forexbroker.ae logo

Forex Broker AE

XM Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?

XM - XM Markets is big in Africa and South East Asia, and now promoting themselves hard in the UAE. They are good-enough but not that great.

Yes, this broker's official website and app are legit, safe and trustworthy for UAE citizens and residents.

XM Markets UAE has decent reviews on Reddit and Quora, including satisfactory ratings on sites like Trustpilot. Thus, overall this broker is considered reliable for online trading of currencies, cryptocurrencies, CFDs and stocks.

XM is an online trading website and broker that allows its users to deal with a broad variety of assets via the use of a computer browser. The XM Group owns and operates XM.com, which is a branch of the company. The business was founded in 2009 and has since grown to become one of the world's largest investment venture organisations, with offices in many countries across the world. The XM platform takes pride in having traders in 196 countries and more than 1.5 million customers all over the world, according to the company. Balance protection, also known as negative balance protection, guarantees that traders do not lose more than the amount of money they have in their account. NBP provides balance protection, which is beneficial to traders in general. The possibility of losing money while trading forex is one of the reasons why XM imposes NBP to all active accounts. XM provides risk management tools like as price alerts, stop losses, limit orders, and no-bid-price (NBP). You may profit from forex trading or forex investing by limiting your losses and increasing your profits.


The XM forex broker provides a cutting-edge trading platform as well as flexible trading conditions to accommodate a diverse variety of worldwide clientele. XM's competence is derived from its extensive understanding of the global financial and FX markets, which has been gained through years of experience.

Platforms for trading XM offers stock trading, currency trading, equity index trading, commodities trading, precious metals trading, cryptocurrencies trading, and energy trading.


Expert service is something that XM is dedicated to providing. It has prepared and conducted a number of seminars for the benefit of its traders in order to bring this vision to reality.

A comprehensive variety of research resources, such as Market Overview, News, Trade Ideas, XM Research, and others, are made available to users by XM and are well-organized and accessible.

Learning opportunities are available to traders of all skill levels at XM. A part of money is spent on holding seminars in various locations across the world. The goal is to provide traders with the necessary knowledge and abilities to make better trading decisions in order to achieve success.

XM is available 24 hours a day, seven days a week for general Forex market hours. Phone trading is accessible, and XM's trading hours are from Sunday 22:05 GMT to Friday 21:50 GMT, with the exception of holidays. It also sends out price notifications for a variety of trading opportunities.
Tweets by XM_COM
If the user is located in one of the supported countries, the company may additionally provide certain registration incentives, such as a no-deposit bonus.

It provides a cutting-edge trading platform in an environment with a wide range of trading options.

Stocks, financial instruments, forex trading, equity indices, commodities, precious metals, multiple currency pairings or forex pairs, and energy trading are all supported on the XM trading platform.

Expert service is something that XM is dedicated to providing.

The XM brand provides learning opportunities for its traders of all levels, as well as platform training, to help them make a lot of money from cryptocurrency trading. It is not necessary to have prior experience in order to work on this platform and make money since the platform is developed with simple-to-use features, and so there is no need for prior knowledge.

Languages The XM platform is accessible in more than 30 different languages, including Arabic, French, German, traditional Chinese, Bahasa Malay (Malay), Korean, and others. Arabic, French, and German are the most often used languages. You have the option of selecting any language of your choice.

For example, currency pairs (Forex Pairs), CFDs, social trading/copy trading, spot trading, cryptocurrency trading and other investment products are all accessible via the XM Group.

Mobile trading is supported by trading platforms such as the XM group of brokers, which makes it simpler for traders to trade forex assets and financial instruments directly from their mobile phones themselves. They do not have to spend the whole day staring at their laptop screens, watching how the deals are being conducted, in order to do this. To acquire access to the XM group of brokers, all that is required is a robust internet connection and a web browser on your computer.

XM platform also provides the option of Islamic accounts as well as swap-free accounts.

