you can check out the review of Forex4you platform here.
- Read more: Forex4you platform review
Busstrade is a trading platform that has been rated HOT recently. However, a sudden unexpected event has occurred for those who are new to this platform. Information about Busstrade scam is spreading these days. You can find out more:
- Read more: Is Busstrade a scam?
