XM Review 2018 - everything you need to know as Nigerian trader
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XM started its operations in 2009 and is run by the parent company Trading Point Holdings Limited from London, UK. They are fully regulated CFD broker with customers all over the world. XM offers its Nigerian traders over 300 financial instruments to trade from including stocks, commodities, indexes, forex, cryptocurrency and EFT’s. They have been awarded many awards over the last 9 years including and always strive to have the best user experience in the business. This drives them to offer a large selection of trading tools with the varies platforms they offer together with easy to understand training material. XM offers Nigerian traders customer support in English 24 hours a day Monday to Friday and comes with added bonus of only having a 5 USD minimum deposit which means you can get started with little capital. XM are licensed in many different parts of the world which makes there trading platform available to investors from all over the globe, include Nigeria. The parent company Trading Point have a license with the UK financial regulator FCA and also with the Cyprus regulator CySec. All deposits made by clients are being placed in ring-fenced accounts separated from the funds of the broker.
The Trading Platform
XM offers the whole series of MetaTrader platforms which is by far the most developed CFD trading software on the market today. Traders can reach the platforms both via desktop and laptop but also have complete functionality in mobile devices using the Android and iPhone app together with online access. The MetaTrader platforms include a large set of functionality such as advanced charting using EA, spreads from just one PIPs and a complete set of technical analysis and indicator tools. For risk management, guaranteed stop loss orders are offered together with many more stop loss alternatives.
The mobile apps also deliveries superb trading opportunities and carry the same set of functionality as the online and desktop version of the platform. Here you can place trades on the go, use touch screen charts and request fund withdrawals to name a few.
Are you ready to start trading with CFD with XM? Click here to open an account now
Tradable instruments
XM offers a large set of trading instruments as CFD include a large set of Forex currency pairs, stocks, commodities like oil, gold and silver, cryptocurrencies like Bitcoin, ETF’s, index trading a lot more. Over 300 types of CFD are offered and it would like to much space to list them are here so we recommend that you go to their website to find them all.
Leverage, fees and spreads
XM offers Nigerian trades up to 200 times your capital in leverage which is smaller than other reviewed CFD brokers but enough for most traders. XM uses variable spreads and the size of the spreads depend on which account type you choose; micro- and standard accounts have no commission but the spreads tend to be wider and the Zero account has very tight spreads but charges a fixed 5 USD fee for each trade you make.
Are you ready to start trading with CFD with XM? Click here to open an account now
Customer Support
Customer support is available in English all days of the week except weekends and you can reach XM via telephone, email or online chat when you need any help.
Automated trading
Automated trading is made available using the MetaTrader Expert Advisor functionality and aside from this the MQ5 community of expert traders is also available that gives traders trading signals to initiate a trade.
Deposit and withdrawals
Deposit and withdrawals are easy and quick and does not come with any fees. You can use all Nigerian debit and credit cards to deposit funds in to your account and withdrawals will be made using the method you chose for deposits, this also without any fees. Aside from debit and credit cards, bank transfers and online wallets such as Western Union, Neteller and Skrill are accepted.
AvaTrade is the only international CFD broker with a local presence in Nigeria and Nigerian traders can benefit from local support 24 hours a day Monday to Friday. The customer support can be reached by phone, email and chat and are very helpful, at least the times we have had to reach out to them.
Summary – XM Review 2018
XM is an excellent CFD broker with good trading platform and good selection of available CFD’s to trade from. However, it is geared more towards experienced CFD traders rather the beginners so if you are just starting out we would recommend AvaTrade instead (read our AvaTrade review here). AvaTrade also has a deposit bonus and local Nigerian presence which XM does not.
We hope that this XM review has given you the information you need. The next natural step is to use the free educational material and free demo account that XM provides:
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