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SmartFxBroker Review – 5 things you should know about Smartfxbroker.com
Beware! SmartFxBroker is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
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SmartFxBroker is a Vanuatu-based brokerage which provides the MetaTrader 5 trading platform. Clients are extended a generous leverage of up to 1:400. The spread on EUR/USD stands at 1.9 pips which is above what we would consider favorable for traders and certainly a disadvantage for the brokerage.
SmartFxBroker regulation & safety of funds
Reading through the website of the brokerage we discern that the company which owns and operates is registered and regulated in Vanuatu with the same name as its broker brand.
The government of Vanuatu does regulate Forex trading through its regulatory body Vanuatu Financial Services Commission, however, after checking with the online registry of the Vanuatu Commission we can safely conclude that Rock Capital Markets is in fact regulated by the VFSC. The Vanuatu Financial Services Commission cannot compare with prestigious regulatory agencies in Europe such as the Financial Conduct Authority in the UK or CySEC in Cyprus, for one, it does not assure clients of the brokerage participation in a compensatory scheme by which they may recover any losses suffered due to bankruptcy or fraud. However, even though there is no room for comparison – a license by the VFSC is better than anonymity and certainly counts for something in Forex trading.
Putting that aside, the brokerage does provide the MetaTrader5 trading platform, and there is a demo account available which we view always as an advantage. Without a test-drive clients cannot get adequately acquainted with the trading conditions of the brokerage which is perhaps the most crucial aspect of Forex trading.
Through the demo account we could see an adequate platform with crisp charting but a spread of 1.9 pips which is quite unfavorable, we usually consider all spread below a pip and a half to be favorable for traders. Furthermore, there is no information regarding the required minimum deposit (usually Forex brokers require at least $250) and the leverage extended to traders is generous at 1:400. However, we are inclined to suspect that potential clients of the brokerage may be open to substantial risk due to the lack of credible regulation.
Traders needn’t have to worry themselves with such risk if they choose to trade with a brokerage regulated and authorized by a prestigious regulatory agency. Such agencies are the Financial Conduct Authority in the UK or CySEC in Cyprus which have been leading names in Forex trading for some time now. Their regulatory framework is composed of a number of strict rules which prevent clients from falling victims to fraud. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by such a regulatory body entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. The FCA compensates traders up to 85 000 pounds where as CySEC guarantees up to 20 000 euro per person.
SmartFXBroker deposit/withdrawal methods and fees
Potential clients of the brokerage may deposit or withdraw via a wide range of payment methods including the standard Visa and MasterCard as well as bank wire, however, popular e-wallets such as QIWI Wallet, WebMoney and Yandex Money are missing.
The brokerage does not state explicitly any withdrawal fees, however, the lack of regulation induces us to remind readers that there is no guarantee that the brokerage may not charge some unexpected withdrawal fee once it has received the initial deposit. This is why we remind readers of all the ways a trader may test the brokerage’s intentions. Firstly, traders are advised to always put up only the required minimum deposit, instead of risking a bigger amount with no certainty. Afterwards, they may also try to withdraw a small amount in order to check for any unexpected fees or delays. Such fees and delays are usually the signs of a scammer.
How does the scam work?
Scammers mostly rely on vulnerable and easily tricked people, that is why a well-informed trader is, perhaps, their most difficult target. That is why we believe all traders should be well-versed in the different ways of the scam. Here is the most popular one:
In most cases through clicking a tempting ad with promises for quick and easy profits, you will be redirected to a website like Crown Signals or Top-Algo Trade where registration will require your address, email and phone number. Your personal information will be immediately shared with brokers in call centers who are just waiting for fresh leads. After a few minutes on the phone listening to the whole prepared brokers pitch , you decide to deposit some $200-250. And just like that –a 25 per cent commission gets wrested from the initial deposit by the broker on the phone.
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After stinging you for a few hundred bucks, senior scammers will take you up and begin pushing you to further invest. You may even budge and continue investing. At some point, however, you’ll probably begin to consider closing the account and getting back your money.
However, now comes the “recovery” part of the scam. After stating that you wish to withdraw your money, it will be high time for the “recovery people” to take it from here. They will begin further stalling in any way possible in order to remove the last guard you may have – filing a chargeback with your bank. This options expires for good after six months or more have passed since the initial deposit.
What to do if scammed?
A scam could happen to anyone, including you, and, in such a case, it would be best to know what options are still available to you. That way you’ll be certain your reaction will be adequate and on spot.
You may contact your bank or credit card provider and file a chargeback, but only within six months of the initial deposit, as was noted above.
If however you have provided the broker with your credit card details, immediately cancel your credit card.
If you have given information regarding your online banking pass – you should change it asap!
So-called “recovery agencies” should not be trusted! Such agencies target scammed and vulnerable traders in an attempt to further swindle them into giving away their money. They will require from you an “up-front payment” in order to get your money back, but no such thing will happen!
