There is not just one XM broker platform. The firm’s website homepage touts “16 multi-awarded trading platforms”:
XM is a MetaTrader-only operating shop, supporting the complete family of MetaTrader 4 and MetaTrader 5 platform software products. The management team at XM did not want to confuse its customers with multiple platform choices, and it did not wish to spend money on developing, maintaining and enhancing its own dedicated software system.
The firm wisely chose to go with the most popular trading platform in the history of retail forex trading. The number ‘16’ may seem like an interesting marketing claim. However, including XM’s demo system, MT4 comes loaded with its eight derivations, and MT5 allows access to its seven platforms with a single login. Both MT4 and MT5 have platforms for the PC, Mac, WebTrader, iPhone, iPad, Android, and Android tablet. MT4 also provides a multi-terminal version.
More than 750 brokers now offer MetaTrader platform products, but there is often a misconception about MT4 and MT5.
MT5 is not an upgrade of MT4, and it is not a replacement for that operating system. MT5 does tend to be a more efficient operating platform with quicker execution speeds, and it also supports additional functionality. MT4 users may trade all XM products except for individual stocks. MT5 offers a broader multi-asset access platform that acts as a forex platform and enables the trading of CFDs for stocks, stock indices, energies and precious metals.
The pros and cons for these dual XM MetaTrader operating systems are as follows:
Pros:
Cons:
For those traders who dislike downloading software to their device, XM does support a direct WebTrader version of both MT4 and MT5 with all the functionality that you would expect. One-click trading is a given with all active orders presented on your action screen. Keep in mind, however, that the MT4 version does not permit CFD trading in stocks. You will need to access an MT5 platform to have this additional capability.
XM has gone out of its way to make the usability of its trading platform for a broad international audience. A testament to this approach of user-friendliness is that its global MT4 and MT5 trading platforms can be read in over 30 different languages, including English, German, Italian, French, Dutch, Spanish, and even Turkish and Malay.
XM supports the standard execution order set when placing orders on its platform. Each order type also allows the trader the ability to enter both a ‘Stop Loss’ and/or a ‘Take Profit’ option for any pending trade. The order options are as follows:
After more than 20 years on the market, the MT4 downloadable desktop trading platform is still special. Simplicity and ease of use are its redeeming values, and when a trader shifts to another broker, it is especially nice to have a familiar environment to start a new relationship.
The XM mobile apps are the MetaTrader versions for MT4 and MT5, suitable for all Android and iOS operating system devices. Although XM does not offer a dedicated mobile app, users of MetaTrader products that wish to trade on the go will be pleased.