With many years in trading path and cooperating with many big brokers in the world. I conclude that XM is one of the best brokers in the world with its good services and trading conditions. If you are concerned about this broker, let’s read until the end of this XM reviews.
Founded in 2009, XM now has over 1.500.000 customers from 196 countries around the world. Moreover, this broker also finds the way to approach their traders by organizing some seminars and meeting to educate traders and enabling them to make better trading decisions. Until now, XM has come to 120 different countries in the world to meet their clients.
To let you have the clear review of XM, I will mention all important aspects such as types of account, regulations, trading conditions, trading costs, trading platform, payment system.
- Type of account on XM system
To have many traders, types of account in XM must have its own personalities to attract types of traders. Currently, there are 4 account types offered by XM. They are Micro, Standard, Zero and Islamic accounts.
- The Micro account is designed for beginners with commission-free and the low spread. You only need to deposit $5 minimum but the leverage is high with the rate 1:888. All micro account allow to place 200 orders at one time.
- The Standard account is designed for experienced traders. Its trading conditions is the same as Micro account. But the offered contract size is a hundred times bigger – 100000 for 1 lot.
- The Zero account is mainly commission-based and has the most competitively priced offering. The spread on EUR/USD was 0.1 pips on average – not including commission. And even after including $5 per side commission.
- Regulations of XM
This section focuses on XM’s reliability through regulation obtained by them. The more regulation XM got, the more reliable they become. In fact, US & UK brokers’ regulations are more reliable. That is the reason why most traders choose to trade with US&UK brokers. And XM is one of those brokers obtaining UK regulation – FCA. Moreover, XM also obtains CySEC from Cyprus, ASIC from Australia and FSB from South Africa to serve their traders in these areas. With these regulations, XM is the most reliable broker which is able to traders in many countries all around the world.
- Trading costs, trading benefits and trading platform of XM
Trading platform: XM possesses the best up-to-date trading platform with automatic transfer system. Its trading platform can be applied on PC, Smartphone or Tablet.
Trading costs: As you know that trading cost is the first concern of traders when they decide to sign in account on one broker’s system. So it is better for broker to offer the best trading cost. And XM is one broker like that, they offer the low spread of 1.7 pips for EUR/USD for trading regular account and the commission of $6 for trading ECN account (as much as Exness ECN account). Check out Exness reviews.
Trading benefits: Beside the low trading costs, XM also offer some incentive through bonuses. Firstly, I want to mention XM’s lot-back bonus. It means that traders can receive an amount of money when they complete a number of required lots. This rebated amount depends on traders’ trading currencies, account types and trading time. This bonus is preferred by the professional traders because it could minimize the transaction cost effectively. Besides, there is deposit bonus when trader deposit their money to proceed the trading. This bonus amount depends on your deposit rate. This deposit bonus program can reduce traders’ trading cost. You can get up to $5000 with the maximum deposit rate being 100%.
In short, although the trading cost of XM is similar to other brokers but with loyalty programs and bonuses, the actual costs are much lower than others.
- Payment system of XM
At the beginning, traders don’t concern about payment system, until they begin to deposit and withdraw money, they start to find a way to choose the broker with the best payment system. Especially traders overseas like Asian traders want to deposit money by Credit Card, the bank will charge them around 1.7 – 4% in total. This charge amount is too high for traders so it is better to choose the brokers with good local payment system. And the standard of one good local payment is stated as below:
- Fast deposit and withdrawal
- Local payment supported
- Low or even free-of-charge fee for deposit or withdrawal
- High minimum withdrawal limitations
XM provide the best payment system in some countries in Asia such as China, Thailand, Indonesia,etc. They allow traders to deposit through many free different international payment 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).
- Customer support of XM
XM specially focus on their traders so its customer support is very good for traders as well. They provide the support channel to explain questions from customers 24/7. If traders are not good at English, they can help their clients by 30 different languages. Some languages supported are Thai, Vietnamese, Chinese, Thai, etc. Moreover, they provide the local banking support as well. It is very convenient for traders all over the world.
In conclusion, from the above aspects of XM, XM is the best broker that traders should consider to choose for their trading path.
If you still have confuses, BRKV have some advice for your references:
- Micro account is a great trading environment if you want to learn more about the forex market.
- Take advantage of Cryptocurrency trading conditions
- 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.