Forex Germany

Forex Broker - XM

XM also known as xemarkets, is a rebranding of the broker Trading Point and a subsidiary of Trading Point of Financial Instruments Ltd. The company is headquartered in Cyprus.

Type

Market Maker / STP

Financial market supervision

The parent company Trading Point of Financial Instruments Ltd is licensed and regulated by the Cyprus Securities and Exchange Commission (CySec), the supervising authority of Cyprus. This regulation and authorisation is acknowledged within the European Union, e.g. by the British FCA (successor of the FSA) or the German Bafin, although this doesn't necessarily mean that a company fulfils all standards of the acknowledging authorities.

Protection of deposits

Client's deposits are protected by the Investor Compensation Fund which is controlled by the Central Bank of Cyprus and the CySec. The current compensation limit per customer is 20,000 Euros. In view of Cyprus' current financial situation, the effectiveness of the compensation fund may be put in question.

Segregation of clients' funds

As a company regulated by CySec, Trading Point of Financial Instruments Ltd and subsequently XM are obliged to keep the clients' funds on separate accounts, thus ensuring that creditors do not have access to client's deposits in case of bankruptcy. Partial amounts used as a margin at the time of the bankruptcy are not subject to this regulation.

Customer support

Customer support is available in 14 different languages. The primary support language is English.

Account opening

The opening of an account doesn't require any documents, however, unless the account is approve not all features are available. Account approval requires a proof of identity (personal ID or passport) and a proof of address (account or credit card statement, utility bill). Documents can be scanned in and uploaded in the customer area.

The opening of additional accounts and funds transfers between existing accounts can be done online as soon as the main account has been approved.

Deposits on a customer account are available by bank transfer (2-3 business days), by credit card (online, within a few minutes) or by various online payment services like Moneybookers (online, within a few minutes). Pay-outs have to use the same payment method as incoming payments, thus funding via credit card and withdrawal via bank account is not possible. Pay-outs to third parties are not permitted.

Liquidity provider

As part of its business strategy, XM doesn't disclose information regarding their liquidity providers.

Server location

XM has several server locations world wide.

Server time

Summer time: GMT+2
Winter time: GMT+2

Account parameters

Micro account Standard account Executive account
Spreads: variable, starting from 1.0 pips variable, starting from 1.0 pips variable, starting from 1.0 pips
Currency pairs: 53, gold, silver, CFDs 53, gold, silver, CFDs 53, gold, silver, CFDs
Decimal places: five, accuracy 0.1 pips five, accuracy 0.1 pips five, accuracy 0.1 pips
Leverage: variable, max. 1:30 variable, max. 1:30 variable, max. 1:30
Minimum deposit: USD 5 USD 5 USD 100,000
Minimum contract size: 0.01 lot 0.01 lot 0.10 lot
Account currencies: USD, EUR, GBP, JPY, CHF, AUD USD, EUR, GBP, JPY, CHF, AUD USD, EUR, GBP, JPY, CHF, AUD
Commission: n/a n/a n/a

Comment

The Micro Account is a so called cent account whereby the value of one lot equals to just 1,000 units of the base currency instead of 100,000 units. Due to the relatively high limit and stop levels, XM accounts are not recommended to be used for trading scalping strategies.

Links

Menu

Deutsch / English

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