I have been trading with XM for years and surprised by the fact that not many traders realised the greatness of XM. Different from many brokers I have tried, XM has great services and trading environment. That’s why I am writing this topic in order to introduce a thoughtful understanding of XM, one of the best forex brokers in 2018.
Since founded in 2009, XM obtains the present in over 196 countries with more than 1.5 million clients. This statistic provides the number of trust in XM. There are many activated hosted by XM in over 120 countries, which a direct person are meeting with clients and partners, seminars of educational Forex trading. My review of XM in this topic regarding different aspects, including regulations or code of practice, trading conditions, fees, system, payment methods as well as account types.
Basic information about XM regulations
The quality of a broker on the Forex market is indicated by its regulation, or code of practice. It will define how reliable they are. Accordingly, obtaining a license for the regulation is not easy. Hence, a broker with a license should be a trusted broker.
There are remarkable notions of the regulations among US, UK and other brokers on Forex. However, traders are more favour with US and UK regulated brokers regarding the sustainability of US financial managing system. Hence, US and UK code of practice is considered as a prototype. Thence, a broker following these regulations is operating with the best trading platform, techniques, financial sustainability and management systems. So, XM is the one with the above criteria. XM follows the UK, especial FCA regulations as well as CySEC from Cyprus, ASIC from Australia and FBS from South Africa. Hence, XM can serve traders from different areas. Regarding diversity of regulation employed, XM is a trusted broker enabling to protect traders from around the world. There is no doubt to trust XM.
About XM trading fees and benefits
What traders on Forex market think about transaction costs the most? In fact, a reasonable or low transaction fee broker is attracting the majority of brokers. Especially, scalpers love it regarding their large number of transaction simultaneously.
XM certainly runs low spreads, as similar as FXCM, Forex.com, US and UK brokers. Particularly, the spread for regular account trading EUR/USD is 1.7pip. ECN account trading pays $6 commission (while other brokers charge $7 for ECN account). Beside, XM also has a loyalty program. Regarding this program, traders will be refunded an amount of money automatically for their completion of transactions or lots into their accounts. Depending on the trading currencies, account types and time, the rebate amounts will be different. This program help trader to reduce cost. Therefore, professional traders love it as they can minimise their fees effectively.
Based on the Forex platform, the lot back of XM is around $ (0.3 pip) to $10 (1 pip) per completed transaction. The increase of refunded amount will depend on the increase in the number of the trading lot. Thence, the transaction fee will be lower than FXCM and forex.com broker after the lot back. And, the spreads will be down to around 1 to 1.4 pip.
Besides, XM also offers the deposit bonus. You can gain your money in your account as long as you deposit a capital. Moreover, you can even down your trading fee with this deposit bonus. The maximum bonus is $5000 regarding maximum deposit rate of 100%.
Overall, as the aid of lot back bonuses and deposit bonus, the transaction cost after the bonus is much lower than another broker while the original spread and commission are the same. Hence, it is fair to conclude that XM is a high-quality regulated broker (UK format) but a low transaction fee.
About XM trading platform
Regarding the automatic transfer system, XM has the most modern trading platform. Whether the device you use, PC, Smartphone or Tablet, the performance quality is the same. After a long time trading with XM, I have never found any problems of XM trading system. You are provided with all fundamental tools to trade and make profits.
About XM payment solution
Basically, the payment system is not the initial concern of traders while this thought is an understandable mistake. They only realise the importance of payment method when they deposit or withdraw their capital. Regarding the location of brokers are almost from overseas, the transferring fee is charged for every transaction occurred. Furthermore, there are some countries’ transferring money overseas are strict or illegal, even recipients are Forex brokers. Some payment methods are costly. For example, the overseas payment by credit card is charged around 1.7 – 4% if you are from an Asian nation. Therefore, it would be better to choose a broker supporting local banking to save and reduce deposit and withdrawal fees.
A good payment solution should be helpful in terms of the fastness, charge free and no limitation. The most common standards for considering a good payment system are bellowed
- Deposit or withdrawal: fast
- Local payment: available
- The charge of deposit or withdrawal: low or free
- Withdrawal limitations: high
Personally, I think XM would be the best payment supporter within Asian countries, including China, Thailand, Indonesia, etc. Their availability of payment support is diverse, such as Credit cards, Netteller, Skrill or local banking.
About XM customer support
In fact, Forex trading is yet complicated. So, traders obviously need lots of help. Hence, customer service is worth awareness when choosing a broker and among the most considerable aspects. Regarding my experience, XM’s customer service is generally great, nothing to complaint. I have faced no technical error or inconvenience. Supporting over 30 languages, including Thai, Chinese, Indonesian, Vietnamese, etc., you can ease your worry if you are not a native English speaker. Furthermore, their service is operating 24/7 with local banking support the respective nations.
About XM account premium
XM has three account options, which are Micro, Standard and Zero. Each type is designed to fit different trading essentials. A micro account is a popular option for new traders and beginners. A standard account mostly fits the regular user. Meanwhile, Zero account is a special option for experts.
The Micro account best suits new traders and beginners as it is free from the commission and low spreads. The deposit is as low as $5, but the leverage rate is high, up to 1:888. For all account, it allows 200 orders at the same time, also including pending position. The negative balance is protected.
The standard account is better for the experts with experience. While the trading condition is similar to the Micro account, the offered contract size id 100,000 per lot, a 100 times bigger. This is a remarkable difference. Both MT platform has the same minimum trading lots, and lot restriction per ticket is hafted, at 50 comparing to the Micro account.
The Zero account is a commission-based with the most competitive offer. Particularly, the average spread of EUR/UDE before the commission is listed 0.1 pips. After USD5 side commission, the total cost is 1.1 pips (0.1 spread and 1.0 RT commission). The experts love it as the no re-quoting and the lower spread within the certain market.
To serve Clients with the Muslim faith, there is XM Islamic account. This account allows free swap for Islam traders.
Overall, I have seen XM as a remarkable great broker. Firstly, their trading conditions are as good as US or UK brokers with various beneficial bonus offers. They are the top brokers that you can trade with lower costs. Since 2009 until now, XM still a leading broker with high customer satisfaction and loyalty. My experience with XM enable the assurance that you have stress and worry free in trading with XM
Regarding my conclusion, I have a couple of advice for your trading experience:
- If you want to explore and learn about Forex trading, Micro account is a great choice
- Taking advantage of Cryptocurrency trading condition
- You should consider your local bank support by XM to minimise costs
Due to the different between daytime spread and night-time spread on XM, trading on daytime is lower the spread and more sensible decision.