Detailed TemplerFX review and why you need to avoid the broker
Finding a good broker is truly an important and hard task for everyone and especially for the beginner traders. Some of the brokers use the inexperience of the traders as an advantage and try to mislead them with promises and lies. Unfortunately, TemplerFX FX brokerage appears to be one of such brokerages. It tries hard to create an image of trustworthy brokerage with years of experience and good service. However, behind this image, there is a very unsophisticated scam that can be revealed just after spending little time on the broker’s website.
Leverage: 1:2000 Licences: FSA
Min. Deposit: 25 USD Bonus: 100% bonus
Spreads: from 0.5 pips US Clients: No
Looking for a good Forex broker? Try XM now!
About TemplerFX Forex broker
According to the TemplerFX.com, the company that operates the brokerage is Templer Holdings Management limited. It was established back in 2004, this is the time when the brokerage was founded as well. You might think that as the broker operates for years it cannot possibly be a scam but the reality proves the opposite. First of all, let us take a look at the regulations of the company. It is registered in Saint Vincent and the Grenadines and has a license by the local regulator, Financial Service Authority (FSA) of Saint Vincent and the Grenadines. It already makes us think that TemplerFX scam is real. FSA is not really a regulator that is considered as a reputable one and that creates a safe environment for the investors. This is one of the reasons the broker cannot provide its services to the countries where the regulations are strict as the broker is not compatible with the international regulatory bodies. Templer FX cannot provide its service to the residents of the following countries: The United States, United Kingdom, Canada, European Union, Japan, Israel and some of the countries. Based on the languages that are available on the TemplerFX website the broker targets Russian, Chinese, and Indonesian traders. Although, the TemplerFX login is available only in some of these languages.
Even though the broker claims to be regulated, I was unable to find the proof of it on the website of the regulator while making the Templer FX review. This is another reason why you cannot depend on such regulators that fail to provide information about their clients. However, I found a PDF file of the license that states that the broker received it only 3 years ago, in 2020. It means that for years the broker was operating without regulations and after that, decided to get a license of one of the regulators that hands out the licenses left and out to the scam brokers. So, the answer to the question “is TemplerFX regulated” is yes, but I think you would agree that this fact does not speak well about the broker and lowers the TemplerFX rating a lot.
Is Templer FX legit?
As you can see the regulatory side of the broker is not very promising. The features and the service of the broker are not any better. If you take a look on the broker’s website you will find out that the website does not really give any information to the trader. The technical side of the website is not very good, it is slow to load and the navigation there is not very intuitive or easy. The design creates an impression that the broker has not touched the website since it was first created. Contentwise it is disappointing as well, the broker features TemplerFX bonus offerings a lot since it is the main way for the broker to lure the customers. The broker has a page for education where there should be various articles about trading but unfortunately, there is nothing like this there. This kind of approach and lack of relevant content is not acceptable even by the new brokerages that were founded yesterday! Considering that the broker claims to be on the market since 2004 it is already very disturbing. Can Templer FX be trusted when it states that it has 15 years of experience? Certainly not.
Templer FX scam
What I have discussed so far is enough to lose all desire to open an account with Templer Forex broker but there are some of the disturbing features as well. The first thing is the fact that there are very few reviews about the broker. It is unreal that the broker that provides service for more than ten years does not have more opinions and reviews. If there would be a lot of negative reviews it would be safe to assume that the broker is a scam and people are not satisfied, or if there would be positive reviews it might mean that the broker was distributing them itself. But there are only several reviews that could potentially mean that the broker does not really exist for 15 years and Templer FX scam works with the classic scheme. Moreover, the broker does not really disclose much information about itself.
Templer FX accounts
The broker has several types of accounts, at first everything here looks okay. The broker offers a cent account for the traders that has a low budget and requires a minimum deposit of 1USD, it also has a basic account – Universal FX where a person can open an account with 25 USD. One needs to make a 25 USD minimum deposit to open a Muslim FX account as well. That’s not all, the broker also has MAM account and Segregated account where the minimum deposit requirements are 1000 USD and 50,000 USD respectively. The shady thing is that there is no difference between the features of the accounts and the broker pushes the traders to open the last two types of accounts where the minimum deposit is highest. This definitely points at the Templer FX fraud.
First of all, the broker should not urge you to create any of the accounts and the trader should make the decision solely based on his own requirements. Secondly, pushing traders to create an account that requires them to invest much money means that the broker does not count on the traders to deposit any more money, because they will be scammed on the first try.
