No Regulation

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/10

XM

United Kingdom

|

2-5 years

Suspicious Regulatory License|

Medium potential risk

https://www.xmglobalprofinance.com/index.php

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XM
https://www.xmglobalprofinance.com/index.php
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E

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No effective regulatory information has been founded yet, please pay attention to the risks!

WikiBit Risk Alerts

1
Previous Detection 2024-07-18

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

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Time Machine

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Company Name
XM
Regulatory Status
No Regulation
Company Abbreviation
XM
Platform registered country and region
United Kingdom
Phone of the company
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Aspect Information
Company Name XM
Registered Country/Area Cyprus
Founded Year 2009
Regulatory Authority Unregulated
Number of Cryptocurrencies Available over 50
Fees 0~ 0.1 pips
Payment Methods Bank wire, credit card, online payment systems,Cryptocurrencies
Customer Support 24/5 live chat, email, phone

Overview of XM

XM is a virtual currency exchange company based in Cyprus and was founded in 2009. XM offers a platform for trading various cryptocurrencies, with a selection of 5 different options for users. The fees charged by XM vary depending on the trading conditions. Payment methods accepted by XM include bank wire, credit card, and online payment systems. The company provides customer support through 24/5 live chat, email, and phone.

Overview of XM

Pros and cons

Pros Cons
Accepts various payment methods Not regulated
Wide range of educational Resources Not available in some countries or regions
24/7 customer support

Pros:

- Accepts various payment methods: XM supports bank wire, credit card, and online payment systems, making it convenient for users to deposit funds.

-Wide range of educational Resources:NEXTMARKETS provides a range of educational resources and tools to support users in their cryptocurrency trading journey.

-24/7 customer support: XM provides round-the-clock customer support via email, phone, and live chat. This allows users to receive timely assistance and address any issues or concerns they may have.

Cons:

- Not regulated: XM is not regulated by any regulatory authority, raising concerns about the transparency and oversight of the exchange.

-Not available in some countries or regions: XM may not be accessible to users in certain jurisdictions, limiting its availability to a global audience.

Pros and cons

Regulatory Authority

XM is not regulated by any regulatory authority, which may raise concerns about the transparency and oversight of the exchange.

Unregulated exchanges lack the oversight and legal protections provided by regulatory authorities. This can lead to a higher risk of fraud, market manipulation, and security breaches. Without proper regulation, users may also face challenges in seeking recourse or resolving disputes. Additionally, the absence of regulatory oversight can contribute to a less transparent trading environment, making it difficult for users to assess the legitimacy and reliability of the exchange.

Security

XM offers security measures to protect users' funds and personal information. These measures include:

1. Segregated Accounts: XM keeps client funds in segregated bank accounts separate from its own operational funds. This helps to ensure that users' funds are protected in the event of any financial difficulties faced by the company.

2. Secure Socket Layer (SSL) Encryption: XM implements SSL encryption on its website and trading platforms. This encryption technology helps to secure the transmission of sensitive information, such as login credentials and financial data, between users' devices and XM's servers.

3. Two-Factor Authentication (2FA): XM provides the option for users to enable two-factor authentication, adding an extra layer of security to their accounts. This involves using a second verification method, such as a unique code sent to a mobile device, in addition to the regular login credentials.

Cryptocurrencies Available

XM offers a platform for trading various cryptocurrencies. Currently, XM supports the trading of over 50 cryptocurrencies. Aside from cryptocurrency trading, XM may also offer other financial products and services, such as forex trading, CFDs, and commodities trading. It is recommended to visit XM's official website or contact their customer support for the most up-to-date information on the available products and services.

How to open an account?

The registration process for XM is as follows:

1. Visit the XM website and click on the “Open an Account” button.

2. Fill in the required personal information, such as your name, email address, and phone number.

3. Choose the account type that best suits your trading needs, such as a demo account or a real account.

4. Provide additional information, including your country of residence and preferred currency.

5. Agree to the terms and conditions of XM and complete any necessary verification steps, such as providing identification documents.

6. Once your registration is complete, you will receive a confirmation email with your account details, and you can start trading on the XM platform.

How to open an account?

Fee

Here are more details about the trading fees charged by XM:

  • Spread: XM's spreads are typically very tight, starting from 0.1 pips for major currency pairs. This means that you pay less when you trade.

  • Commission: XM charges a commission on some trades. The commission varies depending on the asset being traded and the trading volume. For example, the commission for trading forex is \$2 per lot for standard accounts and \$1 per lot for XM Zero accounts.

  • Swap fees: Swap fees are charged when you hold a position overnight. The swap fees vary depending on the asset being traded and the direction of the trade. For example, the swap fee for holding a long position in EUR/USD is -2.30 pips per day, while the swap fee for holding a short position is 2.30 pips per day.

XM also offers a variety of fee-free trading options, including:

  • Zero spread accounts: XM Zero accounts offer zero spreads on some currency pairs.

  • Commission-free accounts: XM also offers commission-free accounts for trading CFDs on stocks, indices, and commodities.

XM's trading fees are competitive with other forex brokers. However, it is important to compare the fees of different brokers before you make a decision.

