The year 2018 is a prominent with so many popular broker’s names. One of them, I feel really impressed when it comes to XM. Because I’ve been dealing with this broker many times and was always satisfied with the service as well as their professionalism.
XM was established in 2009, so far they have over 1,500,000 users from 196 countries around the world. This is an impressive number to talk about the development of XM as well as revealed that a lot of people trust and find XM. Moreover, XM has also personally visited over 120 countries to meet with their customers and partners and hosted hundreds of seminars around the world to instruct traders, enabling them to make better trading decisions. This article is all highlights when mentioning XM such as high reliable, excellent trading conditions and trading costs, trading platform, paying system and multiple types of accounts.
- Regulations of XM
Nothing too strange to mention the regulations of broker, because this is one of the first to prove that it has a reliable broker or not? Other indicators will be investigated later if traders trust to trade.
As you may know, most of the traders always choose US&UK regulated brokers because they completely believe in US&UK financial management system. It can be said that which brokers acquire one of these regulations, they often have the best trading platforms, techniques, financial health and management systems… All of them, XM is one of the best regulated brokers as it has a regulation from the UK, which is FCA, CySEC , ASIC and FSB in order to serve the traders in Cyprus, Australia and South Africa. From these regulation, XM is totally confidence to say that they are the most reliable broker which could protect traders in many countries from all over the world.
That is the reason why you can trust and trade with XM as me and other traders.
- Customer support of XM
This is the second but not least important factor for making XM’s name. Since most traders will need as much help as possible in this implicated forex market. From my opinion, there is nothing to complain about XM’s customer services as it’s been a smooth journey for me with no technical problems or any discomfort. Don’t worry if your native language isn’t English, because XM offers supports for well over 30 languages. That includes: Thai, Chinese, Indonesian, Vietnamese, etc. Besides, they always supported 24/7 program and these mentioned countries also have local banking supports
- Trading costs and trading benefits of XM
The fact that traders often prefer the brokers which have rational and low cost of transactions, especially those who have many transactions at a time.
According to Mr. Mario Draghi, XM is one of the top three brokers (XM, FXCM and Forex.com) has the lowest spreads. For EUR/USD, their spread is 1.7 pip for trading normal accounts, 6$ commission for trading ECN account but other brokers charge around $7 for trading ECN account.
XM is also not inferior to other brokers when offering many attractive bonus programs.
- Lot-back bonus: XM’s lots back 0.3 pip to 1 pip for each completed transaction and the rebated amount will increase by time for each trading lot. After the lot-back bonus, cost of transactions is now lower than FXCM and Forex.com brokers and spreads are decreased down to only 1 to 1.4 pip.
- Deposit bonus: XM allows you to get money depending on how much you deposit it. This deposit bonus program can reduce your trading costs even more. Moreover, you can get up to $5000 from their deposit bonus program, with the maximum deposit rate being 100%.
- In addition, XM also has the loyalty program, which will rebate an amount of money to your account automatically when you finish a transaction, preferred by the professional traders due to save the transaction cost effectively.
I’m convinced that the actual cost is much lower after many completed transactions thanks to the lot-back bonuses and the deposit bonus as well. That seems obvious, you have both a broker with high-quality regulation (UK) and low transaction cost.
- Payment system of XM reviewed
In my view, the payment system is more deserving of attention. Because there are so many bonus programs and traders have to deposit as well as withdraw money as well as they want to withdraw bonuses at all times. Because so many traders trust foreign brokers, they trade mainly with foreign brokers, so the costs of remittance will be greater for Asian countries or for domestic ones. In Asia, if you make a payment over sea by Credit card, they will charge you around 1.7 – 4% in total. So the important condition that you need to consider to choose a broker is whether they have local money transfer systems.
The coverage of payment systems will help traders to easily deal with forex broker. They also make traders feel more convenient, easier, quicker, and also become a decisive factor for traders to continue trading with broker in a long-term business. Below are typical standards of the good payment systems:
- Fast deposit and withdrawal
- Local payment supported
- Low or even free-of-charge fee for deposit or withdrawal
- High minimum XM withdrawal limitations
As far as I know, there are payment systems throughout Asia that represent major countries such as China, Thailand, Indonesia, and so on. They allow traders to deposit through 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) or many free different international payment methods like using Credit/debit cards, Neteller, Skrill, Webmoney, PerfectMoney, Bitcoin, Alipay, Nganluong Wallet.
- Account types of XM
To increase the variety, the current XM also has four types of well-known accounts that are: Micro, Standard, Zero and Islamic.
Each account is different based on the needs of each transaction type and each customer.
For example, a micro account is usually suitable for new entrants or newcomers. Meanwhile, standard accounts are more suitable for regular users and for Zero accounts, it is only suitable for professionals in Forex brokerage.
It can be said in more details:
- The Micro account allows 200 orders at a time, the commission-free and the low spread. The minimum deposit is just $5, but the leverage is up to 1:888, which is relatively high.
- The Standard account is for the experienced traders. They offered contract size is a hundred times bigger – 100,000 for 1 lot. The minimum trading lots are equal for both MT platforms, and the lot restriction per ticket is 50 – a half compared to the Micro account.
- The Zero account is commission-based and has the most competitively priced offering. The average spreads on the EUR/USD was listed as 0.1 pips – not including commission, and even after including the USD $5 per side commission), the all-in cost to trade is 1.1 pips (0.1 spread + 1.0 RT commission). In addition, they have no re-quoting across all which means the lower spreads during certain market conditions.
- There is also the XM Islamic account for clients who follow the Muslim faith. They are the free-swap type of account for Islam traders.
In short, it is not only trustworthy but also brings a lot of convenience in the transaction process So, why do you not join the forex market with XM account right now?