Despite the fact that this broker seems to be faultless, there are several flaws that we have discovered throughout our analysis that have the potential to detract from the broker's overall appeal.

Due to the fact that customer support is only available from Monday to Friday, traders who encounter problems will have to wait for at least 2-3 days before they can get them resolved; otherwise, if they do not want to wait, they can continue trading at their own risk, as no one else is liable but the trader himself or herself.

The XM platform allows traders to conduct trades with the XM zero account rejections, but the lack of variation between the many account types makes trading on this platform seem less tailored to the individual.

According to our review and other user reviews on the XM metatrader5 platform, we concluded that the XM, which is regulated by CySEC, ASIC, the Financial Conduct Authority (FCA), and the International Financial Services Commission (IFSC) for XM Global Limited, is increasingly differentiating its trading account offerings. It also ensures that you will not lose money when trading on XM, resulting in a reduction in the likelihood of trading losses. The users often find the metatrader5 platform to be a little perplexing as a result of this, particularly when they are using the platform for the first time.

The inability to make PayPal deposits is an issue for a small number of users, particularly those who do not have access to another form of exchange for making deposits or withdrawing money from their accounts. As a result, they use the XM MetaTrader 5 platform to temporarily halt their activities.

For customers who are based in the United States, the Islamic Republic of Iran, or Israel, trading XM is not an option, which is a significant disadvantage for forex traders who are based in these countries.

There are two trading platforms available at XM, one for real money and the other for demo accounts. In lieu of having its own trading platform, XM makes use of third-party systems such as Metatrader 4 and Meta Trader 5, among others. More importantly, MetaTrader 4, which has received several awards, is normally an online forex trading platform that supports a variety of order types, including limits and stops, trailing stops, and market orders. XM MT4 is accessible for MAC, Android, PC, and the web, and it has a number of useful features for traders, like EA (Expert Advisor), Social Signal Trading, one-click trading with integrated news capabilities, three different chart kinds, and other useful functions. The XM platform provides access to 20 unique products, which include feature-rich trade execution and management programmes, communications facilities, and other tools, among other things. MetaTrader 5, a multi-asset trading platform, also allows access to stock indices, stocks, and precious metals, in addition to other markets. The year 2010 saw the debut of MT5, which enables for the usage of trading robots as well as copy trading to take place. In the financial markets, features such as various periods and complex charting tools might be advantageous. The XM MT5 app will provide you with a smooth and comprehensive access experience to your trading account, as well as full account functionality. This pair of trading platforms, in addition to the web-based trading platform, are available on Android and Apple smartphones, making for a convenient and straightforward mobile trading experience. The finest forex trading app to use while trading may make a substantial and significant impact in your trading results.

Customers of XM have access to a large number of algorithmic trading instruments as well as a proven track record. The River Indicator, the Ichimoku Indicator, the Bollinger Bands Indicator, the Ribbon Indicator, the ADX, and the PSAR Indicator are among the indicators used. These are Avramis Indicators, as the name suggests. Any of these methods may be used by the user by contacting their trading account manager. These provide support for the algorithmic trading tools that are currently included with the XM MT4 and MT5 platforms. In addition, the trading of financial instruments is facilitated by the MetaTrader platforms (MetaTrader 4 and MetaTrader 5) mentioned before.

XM employs variable spreads that are comparable to those used by the interbank currency market to determine the price of a trade. It is possible to do away with the demand for an insurance premium by offering changeable spreads; spreads serve as an alternative to insurance premiums.

This would be particularly crucial for fixed spreads, which are often higher in price than variable spreads. Furthermore, it is restricted to the fact that some top trading brokers limit their spreads while trading near to news publishes, as a consequence, the needed insurance premium becomes ineffective and unnecessary.

Because XM offers changeable spreads, it is able to mitigate the concerns mentioned above for traders. Furthermore, there are no restrictions on the spreads that are associated with trading.

When you trade something, you incur trading costs or fees, which can include spreads, commissions, financing rates, and conversion fees, among other things. The expenses of trading, such as fees, spreads, and overnight swap rates, vary based on the kind of account that is established.

