Founded in 2009, XM.com is what one would call a “well-established” and experienced brokerage. Over the course of its existence (which now spans nearly a decade) XM.com has accrued plenty of user feedback, most of which is good, but some of which amounts to little more than complaints. Interestingly, while some of the user feedback portals have awarded the broker more than decent scores, others have thought it fit to give it 1-2 stars out of 5.
The complaints about the broker run the usual gamut: delayed withdrawals, advertised bonus deals not available in certain geographical locations and price manipulation. Apparently, the broker is a market-making operation, so in effect, it may indeed trade against its own clients.
According to the XM.com website, the broker delivers services to some 1.5 million people in 196 different countries. Canadians are also accepted, which places the broker among only a handful of its peers, who do indeed accept clients from this country.
Is XM.com the best choice for Canadian traders though?
Like every nearly-decade-old and global brokerage out there, XM.com have collected a number of industry awards. In 2017 for instance, the City of London Wealth Management Awards named it “Best FX service provider of 2017”. The broker was also awarded for its support and technology on other occasions.
The company behind the XM brand is Trading Point of Financial Instruments UK Ltd. The company is a registered operator in England and Wales. Its company number is 09436004. The current address of the organization is Citypoint Building, 1 Ropemaker street, London,EC2Y 9HT.
The operator is regulated/licensed by the FCA. Its reference number in this regard is: 705428. The official XM.com site links to the online version of the broker’s license at the FCA’s website.
From a regulatory perspective, XM.com is obviously in the clear, although given the global scope of its services, one would expect it to be licensed under several jurisdictions.
The broker offers access to more than 700 trading instruments. The trading conditions are quite outstanding: spreads start from 0.0 pips. A total of 16 trading platforms are available, and there are some bonus deals on offer as well.
Free daily technical analysis is also part of the XM.com package, together with personal account managers, FX trading signals, market research, daily Forex webinars and video tutorials.
XM.com supports a total of 3 account types and through them, it covers every needs its traders may possibly have in this regard. The minimum required deposits are surprisingly small on every one of these account types.
The Micro Account for instance, features negative balance protection, it allows hedging and it does not charge any commission. The spread on major tradable assets can be as low as 1 pip. The minimum required deposit for this account is $5.
The Standard Account offers pretty much the same trading conditions, with a lower lot limit per ticket. The minimum required deposit is $5 on this account too. The leverage depends on the amount of one’s deposit, and it ranges from 1:500 to 1:100.
The XM Zero Account is a commission-based solution, with spreads starting from 0 pips. The minimum required deposit for this account is $100. Obviously, if one intends to do some serious trading, it is highly recommended that he/she deposit much more than the above listed minimums.
While the broker states that it features some 16 trading platform options, the backbone of its offer is made up of MT4 and MT5. The two platforms are available in a massive range of options though, covering everything from PCs and Macs, to various Android- and iOS-based mobile devices.
MT4 and MT5 are without a doubt the best solutions in this regard too. They offer superb charting options, as well as scores of preinstalled technical indicators and drawing tools.
Expert Advisors are also supported.
XM.com accounts can be funded through the usual mix of credit and debit cards (VISA, MasterCard), as well as through electronic payment solutions, such as Neteller, Skrill, Klarna and UnionPay.
As already said above, the market-coverage of the broker is excellent. Some 700+ assets can be traded, including 54 currency pairs, stocks, commodities, equity indices, metals, energies and cryptocurrencies.
As far as cryptos go, BTC, DSH, LTC, XRP and ETH are all supported.
The XM.com support staff can be contacted through live chat, email ([email protected]), as well as a couple of UK-based phone numbers.
Financial transfers to and from XM.com are protected by top-notch encryption.
Everything accounted for, XM.com is indeed a solid online brokerage, with a more than decent reputation. The fact that it accepts traffic from Canada is an added bonus to all those in this country interested of making use of its services.