|Read a detailed review of this forex broker – XM Review|
The XM Zero Account is a new account type that is being offered by this popular broker. A Zero Account offers floating spreads as low as 0 pips, and provides an environment that will appeal to the more experienced forex trader who requires a sophisticated platform with ECN style price quotes.
When we recently reviewed XM, we found that the broker manages to combine many of the advantages of a straight-through-processing model – floating inter-bank spreads and fast execution, with the best features offered by dealing desk brokers such as zero negative balance protection and guaranteed price quotes. XM has processed over 150 million orders without any requotes or rejections.
Features of the XM Zero Account
While all XM accounts provide floating spreads as standard, the main focus of the XM Zero Account is to provide ultra-low spreads that respond proportionately to the market prices of the broker’s multiple liquidity providers.
The Zero Account operates with the leading forex charting and execution platform MetaTrader4, and a total of 58 markets are available for trading, including major currency pairs and precious metals. Leverage of up to 500:1 is available, and the minimum deposit to open a new Zero Account with XM is just $200.Both hedging and the use of algorithms/expert-advisers is permitted.
You can see how this account compares with the Micro and Standard options in the table below.
|Minimum Spread on Majors||1 pip||1 pip||0 pips|
|Minimum Trade Size||0.01 lots||0.01 lots||0.01 lots|
Regulation at XM
XM is based in Cyprus and is registered with the regulator there, CySEC under the ID number (). However, the XM has also taken the rather unusual step of registering with each individual regulator in the countries in which it solicits business. This demonstrates an unusual and highly commendable level of diligence from the broker, and means that you can be assured that the firm is fully compliant with good practices of financial security as set out by the regulatory body in your own jurisdiction.
Opening a Zero Account at XM
As well as the trading opportunities that XM offer to experienced investors with the new Zero Account model, the broker offers a secure and well regulated trading environment, a professional platform and tools, a good standard of customer service, and competitive prices.
About the only drawback we could spot was that the Zero Account is not currently eligible for deposit bonuses. It is, however, eligible for a £20 no-deposit bonus, which you can claim by opening an account here: XM No Deposit Bonus.