The EURUSD average spread is as tiny as 0.1 pips, making it the world's tightest spread in the market. During peak trading hours, the average spread cost for the Micro account is 2.6 pips, and during peak trading hours, the average spread cost for the Standard account is 1.7 pips, respectively. The minimal spread across all accounts at XM is 0.1 pips on average.

With an overall XM Trust Score of 78 out of 99, the XM Group is judged to be a medium-risk company. XM Group is not listed on a public exchange and does not operate in the same way that a bank does. Furthermore, the XM Group has been authorised by two tier-1 regulators with high trust, one tier-2 regulator with normal trust, and zero tiers 3 regulators with poor trust, making it the most trusted company in the world. Furthermore, the XM Group has been authorised by level 1 regulators such as the Australian Securities and Investment Commission (ASIC) and the Financial Conduct Authority (FCA), all of which have been addressed above. The traders' account information is thus completely protected on the XM platform, even if the traders are required to provide it to the platform. All of the information about the customers is saved in encrypted form, making it impossible for hackers to access the information.

The commissions and trading fees supplied by XM Group are dependent on the kind of account chosen. As a result, the cost structure will vary depending on the account type. There are three primary types of accounts to select from: commission-free accounts (Micro account and Standard account), commission-based XM Zero Account, and commission-free accounts (Micro account and Standard account). There is also a fourth account, the XM Ultra-Low account, which is available to certain members but not all of them. XM accepts a variety of payment methods, including credit card and debit card payments, bank wire transfers, local bank transfers, electronic payment methods, and other possibilities. Payments made by Western Union, China UnionPay, and Moneygram are also accepted.

One of the benefits of using the XM platform is that the XM group provides its users with a free demo account to try out the platform. Account holders may start an account with a virtual balance of 100,000 USD. It is a special feature that XM provides to its customers, and it provides the same market circumstances as actual trading. There are no restrictions on how long a person may use this sample account; there are no time constraints. Demo platforms make trading in financial instruments much simpler because they allow traders to practise trade tactics without risking their own money; they can place trades using the virtual money provided by the demo platform, which means they will not lose any money when trading, which is a huge relief. After successfully completing the registration process for creating an account on the XM forex broker trading platform, one may immediately sign up for the demo account feature. Open a demo account by completing an application form and providing your contact information such as your email address, telephone number, postal address and other relevant information (if applicable). You will also need to fill up your trading account data, in which you will give information on the trading platform type (MT4 or MT5), leverage, account type (standard or XM ultra-low standard), investment amount, and the currency of the account base (EUR, ZAR, USD, SGD, & more). You may choose any feature that you think will make your trading experience more realistic, based on your own preferences.

On the XM platform, there are many account types to choose from, including Micro, Standard, XM Ultra Low, and Shares accounts, among others. Every one of these four account kinds provides traders with great trading conditions, including unrestricted access to the XM MetaTrader 4 or MT4 trading platform. In addition to this, there are XM Zero Accounts, which offer their own set of special privileges. The trading point on financial instruments is determined by the features and benefits that each of these accounts provides to traders. Each client is permitted to have up to 200 active or pending positions on their account. A trading account may be opened on the XM platform, and the minimum amount required to do so differs depending on the kind of trading account opened.

Micro accounts are available in the following currencies: EUR, USD, CHF, GBP, HUF, AUD, and PLN. They may be opened with a low minimum deposit of 5 USD and can be closed with a high minimum deposit of 100 USD. Furthermore, a micro lot is equal to 1,000 units of the underlying currency.

Standard accounts are maintained in the following currencies: USD, EUR, GBP, HUF, CHF, AUD, and PLN. Traders may start with as little as 5USD. A normal lot is equal to 100,000 units of the base currency that has been chosen.