Customer support service
Another thing that indicates that TemplerFX scam is real is the customer service the broke has, or I might even say has not. There is no way you can directly contact the broker. TemplerFX has the customer support page where the broker shows several ways one can get support from the broker. First one is the live chat. Normally, live chat is the best way to contact the broker to get a fast response to your inquiries. The live chat of TemplerFX does not work. When you click on it, it redirects you to the link and the page simply says that it does not work. Other ways to get assistance is email and phone call. The broker does not show any of it. You can send an email from the website without getting to know the broker email address or request a phone call. It means that the broker can simply ignore your inquiries. Many TemplerFX reviews talk about the above issues with customer support.
Just imagine, you open a MAM account because the broker is pushing you to do so, you trade, make some profit and cannot withdraw it. You try to reach the customer support to know why your withdrawal is not processed but the live chat is not working. You send an email and request the call but nobody contacts you back. You cannot really do anything, you realize that you are a victim of a TemplerFX fraud. The broker is not regulated in your country and you will not fly to Saint Vincent and the Grenadines to fill a complaint against the broker.
There is no question left that the broker is operating a scam. It is hard to determine if the broker does it with the same name for years or does it change the brand time after time. In any way, it is smart to avoid the TemplerFX platform and similar brokerages at all cost if you want to have a successful trading career and get profits.
Honest FBS Forex Broker Review 2020
Table of Contents
|(4.5 / 5)||IFSC, CySEC||Starting – 1.0 Pips||50+|
You are looking for experiences with Forex Online Broker FBS Markets Inc.? – Then you are exactly right on this page. As traders with more than 7 years of experience in the financial markets, we have examined the provider and share in the following texts and summaries my experience and the results of the test report. Is it really worth to invest your money with FBS? – Find it out in my trusted broker review.
The official homepage of FBS Forex Broker
What is FBS? – Forex Broker presented
FBS Markets is an Online Forex Trading Broker and for Contracts for Difference (CFDs), founded in 2009. Since 2009, the company has grown significantly and can boast over 2.5 million active merchants in 2020. The broker is internationally active and also possesses the necessary licenses through the IFSC and CySec (Europe).
International clients are accepted by this company. In addition, the FBS got international branches with customer support in more than 20 languages. The biggest customer base is in Asia. FBS is very well-known through live events and charity for poor people. The broker is specialized for Forex Trading, which you can see on the broker’s homepage. FBS tries to give its clients the best conditions for trading currencies. With this broker, you can start trading by any amount of money because the minimum deposit is only 1$.
Facts about the company:
- Founded in 2009
- International broker
- Specialized on Forex Trading
- More than 2.5 million traders and active partners
- Charity and sponsor program
- Interesting bonus programs
- Main customer base is in Asia
(Risk warning: Your capital is at risk)
Regulation and safety of customer funds
When it comes to trade with real money an official regulation of a broker is very important. There are some scam brokers which act without a real regulation to do fraud on the customer’s money. To avoid these practices always look after the regulation of the broker before you start investing real money.
FBS is regulated by the IFSC in Belize and the CySEC in Europe (Cyprus). The registration number of Belize regulation is 119717 and the license is IFSC/60/230/TS/18. This is an official regulation where the companies headquarters is. You can check it by yourself. The broker only gets this regulation by acting as a serious Forex Broker. In addition, FBS uses only regulated payment methods for the customer’s transactions. This is also a very important point. In conclusion, it seems to me that FBS is a reliable broker for online trading. It is a regulated company so fraud cannot happen in our opinion.
- Regulated by the IFSC in Belize
- Regulated by the CySEC in Cyprus (Europe)
- Only regulated payment methods
Broker awards of FBS
What are the conditions for trades at FBS Forex Broker?
We looked closely at the conditions for traders. At first glance, the provider makes a very good impression on us because he offers many different account models. You can, therefore, adjust your account to the deposit capital and the trading style. The minimum deposit is only 1$ and you have the chance to get a free bonus for your capital.
The spreads depend on the account type and start at -1.0 pips. An account with low spreads usually incurs one commission per lot traded. Overall, you are always cheaper with a commission account in the markets. Again, there is a plus for me. You can try the platform with a free demo account. There are 3 types of different platforms of the broker which we will review later.
FBS Markets specializes in Forex Trading. This is also noticeable in the selection of tradable assets. There are many currency pairs available, but the choice of CFDs is rather low. As we recognized the broker tries to increase his offer of tradeable markets. American Stocks are added to the portfolio in the past.
Facts of the conditions:
- Trade Forex, Stocks, and Commodities
- Different account types for any trading style
- 3 different platforms for any device
- Start with only 1$ deposit
- Low spreads
- Bonus Program
The best conditions for traders
High leverage and negative balance protection for FBS Traders
In the FBS platform traders can choose different leverage for their accounts. It is possible to get huge leverage of maximum 1:3000. In our opionion, it is not useful to use such high leverage but some strategies require it. Sometimes high leverage is very risky, especially if you trade the market news. Some traders fear a negative balance.
FBS offers negative balance protection for its clients. If you make a huge loss you will get stopped out before your balance will be negative. In conclusion, you can trade very safety with FBS even with the high leverage of 1:3000.
