XM Group Review – Is XM Group a Scam?
It offers a two-tier deposit bonus.
XM Group is a legitimate broker offering generous bonuses. While they do not offer bonuses to clients registered under an EU-regulated entity, XM is still a legitimate option. However, traders should consider the source of complaints about XM and the lack of hard evidence to support that XM is a scam.
XM offers new clients a $30 no-deposit bonus and a two-tier deposit bonus on deposited funds. They also have a loyalty program whereby clients can earn XM Points for each lot they trade. Those points can then be redeemed for credit bonuses. Opening an account with XM is easy. It involves navigating a few web screens and choosing the type of account you want.
Another perk is getting help from a multi-lingual customer support desk. The support team is available to clients 24 hours a day, five days a week. You can also reach their customer support team via live chat, which is available in many languages.
It does not charge any fees for deposits.
XM Group offers several account types to suit your requirements. You can choose from a Micro, Standard, or Zero account, all of which offer different types of leverage. A Zero Account has a minimum deposit of 100 USD, while a Micro account requires a lower minimum deposit of five USD. Unlike a standard account, a Micro account allows you to trade with leverage as low as one to 500.
XM Group offers a free, virtual $10,000 demo account that you can use to test different strategies. You can keep this account for up to 90 days, after which it will automatically close. You can open another one later, but you can only have five demo accounts active at a time. XM Group adheres to several vital regulations worldwide, including the Cyprus Securities and Exchange Commission (CySEC).
Deposits to the XM Group can be made with a wire transfer. If you deposit $200 or more, XM will cover bank fees. Alternatively, you can use your credit card to deposit through Visa or Mastercard. However, you will not qualify for XM’s bonuses if you are a trader registered under Trading Point of Financial Instruments Ltd.
It does not offer guaranteed stop orders.
The XM Group offers a low minimum deposit and commission-free Forex trading. Their Ultra-Low Standard Account, for example, has spread as low as 0.6 pips, which works out to less than $6 per 1.0 standard lot. This is good for traders who trade less often and have smaller portfolios. In addition, unlike many global brokers, XM does not charge for deposits or withdrawals. However, the broker does charge a $5 monthly fee if the account is inactive for 90 days or more.
Other pros and cons of XM include their zero-fee deposit and user-friendly platforms. The broker offers a wide range of deposit options, including credit cards and Skrill. They also offer an Islamic Account, which restricts overnight swaps of currency pairs. In addition, they offer desktop, mobile, and web trading platforms. MT4 and MT5 are available for Mac and PC, iPad, iPhone, and Android.
The XM Group offers several account types, starting with the Ultra-Low Account at $50. However, these accounts are not suited for traders who want to trade with micro or standard lots. Moreover, the spreads on these accounts are 0.6 pips. Also, the XM Zero Account and XM Ultra-Low account are unavailable to all XM Group entities.