This is accessible when using account base currencies such as USD, EUR, GBP, ZAD, AUD, or SGD as the account currency. Commissions, deposit bonuses, and trade incentives will not be permitted on this account, however hedging will be permitted. With an average spread that is lower than the industry standard, the XM Ultra-low account requires a smaller initial deposit of $50, and the account may be classified as either Standard Ultra or Micro Ultra based on the features offered. When trading Standard Ultra, the lowest trade capacity is 0.01 lots per ticket, and the highest transaction capacity is 50 lots per ticket when trading Micro Ultra.

A minimum deposit of $10,000 is required, and it is not accessible to all of the registered members, which is also a disadvantage of this option. There are no deposit incentives available, and hedging is not permitted either. Contract trading sizes for this account are 1 share with a minimum trade volume of 1 lot and a maximum position size of 50 shares for customers who have signed up for the service. Depending on the number of shares, a slew of limitations are placed on each individual ticket. Some customers, on the other hand, may get customised accounts, although they are only accessible for forex trading and not for the trading of other financial products.

Finally, EUR and USD are used as the basic currencies for XM Zero accounts. Traders would need to make a minimum deposit of ten dollars (ten dollars) into their XM zero trading account. A standard lot is equal to 100,000 units of the trading account base currency, which is the same as a standard lot for the Standard account. This kind of account provides intra-day market updates on a frequent basis, together with analysis and multilingual client assistance, which is administered by personal account managers.

The leverage varies depending on the instrument and may range from 2:1 to 30:1. This is adjustable, and XM provides its clients with the ability to deal with their own leverage risk on their own terms. Furthermore, margin needs remain constant and stable throughout the week, and they never increase at night or on Saturdays and Sundays.

A risk disclaimer is provided to traders by the platform, stating that trading with leverage has a significant risk of losing money, but it is also true that with a greater risk of losing money comes more potential to gain money. It does, however, raise the possible gains from trading as a result of the strategy. XM provides the opportunity to monitor your margin in order to assist customers in managing real-time high-risk exposure. If you are willing to accept a high level of risk, this is an option to consider.

Both the deposit and withdrawal processes are quite straightforward, and as a result, even a complete newbie may successfully trade on the XM platform without encountering any difficulties. In our assessment of the XM platform, we discovered that it looked to be completely legitimate, which can be deduced from the straightforward withdrawal processes. The withdrawal processes would not have been as simple as the deposit procedures if the broker had been a scammer; in fact, it would have taken an eternity to complete a single withdrawal request, which has never happened with the XM group.

User identity papers such as a driver's licence or a passport, in colour, are required as part of the standard KYC procedure, according to industry standards. In addition, they must provide recent utility bills, dated within the previous three months, as proof of their current residence address. The users, on the other hand, are not required to disclose their identification documents or bank statements.

Following registration, the minimum deposit costs for Standard and micro-accounts are 5 dollars; on the other hand, an XM zero account needs a deposit of 100 dollars as a starting point. Also available are a variety of deposit choices including credit/debit cards, bank wire transfers or wire transfer, electronic payment methods, local bank account transfers, and a variety of other possibilities. If a person wishes to deposit money using a debit card or credit card, he or she must provide card information such as the debit/credit card number and the date of expiration; this is done only for the purpose of verifying the authenticity of the traders.

Furthermore, deposits may be made in any currency, and they will be automatically converted into the currency that the user has chosen as their base currency throughout the account establishing process. All XM withdrawals are processed within 24 hours, and the amount of the withdrawal is sent to the user's bank account. There are no withdrawal fees associated with withdrawals from the e-wallet.

Trades on different financial instruments are made possible by the XM Group of online brokers, which allows traders to do so in a calm atmosphere that would be impossible to create if the online broker were not regulated. The International Financial Services Commission, Belize, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission have all granted XM Group licences (CySec).