Here is a table summarizing the trading fees charged by XM:

Asset Spread Commission Swap
Forex Starting from 0.1 pips \$2 per lot (standard accounts) -2.30/2.30 pips per day
CFDs Varies Varies Varies
Cryptocurrencies Varies Varies Varies

Payment Methods

Deposit and Withdrawal Methods

XM supports a variety of deposit and withdrawal methods, including:

  • Credit card

  • Bank wire

  • E-wallets (Neteller, Skrill, Perfect Money, etc.)

  • Cryptocurrencies

Deposit and Withdrawal Fees

The deposit and withdrawal fees vary depending on the deposit and withdrawal method used. For example, credit card deposits incur a 2.5% fee, while bank wire deposits are free.

Minimum Deposit and Withdrawal Amount

The minimum deposit amount for credit card and bank wire deposits is \$5. The minimum withdrawal amount for credit card and bank wire withdrawals is \$10.

Educational Resources

XM offers a range of educational resources and tools to assist traders in their learning and decision-making process. These resources may include educational articles, videos, webinars, and tutorials that cover topics such as trading strategies, technical analysis, and risk management. Additionally, XM may provide tools such as economic calendars, market analysis, and trading signals to help traders stay informed and make informed trading decisions. It is recommended to visit XM's official website or contact their customer support for more detailed information on the specific educational resources and tools available.

Educational Resources

Is XM a Good Exchange for You?

XM caters to a wide range of traders, each with different goals, experience levels, and trading preferences. Based on these factors, the following target groups may find XM suitable for their trading needs:

1. Beginner Traders: XM offers a user-friendly platform and educational resources that make it suitable for beginners. The educational materials can help beginners gain knowledge about cryptocurrency trading and develop their trading skills. Additionally, beginners can start with a demo account to practice their strategies before moving on to a real account.

2. Experienced Traders: Experienced traders who are familiar with cryptocurrency markets and trading strategies may find XM's platform and range of cryptocurrencies appealing. The platform provides advanced charting tools and analysis features that can aid in making informed trading decisions. The availability of multiple cryptocurrencies also allows for diversification and the exploration of different trading opportunities.

Is XM a Good Exchange for You?

Conclusion

In conclusion, XM offers a platform for trading cryptocurrencies. The advantages of XM, a variety of cryptocurrencies available for trading, and support for various payment methods. However, there are also some disadvantages, such as fluctuating fees and lack of regulation. Despite these drawbacks, traders can mitigate risks by conducting thorough research, implementing security measures, and choosing exchanges that are regulated by reputable authorities. Overall, XM caters to a diverse range of traders with different goals and preferences, providing a platform that can be suitable for both beginners and experienced individuals in the virtual currency market.

FAQs

Q: Can I trade cryptocurrencies on XM using a demo account?

A: Yes, XM offers the option to open a demo account, which allows traders to practice their strategies and familiarize themselves with the platform without risking real funds.

Q: What is the process for opening an account on XM?

A: To open an account on XM, traders need to visit the XM website, fill in the required personal information, choose the account type, provide additional details such as country of residence and preferred currency, agree to the terms and conditions, and complete any necessary verification steps.

Q: What payment methods does XM accept?

A: XM accepts various payment methods, including bank wire, credit card, and online payment systems. The specific payment methods available may vary, so it is recommended to refer to XM's official website or contact their customer support for more detailed information.

Q: Are there any educational resources available on XM?

A: Yes, XM offers a range of educational resources such as articles, videos, webinars, and tutorials covering topics like trading strategies, technical analysis, and risk management. These resources aim to assist traders in their learning and decision-making process.

User Review

User 1:

I have been using XM for cryptocurrency trading, and overall, I have had a positive experience. The platform's security measures, such as two-factor authentication, give me confidence in the safety of my funds. Additionally, XM is regulated, which further adds to the trustworthiness of the exchange. The interface is user-friendly and intuitive, making it easy to navigate and execute trades. However, I would like to see more cryptocurrencies available for trading to diversify my portfolio. Customer support is responsive and helpful, addressing any inquiries or issues promptly. The trading fees are competitive, but I wish there was more transparency regarding withdrawal fees. Overall, I am satisfied with XM's privacy and data protection measures and find the deposit and withdrawal speed to be efficient. Good exchange, but some room for improvement.

User 2:

I have been using XM for a while now, and I must say, it's been a mixed experience. The security of the platform is solid, with features like two-factor authentication and SSL encryption, which give me peace of mind. However, the regulation aspect is a bit ambiguous, and I would appreciate more clarity on the regulatory authorities overseeing XM. The interface is visually pleasing, but it can be a bit overwhelming for beginners. Liquidity is generally good, ensuring smooth trading experiences. Although XM offers a decent selection of cryptocurrencies, I would like to see more options to choose from. Customer support is prompt and helpful, assisting with any concerns or technical difficulties. The trading fees are competitive compared to other exchanges. Privacy and data protection measures seem robust, contributing to a secure trading environment. The deposit and withdrawal speed is satisfactory, but I would appreciate faster processing times. Overall, XM is a stable exchange, but it could benefit from more transparency in regulatory matters and faster transaction speeds.

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.