What makes XM stand out among other forex brokers is its Islamic trading platforms. Customers of XM must contact their Forex broker to open an Islamic account. An Islamic account is different from a standard one in that it does not accumulate or collect interest rates. It also does not require any type of swap payment. Hence, it is a good option for Muslims, although it does come with certain limitations.
XM was founded in 2009 and is operated by the Trading Point Holdings Limited, which has its registered office in Limassol, Cyprus. The company holds several licenses from leading financial regulators, including the Cyprus Securities and Exchange Commission. Its presence in the United Kingdom trading market is a testament to its legitimacy. It is regulated by the Financial Conduct Authority FCA, the Prudential Regulation Authority PRA, and the Financial Policy Committee.
In addition to this, XM is also ethical, as the customer service staff speaks over 25 languages. In addition to this, XM has a comprehensive library of educational materials, including technical analysis videos, webinars, and seminars. The company has no obvious security concerns, except that you must confirm your email address to open a demo account. The firm also requires identity documents before opening a trading account.
The account types offered by XM include Standard, Micro, and Ultra Low accounts. Standard accounts have a minimum deposit of $5 USD, while Micro and Ultra Low accounts require a minimum of 100 units. The Standard account, on the other hand, allows you to open an account using any base currency and charges zero pips on major currencies. You can also trade stocks and other types of currency with a Micro Account.
XM offers mobile apps for both Android and iOS devices. Its app is available on both Apple and Android devices, and you can even use your fingerprint to log in. With a range of educational tools, you can stay on top of your trading. If you re a newbie, you can start with a demo account to practice before jumping into a real trading account. But if you have never traded before, you should definitely give it a try.
XM Global has been around for about a decade and has won over 30 awards in the industry. Its main branch is in Cyprus, but it also serves other countries including the UK, Australia, Canada, Greece, and the MENA region. The company s platform allows you to trade with over 55 different currency pairs, and there are no re-quotes or rejections. And it s easy to open an account with XM.
XM offers good customer support, but it doesn t have the most diverse range of account types. This can make it less personalised, and you can t deposit through PayPal, which can be a problem for some people. Another downside of XM is that it s not available in all regions, which can be a drawback for some. However, its customer support is available twenty-four hours a day and has a number of educational materials.