Since its inception in Cyprus in 2009, the XM broker has been regulated by the European Union, including by the Cyprus Securities and Exchange Commission (CySEC), which issued the broker a licence number of CySEC 120/10 and maintains an Investor Compensation Fund (ICF). Trading Point of Financial Instruments Ltd was the name under which the company was initially registered. Following that, in the year 2015, when the XM forex brokers established their headquarters in Sydney, Australia, they were licenced and controlled by the Australian Securities and Investments Commission (ASIC) under licence number 443670 for trading Point of Financial Instruments Pty Limited. As part of its regulatory status in London, the XM group of forex brokers got licence number 705428 from the FCA (Financial Conduct Authority) and began trading under the name Trading Point of Financial Instruments UK Ltd. The organisation is based in the City of London in the United Kingdom, and it is subject to the licencing and regulations of the local jurisdiction.

The site, in addition to providing instructional films and training materials to its customers and hosting forex webinars for both novices and seasoned experts, has also published a large number of technical analysis and research reports, trading systems, as well as trading ideas.

The research products of XM Group include information created by an in-house group of professionals, which includes daily market recaps, technical and fundamental analysis, and other similar content. In addition, Investing.com provides an economic calendar that is updated on a regular basis. When it comes to forex trading, this economic calendar has a wealth of information that is really beneficial.

Regarding manual trade signals or trading signals, XM Group provides them to live account holders, and customers may get signals for more than 10 products created twice daily, according to the company. Trade signals that are automated, on the other hand, are now restricted to the signals market, which is available via the MetaTrader platform. From these trading signals, you may get a sense of how volatile the market is likely to be.

Tradepedia, provided by XM, is a resource for learning about CFDs and forex trading. It offers technical analysis utilising popular indicators such as Bollinger and Ichimoku Bands, among others. Tradepedia contains video information for both beginners and expert traders.

With daily forex news recordings that include market analysis, market commentary, investment recommendations, markets overviews, and guidance, XM Group has built a framework that works well in a TV interview style at XM TV.

Regarding manual trade signals or trading signals, XM Group provides them to live account holders, and customers may get signals for more than 10 products created twice daily, according to the company. Trade signals that are automated, on the other hand, are now restricted to the signals market, which is available via the MetaTrader platform. From these trading signals, you may get a sense of how volatile the market is likely to be.

Tradepedia, provided by XM, is a resource for learning about CFDs and forex trading. It offers technical analysis utilising popular indicators such as Bollinger and Ichimoku Bands, among others. Tradepedia contains video information for both beginners and expert traders.

With daily forex news recordings that include market analysis, market commentary, investment recommendations, markets overviews, and guidance, XM Group has built a framework that works well in a TV interview style at XM TV.

Additionally, XM has received recognition and prizes from outside parties, demonstrating their support for the company. There are three main categories in which XM divides its extensive collection of awards: Forex Services Awards, Forex Broker Awards, and Forex Platform Awards. Among the accolades that XM has received are the following:

Capital Finance International Magazine awarded XM the title of "Best Customer Service Global 2019."

Capital Finance International Magazine awarded XM the title of Best Market Research and Education Global.

The City of London Wealth Management Award recognised XM as the best foreign exchange service provider.

The Global Forex Award went to XM, who was named Global Forex Broker of the Year.

The Global Forex Award recognised XM as the most trusted Asian FX broker.

The FinTech Age Award went to XM for Best Broker.

World Finance Magazine's World Finance Forex Award went to XM for being the best forex broker in Australasia.

XM is available to traders 24 hours a day, seven days a week for the duration of the Forex market hours. On-the-spot trading is accessible through phone support (including live chats, emails and other forms of communication), and trading hours are from Sunday 22:05 GMT to Friday 21:50 GMT, five days a week and twenty-four hours a day. XM offers personal customer support managers that are fluent in several languages and who can assist consumers with both genuine and demo accounts. According to our analysis of this XM broker, we discovered that, more than emails, traders prefer to communicate with the customer care staff through the live chat option, as it allows them to fix their concerns on the spot.