(Risk warning: Your capital is at risk)
Review of the FBS Trading Platform
Which trading platforms are offered by FBS? – The broker offers the classic and popular trading platform Metatrader in version 4/5 and also a Web Trader. The MetaTrader software has been widely known among private traders for many years. It belongs, so to speak, to every successful dealer in the equipment.
With the MetaTrader, you can try out and adopt different strategies. The software offers almost unlimited options. It is available for the smartphone, tablet, browser, and desktop.
Even we have gained good experience with the MetaTrader. Almost every big broker offers this software. After a short introductory phase, it is easy to use. FBS helps its clients with video tutorials and coaching to understand how to trade successfully. In the following section, we will show you some facts about the platform.
The MetaTrader is available for any device
Professional charting and analysis
The MetaTrader offers a huge range of tools for a professional analysis. Choose between different chart types and develop a successful strategy. You can use free indicators on the platform. It is very easy to configure them. In addition, it is possible to download extern tools and integrate them into the software.
For technical analyses, there are drawing tools to analyze the chart. Furthermore, FBS offers everyday new analysis and trading ideas to its clients. Each tool is personally customizable for any strategy. Another big advantage of the software is automatic trading. It is possible to create an automatic system that is running 24/7. The MetaTrader supports VPS Server for a little amount of money per month. In conclusion, MetaTrader offers all that you need for successful trading.
Facts about the platform:
- Available for any device
- Free indicators
- A huge range of technical tools
- Automatic trading possible
- Customizable and user-friendly
- Mobile Trading
How to open your account with FBS
To open an account with FBS is very easy and uncomplicated. The broker only needs some information about your identity to start trading. You can open your real trading account in less than 60 seconds. Start with your email address and a safety keyword.
Open your real account
Free and unlimited Demo Account
We recommend for beginners who want to try this broker to open a demo account. This is an account with virtual money. You can trade without risk. It is like trading with real money. The demo account is the best way to practice and develop a strategy for beginners. Also, advanced traders can try new markets or methods with it. FBS offers a free and unlimited demo account.
Which account type should I choose with FBS?
FBS offers different account types for forex trading. Each account is for a special purpose. The broker tries to give a trader the best conditions for his capital. There is the opportunity to trade with 1$ or less risk in each trade with the cent account. If you deposit more than 1$ you can get better conditions and lower spreads. In the following section, we will explain the different account models of FBS.
This table will present you the different facts about the account types:
|Spread:||0.5 Pip||1 Pip||Fixed 3 Pip||Fixed 0 Pip||– 1 Pip|
|Leverage:||Max. 1:3000||Max. 1:1000||Max. 1:3000||Max. 1:3000||Max. 1:500|
|This account is for:||Normal traders with average deposit of 100$||Mini account for traders with small deposits||Traders who want to have a fix spread||Lower fees but higher deposit required||The best conditions for large traders|
As you see above in the table FBS offers a different account for different deposit amounts. You can say that if you deposit more money with FBS you get better conditions and lower spreads. On the other hand, it is a huge advantage that they offer accounts for traders with a very small deposit. The contracts are special in the cent account and you can trade with less risk.
(Risk warning: Your capital is at risk)
Review of the deposit and withdrawal with FBS Broker
The deposit and withdrawal of money are as easy as the registration with FBS. The broker offers different payment methods to do your transactions. You can use bank cards or electronic wallets. First of all, we recommend verifying your full identity with FBS before you deposit and start trading with real money. In the dashboard, you will see the instructions. It is very important because the broker only withdraws to verified accounts.
These methods are available for deposit and withdrawal:
- Credit Cards
- Perfect Money
- Local Exchangers and Bank Wire
Use different methods for your payments
How long does it take to deposit and withdrawal?
Deposits through electronic methods are working instant. The money is credited directly to your account. The withdrawal can take the maximum time of 48 hours. From my experience withdrawals are made very quickly and in less than 48 hours.
Are there any fees?
FBS does not charge any fees for a deposit on their platform except the payment method “sticpay” with 2,5% + $0,3 commission. For withdrawals, there are some commissions which you have to pay. You can see the commissions direct in your account dashboard. The fee always depends on your payment method.
What can you expect from the FBS Forex Broker Bonus program?
FBS offers a huge bonus program for free. You can activate the bonus in your account dashboard. This is a great advantage compared to other Forex Brokers. Trades can get additional money for their accounts to trade with higher risk. I have to mention that the bonus depends always on certain conditions.
Before you activate the bonus you should read the conditions. Some traders say that the bonus program is a scam because they do not read the bonus conditions. FBS markets show the conditions very transparent in the dashboard so you can decide if you take the bonus or not. Sometimes it is necessary to open a separate bonus account.
