XM Malaysia Review

Updated January 24, 2022

XM Malaysia as a broker offers a wide range of financial instruments, excellent leverage, and upgraded MT4/MT5 trading platform, trading bonuses, as well as an enviable loyalty program that you can join to better improve your trading experience. 

Are there any pitfalls before jumping on the XM trading platform? Should you take advantage of XM trading platform to trade your favourable currency pairs? We have set out a detailed review to enable you make an informed decision – whether or not to get started using the XM Malaysia trading environment to assess the foreign exchange market.

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XM Malaysia – Overview

HeadquartersCyprus, Belize, Australia
RegulationCySEC, ASIC, IFSC
Type of brokerMarket Maker
Minimum DepositUS$5
Maximum Leverage (MY)1:888 (*the maximum leverage for clients registered under the EU- and ASIC-regulated entities of the Group is 1:30)
Type of platformMetaTrader 4, MetaTrader 5, Web-based
Deposit with credit cardYes
Depositing with wire transferYes
Demo account providedYes
Instruments tradedForex CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs, Energies CFDs

XM Malaysia Regulation and Security

XM broker is among the top online forex brokers to be regulated by reputable regulating agencies in the world. Established in 2019, XM broker is duly regulated by the Cyprus Securities and Exchange Commission (CySEC 120/10), Australian Securities and Investments Commission (ASIC 443670), and International Financial Services Commission (000261/158).

Being a regulated online broker, XM provides its clients a wide range of protection since they maintain an investor compensation fund, which will reward you up to $20, 000 whenever you lose your account due to no fault of yours. Since its inception in 2009, this broker has been in the operation of brokerage and it has a track record to show forth. 

As with other regulated online brokers, all clients or FX traders using the XM trading platform to access the foreign exchange market will also enjoy negative balance protection. In essence, what this means is that you cannot lose an amount more than what is deposited in your account.


XM Trading Fees

For any forex trader to be successful on the market, one of the things that you must do is to trade or partner with a broker that does not charge so much that it will “eat” into your profits. Ahead, you will learn the different fees charged by XM Malaysia, including spreads, commissions, overnight financing, as well as incremental fees. Let’s take a look at each of these fees

Forex Fees

Forex fee refers to the fee payable when you trade the forex market using the XM trading platform. If you use the XM Ultra Low Standard Account, XM provides commission-free fee when you use this account to access the FX market from spreads as low as 0.6 pips. Traders using the XM Standard Account will pay higher fees because the spread starts from 1.6 pips. The bottom line? The XM forex fee is great for a commission-free trading account. 

Stock Fees

If you decide you want to add some stocks into your investment portfolio, there are also some fees that you are expected to pay to enable the broker facilitates your trades. US shares usually carry a commission of $0.04 for every share traded on the XM trading environment. German and UK shares show a stock fee of 0.10% with a minimum of $5 and $9 per order.

CFD Fees

Forex traders enjoy commission-free trading on the XM trading environment for venturing into CFD trading. Given the lack of commission, the cost payable by traders to facilitate their trade is higher but still within a reasonable range. Index CFDs remain reasonably priced. Also, the S&P 500 shows a minimum spread of 0.7 pips. XM Malaysia implements an acceptable fee for trading contracts for differences.


What Can I Trade On XM Malaysia?

After the fee structure, the next important factor to consider when choosing a forex broker is the asset classes offered by the broker. While some traders prefer to stick with a broker that offers limited financial instruments, there are also some traders that prefer to diversify their investment portfolio to earn more profits. 

The following are the major financial instruments offered by XM:

  • Forex – XM offers over 55 currency pairs, including exotic currencies.
  • This online broker offers a wide selection of individual stocks with over 1,200 equities currently listed on its trading platform. This is very impressive as the average trader have the opportunity to diversify his or her investment portfolio so as to avert the problem of investing in a single asset. The stocks offered are from over 16 national equity markets. So, if you are interested to include individual stock into your Investment Portfolio, then you should give XM serious consideration.
  • Commodities – XM offers a decent selection of around 8 commodities, including 5 energies, and precious metals. Palladium and platinum are also available for you to invest in. 

XM Trading Hours 

The trading hours on the XM Malaysia trading platform are between Sunday 22:05 and Friday 21:50 UTC. There is more trading opportunities for you to make a decent profit from the official start of the London trading session which usually begins at 8 a.m. UTC. Led by Tokyo opening at 23:00 UTC, the Asian trading session closes at around 0600 UTC. Most of the training activity occurs between the New York and London open, 13:00 UTC and 16:00 UTC. 

Trading Session (Market)GMTTime Zone Malaysia (+8)
New YorkOpen: 1:00 PM
Close: 10:00 PM
Open: 9:00 PM
Close: 6:00 AM
TokyoOpen: 11:00 PM
Close: 8:00 AM
Open: 7:00 AM
Close: 4:00 PM
LondonOpen: 8:00 AM
Close: 5:00 AM
Open: 4:00 PM
Close: 1:00 AM
SydneyOpen: 9:00 PM
Close: 6:00 AM
Open: 5:00 AM
Close: 3:00 PM

What Account Types are available?