When it comes to emails, traders must check their inboxes on a regular basis to see whether the customer service representatives have responded with any type of answer to their trade-related problems. A live chat allows traders to communicate with a customer service specialist adviser on a one-to-one basis, making their explanations more relevant. There are several signup incentives available depending on where the customer is located. These include a no-deposit bonus and credit bonuses. You may get in touch with and reach out to XM.com by email at support@xm.com.

In regards to overnight positions, XM indicates that it provides clear and competitive swap rates to customers. According to the rollover plan, XM will debit or credit the retail investor accounts as needed, and it will take care of any rollover interest. Furthermore, this applies to any job that is still available after 22:00 GMT. On Saturdays and Sundays, however, there are no rollovers since the commercial sectors are closed on those days.

Despite the fact that XM Group provides more over 1300 instruments and 57 currency pairings, it still falls short of other top forex brokers in the United Kingdom, who provide a few thousand tradable symbols.

When comparing XM Group to other MetaTrader brokers, and taking into account all of the characteristics, the company is positioned at the "average" level.

XM Because no basic information or breaking news is provided, research tools are severely constrained.

Tweets by FXStreetNews
Tweets by financemagnates
Tweets by CoinMarketCap

Finally, after 90 days of inactivity, a monthly inactivity charge of five dollars is collected from the user.

A small number of customers have expressed dissatisfaction with the fact that customer service is only available Monday through Friday.

The lack of differentiation between the various account categories results in a less personalised experience.

Despite the fact that different brokers provide progressively varied products for their accounts, the Micro account, Standard account, and Zero account are almost equivalent in their functionality.

For the time being, PayPal deposits are not supported, which may cause inconvenience for certain users.

Inactive trader fees are a source of worry for irregular traders.

Briefly stated, XM is a global brokerage firm that provides its customers with access to over 1,000 instruments across seven asset classes. XM has a high level of liquidity and does not re-quote or dismiss orders. In addition to the ability to customise an account with XM, there are four different account kinds to pick from. However, despite the fact that they are wonderful characteristics, one should do their own extensive investigation before engaging with any such brokers. In order to suit a diverse variety of international customers, the XM platform provides an innovative forex trading online trading platform with adjustable trading settings. An in-depth understanding of global financial instruments provides the basis for the trading point on financial instruments. Trading currencies, precious metals, CFDs, energies, and equities indices are all available via the XM broker, which has earned a reputation for providing exceptional services. If you want to trade forex, you may use professional advisers. When it comes to forex trading, EAs are employed.

The XM group of trading platforms places a high value on gaining the trust of their clients rather than simply making a profit; the platform believes that credibility and reputation are inextricably bound together. It is necessary for the XM platform to work towards gaining recognition in terms of the services it provides in order to gain credibility.

Does XM provide its customers with access to a Virtual Private Server? XM also provides VPS (virtual private server) services, which aid in the acceleration of transaction execution. This virtual private server (VPS) may be accessed from any location at any time, and it is accessible around the clock. They promise that it will be available in every country on the planet. Additionally, XM provides commission- and fee-free withdrawals and deposit accounts for its customers.

Are are any XM mobile applications available? Android phones and tablets as well as the Apple iPad and iPhone are all capable of accessing XM on their respective operating systems. They are available for download in the Google Play Store and the Apple App Store, depending on the device. They are fully functioning and enable traders to keep track of their deals from any location at any time. Furthermore, the desktop platforms for Mac and PC, which may run on any operating system, both enable for one-click trading options to be executed. MetaTrader is the sole trading platform supported by XM Group. The Android and IOS versions of the MT4/MT5 mobile apps may also be obtained for free download.

Which countries accept XM as a payment method? It accepts traders from the United Kingdom, Australia, Thailand, South Africa, Hong Kong and Singapore as well as Germany, India and Sweden. XM is a market maker that also accepts traders from the United States of America, Canada, Denmark, Norway, and Italy. The company also recognises traders from countries in the Middle East, including the United Arab Emirates, Kuwait, Saudi Arabia, Qatar, Luxembourg, and a number of other countries. It is not possible to utilise XM if you are a trader from a country like as the United States, Canada, Israel, Iran, or Belgium.