FBS offers a good bonus program
At the moment these bonuses are available:
- Trade 100 Bonus (get 100$ for free if you trade and make a profit)
- Cashback (the broker pays back some commissions to you)
- 100% bonus on deposit (get additional money)
As mentioned before the conditions are transparently communicated between the broker and the trader. For example, if you get a deposit bonus you have to make a turnover of trading volume on FBS before you can withdraw the money.
Contest and awards for traders
Another big plus for FBS is the free contests and awards for traders. The Forex Broker offers different contests that have been updated each week. For example, there is a chance to win a car or an iPhone X. Personally I like the free demo account contest to win money without risk your own money. The prize fund is like 1000$ or more and the 5 first places winning a certain amount of it.
Free demo contest
Support and service for traders
The last point of this FBS review is the support and service for traders. FBS offers phone, email, and chat support for each client. The support is in multi-languages and available 24/7 a week. In addition, every trader gets personal support through an account manager who can help you by frequently asked questions.
Also, we had a closer look at the service for traders. FBS is very present in the Asian region. There are events and coachings for new traders. Furthermore, the best traders win prizes and get a big bonus. Webinars and coachings are available on the platform for beginners or advanced traders. In conclusion, FBS is one of the brokers with the best and personal service for its clients.
Facts about the support:
- Support 24/7
- Phone, Email, and Chat
- Local FBS events
- Webinars and coachings
- Personal account managers
Countries – FBS accept international trader
FBS is a well known international company. They accept international trader with a few exceptions. The support is available in more than 20 different languages. The most traders are from Africa, Indonesia, Malaysia, India, and the Philippines.
These countries are not allowed:
Japan, USA, Canada, UK, Iran
Conclusion of the review: Is FBS a scam Forex Broker or not?
FBS Markets is in our experience and tests a serious company. The broker has international and European licenses, which is why fraud is ruled out. In summary, we can recommend the provider, as he offers to trade in the forex market very cheap. The broker scores points with numerous account types and bonus offers.
The trading platform Metatrader is also professional and available in version 4 and 5. In addition, the support replies very fast in different languages. One of the biggest advantages is that traders can start on a contest to win money or other prizes. Traders without a deposit get the chance to earn money. In conclusion, the service is very good and special with this broker.
The advantages of FBS:
- Regulated in Belize and in Europe
- Accept international traders
- Different account types for your deposit
- High leverage of up to 1:3000
- Low spreads and commission
- Specialized on Forex Trading and CFD Trading
- Bonus program, contests, and events
- Reliable support and service
If you are looking for a good and cheap forex broker, then you are right with this provider. (4.5 / 5)
Leverage: 1:30 to 1:888 *Depends on the entity of the group
Regulation: CySEC, ASIC, IFSC
Min. Deposit: US$5
HQ: Cyprus, Australia, Belize
Platforms: MT4, MT5, XM WebTrader
Found in: 2009
- Trading Point of Financial Instruments Ltd – authorized by CySEC (Cyprus) registration no 120/10
- Trading Point of Financial Instruments Pty Ltd – authorized by ASIC (Australia) registration no 443670
- Trading Point MENA Limited – authorized by Dubai Financial Services Authority (DFSA) reference No. F003484
- Trading Point of Financial Instruments UK Limited – authorized by FCA (UK) registration no. 705428
- XM Global Limited – authorized by IFSC (Belize) registration no. IFSC/60/354/TS/19
- Our Review
- XM User Reviews
- XM News
What is XM.com?
The XM broker started its activity in 2009 and so far operating clients from over 196 countries with a support staff speaking in 30 languages and is among the most trusted Regulated Brokers. The main branch located in Cyprus regulated by CySEC, yet offices are truly covering global needs and serving through Australia, UK, Belize, Greece also authorized in Dubai and MENA region.
About 1.5 Million Traders and investors at XM choose its wide range of XM trading products and the services broker provides along with advanced trading solutions, yet suitable for beginning traders as well. The reason for such fast growth and trust to the broker is that XM aims to provide one of the best user experience in the industry to its clients.
At XM the account can be opened regardless of a net of capital with only 5$ or the trading experience, also with its global approach and discovery of new markets, XM supports webinars and research materials. Which allows traders from various international countries to engage and start trading carer.
