Broker XM is one of the popular trading exchanges known to many traders. exchangeing is not only popular in UK but also around the world. So why is XM so trusted by investors? What characteristics does it have? Explore details about broker XM with Forex Trading through the article below.
Instructions for opening a Broker XM account on the phone for newbies
To register an account on broker XM, you can follow the steps below:
Step 1: Visit the XM website and Register
Access XM’s account registration page using the link: https://www.xm.com
Fill in the required information such as country, email address, and password. Enter the partner code “WQD9K“ after filling in the information.
Check the box “I agree to receive newsletters, company news, and product updates”. Then press “Register”.
Step 2: Confirm account via Email activation
Broker XM will send you a registration confirmation email.
Check your email inbox and click “Confirm Email” in the email to complete the registration process.
Step 3: Verify the profile
After confirming your email, you will be asked to authenticate your profile.
Fill in all required information on the interface.
Click “Add financial information”. Then start the authentication process by pressing “Start authentication”.
Click Start Authentication.
Select ID type as driver’s license or similar documents.
After selecting the type of ID to verify your identity, you need to take a photo of the front and back of the ID by placing the ID in the frame as required by the exchange.
Next, you need to verify your face by following the instructions provided by the exchange
After checking, the trader has completed his authentication step.
Now that traders have completed broker XM authentication, XM account information will be sent to your email. Usually, this will be approved within 24 hours.
Step 4: Deposit money into your account
Once you have completed the registration and authentication process, you can fund your account to start trading.
Select the “Deposit” section on the website, then choose the appropriate deposit method.
What are some things to note when opening an account on XM?
When starting the registration process to open an account on broker XM, there are a few things you need to keep in mind:
- Full name without diacritics: Make sure that diacritics are not used in the full name to match English.
- Phone number: Replace 0 with +84 to match the UK’s area code when filling in.
- Use Gmail: Using a Gmail email address would be the best choice. However, if you don’t have Gmail, you can still use another email address to sign up.
- Choose MT4 software if you do not trade stock CFDs: If you do not need to trade stock CFDs, choose MT4 software for more convenience and ease of operation.
- Use the chat box on the website when having difficulties: During the XM registration process, if you encounter any difficulties. Please use the chat box available on the website for support.
- Delete browser history after creating an account: After creating an account, press the key combination Ctrl + H to delete the entire browser history. This will help avoid Cache memory problems on your computer browser. To make your account registration process smoother.
What types of accounts does Broker XM offer to traders?
Currently, broker XM offers 4 different types of trading accounts to suit the purposes and needs of each trader.
Broker XM Demo Account
Demo account on broker XM, also known as a demo account. This is an ideal and interesting choice for all investors:
- For new investors: Demo accounts are considered very useful in practicing investing from the beginning stage.
- For professional investors: Demo accounts are an important tool to help them test new trading methods, new products, and new tools.
Real XM account
Broker XM offers a wide range of account types to serve investors’ trading needs. Includes micro, standard, Ultra and shared accounts. Now, let’s dive into each of these account types.
Micro account
- The minimum deposit to this account is only 5 USD.
- Spread cost is 1 pip.
- There are no commission fees.
- A maximum of 200 orders can be opened or waited.
- For MT4, the minimum order volume is 0.01 lot.
Micro accounts are ideal for new investors with little or relatively little trading experience.
Ultra Low account broker XM
- Minimum deposit: 50 USD
- Spread Cost: 0.6 pip for major currency pairs
- No commission fees
- Maximum 200 open or pending orders
Ultra Low account on broker XM is specially designed for scalping traders. It offers higher profits at low spread costs.
Standard account
- Minimum deposit: 5 USD
- Spread Cost: 1 pip
- No commission fees
- Maximum 200 open or pending orders
- For MT4, the minimum order volume is 0.01 lot
Similar to the Micro account, the Standard account on broker XM Global is also quite a popular choice for new investors. However, lots should be converted to standard units.
Share account XM Global
- The minimum deposit is 50 USD and no leverage is used.
- Spread costs depend on each type.
- Maximum 200 open or pending orders.
- Minimum 1 lot order.
The Share account is suitable for investors who love to trade stocks, with a minimum deposit of 10,000 USD and no leverage.
Instructions on how to play Forex effectively on the XM trading exchange
To play Forex effectively on the XM trading platform, you can apply the following strategies:
Apply the intraday momentum strategy on XM Global
To apply the intraday momentum strategy on broker XM Global, you can follow these steps:
- Market Research: Track economic events and news that can affect the market during the trading day. Particularly important are important economic indicators such as unemployment rate, exchange rates, and GDP data. At the same time, trading opportunities can be increased from these events.
