XM Group Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Our Evaluation of XM Group
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
XM Group is one of the top brokers in the financial market with the TU Overall Score of 8.26 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by clients on our website, Traders Union expert Anton Kharitonov believes he can recommend this company as the majority of reviews prove that the broker’s clients are fully satisfied with the company.
XM Broker is a broker for professional trading. Trading conditions correspond to the average market; there are technical advantages that distinguish XM Broker from its competitors.
Detailed Review of XM Group in Singapore
XM Group is a good choice for traders from Singapore. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
XM Broker is one of the leading European brokers working in the Forex services sector for more than 10 years. During this time, the company has developed an innovative technological base that allows it to outperform its competitors in many respects. First of all, we are talking about the speed of orders execution and minimal slippage.
XM Broker is a universal broker. It sends client orders directly to liquidity providers or to the ECN network. XM offers 100% execution of orders with 99.35% of all orders executed in less than 1 second with narrow market spreads from 0.6-1 pip without a “markup”.
Advantages of XM Group for trading in Singapore
Traders Union analysts conducted a detailed analysis of XM Group for traders from Singapore. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
For Singapore market, XM is licensed by the Belize regulator, Financial Services Commission (FSC)
Classic MT4 and MT5 platforms in various modifications, but still the same familiar to most traders.
There are micro accounts for novice traders and standard accounts.
Free Forex market analysis.
There are daily Forex webinars and free signals.
There is protection against negative balance.
XM Broker focuses on active trading, that is why there are no PAMM accounts and direct copy trading here, traders can directly connect to the MQL5 service from the platform, where you can copy tradings of individual traders, take part in algorithmic developments or discussions of trading topics.
Analysis of the Main Features of XM Group in Singapore
Traders Union analysts analyzed the key features of XM Group for traders from Singapore. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for XM Group traders from Singapore
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of XM Group trading conditions for traders from Singapore. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
💻 Trading platform: |
МТ4, МТ5 (desktop, web, and mobile versions), and XM App for smartphones and tablets
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📊 Accounts: |
Standard Account, Micro Account, Ultra Low Account, Shares Account
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💰 Account currency: |
USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR
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💵 Replenishment / Withdrawal: |
Credit/ Debit cards, Skrill, Neteller, International Wire Transfer, Online Bank Transfer, Perfect Money, Apple Pay and Google Pay
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🚀 Minimum deposit: |
$5
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⚖️ Leverage: |
1:30 (only for EU regulated Entity and AU). For all the other countries - 1:1000.
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💼 PAMM-accounts: |
No
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📈️ Min Order: |
0,1 lot for XM Ultra Low Micro and 0,01 lot for XM Ultra Low Standard
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💱 Spread: |
From 0.6 pips for XM Ultra Low Micro and XM Ultra Low Standard
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🔧 Instruments: |
Forex Trading, Crypto CFDs, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, Shares
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💹 Margin Call / Stop Out: |
100%/50%
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🏛 Liquidity provider: |
n/a
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📱 Mobile trading: |
Yes
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➕ Affiliate program: |
Yes
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📋 Orders execution: |
Market Execution, Instant Execution
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⭐ Trading features: |
There are Islamic accounts; It is possible to connect to the MQL5 trading services.
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🎁 Contests and bonuses: |
Up to 100% Deposit bonus (Not available to the EU Entity of XM)
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XM Group Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by XM Group for traders from Singapore. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
Traders Union analysts have analyzed the main and additional commissions for each XM Broker account. There are no additional commissions on all accounts.
Account type | Spread (minimum value) | Withdrawal commission |
XM Ultra Low Micro | From 6 USD | No |
XM Ultra Low Standard | From 6 USD | No |
XM Zero | From 0 USD |
There are no hidden commissions; there are no commissions for replenishment and withdrawal of money. There is a floating commission for shifting transactions to the next day (swap) - the size depends on the market situation.
Besides, the Traders Union analysts prepared a comparative analysis of the main commissions of XM Broker with the similar commissions of competitors and conducted a comparative assessment.
Average spreads for the EUR/USD pair on standard accounts with a trade volume of 1 full standard lot were compared.
FAQs
Is XM Group legal in Singapore?
Yes. XM Group operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with XM Group? Does the broker offer courses for traders from Singapore?
Yes, XM Group offers good trading courses and a lot of educational information for clients from Singapore.
Can XM Group be trusted? Has the broker been operating in Singapore long?
XM Group has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with XM Group.
Is XM Group suitable for novice traders from Singapore?
Yes. XM Group offers optimal trading conditions and good education for beginners from Singapore.
How efficient is XM Group customer support in Singapore?
XM Group offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has XM Group had any incidents involving theft of funds of clients from Singapore?
No. XM Group provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if XM Group violates my rights?
Yes. If XM Group violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can XM Group clients from Singapore use the broker’s mobile app?
Yes. The mobile app of XM Group is available for the clients from Singapore.
Does XM Group provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by XM Group.
How can I withdraw funds from my account at XM Group in Singapore?
XM Group supports bank transfers and debit/credit cards of the banks operating in Singapore.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.