Generally, all procedures from account opening, managing, depositing/ withdrawing, and trading is straightforward, simple and transparent, which we will see in detail further within XM review.
|• Multiply regulated broker with a strong establishment
• Wide range of trading opportunities
• Global expands including ASIA, MENA, Africa regions
• Competitive trading conditions
|• Europe clients may trade only CFDs, Forex and Crypto products
10 Points Summary
|1. XM is European broker with headquarters in Cyprus and offices in UK, Australia
2. XM considered a reliable broker due to its regulatory obligations set by ESMA, CySEC, ASIC, FCA, etc.
3. Broker mainstays on MetaTrader trading software offering MT4 and MT5 platforms
4. Large products offering through 6 asset classes including Stocks, CFDs, Forex, Commodities, Portfolios, Metals, Cryptocurrencies
5. Trading costs and spreads are average compared to competition for Forex and CFD trading
6. Demo Account offered with unlimited conditions
7. XM took it seriously to provide quality and Professional Education that offers vast learning materials, Live webinars in multiple languages and regularly held Seminars
8. Very low Minimum deposit – only 5$
9. Huge range of Base currencies proposing easy money transfers for global traders, also supporting vast of deposit methods
10. Overall XM is defined as customer-oriented broker with great client support and diversity of services to serve trading better
Overall, XM achieved a great focus on the Client’s needs while offers very competitive conditions and a range of services that attract global traders. Apart from its highly good results and reputation among the trading community, XM received truly global recognition with many reputable awards for industry achievements including Best Forex Broker for Europe, Most Trusted Broker, etc.
Is XM safe or a scam?
The XM broker group of entities stuck to enhanced regulatory standards as the broker is fully compliant with the necessary regulation policies in each jurisdiction it operates. Therefore, Trading Point of Financial Instruments Ltd (XM.com) considered being a safe broker as clients are operated in accordance with the Markets in Financial Instruments Directive (MiFID) of the European Union and follows other regulatory obligations, as well.
Is XM regulated?
XM Group is a group of regulated online brokers, which serves as Trading Point of Financial Instruments Ltd established in 2009 and regulated by the Cyprus Securities and Exchange Commission (CySEC), another entity Trading Point of Financial Instruments was established in 2020 in Australia and is regulated by Australian Securities and Investments Commission (ASIC). Read more, why trade with Australian Brokers by the link so the regulatory obligations are covered at a sustainable level as we see through our XM Review.
In addition, the global operation is enabled by XM global Limited established in 2020 and regulated by the International Financial Services Commission, allowing to offer its services across the globe. Despite the fact that IFSC is an offshore license, that does not actually implement strict overseeing of the trading processes, yet additional heavy regulation of the XM made it an acceptable choice.
|XM entity||Regulation and License|
|Trading Point of Financial Instruments Ltd||CySEC (Cyprus) registration no 120/10|
|Trading Point of Financial Instruments Pty Ltd||ASIC (Australia) registration no 443670|
|Trading Point MENA Limited||Regulated by the Dubai Financial Services Authority (DFSA) Reference No. F003484|
|Trading Point of Financial Instruments UK Limited||Regulated by the Financial Conduct Authority FRN: 705428|
|XM Global Limited||IFSC (Belize) registration no. IFSC/60/354/TS/19|
Is XM a reliable broker?
The main idea of the regulation is that the trader can trade secure, knowing that clients funds collaborate according to the strictest rules with minimized risks of fraud or unfair use. XM operates its trading environment according to the regulatory measures making it a reliable broker.
Client funds are kept in investment grade banks and use segregated accounts, also falling under the Investor Compensation Fund that ensures recovery of funds up to €20,000 in case broker goes insolvent (note that the coverage scheme depends on the particular entity). Besides, one of the advantages you will get as a trader is a Negative Balance Protection, so there is no risk to lose more than the available balance.
Depending on the account type and the entity under which the XM follows different regulatory obligations, you can choose the leverage on a scale from 1:1 to 888:1. So to understand which leverage level you entitled to use, always refer to the conditions of your residency as various XM entities apply different conditions again due to regulatory obligations.
- As of the recent updates on protective measures, the European clients and brokers can use a maximum leverage level up to a maximum of30:1
- While Australian regulation allows up to 500:1
- And International entity offers high leverage of 1:888
On one hand, by using leverage you can significantly increase your potential income, yet that rule works reversal as well. Therefore, always choose your leverage smartly, as well as the entity under which you would like to trade, which you may learn more through the XM education center.
Besides, leverage always depending on the financial product you use, alike European clients of Trading Point Cyprus may express a ratio of 1:5 for Cryptocurrencies and even a maximum of 1:2 for some products.
You may be a new or professional trader so XM made an ideal choice between account types to suit your trading potential, also with a potential capability to magnify your income with a correct selection of the account type. You may open an account following simple steps of verification and submit through a fully digital process simple to navigate.
If you are new to trading a demo account is another useful tool to test trading potential which XM is offering for free use.
In addition, upon clients’ requests, the account may be referred to a swap-free/ Islamic account, which implies no swap interest and suitable for traders following Sharia laws.
|•Fast digital account opening
•Easy switch between Demo and Live Account
•The proposal between Accounts based on spread only or with commission charges
•Very Low minimum deposit
|•Account types vary according to jurisdiction|
In regards to the trading accounts, XM made a choice between four main account types – Micro, Standard, XM Ultra Low Account and Shares Accounts while all features custom-oriented conditions. However, XM entities depending on the jurisdiction rules apply slightly different offerings, as Accounts availability depends on the client’s country of residence. Alike CY branch offers three account types, excluding Ultra Low Accounts, also some conditions may vary too.
