Many traders mention XM brokers with its good services and trading conditions but they don’t have a clear understanding about XM aspects so I decided to write this XM reviews to have a look of XM broker for their follow-up.
Founded in 2009, currently XM has over 1.500.000 traders from 196 different countries in the world, which has proven the reliability of XM for many years. While XM enhances their services as well when they have come many countries to organize seminars and meetings to have a nearer approach to their customers, educate traders and enable them to make better trading decisions. In this article, I will mention all aspects of XM broker such as regulations, trading costs, trading benefits, trading conditions, trading platform, payment system and the types of account.
- Regulations of XM
As you know that regulations and licenses of regulation are the method to prove the reliability of one broker. So if the broker possesses one regulations, they are reliable enough for traders.
Until now there are still some discussions and debates among US&UK brokers and brokers from other countries. But if you give the choice for traders, most of them choose to trade with US&UK brokers. The reason is the good financial management system of US, UK. And XM is one of these brokers because it owns the regulation from the UK which is FCA. Moreover, XM also gain CySEC from Cyprus, ASIC from Australia and FBS from South Africa to serve traders there well. With these regulations, XM is the most reliable broker who can protect traders from many different countries all over the world. I am sure that you can certainly trust in this broker.
- Types of account
Traders of XM include ones on many different levels such as beginners, experienced traders and experts. So one of the most important factors is which account type is suitable with them. Currently, XM has 4 different XM account types: Micro, Standard, Zero and Islamic accounts.
- The Micro account is specially designed for beginners with commission-free and the low spread. Although the leverage is very high with the rate 1:888, traders can deposit minimum $5 and can place 200 orders at one time.
- The Standard account is designed for the experienced traders. Its trading conditions are similar to Micro one but the offered size is hundred times bigger – 100,000 for 1 lot.
- The Zero account is the one with the commission-based and has the most competitively priced offering. The average spread on EUR/USD was 0.1 pips – not including commission and even after including the $5 per side commission.
- The Islamic account is the special one designed for clients who follow Muslim. They are the free-swap account type for Islam traders.
Payment system of XM
In fact, traders don’t pay much attention on broker’s payment system when choosing a broker. But until they start to deposit and withdraw money, problems happens later. Some countries are very strict to transfer money overseas. In some countries, it is even illegal to transfer money for forex brokers. Sometimes in Asia, traders transfer by Credit Card, the bank will charge some 1.7 – 4% of total. This rate is very high for traders in their trading path. That is the reason why traders should choose the best broker with good local payment system to save deposit/withdrawal costs.
To find the best local payment system, that system must include below features:
- Fast deposit and withdrawal
- Local payment supported
- Low or even free-of-charge fee for deposit or withdrawal
- High minimum withdrawal limitations
In Asia, XM gives the best payment methods for traders here. They allow traders to deposit money by many free different international methods such as Credit/debit cards, Neteller, Skrill, Webmoney, PerfectMoney, Bitcoin, Alipay, Nganluong Wallet or local banks such as: Bank Central Asia, Bank Mandiri, Bank Negara Indonesia, Bank CIMB NIAGA, Bank Rakyat (Indonesia), Bangkok Bank, Bank of Ayudhya, Kasikorn Bank, Krung thai Bank, Siam Commercial Bank, Kbank Mobile Banking (Thailand).
- Trading platform, trading costs and trading benefits of XM
- Trading platform: XM owns the best up-to-date trading platform with automatic transfer system. This trading platform is able to use on Smartphone, PC or Tablet without any problem.
- Trading costs: transaction cost is one of the most important concerns that traders focus when they choose one broker. The lower trading cost is, the more traders sign in. And XM is one broker like that. It offers the low spread of 1.7 pips for a EUR/USD for trading regular accounts and the low commission of $6 for trading ECN account (while other brokers charge around $7 for ECN account).
- Trading benefits: besides, XM possesses some loyalty program for traders through bonuses. Firstly, the deposit bonus allows traders to get money depending on how much they deposit. With this type of bonus, traders can reduce their trading cost. Even sometimes traders can get up to $5000 from their deposit bonus program with the maximum deposit rate being 100%. The second bonus is lot-back bonus which is the amount of money traders can get after they finish the number of required lots. This rebated money depends on traders’ trading currencies, account types and trading time.
- Customer support of XM
Customer support is one of the most important factors when traders choose the broker. Because the forex market is very complicated so traders need the support from brokers. There is no reason to deny the customer service from XM. If traders are not an English speaker, XM provide the supports for over 30 languages such as Thai, Chinese, Indonesian, Vietnamese, etc. Moreover they can support traders 24/7 and those countries also have local banking support as well.
Through the above criteria, I am sure that XM is the most reliable broker in the world. If you are still confused, below advices are for your reference:
- Micro account is a great trading environment if you want to learn more about the forex market.
- Take advantage of Cryptocurrency trading conditions are the best.
- XM should support payments via your local bank so if your local bank is supported, you should always utilize it since it doesn’t cost any fee.
- Day time spread in XM is always lower than night time’s spread, thus trading in daytime seems like a more sensible decision.
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