For short, "XM" is an abbreviation for XM.com, which is an online forex broker that provides traders with access to a diverse range of assets via its trading platforms.

The main firm, XM Global Limited, was established in 2009 and presently provides traders with a diverse selection of assets, including over 60 currency pairs and CFDs. Clients may now trade five different cryptocurrencies using CFDs, including Bitcoin, Dashn, Litecoin, Ethereum, and Ripple, among others.

MetaTrader optimists will also like the fact that this is the first time a complete MetaTrader platform package has been released.

With more than 2.5 million clients in 196 countries around the world, XM is a global broker with a strong presence in the financial markets. At this point in time, the firm has completed over 1.4 billion trades with zero rejections or re-quotes. XM's management team makes an attempt to visit all of the nations that it serves as a demonstration of the company's dedication. So far, the company's team of executives has visited 120 cities out of the 196 that were listed - not bad.

Although XM is a young company in contrast to some of its competitors, it has swiftly risen to the top of the field. XM seems to be favoured by many professionals, as seen by the fact that the business presently has over 300 professionals on board, each of whom has years of financial expertise in their own capacity.

Beginners and traders of all levels will benefit from XM's customer service staff, which is accessible in over 30 languages and is available throughout the world. Having such a diverse range of languages has proven to be an effective strategy for acquiring customers from a wide range of countries. Not to add, XM provides a choice of 16 full-featured trading platforms from which traders may choose according on their trading style and level of expertise.

XM is regarded to be risk-free and is heavily regulated in a many of states.

XM is a member of the XM Group, which is a 'group' of licenced internet brokers. In 2009, the Group was located in Cyprus and licenced by CySec under the trade name Business Point of Financial Instruments Ltd, which was the company's initial trading name.

In 2015, the group expanded its operations by establishing an entity in Sydney, Australia, that was regulated by the Australian Securities and Investments Commission (ASIC), and later that same year by the Financial Conduct Authority (FCA) in the United Kingdom under the name Trading Point of Financial Instruments UK Ltd.

In 2017, the company extended its activities once further by forming XM Global Limited in Belize, which has since been licenced by the International Financial Services Commission (IFSC).

XM Global (CY) is a Cyprus-based company with its headquarters in Belize City, Belize, C.A. XM Global (CY) has offices in Cyprus at the following address: 36, Makariou & Agias Elenis, 'Galaxias' Building, 5th floor, Office 502, 1061, Nicosia, Cyprus. XM Global (CY) is a Cyprus-based company with its headquarters in Belize City, Belize, C.A.

Notably, the Brazilian Securities Commission (CVM) prohibited XM from issuing Bitcoin (BTC) options in September 2019 and issued a public warning of irregular activity via the Superintendent of Market and Intermediary Relations, citing the company's failure to follow the rules. The notification claimed that XM was not permitted to do business in Brazil or to interact with Brazilian people, according to the warning.

The CVM demanded that XM cease all of its investment offers in the currency or derivatives markets immediately. XM refused. To demonstrate how severe the situation was, the CVM said that XM would be fined 1,000 reals ($239) for each day that the requirement was not satisfied.

Additionally, it was alleged that Thailand's securities commission issued a warning to its residents about suspected fraud firms in the currency market that were based outside of the nation around this same time period.

Additionally, the situation of XM, in addition to the warning issued by Thailand's securities commission, demonstrates the widespread concern that governments have about forex brokers that provide cryptocurrencies, primarily because there is no central authority in this field.

Among the primary reasons for the explosive growth of cryptocurrencies over the past few years has been their widespread use, which has prompted more national and regional authorities to grapple with the regulatory issues surrounding them. As a consequence, different countries are responding to the rapid rise of the cryptocurrency sector in different ways, and XM, regrettably, has found itself in the crosshairs of this phenomenon.