Overall, XM made it a simple as you may choose to prefer trading style through either account to trade smaller size through Micro Lots, or to trade regular size with Standard account based on spread only basis. Lastly, Zero Accounts will offer you another fee strategy where the spread is an interbank quote starting from 0 pips and the trading charge will be deducted through a commission per lot.
So make sure to verify the applicable proposal before you sign in, also see the breakdown below.
Can you open XM account in South Africa?
If you are a trader from South Africa – yes you can open XM account, as XM applied for registration to local regulator since 2020 and even since appealing to South African traders. So truly worldwide traders can enjoy great customer-oriented features XM offers and engage in all the trading benefits relatively easily.
Account Base currencies?
As for the account base currencies, XM added extra flexibility in this regard too, as choosing XM Account you may select the base currency of your preference from the great supported selection. This range includes even South African Rand (ZAR) or Singapore Dollar (SGD), besides to other global currencies.
So all in all register with XM allows you transparency of money transaction, while you will avoid conversion fees for both deposits and withdrawals while selecting your preferred base rate.
Besides to its good features, XM makes trading more pleasant by a huge variety of products so you will enjoy a great choice that meets expectations and preferences.
A range of trading markets available from a single multi-asset account that offers 6 Asses Classes and includes about 55 currency pairs with a total over 1000+ trading markets. And so you are able to trade Forex or CFDs on stock indices, commodities, stocks, metals, energies and Cryptocurrencies at XM all available from the same trading account.
Generally, as we found within our XM Review, the broker operates with variable spreads, just like the interbank forex market and imposes no restrictions on trading during news releases. And that’s definitely good news to the traders, as usually fixed spreads are higher than a variable once, as well are more flexible to different trading strategies. That means all trading costs are calculated into a spread with no hidden fees and tightest spread offering.
|•Available options between spread only or commission charge
•No additional costs
|•Average Forex fees
Our find on Forex Fees
As we already defined, costs are based on a spread, in case you will open a Micro or Standard account. Also, XM spread is a fractional pip price that gets the best prices from XM’s various liquidity providers. Meaning, instead of regular 4-digit quoting prices you can benefit from the smallest price movements by adding a 5th digit, known as a fraction.
Below you may see average spread reference calculated throughout the day on a Standard account presented for most popular products. Even though some spreads might be higher than its industry competitors, the overall fee structure is rather average for Forex markets and low cost for CFDs.
Comparison between XM fees and similar brokers
What is XM commission?
The commission fee is added on XM Zero Accounts only, as you will be trading with interbank spread quotes starting from 0 pips and commission charge as a trading fee. XM applies transparent conditions and a quite competitive offering of $3.5 per lot per 100,000 USD traded. Also, you may use the fee calculator provided by the XM for an easy understanding of your costs.
Fee conditions upon opening of trade
Lastly, you should calculate also XM overnight fee or the fee that a trader pays in case the position is opened longer than a day and is agreed through a swap contract that comes as a cost. Every currency has a different interest rate which comes as a calculation.
As an example assume that the interest rates in Japan and the US are 0.25% p.a. and 2.5% p.a. respectively, with an open position, you can either gain USD 6.16 per day or lose USD 6.16 per day, as the rollover calculated as an interest to borrowed currency or earned on the purchased currency.
You may see also swap fee conditions on the snapshot above, as well for better information check out and compare XM fees with another broker Plus500.
Deposits and Withdrawals
The funds transaction at XM are managed in a customer-oriented way too, traders having a choice of multiple payment methods supported in all countries. Various payment options including commonly used, also XM again took care of clients’ comfort and introduced a local bank transfer option, which enables to fund the account through local banks and currency with no conversion charges.
How long does XM Withdrawal take?
While the XM Accounting team process withdrawal requests quite quickly within 1-3 business days it depends on the country the money is sent to, as variously rules and policies apply. The standard bank within the EU will take around 3 working days for the money to be available on your account, yet some methods or institutions may process almost instantly or take longer, all depending on the payment method you use.
In terms of the trading software, XM clients access to make transactions and trades throughout well-known and nearly perfectly-developed trading platforms MetaTrader4 and MetaTrader5.
XM chooses their technology on a most popular industry platforms MT4 and MT5 not by case, but obviously for traders’ advantage, as the platforms are very known and allow you to get numerous extensions or access comprehensive education on how to use tools. So the platforms gaining high ratings due to its international recognition and are always a plus towards brokers’ proposal.
