XM Group is an award-winning, mobile-friendly brokerage trusted by more than 3.5 million satisfied customers worldwide. This globally renowned trading site services mobile traders from over 190 countries and staffs a customer support team whose members speak more than thirty different languages. Fully dedicated to its clients’ needs and satisfaction, the brokerage’s management team has visited more than 120 cities to better understand what traders worldwide are looking for.
The broker is compatible with all smartphones and tablets, granting mobile traders a choice from two dedicated downloadable apps. Android users can get theirs from the Google Play Store. The app works seamlessly on devices based on Android Lollipop and newer versions of the OS.
Those who own iPads or iPhones can head over to the official App Store where they can find a dedicated XM Group app, optimized for iOS 10 or newer versions. Both applications are frequently updated with new features. Improvements are constantly made to enhance the apps’ performance and compatibility.
XM Group truly is a global mobile brokerage as becomes obvious from the mind-blowing variety of languages its apps support. Non-English-speaking customers have an enormous choice from over 23 languages, including Malay, Dutch, Arabic, French, Greek, German, Czech, Thai, Chinese (simplified and traditional), Swedish, Russian, and Spanish.
As for trading options, mobile traders can make their picks from over 1,000 instruments. You can trade on the go Forex pairs as well as Contracts for Difference on stocks, indices, and commodities via the mobile-friendly platforms MT4 and MT5.
XM Group Mobile Account Types
XM Group is an award-winning brokerage that caters to a diverse range of trading styles by offering a variety of innovative trading accounts. The mobile broker even goes the extra mile by providing customers with the option to request custom-tailored trading accounts to loyal clients. Other than that, the company offers three main account types, namely Micro, Standard, and XM Zero. You can give the trading services a decent test drive by setting up a free demo account as well.
XM Group Micro Accounts
Micro accounts at XM Group are a great choice for smaller-scale traders since they come with a contract size of 1,000 per single lot. Those who choose this option can set up their accounts in eleven different currencies – EUR, USD, JPY, CHF, GBP, ZAR, PLN, HUF, SGD, RUB, and AUD. Be sure to register your Micro account in your local currency, provided that it is supported. This would prevent you from having to pay for currency conversion when depositing and withdrawing.
No commissions are charged on open positions, with a maximum number of 200 positions at a time. There are spreads, though, but these are rather competitive at as little as a single pip.
The minimum trading volume is equal to 0.01 lots if you set up your Micro account in MT4 and 0.1 lots for those who prefer to use the MT5 trading platform. The lots per ticket are restricted to 100. Registering a swap-free Micro account is possible for Muslim customers who seek to trade without any interest due to their religious beliefs.
You can deposit as little as $5 into your newly registered Micro account. If you are unsure this is the right type of account for you, you can always give it a test via the demo version where you can trade with free virtual credits rather than investing your own funds.
XM Standard Accounts
Standard accounts are the choice of many mobile customers of XM Group. They support the same currencies as those for the Micro accounts. However, the difference here is that the size of the contracts is considerably larger at 100,000 per lot. There are commissions on your trades while spreads start at as low as 1 pip.
Each Standard account holder can maintain as many as 200 open or pending positions at any given time. As for the minimum trading volume you must comply with, it stands at 0.01 lots regardless of whether you are using MetaTrader 4 or MetaTrader 5. There are restrictions of a maximum of 50 lots per ticket, or half the fewer lots compared to the XM Micro account.
This account is also available in two versions. Muslim investors can trade swap-free whereas customers of other religions can choose to have interest. Of course, trying the Standard account in a demo format with virtual money is also a possibility. Registering a Standard account is a very hassle-free process.
The estimated time for completing your registration is under two minutes. You simply have to enter your information in the form using characters from the English alphabet only. You also need to select your preferred account type, your country’s financial regulator, and your desired trading software from the drop-down menu.
XM Zero Accounts
The XM Zero account is mostly suitable for experienced and professional traders, looking to trade larger volumes. This type comes with a limited choice of base currencies, with the only three options being JPY, EUR, and USD. The contract size coincides with that for Standard accounts, i.e. one whole lot is equal to 100,000. The spreads on all major currency pairs are as low as zero pips.
Keep in mind, however, commissions on your trades are in effect if you choose to set up an XM Zero account. You can have as many as 200 pending or open positions with this type of account. The minimum trading volume is also the same as that for Standard accounts and amounts to 0.01 lots. You can have 50 lots per ticket.
Since XM Zero accounts are recommended to larger-scale traders, the minimum deposits are significantly higher at $100. There is an Islamic version of the XM Zero account as well. These have no rollover interests if traders keep their positions open overnight. To use this swap-free option, you must sign up with XM Group via its mobile app, log in, navigate to the Members Area, and validate your newly registered account.
Only then can you request an Islamic account. The customer support staff members will notify you by email when your account’s status changes. Islamic customers will also benefit from real-time order execution, no hidden additional costs, and no re-quoting.