XM Malaysia offers foreign exchange traders four (4) different account types – Standard, Micro, Zero, and Ultra low accounts. You can operate the standard account type with standard lots which comes with a minimum initial deposit of $5.

The Micro account type, on the other hand, allows you to operate at a lower level of risk with micro lots. The minimum deposit amount for the Micro account is also $5. 

The Zero account type comes with standard lots and lower spreads. The spreads start at 0 pips. The minimum deposit required to operate this account type is $100. What’s more? This account has a $3.5 commission for every $100 traded. 

The Ultra-Low account type lets you trade with either standard or micro lots or lower spreads. To access this account type to trade your preferred currency pair, you need to deposit at least $50 to get started. 

All the 4 account types above allow for scalping, hedging, as well as automated trading through expert advisors.


XM Malaysia Demo Account 

XM also offers a demo account. The demo account is a type of account mainly used by beginners to enable them practice their trading skills before upgrading to start using a live account. The demo account comes with almost the same features as a live account, only that you will not be able to make real world money and you will not also suffer a loss in the process of trading your preferred currency pairs. You can use the XM demo account to test your preferred trading strategies as well as risk management measures. 

The demo account also allows for closer simulation so that you can see in real time the output or results of your trading strategies. This broker only limits the number of demo accounts to 5 per trader. When you are signing up for a demo account, you can select the MT4 or MT5 trading platform, the base currency from the supported ones, and your preferred account type. 

Trading Platforms

XM Malaysia offers a wide range of trading platforms. Let’s take a look at each of these trading platforms. 

  • MT4 – XM is one of the online brokers that pioneered the use of the MT4 trading terminal. This trading terminal offers a wide range of benefits, including CFDs and Futures, over 100 financial assets, full expert advisor functionality, 1 login access to 8 platforms, and different trading indicators. You can access the MT4 trading terminal using your mobile devices like iPads, iPhones, tablets and Androids. 
  • XM Web trader 4: You can access this trading platform with your PC, Mac, or mobile devices without downloading any software. You can choose from over 100 assets, including Futures, CFDs, and forex. 
  • XM MT4 Multiterminal: This is the ideal trading platform for those traders who want to handle multiple MT4 trading accounts from a single dashboard. This trading platform also supports more than 28 trading accounts and has several order types. It has 3 allocation methods and provide execution in real time. 
  • MT5: The MT5 trading platform offers extra features that will improve your trading experience. It has all the features that MT4 comes with, plus different order types like “Kill or Fill”, “Cancel or Immediate”, and fundamental and technical analysis using more than 79 tools. 
  • Mobile Trading: Nowadays, FX traders prefer to access the market using their mobile devices, so they can trade on the go. XM also has a mobile app that you can download for your iOS or Android devices. The mobile app supports full MT4/MT5 functionality, technical indicators, and analysis charts. Traders can conduct market research, portfolio management, and technical analysis using the mobile app. 

Research and Education

XM Malaysia has a research and development center where beginners or even professional forex trader can visit to better navigate the foreign exchange market. If you are a beginner and you are interested in using the XM trading environment to access the foreign exchange market, it would be in your interest to visit the XM R&D center to learn the nitty-gritty of the foreign exchange market and also learn how to use the expert advisors, as well as technical analysis tools available on the trading platforms. 

There are also a wide range of educational-related materials that beginners can lay their hands on to learn how the forex market works and how to implement the most profitable trading strategies to fetch them a decent return on their investments. These resources include how-to videos, blog posts, and forex webinars. There are videos that will show you how to select the best currency pairs and how to implement risk management measures so you don’t lose your hard-earned money to market forces. 


XM Malaysia Customer Support

XM Malaysia parades a responsive customer support team that will hold you by the hands and walk you through how the foreign exchange market works and how to successfully open a live trading account so that you can start earning money immediately. 

If you encounter any challenge or difficulties in the process of using the XM trading platform to access the foreign exchange market, the customer support team is always available 24/7 to attend to your queries. There’s always a representative to attend to you even if you cannot write or speak in English. You can reach the customer support desk via email, phone call, or live chat.


How to Deposit and Withdraw at XM Malaysia?

XM Malaysia accepts a minimum deposit of $5 for the Micro and Standard Account types. You can deposit funds into your account using different money processing platforms like Skrill, Neteller, Bank transfer, MoneyGram, and Western Union. 

You can also use the same methods to withdraw your earnings or profit. However, the withdrawal via bank transfer attracts a $15 administration fee for amount under $200. 

Summary

  • Platforms & Tools
  • Commissions & Fees
  • Trust
  • Education
  • Offering of Investments
4.6

Final thoughts on XM Malaysia

Okay, that’s it. With the review above, we believe we have given you enough information to make an informed decision, whether or not you want to trade with XM. XM Malaysia offers a long list of trading instruments with good regulatory standing in Cyprus, Belize, and Australia. What’s more? Account opening is user-friendly and fast. There are more than enough educational resources for you to leverage so that you can start to trade FX like a professional.

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