I have experienced in trading with quite a large number forex brokers for years. There is the fact that not many traders recognise and exploit the outstanding excellence of XM brokers, regarding their service and trading conditions. After the foundation in 2009, XM is currently operating in 196 countries and perceiving 1.5 million clients. XM maintains their sustainable trusted broker perception through many activities worldwide, including in-person visits their clients in over 120 countries and educating traders via seminars for trading decisions. In this article, I will evaluate intensively about XM brokers in different aspects, in particular regulations, trading conditions and costs, the platform, payment and account range. Do not forget to visit this website https://www.thetwincoach.com/ in order to acquire additional information about accounts management.
One of the most important factors justifies the reliability of a broker on Forex trading is its regulations. Because of the difficulty of perceiving a regulation license, the brokers with the licenses are always trusted and reliable.
The argument of regulation is still considerable between US or UK brokers and brokers from the rest of the Forex trading world. However, US and UK brokers’ regulation outweigh the trust due to their reliable financial management system. The consequence, US and UK is a standard in comparing the trading platform of a broker. If the broker can meet the minimum requirements for trading platform, strategies, financial stability, and management system, then they are among the finest. Using UK law, in particular FCA regulation, XM can be regarded as the best-structured broker. For the needs of traders in this region, XM additionally obtains CySEC from Cyprus, ASIC from Australia, and FBS from South Africa. Regarding this administration, XM is deserving of trust in terms of safeguarding traders from various countries throughout the world. As a result, I have great faith in XM.
Fees and benefits of trading with XM
When trading on the Forex market, cost per transaction is the most considerable factors for traders. Generally, brokers with low and reasonable cost per transaction is highly preferred by traders, especially scalper with lots of transaction at a time.
Similar to FXCM, Forex.com, US and UK brokers, XM also operates at the low spread. For a regular account, the spread of EUR.USD id 1.7 pip. Meanwhile, ECN account can earn commission at $6 (the charge of $7 for trading ECN account with other brokers). In addition, there is a rebate to your account immediately after finish a transaction of the trading lot as its loyalty program. Depends on your currency, account types and trading time, the rebate amount will vary. Regarding the cost reduction per trading transaction, most professional traders and experts prefer this programs.
The present programme of XM’s lot back amount on the Forex market ranges from $3 (0.3 pip) to $10 every completed transaction. Then, the larger the rebate amount you receive, the more trading lots you complete. After the lot is returned, the spread and trading costs drop to about 1 to 1.4 pip.
The other XM bonus needs to mention is the deposit bonus. Regarding this program, the more capital you deposit, the more money you get into your account. You can expect a more trading cost reduction by this deposit bonus program. The deposit bonus can make up to $5000 at 100%, s maximum deposit rate.
Whereas the original spread and commission are almost the same with other brokers, the lot back and deposit bonuses support traders to lower and minimise their trading costs after completing many transactions. As a matter of fact, this is a well-regulated broker follow the UK model with the low transaction fee. If you are interested in learning more about finance and investment, then click here https://www.awomansviews.com/ for latest updates.
Evaluating XM trading platform
XM, which has the automatic allocation system, is the best update trading platform. Whether traders use PC, Smartphone or Tablet, the performance of the trading platform is totally the same. In my experience, I have no complain about the XM trading performance. It is generally great regarding all tools and application needed for making a profit on XM operating system.
Evaluating XM payment method
There is a common-sense that traders make understandable mistake of pay no attention on payment method. The reason is that what leads traders to understand the importance of payment methods is the moment of depositing or withdrawing the gained money. As most brokers are from foreign countries, the transferring fee will incur when they transfer money. Some nation’s regulations are strict in terms of sending money overseas or even transferring money to Forex brokers. Some other payment methods are pricey. The charge for payment overseas in Asia using a credit card is around 1.7 – 4% per transaction. Hence, it is essential to trade with brokers that have local payment support for saving deposit or withdrawal fee.
It would be supportive for traders with a payment method that is fast, free and unlimited. A good payment method follows the standard below:
- Quick deposit and withdrawal
- Supporting local payment
- Low to zero charges of deposit or withdrawal
- High limit of the withdrawal amount
Comparing the brokers from Asian nations, such as China, Thailand or Indonesia, XM has the best payment system. They provide a wide range of method for deposit or withdrawal, including Credit cards, Neteller, Skrill or local bank like.
Evaluating XM customer support service
As the complication of Forex trading, the customer support becomes an essential part and an important element in choosing a broker. Hence, traders could access help whenever they need. My experience with XM customer service is just exceptional. Any problem of mine, such as technical errors or discomfort, they just solved it smoothly. If you are not an English speaker, it is not a big deal. XM offers supporters in over 30 languages, including Thai, Chinese, Indonesian and Vietnamese, with local banking support. Their customer support service operates 24/7.
Evaluating XM Account range
XM has three certain accounts types, including Micro, Standard and Zero. These accounts are designed to meet different trading needs. A micro account is well-known for newbie and beginners’ traders. Meanwhile, regular users prefer standard accounts and zero account is mostly fit experts and professional traders.
The Micro account: as the low-spread and zero commission, this account mostly suits the beginners. While the minimum deposit is $5, the leverage is comparatively high at up to 1:888. XM allows 200 orders for all accounts at the same time, including pending position and protecting negative balance.
The standard account: this type is suggested for experienced traders and experts. Although the condition is similar to Micro account, there are differences in terms of a 100 times bigger contract size, say 100,000 per lot. The minimum trading lots are the same for MT platform, but the lot restriction per ticket is haft of Micro account, about 50
The Zero account: this type is a commission-based account with the most competitive offer price. The total cost per average spread is 1.1 pips, where the average spread before the commission is listed as 0.1 Pips on EUR/USD and side commission of USD $5 ( 0.1 spread plus 1.0 RT commission). The experts are most preferable it as it is the lower spreads with no re-quoting across certain market environments. Are you looking for a website which provides you complete information about accounts? Visit this dedicated website https://www.azommerce.com/ for further details.
XM also has an Islamic account, especially for Traders, follow Muslim faith. This account offer free-swap for Islam traders.
There is no doubt that XM is one of the best forex brokers in 2018 regarding their trading condition of a great ordeal of bonus programs for cost reduction. XM is as good as any US or UK brokers. They maintain their leading position among brokers with highly satisfied customers regarding services and trading conditions. Hence, they can have many loyal customers. In my point of view, after trading with XM for years, I confident to say that you won’t regret trading on XM.
I sum up my suggestions as below
- For practising and learning about Forex, the micro account is a great deal
- The best condition is cryptocurrency, don’t miss it
- Pay attention to payment. Make sure your local bank supports the XM payment method. You can utilise the cost to zero fee
Daytime and night-time spreads are different. The daytime spread is lower and more sensible decision.