Another thing that sets XM Group apart from some of the other mobile-friendly brokerages is that it does not compensate for the lack of extra fees by spread-widening. XM Group is a highly ethical broker and as such refrains from charging interest in disguise.
XM Mobile App Trading InstrumentsThe XM mobile app hits the right spot where diversity in terms of financial instruments is concerned. The mobile brokerage offers more than 1,000 instruments to fit the needs of any type of trader. What’s great about this broker is that it caters to less skilled or experienced investors by offering them a comprehensive range of research and educational materials. You can find them by tapping the main menu button with the three bars and then selecting Live Education, Research, or Educational Videos. If interested in improving your knowledge, you can always schedule to join one of the free Forex webinars. If you have never used the MT4 and MT5 platforms before and are not confident enough that you will get the hang of them, you can always navigate to the Platform Tutorials section. It explains everything from downloading and installing the platforms to the basics of chart trading, among many other things.
Forex Currency Pairs
Those who prefer to trade the Forex markets on the go will be pleasantly surprised by what XM has to offer. The mobile brokerage accepts trades with over 55 currency pairs, including majors, exotics, and crosses. Diversity is not the only benefit Forex traders get to enjoy at XM. The broker does not issue re-quotes and offers extremely tight spreads. Here you can trade your preferred currency pairs while having the peace of mind you will suffer no hidden charges.
Some of the most traded currency options include pairs such as CAD/JPY, EUR/AUD, EUR/CAD, EUR/GBP, GBP/AUD, USD/CAD, and USD/JPY. The required margin percentage is usually 5% across the three available account types. The average spreads vary depending on account type and what pairs one trades.
Trading with Stocks
XM also provides you with the opportunity to trade with stocks, giving you direct access to the world’s largest equity markets. The broker allows you to trade in both directions – you can open long and short positions. Furthermore, there are no additional fees for trading stocks on XM.
You have real-time access to the stocks of the economy’s biggest companies from a variety of countries, including the UK, and USA, France, Australia, Sweden, Switzerland, Spain, Russia, and Germany. More experienced investors can expand their trading volume by trading stock CFDs.
The maximum available leverage retail traders can use differs between countries. Those based in Europe, the UK, and South Africa can implement maximum leverage of 30:1 whereas customers from Australia can leverage their positions at a rate of 500:1. Canadian and Brazilian traders can use a maximum leverage of 888:1.
Hard and Soft Commodities
To boot, XM supports trading with a diverse set of commodities. You have the option to speculate on price movements without owning the respective commodities. The commodity markets provide investors with numerous trading opportunities.
At XM, you can trade with soft commodities the likes of wheat, cocoa, corn, sugar, cotton, coffee, and soybeans. Opportunities arise for those looking to trade with hard commodities as well. The broker offers positions for the high-grade copper, gold, silver, natural gas, and crude oil markets.
XM makes it possible to trade cost-effectively with equity indices. There is a huge variety of indices here, including major options such as the German DAX Performance Index, the Japanese Nikkei 225 Index, the British Footsie, the US Nasdaq and Dow Jones, the Australian S&P/AUX200, and many more. The spreads for indice trading are very flexible, ranging from 0.05 to 24. The margin percentages for these markets are either 5% or 10%, depending on which equity index you trade with.
XM Group Mobile App Fees and Spreads
As we specified on a previous occasion, XM Group boasts variable spreads that differ depending on several factors, including the type of account you set up and the instruments you trade with. The most cost-effective option here is to trade with major currency pairs like EUR/USD, GBP/USD, and USD/EUR since the spreads for these start at as low as zero pips for XM Zero accounts.
Customers who open Standard and Micro accounts can enjoy spreads that start at 1 pip. Another thing we consider laudable about this mobile brokerage is that XM Group is committed to ensuring the best quality of order execution so that customers can actually benefit from the tight spreads on offer.
The fact the spreads at XM Group are flexible is a merit on its own. It is typical for fixed spreads to be higher than flexible ones. It is for this reason that customers who use fixed spreads are required to pay for insurance premiums. In turn, this causes brokerages that work with fixed spreads to impose trading limitations during important news announcements, rendering the insurance premium you have paid for useless.
At XM Group, mobile traders will experience no such nuisances. This is a fair and transparent broker that values its customers and always strives for their full satisfaction. Also important is to note that XM Group offers fractional pip pricing.
The main purpose of this is to ensure you get the most competitive pricing from the many liquidity providers the brokerage works with. This allows customers to take full advantage of the most minuscule movements in the prices. The broker uses a five-digit rather than four-digit pricing for higher accuracy.
To add to all these advantages, XM Group also impresses with transparent and competitive swap rates. As for the commissions, these apply only to XM Zero accounts. They amount to $7 per whole lot. You are charged $3.50 for opening a position and the same amount for closing it. The commissions at XM are charged proportionately. For instance, if you purchase only half a lot instead of a whole one, you will have to pay $1.75 for opening your position and $1.75 for closing it.
