XM (financial service)

Logo_of_financial_services_firm_XM.png

XM is a Cyprus-based online forex broker providing contracts for difference (CFD) on forex, equity indices, precious metals, energy and futures to retail clients. XM has operations in Cyprus and is regulated by a number of regulatory authorities in other countries. It only accepts non-U.S. based clients.

Transactions are performed using various electronic trading platforms, including MetaTrader 4, which allows traders to apply Expert Advisor (EA) strategies. In addition to trading products, XM provides market research tools such as trading reports, technical analysis, free signals and daily market commentary.

History

XM was founded in 2009 in Cyprus by entrepreneurs Costas Cleanthous and Ilias Mavrommatis, both ex-interbank dealers. The company has previously operated its brand name under the name XEMarkets until it started trading as XM.com in 2013.

2010

XM started retail operations and offering retail services through the MetaTrader 4 platform.

2011

After receiving registration status from UK’s Financial Services Authority (FSA), XM introduced WebTrader 4 and Mobile Trading and began cooperation with ZuluTrade. It also launched XM Partners for web affiliates, representatives and introducing brokers.

2012

In 2012, XM’s holding company acquired XEMarkets.com and launched a website Members Area in 18 languages. It also launched a news streaming service on MetaTrader 4, and Mirror Trader, a facility where customers could receive “buy” or “sell” signals from other traders and execute selected strategies based on these signals on their own brokerage accounts.

During the year, the company held a number of on-site, online and offsite seminars, workshops, tutorials, and webinars.

2013

During the year, the company introduced free trading signals to customers and a Virtual Private Server (VPS) service. The signals are developed by Avramis Despotis, a Certified Financial Technician and Chief Technical analyst at XM. XM also discontinued offering Mirror Trader in June.

2014

The company started working with UK-based organization Investors in People to transform business performance through investment in people.

Trading Facilities

Services are accessible through the following XM online and mobile trading platforms:

  • XM MT4 Terminal
  • XM Mac MT4
  • XM WebTrader 4
  • XM Mobile Trader
  • XM iPhone Trader
  • XM Droid Trader
  • XM MAM
  • XM iPhone Trader
  • XM iPad Trader
  • XM MT4 Multiterminal

A number of customized forex Islamic accounts are available, plus demo accounts and managed accounts.

Regulatory Information

XM is registered, licensed and regulated by the Cyprus Securities & Exchange Commission (CySEC), the Australian Securities & Investments Commission (ASIC) and the Financial Service Providers Register (FSP) of New Zealand.

It is also registered with the FCA (UK), BaFin (Germany), CNMV (Spain), PSZÁF (Hungary), CONSOB (Italy), ACP (France), FIN (Finland), KNF (Poland), AFM (The Netherlands), FI (Sweden), ASIC (Australia).

The company enforces investor protection measures described by the European Union’s Markets of Financial Instruments Directive (MiFID).

As of 2014, XM is audited by the audit, tax and advisory services firm KPMG.

Awards

  • Best Innovative Forex Product 2013 award from Arabcom Group
  • Best Trading Execution Broker in 2013 at Lagos Forex Expo & Conference
  • Fastest Growing Broker in 2013 at Lagos Forex Expo & Conference
  • Trading Platform With Best Execution at 10th China Guangzhou International Investment & Finance Expo

Reviews

A review by TheFXview.com on October 8, 2013 names XM as "one of the better forex...brokerages".

Sponsorships

XM has used sponsorship of sporting events as a key way to promote itself; these sponsorships have included:

  • 2013 FIA Middle East Rally Championship driver Charalambos Timotheou running under the Timotheou Rally Team
  • Cyprus Karate Association
  • Apollon Limassol
  • One Dream One Wish Foundation

See also

  • Broker
  • Commodity broker
  • Insurance broker
  • Options broker
  • Stockbroker
  • Investing online
  • Forex
  • Comparison of online brokerages