Directly accessible just from one account and available in various versions all platforms are integrated with a full site of technical analysis, indicators and comprehensive tools, stop or trailing orders. SO you may access XM trading just by the use of the browser and login to Web Trading.
|•User friendly software
•A mainstay at MT4 and MT5 platforms
•16 Different platforms suitable for Web, Mobile and Desktop trading
• Mobile App for iOS and Android
•Supporting numerous languages
|•Only MetaTrader offered
Desktop Trading Platform
Though XM made the software even more advanced and suitable through 16 Trading platforms, which cater just any device including web, mobile, and even multiple accounts trading. So you get full account functionality and make the trading process at ease and comfort if you select the Desktop platform or other versions to trade.
Since XM uses MT4 or its newer version MT5 you are able to use its powerful capabilities along with automated trading or the trading robots. EAs available with unlimited use of charts for those that prefer technological trading, also great manual trading tools will assist in your strategy as well. So overall all demands and trading needs are covered and are at very sustainable level.
Look and Feel
MetaTrader is known for its clean and good feel while trading, also its Charting are among the most powerful offerings in the industry. So, the same as we do, you will enjoy its look and functions offered.
Mobile Trading Platform
Of course you are able to use your mobile for trading as well, XM MT4 Android and iOS apps, along with XM MT5 apps will give you access to trading account with full account functionality. MT4 and MT5 apps also offering great charting with 3 Chart Types, over 30 technical indicators in its package and full trading history journal. So
|•User friendly apps suitable for Android and iOS devices
•Easy to navigate, manage and install
•30 technical indicators and 3 Chart Types
•Supporting various languages
How to place orders with XM?
Placing of order is a quite seamless process, as MT4 or MT5 also allows one click trading option. So you may choose between pending order or market order available on all platforms. There are risk tools available as well, which you should never skip and stick to your strategy. So to place an order you should follow the next steps
Platform trading tools
In addition, there are numerous XM’s add- ones allowing you to enjoy extra benefits that the platform offers. This includes also XM VPS, Rapid Trade Execution and remote connection to a Virtual Private Server(VPS). The XM VPS brings non-stop work without your monitoring or even having the computer on. Clients that maintain a minimum amount of $5,000 or equivalent, are eligible to request a Free VPS, for the ones’ that can’t meet the requirement, still can request a tool with a monthly cost – $28.
As for the customer support and service, as we see XM globally covers trading needs while the customer service team available in international locations and speaks more than 25 languages including Chinese, Russian, Hindi, Arabic, Portuguese, Thai, Tagalog and more languages.
Customer service available 24h 5 days a week and available for your concerns and answers either through email, phone or live chat. Also, we found that service is a good quality with reliable answers, which confirms again XM’s client oriented policy.
Along with great customer service, every client can access numerous educational materials through XM Learning Center with trading data and other necessary information that brings trading to a better level. In this regard, XM went also far and beyond with great respect and wide education support throughout various regions with a purpose to educate traders.
Indeed, you should never skip the education and your personal improvement, as those who have data can make much smarter decisions and XM will support your strives in this regard too.
With XM you may count on a quality learning defined also by your level, which includes Live Education offerings, Educational Videos, Forex Webinars and regularly held Forex Seminars in various destinations. In addition, there are very well organized tutorials, videos and tools at your disposal.
In terms of research tools and Market materials, you will find it in order too. Along with News Feed, Technical Summaries and Technical Analysis, XM provides Fundamental Analysis and Trade Ideas suitable for beginning or advanced traders.
We do really like the way XM organizes its research tools as well, as you will find in one place everything that is required for your smarter trading decisions along with Forex Calculators, MQL5 and more. Also, exclusive technical indicators compatible with both platforms available for subscribers also making it possible to perform algorithmic trading.
In conclusion to our XM Review, it is a well-regulated broker by numerous highly-respected regulators that delivers truly transparent conditions and is extremely customer friendly broker.
Be sure, with XM you will find your own preferences and satisfy your needs, with advantages throughout all the process from A to Z, and attentive, always on-hand XM staff. All together really assists in pleasant trading for both, new and experienced traders.
The fact that XM firm has quickly passed through its early development stage and in prevalence obtaining very favourable reviews made us be sure of its competitive offering.
No re-requotes and no hidden fees or commissions policy, as well Negative balance protection, brings very comfortable as well the strict real-time market execution policy, making XM very welcomed among trading offering. So one of the most generous proposals in terms of costs, trading conditions and opportunities overall, makes XM a truly human broker.
Nevertheless, let us know your personal opinion about XM.com, do not hesitate to share your thoughts or ask us for additional information through the comment area below.
55brokers.com for Forex Broker Reviews
The worst broker ever, deposited 3k into my Xm account. Funds deducted from my bank account with payment reference number and details. XM says bank rejected the transaction. Calls back my bank to check, transaction is successful and funds deducted from my bank account with payment details Contacted XM again, and same reply, bank rejected the transaction, when ask for proof to show that the transaction was rejected, not given. Ask for a call back, not done. Just keep repeating the same reply, transaction rejected by my bank. If you don’t want your money to just vanish, skip XM
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