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.
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
|
|---|---|
| 📊 Accounts: |
Standard Account, Micro Account, Ultra Low Account, Shares Account
|
| 💰 Account currency: |
USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR
|
| 💵 Replenishment / Withdrawal: |
Credit/ Debit cards, Skrill, Neteller, International Wire Transfer, Online Bank Transfer, Perfect Money, Apple Pay and Google Pay
|
| 🚀 Minimum deposit: |
$5
|
| ⚖️ Leverage: |
1:30 (only for EU regulated Entity and AU). For all the other countries - 1:1000.
|
| 💼 PAMM-accounts: |
No
|
| 📈️ Min Order: |
0,1 lot for XM Ultra Low Micro and 0,01 lot for XM Ultra Low Standard
|
| 💱 Spread: |
From 0.6 pips for XM Ultra Low Micro and XM Ultra Low Standard
|
| 🔧 Instruments: |
Forex Trading, Crypto CFDs, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, Shares
|
| 💹 Margin Call / Stop Out: |
100%/50%
|
| 🏛 Liquidity provider: |
n/a
|
| 📱 Mobile trading: |
Yes
|
| ➕ Affiliate program: |
Yes
|
| 📋 Orders execution: |
Market Execution, Instant Execution
|
| ⭐ Trading features: |
There are Islamic accounts; It is possible to connect to the MQL5 trading services.
|
| 🎁 Contests and bonuses: |
Up to 100% Deposit bonus (Not available to the EU Entity of XM)
|
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.
Expert Review of XM Group
XM Broker can be safely recommended to those who are interested in professional trading with high order processing speed and optimal level of commission. The first thing worth noting is that it has licenses of four leading regulators in the world simultaneously. These are ASIC (Australia, ACN:164 367 113), FSC (Belize, 000261/397), CySEC (Cyprus, 120/10), DFSA (UAE, F003484).
The second moment is the types of accounts. The broker guarantees the same quality of execution for all types of accounts, which means a minimum of requotes, slippages and instant overlap of orders with counterparty counter transactions. The level of leverage complies with the European standards (including the MiFID directive that all CySEC licensees work in accordance with). There is an average market spread. The maximum leverage for clients registered under the EU regulated entity of the XM Group is 30:1.
Attractive trading conditions for novice traders are also worth noting. The minimum deposit is 5 US dollars; there are cent (micro) accounts with a lot equal to 1,000 units. Thanks to its elaborated service and high-tech platforms, XM Broker is rightfully one of the best companies in the Traders Union rating.
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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!