According to a study, one of the most prevalent steps taken by governments across jurisdictions is the publication of alerts concerning the hazards associated with cryptocurrency investing. Generally speaking, they are intended to inform individuals about the distinction between currencies that are issued and guaranteed by the government and those that are not.

Furthermore, even though XM is widely accessible, it is important to understand that traders from certain countries will not be allowed to register with the broker before making a decision to do so. The United States, Israel, and the Islamic Republic of Iran are included in this group.

If you want to take a look at XM's legal documents for yourself, you can do so quickly and easily through the company's website. You'll discover the broker's terms and conditions, as well as information on its bonus programme and loyalty programme, among other things, in this section. There are currently 12 documents available for traders to read through, all of which are easily downloaded as PDFs, allowing you to flick through them on your phone while travelling or waiting in line.

This wouldn't be a review if there wasn't a summary of the advantages and disadvantages. So, here you have it. First and foremost, XM distinguishes itself by charging low CFD and withdrawal fees. The procedure of establishing a new account is simple and fast. If you want to try out the platform or gain some experience before investing, you can sign up for a demo and attend one of the company's educational webinars, which are free.

On the negative side, XM only provides a restricted product selection of forex and cryptocurrency products to traders in Europe. The forex costs it charges aren't too out of the norm, but they might be more competitive in order to provide it a competitive edge over other brokers. In addition, the inactivity fee it charges comes around fast and steeply after just 90 days of no trading.

Despite the fact that XM has a large number of clients, the company continues to demonstrate its worth to them by adapting and advancing in order to fulfil the ever-changing demands of its consumers. It does this by staying abreast of new market trends and technological advancements on a regular basis. The organisation strives to enhance customer performance, which translates into faster execution times and tighter spreads for its clients and partners.

As you may have already noticed, one of the company's greatest assets is its commitment to establishing a personal connection with customers and building a lasting relationship on that foundation. Our management's ongoing efforts to visit both its customers and partners in over 120 locations across the globe demonstrate this commitment to the organisation.

XM is a worldwide broker that provides consumers with access to more than 1,000 products across seven different asset classes. XM is focused on developing a strong client connection and adapting to the changing demands of its consumers over time. Furthermore, the company has received no orders that have been rejected or requoted to date.

Users can choose from four different account types, as well as the option to create a completely customised account. It takes only $5 to open an account with XM, but you can practise trading with a demo account before committing to a real account with the brokerage.

Because the broker operates on a global scale, your registration options will be determined by your geographic location and may include a bonus offer such as a 100 percent bonus matching your first deposit of up to $5,000.

XM's educational and news offerings will appeal to listeners of all skill levels and may be consumed in a number of formats, ranging from videos and articles to webinars. The content is of the highest quality and may even be the finest in its field of expertise.

XM has compatibility for the MetaTrade 4 and MetaTrader 5 platforms, however there is no proprietary platform accessible.

Overall, XM is a safe, regulated, and well regarded broker in the business, with a straightforward complaints system, so you can rest certain that your money is in good hands while dealing with this broker.

Learn more about online trading brokers for UAE citizens and residents.

Sites like XM in the UAE

Here is a list of top online brokers to open an account for trading Forex, Bitcoin, CFDs and Stocks in the UAE. These brokers have above-average reviews on sites like Reddit, Quora and Trustpilot; and are totally legit, safe and trustworthy for UAE citizens and residents.

The brokers listed on this webpage accept clients from within the United Arab Emirates. Most of these companies provide an online trading platform for fiat currencies (such as Pound Sterling, the Euro, the US dollar, Japanese Yen etc.), buying and selling of cryptocurrencies (for example Bitcoin, Ethereum, Tether, XRP etc.), stocks (this includes listings on Abu Dhabi Securities Exchange, Borse Dubai, Dubai Mercantile Exchange, Dubai Financial Market and NASDAQ Dubai), CFDs (Apple, Microsoft, Amazon, Google, Tesla etc.), UAE government and corporate bonds, and short-term to long-term fixed income securities.

Keep learning about online trading

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.