XM Broker in Malaysia | In-depth Review
The foreign exchange market has always been an arena of intriguing dynamics, offering opportunities to seasoned and novice traders. Amidst the plethora of trading platforms, the XM broker is a formidable choice, particularly in Malaysia.
Traders Union’s newly published review of XM brokers in Malaysia highlights various critical aspects of the broker’s services and operations.
What is XM Broker?
According to TU experts, XM Broker in Malaysia debuted in 2009, initially operating as an intermediary service provider in the foreign exchange market. This platform has since expanded its reach, becoming a global broker serving nearly 190 countries worldwide. XM Broker’s substantial growth is underpinned by its innovative technology and commitment to quality service, attracting over 5 million traders. Its relentless pursuit of excellence has earned it recognition as the Fastest Growing Broker and Best Forex Service Provider, among others.
Pros and cons of XM Group
TU experts highlight various advantages and disadvantages of trading on the XM Group.
Pros:
- XM Broker ensures 100% execution of orders, with nearly 99.35% delivered instantly, ensuring no requotes.
- No markup on narrow market spreads, thus reducing costs for traders.
- Over 1,000 trading instruments, including over 55 currency pairs, CFDs on cross rates, metals, commodities, and stocks.
- Zero commission for money replenishment and withdrawal. XM Broker covers all payment system costs.
- Reliable support services 24/5 in over 30 languages.
Cons:
- The broker should consider offering passive investment services such as social trading platforms and PAMM accounts.
- XM Group’s range of trading platforms needs diversification. The existing 16 terminals are all modifications of MT4 and MT5 for desktop, browser, and mobile trading.
Is XM group legal in Malaysia?
As per TU experts, XM Broker is legal and operates under licenses from three leading global regulators: ASIC (Australia), FCS (Belize), and CySEC (Cyprus). These licenses ensure XM Broker’s compliance with the MiFID directive I and II, which regulate the European legal field. Moreover, all customer accounts are segregated from the broker’s operating accounts and held securely in European banks.
How do I choose the best broker in Malaysia for beginners?
TU experts recommend that beginners in Malaysia opt for brokers with local or European Union licenses. Also, beginners should consider platforms offering demo or cent accounts, allowing risk-free trading strategy exploration. Other factors to look out for include the level of commissions and fees, minimum deposit requirements, and the availability of educational resources for honing trading skills.
Conclusion
In conclusion, the XM broker in Malaysia offers a broad range of trading opportunities for both seasoned and novice traders. It provides an accessible, user-friendly platform while ensuring legal security for all its clients. However, as with any trading platform, potential users should carefully consider its pros and cons before deciding.
Traders Union provides various insights and reviews on different brokers for those still unsure. Make sure to visit Traders Union’s official website to gain in-depth knowledge that will empower you to make well-informed trading decisions.
