What type of broker is XM Broker?
XM Broker is a full-service broker, founded in 2007 and based in New York. The firm describes itself as a modern direct marketer, offering tools that get its brokers out in front of their clients, and provide insight into how to grow their businesses.
There are two primary types of brokers, known as marketplace brokerages and advisory brokerages. Marketplace brokers, such as XM, are direct marketer brokers.
Advice-only brokers, also called “advisors,” are paid by customers for providing customized investment advice.
XM Broker allows its brokers to write and implement financial plans, and charges monthly and annual fees. The firm offers a comprehensive set of tools to help customers grow their wealth.
Why should you choose XM Broker?
Get the Know Your Value newsletter.
The right place at the right time? The right broker that will put you in the right place and have access to the right brokers, investors and investment opportunities? Or should you stick to your momma and go with the local broker? The choice is yours!
For years, Americans invested through an often archaic, manual system, which made it even more difficult for all but the most savvy investors to get involved in the market. That’s why we created xm broker review. Our mission is simple – to turn the banking industry on its head and make it easier for anyone to invest in a way that feels more personal and intuitive.
Now you can trade stocks and bonds using a hybrid of traditional and modern banking, as you would with any bank. Learn more.
How much does it cost to start trading with XM Broker?
What types of trades are available?
How does XM Broker compare with other brokers?
Should you trade using their app or on their website?
Should you sell your stocks through their platform?
Let’s get into some of the important questions you should ask yourself if you’re thinking of trading with XM Broker.
About XM Broker
XM Broker is a broker platform that aims to take the hassle out of trading. Although it can be a little tricky to understand all of the differences between different brokers, there are a few key aspects to keep in mind.
First of all, XM Broker requires that you go through an initial, in-depth account setup process before you’re allowed to open an account. This makes things a lot simpler.
Does XM offer a demo account?
XM Broker offers free demo accounts that anyone can get a hold of. Generally, the demo account doesn’t offer any risk to the trader or any of the market risk. A user can find out whether or not they are comfortable trading with the platform as a whole without having to risk too much money.
Are any fees levied on trades?
If you are in the time period when the client is paying a certain dividend amount, then you will want to make sure that you pay your bill for that dividend amount on time.
Does XM offer free trades?
Yes, free trades are available to all users.
What are the commission and fee structure?
The commission structure on XM is 1.5% for stock trades and 0.5% for options. In this example, it would be approximately $7 for a stock transaction and $5 for an option.
How do I open an account and deposit money into the account?
As a first-time investor, you have a lot to consider when it comes to the money you are going to put in XM Broker. Before deciding to open an account with the broker, be sure to answer these questions:
What are the deposit amounts and how frequently do they need to be paid?
What should I expect in the form of trading fees and commissions?
What kind of investment will I be able to make?
Once you decide to open an account, you’ll need to provide the broker with a credit card or debit card number so you can deposit money into the account. When you complete the payment process, you’ll be asked to set up a single trade for the account.
If you are new to the market, XM Broker offers a training program that walks you through the steps you need to take.
What type of account should I choose with XM Broker?
An account with XM Broker can either be either an Open Book account or a Balance Account. Open Book is the most common option, it allows traders to see their account balance on the web page and their trade activity on their XM Broker Mobile App.
Balance Account is a fixed fee account which charges you 0.3% for each trade, you can also set a limit or stop loss.
What is the minimum amount of balance I need?
In order to trade a Market Maker you must have at least $100.00 in the account. If your account is inactive for three months you will have to re-open the account.
Does it cost money for the new accounts?
In order to buy a New Trader Account a XM Broker fee of $100.00 is required. With this account you can trade BTC and BitEther.
What types of securities and symbols can I trade with XM Broker?
XM Broker has more than 800 stock symbols and 10,000 combinations of stocks, ETFs, mutual funds and other securities. Here are a few of the most common:
Stock Symbol Stock Symbol ETF Symbol 2M XYZ Horizons MSCI USA Small-Cap Growth U.S.