Malaysia offers interesting trading opportunities to traders and investors. The main stock exchange of the country is based in Kuala Lumpur. It is known as Malaysia Exchange or Bursa Malaysia. To start trading forex, stocks, or other financial assets in the country, you need to find an online broker first. XM Group is a decent broker that offers multiple instruments to its clients. The broker offers its services to Malaysian traders. In this XM Malaysia review, you can know everything you need to know about trading on XM in Malaysia.
XM is mainly a CFD broker. It is a great option for day traders, long-term traders, and scalpers due to its powerful analysis software and fast execution. The broker also offers an extensive range of market analysis and educational materials that are not only useful for beginners but also advanced traders. The legendary MT4 and MT5 trading platforms are also provided for the traders by XM. Click here to visit the official website of XM.
Regulations of XM and Safety
XM is a well-regulated broker by top-tier financial bodies like FCA in the UK, CySEC in Cyprus, IFSC in Belize, and ASIC in Australia. The broker is also registered with a vast range of financial registration organizations like FIN, BaFin, MNB, KNF, AFM, CONSOB, CNMV, and ACP in several countries. XM makes sure to keep the clients’ funds fully segregated from the funds of the company at tier-1 banking institutions. The company does not use its clients’ funds under any circumstances.
Tradable Markets on XM
XM offers a wide range of financial assets to its traders. You can trade CFDs on forex, commodities, stocks, indices, and energies.
- Forex: The broker offers more than 55 major, cross, and exotic pairs for forex trading. You can apply leverage up to 1:888 on these currency pairs.
- Stock CFDs: With XM, you can access global economies instantly. The broker allows traders to access the global equity markets directly. You may speculate market uptrends and downtrends and go long or short based on market movements. The trading platform suits both long-term and short-term trading strategies.
- Commodities: You can execute CFD trading on numerous commodities like COCOA, CORN, SUGAR, WHEAT, HGCOP, SBEAN, COTTON, COFFEE, and more. Due to low deposits, beginners also find it easy to trade without owning the financial instrument.
- Precious Metals: XM offers the opportunity to trade gold and silver online without requotes. Metal trading is another great investment option to trade into the highly liquid markets.
- Energies: Take benefit of high volatility with great price movement by trading energies on XM. You can trade oil at a low margin starting from $5. There is no overnight financing on oil CFDs on the broker.
Apart from these, you can also trade equity indices and shares on XM.
Spreads and Costs for Trading on XM
Compared to other market makers, the trading fees are average on XM. The broker offers lower spreads on different accounts. Except for the Shares Account, no other account charges commission. The Shares Account charges $3.5 per lot per side. The broker offers a transparent fee structure with all trading fees. The costs on each account are calculated as per the trading fees for one lot, including the commissions and spreads. Since the broker builds the fees into the spreads, it does not charge extra costs. Only interest fees are charged on positions that are held overnight.
| Account Type | Minimum Deposit | Average Spread (EURUSD) | Commission | Total Cost (Per 1 lot) |
|---|---|---|---|---|
| Standard Account | 5 USD | 1.7 pips | None | 17 USD |
| Micro Account | 5 USD | 1.7 pips | None | 17 USD |
| XM Ultra Low Account | 5 USD | 0.8 pips | None | 8 USD |
| XM Ultra Low Micro Account | 5 USD | 0.8 pips | None | 8 USD |
Like other brokers, XM also charges some non-trading fees. You do not have to pay an account fee. In most cases, no deposit or withdrawal fees are charged either. However, if your bank withdrawal is below $200, then you will have to pay a fee of $15. The broker also charges a maintenance fee of $15 after a year of inactivity. If the account remains inactive after that, a $5 monthly fee is charged.
Deposits and Withdrawals on XM
Deposits and withdrawals are free on XM and they are processed fast. As per Anti-Money laundering policies, the broker runs a “Return to Source Policy”. It means that only the original funding source can initiate withdrawals. The broker offers easy payment options, including bank wire transfers, credit cards, and electronic wallets. Keep in mind if you deposit using credit or debit cards, then you cannot withdraw a bigger amount using the cards again. So, it is better to withdraw via bank transfer.
Types of XM Trading Accounts
You can choose any from the five live accounts of XM, and the broker also offers a demo account. Click on this link to visit XM.
- Micro Account: It is the entry-level account of XM that requires a minimum deposit of $5. You can trade currency pairs like EURUSD at average spreads such as 1.7 pips on this account. This account’s base currencies are USD, GBP, EUR, JPY, AUD, CHF, SGD, ZAR, RUB, HUF, and PLN. On this account, one lot means 1,000 units; and 0.1 lots are the minimum trade volume.
- Standard Account: When it comes to minimum deposit and spreads, the standard account of XM is the same as the micro account. The minimum trade volume and base currencies are also the same. However, one lot means 100,000 units on this account.
- XM Ultra-Low Account: This account also requires a minimum deposit of $5 but the average spreads on the EURUSD are 0.8 pips. One lot equals 100,000 units, and 0.1 lots are the minimum trade volumes. However, the options of base currencies are limited on this account to USD, GBP EUR, AUR, SGD, and ZAR. Traders will not receive trading bonuses on this account. You can open a Micro Ultra Account with the same conditions as well, but unlike the Ultra-Low account, one lot means 1,000 units on the Micro Ultra account, which makes it ideal for new traders.
- Share Account: This account does not offer leverage to traders. The spread on the Share account is based on the underlying exchange. One lot is the minimum trade volume with contract sizes of one share. The account is denominated in the US dollar only.
- Islamic Account: XM also offers Islamic accounts for Muslim traders. No extra charges are applied for these accounts. Even though Muslim traders are provided with the same conditions for trading, they do not have to pay the swap fee, which is restricted as per their religious belief. To open an Islamic account with XM, traders need to sign up for a live account and complete the KYC by submitting ID proof and address proof. After that, they can opt for customer service to request an Islamic account.
- Demo Account: Demo account is not only for practicing trading, but you can also test new trading strategies on this account. This account offers the opportunity to trade without risking real money. XM offers an unlimited demo account that allows its users to trade risk-free on live markets. Visit this link to open a demo account.
Keep in mind that there are always risks in trading that you cannot avoid. So, make sure to learn the basics of trading and risk management strategies before you open a trading account and put your hard-earned money at risk. Practicing on the demo account until you gain enough knowledge, experience, and skills is a good idea as it helps you learn to deal with risks and challenges.