Should your account remain dormant for one year or more, the brokerage will impose a one-off maintenance charge of $15. They will also charge you $5 on a monthly basis for each subsequent month of account inactivity.
XM Group Mobile App Banking
Before we expand on the subject of mobile payments at XM Group, we would like to remind potential clients of the brokerage that it would be best to use their local currency as the base currency of their accounts. Otherwise, you will have to pay additionally for the currency conversion service. Some of the base currencies you can pick from are EUR, USD, CHF, GBP, HUF, PLN, RUB, JPY, AUD, ZAR, and SGD.
Also important is to specify that new registrants are expected to send coloured copies of their identification documents to validate their accounts. Feel free to use your driver’s license, ID, or passport. Additionally, you will have to provide them with a utility bill of yours that should be no older than three months. This is to verify your permanent residency address.
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The deposit options at XM Group may vary depending on your country of residency. Some of the most commonly available methods are the credit and debit cards. The brokerage accepts payments with the card brands Visa, Mastercard, Visa Electron, and Maestro.
You can have your peace of mind regarding the safety of your card details and funds because the app encrypts all the information you send to or from your XM Group account. Moreover, this accredited brokerage does not charge additional commissions on deposits conducted with the above-listed debit or credit cards.
Once you successfully verify your identity and residency, you will be able to make almost immediate deposits to your XM Group live account’s balance. It takes only a few minutes for the funds to be credited to your account. The mobile broker will send a notification to the email address you have registered with as soon as the funds are made available to you so you can begin trading for real money immediately.
The minimum deposit requirement is related to the type of account you sign up for. The deposits to Standard and Micro accounts are extremely low at $5 only. However, if you choose to set up an XM Zero account, you will have to commit with no less than $100 per deposit.
Another way to top up your live balance at XM Group as you go is to use a standard bank wire transfer. Be sure to include the valid number of your XM live account when filling the transfer’s payment details or else your deposit will not go through.
The cool thing about using this method is that XM Group will cover the wire transfer fees enforced by the banks it works with. However, this applies only to deposits that exceed $200. Depositing with a range of popular e-wallets is also possible at XM Group, including the commonly implemented Neteller and Skrill.
Prospective customers should bear in mind that all cash-out requests (excluding trading profits) are returned to the same debit or credit cards they have initially deposited with. You can use the same methods that are available for depositing.
Mobile traders can conveniently track their withdrawals after logging in and navigating to the My Withdrawals section. It contains the full history of their payments along with information on their pending withdrawals. You can check the requested and approved amounts and the status of your transactions.
The mobile brokerage does not charge fees on customers’ withdrawals. One exception is made for withdrawals requested via bank wire transfers, in which case the client might incur a processing fee of $15 provided that the amount they want to cash out is under $200.
This may not appeal to small-scale investors since they will have no other option but to grow their trading accounts to a large enough size that would allow them to withdraw greater amounts at no cost.
Withdrawals requested back to one’s debit or credit card are usually processed within 2 business days. It makes sense that customers can withdraw only to a bank account or a card that is registered in their own name.
XM Group Mobile App Regulations
XM Group was launched in 2009 and is operated by Trading Point Holdings Limited, a company with registered offices in Limassol, Cyprus. This is an accredited trading company that has acquired licenses from some of the biggest financial regulators in the world. Its operations in member states of the European Union are licensed and overseen by the Cyprus Securities and Exchange Commission (CySEC).
The company has also established a solid presence on the British trading market where it falls under the regulatory scope of the highly accredited Financial Conduct Authority (FCA), which operates in conjunction with the Prudential Regulation Authority and the Financial Policy Committee.
XM Group can also regally service customers from Down Under thanks to a license, granted by the Australian Securities and Investment Commission (ASIC). To boot, the brokerage is overseen and authorized by the Dubai Financial Services Authority (DFSA) and the International Financial Services Commission (IFSC).
In line with the requirements of its regulators, XM Group imposes leverage restrictions on its CFD offerings, but the maximums are different from one country to another. Customers from the EU can use a leverage of no more than 30:1 for major Forex pairs under the regulations of CySEC.
The brokerage has posted a risk disclaimer on its homepage, warning that 75.5% of its retail customers lose money when investing in Contracts for Difference. This percentage is significantly lower compared to those of some of the other CFD brokers. We attribute this to the broad range of educational and research materials offered by XM Group. Also worth noting is that XM Group does not offer its services to clients based in third countries. Traders from the United States of America are also not welcome here.
1. Can I open multiple trading accounts via the XM mobile app?
2. MT4 or MT5 - which trading platform is the right choice for me?
3. Are there any commissions?
4. Can I trade with leverage on the go at XM?
5. Does XM offer a Negative Balance Protection?
XM Group is a highly recognized trading company that boasts two very functional mobile apps. The latter enable registered customers to conveniently trade and monitor their positions while on the move. The interface of the apps is quite intuitive and easy to work with. The apps provide a choice from more than 1,000 financial instruments, with users being able to open demo or live accounts.