Is XM Broker a Scam?
XM GLOBAL LIMITED is a broker suspected of being a scam. If you have invested money with this company, it’s advisable to withdraw your funds as soon as possible. Several securities commissions have listed this company. The XM Group offers accessible virtual private server and demo accounts, fixed spreads, and demo trading accounts.
Multiple securities commissions regulate XM Group
XM Group is a leading brokerage that was established in 2009. It currently has clients in 196 countries and a team that speaks over 25 languages. It is highly regulated and strives to provide its clients with a top-notch user experience.
XM Group is regulated by the FCA, ASIC, and IFSC. XM Group is a global retail forex broker that offers CFDs on several assets. Its subsidiaries include Trading Point of Financial Instruments Ltd. in Cyprus, Trading Point MENA Limited in Dubai, and XM Global Limited in Belize.
Although XM is not publicly traded, it is a reliable online broker. It is regulated by three tiers of authority: he Cyprus Securities and Exchange Commission, the Australian Securities and Investment Commission, and the Financial Conduct Authority. As a result, the firm has the necessary documentation to operate as a reputable brokerage. In addition, XM has reference numbers that allow customers to check the company’s credentials.
XM Group offers a variety of account types. Some are free, while others require a higher initial deposit. Micro, Standard, and XM Group Ultra Low accounts offer different features. For example, Micro and Standard accounts allow users to use unlimited MetaTrader platforms and expert advisors. These accounts also have a range of leverage, and you can select the risk level you’d prefer.
XM Group offers a demo account.
The XM Group offers a demo account for a limited time, which allows you to experiment with trading conditions and MetaTrader platforms. This account allows you to explore the full range of XM’s offerings, but it is only available for a limited time, and you must convert it to a real account to use real funds. This process involves providing financial and personal information, a residential address, and several other details that mustverified. This is known as the Know Your Client process.
Once you’ve successfully registered, XM will send you a confirmation email with login details. You must verify this email address to access your demo account. Once you’ve verified your email address, you can download the demo account trading platform. Next, you’ll receive an email like the one below that contains a platform ID number. Use this as your username and password to log into your account.
To get started, you need to deposit at least $5. XM accepts various payment methods, including Visa Electron, MasterCard, and UnionPay. You can also use your local bank or wire transfer service to deposit money to your XM account. When making a withdrawal request, XM usually processes your withdrawal request within 24 hours. However, inmetimes, you might have to wait up to two or five days for your withdrawal to be processed.
XM offers fixed spreads.
XM is a forex broker that offers variable and fixed spreads. Fixed spreads are usually higher than variable spreads, but they are more flexible for different trading strategies. You will also have to pay insurance premiums if you opt for fixed spreads. XM’s spreads are considered medium-low by industry standards. However, it is essential to know that fixed spreads come with some costs, such as non-trading fees.
XM was founded in 2009 and had clients from more than 196 countries. It is regulated by the CySEC and has staff who speak 30 languages. Its Cyprus-based branch serves the needs of international clients. It also has an authorized branch in Dubai, which offers services to traders in the MENA region.
XM is a member of the XM Group. It was established in 2009 and is headquartered in Limassol, Cyprus. It is a registered trading company and holds licenses from some of the most significant financial regulators in the world. In the EU, the XM Group is regulated by the Cyprus Securities and Exchange Commission. XM has also established a strong presence in the UK trading market and is regulated by the Financial Conduct Authority. In addition, the company is also regulated by the Prudential Regulation Authority and the Financial Policy Committee.
XM offers an accessible virtual private server.
XM offers free virtual private servers for Metatrader 4 and MT5. Located 1.5km from its London data center, this server is available to XM clients round the clock and is Optical Fiber connected. This allows XM clients to trade without interruptions caused by slow Internet connection or computer failure. The free VPS program is recommended for EA traders as it saves them set-up fees. It also guarantees fast and stable order execution.
XM users can apply for an accessible virtual private server by logging in to their members’ area. The free VPS process is the same for all XM members. However, some features can be found in the paid VPS. The VPS is an essential feature for traders who use Expert Advisors. It allows users to check on the progress of their trades in real time.
The free VPS program at XM is recommended for traders who use MT4 or MT5 programs and require consistent trading activity. XM’s free VPS helps traders to minimize latency and increase their trading activity. New traders are eligible for the program if they meet the above requirement. They also need to verify their account.