- Determine trading time: Determine the time of day you want to trade. Momentum strategies often focus on major trading sessions such as the London session and the New York session. When there is an increase in trading activity and price volatility increases.
- Use short-term charts: Use short-term charts such as 5-minute or 15-minute charts. Aim to evaluate short-term trends and find trading opportunities.
- Apply technical indicators: Use technical indicators such as RSI, MACD, and Moving Averages to determine entry and exit points in the market.
- Risk and profit management: Determine a reasonable risk level for each trade and set a specific profit target before entering a trade.
Effectively implement reversal trading strategies
To implement an effective reversal trading strategy on broker XM, you can follow these steps:
- Identify current trends: Evaluate the current market trend using technical indicators. Examples include Moving Averages, MACD, or price patterns on charts.
- Recognize reversal points: Use price patterns such as reversal patterns such as Head and Shoulders, and Double Tops. Reversal signals from technical indicators to determine market reversal points.
- Confirmation of reversal signals: Make sure you have confirmations from different technical indicators or price patterns. This helps confirm reversal signals before placing a trade.
- Risk and profit management: Determine the appropriate risk level for each trade by setting a specific stop loss and profit target. Ensure a reasonable risk/return ratio.
- Execute the trade: Open a position at the confirmed reversal point. Then set stop loss and profit targets. Make sure to follow your trading plan and never exceed your defined risk level.
How to play broker XM according to the moving average strategy
To play broker XM according to the moving average strategy, you can follow these steps:
- Identify the general trend: Use moving average indicators such as Moving Averages to determine the general trend of the market. For example, if the price is moving above the long-term moving averages, this is an uptrend.
- Identify entry and exit points: Use the signals of moving average indicators to determine entry and exit points in the market. For example, when the price crosses above a long-term moving average, this is a buy signal.
- Confirmation of trading signals: Make sure you have confirmations from other technical indicators. Also, price patterns on the chart to confirm moving average trading signals.
Should traders trade on broker XM or not?
Each Forex exchange has its advantages and disadvantages. Broker XM is no exception to this rule, there are still positive and negative aspects. Let’s look at the strengths and weaknesses of broker XM!
Analyze the advantages of XM Global
- Has been in the trading industry for a long time.
- Providing an advanced trading platform in flexible conditions.
- Diverse trading products, serving the needs of the majority of investors.
- Licensed to operate by several reputable financial management agencies.
- There is a separate account for investors who want to participate in the stock market.
- Allows trading of both forex and contracts for difference on the same account.
- The withdrawal process on the exchange is quite quick and convenient.
- Low minimum deposit level, suitable for many types of investors.
- No commission fees are charged (except for stock accounts).
- Supports Hedging trading method.
- Diverse payment systems.
- Regularly organize extremely attractive promotional XM bonus programs.
See more: Together XM Forex: Master the game, increase income
Broker XM review with some remaining limitations
- Does not provide leverage for stock trading and high deposit fees.
- Customer support is only available during business hours, Monday through Friday.
- The exchange lacks an exclusive trading platform.
- Cryptocurrency transactions are not supported.
- Missing accounts with fixed spreads.
- There is no official representative office in UK.
- Some fee-based services are not available.
- The platform does not support traders from the United States.
Compare broker XM with other trading platforms
It is difficult to declare which exchange is better. Because each Forex exchange has its advantages and disadvantages. While it offers many benefits to traders, it also comes with some limitations.
Choosing the most suitable exchange still depends on each person’s trading purpose. It also depends on personal financial situation and other factors.
Comparison between XM and Exness
Below are some criteria that can be used to evaluate Exness and broker XM. From there, they can choose the exchange that best suits them:
Reputation
- Exness is considered one of the most reputable Forex exchanges in the global market. It is reflected in large financial statements and a large number of customers. Exness’s reputation gives traders peace of mind when trading on this platform.
- XM is also famous in the media and is present on many websites specializing in Forex. However, there is no specific data about the reputation of broker XM. This can make many investors feel uncertain when trading on this exchange.
Spread Fees
Exness often has lower spreads than other exchanges on the market. Even just about 1 pip for the EUR/USD currency pair. Meanwhile, XM spreads can be up to 1.7 pips for this currency pair. Therefore, investors who are serious about low spreads can consider using Exness.
Lever
Exness has always been known for having the highest leverage in the Forex market, with no limits. Meanwhile, the broker XM account has the highest leverage level of 1:1000. However, using the high leverage of Exness is quite difficult according to the requirements of the exchange. Not every trader can access it.
Compare withdrawal speed
Exness is famous for its extremely fast withdrawal speed. It usually only takes a few seconds for the money to be transferred to your account. This speed makes Exness a top choice for withdrawing funds from exchanges.
Meanwhile, broker XM also has quite a fast withdrawal speed. However, it cannot be compared with Exness. Funds will be transferred the same day but it may take additional time for processing from the exchange. Therefore, for investors who need to withdraw money quickly, Exness is the most suitable choice.
Trading products
Exness mainly focuses on providing trading products in the field of foreign exchange. Meanwhile, broker XM offers a diverse range of trading products including foreign exchange trading, commodity CFDs, precious metals CFDs, and energy CFDs, as well as stock CFDs trading…
Trading platform
Both Exness and Broker XM offer superior trading platforms. There is no big difference in performance between these two exchanges.
Compare Spreads
XM is famous for its competitive prices and Exness offers spreads as low as 0.0 pips on currency pairs like EUR/USD. Exness also requires a very low minimum deposit, from only $5.
Neither Exness nor XM charges any fees for deposits or commissions. Except for the Exness Share account. But Exness does not charge a currency conversion fee while XM charges this fee on some accounts.
Differences between IC Markets and Broker XM
When entering the financial trading market, choosing a suitable trading platform can affect your success. broker XM and IC Markets, two famous names in the trading community. These are all quite popular choices for traders.
Trading platform
When comparing broker XM and IC Markets in terms of trading platforms, they both offer popular platforms. Included as MetaTrader 4 (MT4) and MetaTrader 5 (MT5) for traders. Both exchanges are aware of the appeal of these platforms in creating a quality trading experience. Examples include charts, technical indicators, and automated trading capabilities through Expert Advisors.
Transactional language
Broker XM and IC Markets both support many different trading languages. Purpose to serve the international community. This makes it accessible to traders from different countries. At the same time, you can use trading platforms conveniently. Both exchanges provide documentation and customer support in many different languages. To create favorable conditions for a multinational trading environment.
Transaction fees, minimum deposits, and commissions
Broker XM:
- Spread Fee: Depends on different account types. Lower XM account types give accounts with higher spreads.
- Swap fee: Calculated based on the interest rate difference fee.
- Minimum deposit: No minimum deposit is required on the exchange.
- Commission: Depends on each account type for trading. ECN account types may have commission fees.
ICMarkets platform:
- Spread Fee: Depends on each different account type. The IC Markets Raw Spread account has lower spreads but has transaction fees.
- Swap fee: Calculated based on the interest rate difference.
- Minimum deposit: No minimum deposit is required on the exchange.
- Commissions: ECN or Raw Spread accounts may have commissions.
Trading market
ICMarkets and broker XM both offer many types of trading markets for investors. Here is a comparison of the trading markets of both:
- Broker XM: XM focuses mainly on the foreign exchange (forex) market. Where you can trade major and minor currency pairs with diverse fluctuations. Besides the forex market, XM also offers CFD trading. Covers stocks, indices, commodities, and precious metals.
- ICMarkets: ICMarkets offers a wide range of trading markets. Covers the foreign exchange (forex) market with many currency pairs. The platform is also strong in trading CFDs.
XM, Exness, and ICMarkets are three of the leading and reputable forex trading exchanges in the market. All three exchanges have a long operating history. Each exchange offers its own advantages. Users can customize their choices based on their personal needs and goals.
Conclude
Above is all the information that Forex Trading wants to share with you about broker XM. After reading, do you understand about XM yet? Please leave your comments below to let us know! Hopefully, this article will help you better understand broker XM. From there, you can choose a reputable exchange to place your trust in your transactions.
Frequently asked questions
Is Broker XM regulated by any organizations?
XM is regulated by ASIC in Australia, CySEC in Cyprus, and FSC in Belize (XM Global Limited).
What are the trading hours at broker XM?
Similar to other exchanges, XM’s trading hours are from 22:05 GMT on Sunday to 21:50 GMT on Friday. If you access the software outside of trading hours, you will not be able to execute transactions and the platform’s functionality is for observation purposes only.
What is the leverage for stock trading on broker XM?
Broker XM offers flexible leverage for stock trading, from 1:1 to 888:1. This leverage level is suitable for both new and professional traders.
