Aspects Of Xm Broker
With the experience in trading with many brokers in the world, especially big brokers in which there is XM. XM provides customers the best service and trading conditions for better trading in their forex path. Because of its good points, I decide to write this article to review all aspects of XM broker. If you have much concern about this broker, let’s read until the end of this article, there’ll be some good information for you.
XM was founded in 2009 with over 1.500.000 traders from 196 countries in the world. XM also has the best care of their traders, they organize many seminars and meetings and make business trips to have nearer approach to customers, which aims to educate traders and enable them to make better trading decisions. Through this article, I will cover some aspects of XM such as regulations, trading conditions, trading costs, trading platform, payment system and types of accounts.
- Regulations of XM
The first factor traders care when choosing the best broker is its regulations so regulation connects with brokers’ reliability. So if one broker gains license of regulation, which means that it is trusted and reliable.
Currently brokers in US&UK are more reliable because of US/UK good financial management system so brokers from US/UK are considered good. And XM is one of best brokers from UK as it has a regulation from UK called FCA. This regulation require brokers to have the best trading platforms, techniques, and financial health and management systems. Moreover, XM possesses CySEC from Cyprus, ASIC from Australia and FSB from South Africa in order to serve the traders in these areas as well. Because of above reasons, XM is the most reliable broker who is able to protect traders in many countries from all over the world.
- Trading costs and trading benefits of XM.
The lower the trading costs are, the more traders sign in. That is the reason why many brokers offer as low spread and commission as possible to attract more traders. And XM is one of these brokers. XM offers the low spread of 1.7 pip for a EUR/ USD for trading regular accounts and $6 commission for trading ECN account (other brokers charge around $7 for trading ECN account).
Moreover, XM also has loyalty program for traders through bonuses, they are lot-back bonuses and deposit bonuses. Firstly, the lot-back bonus is the program that broker will give back an amount of money when you finish a lot transaction. This amount of money depends on your trading currencies, account types and trading time. This bonus is preferred by the professional traders since it is able to minimize the transaction cost effectively. Secondly, XM also offers the deposit bonus, which allows traders to get money depending how much they deposit. By this way, it can help to reduce the trading costs for traders so small traders and trading beginners will prefer it.
- Trading platforms and payment system of XM.
- Trading platform: XM has the best up-to-date trading platform with automatic transfer system. This platform is suitable with PC, Smartphone and Tablet. I think that this platform is the best one for traders nowadays.
- Payment systems: Actually at the beginning, the payment system is not concerned by traders but when they start to deposit and withdraw money, the problem happens. Especially traders live overseas such as Asian traders, when they transfer the money by Credit card, the bank will charge them 1.7 – 4% of total. Moreover, in Asia it is still illegal to transfer money to forex brokers. So it is better to have local payment methods to save deposit/ withdrawal costs for traders. These payment method must have some below standards:
- Fast deposit and withdrawal
- Local payment support
- Low or even free-of-charge fee for deposit or withdrawal
- High minimum withdrawal limitations
And XM is proud of having the best payment system in Asian countries such as China, Thailand, and Indonesia… They let traders deposit/ withdraw through many 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 from XM
When mentioning the customer support from brokers, I immediately think of XM system because of its good services. When traders trade on XM’s system, there is no any technical errors or any discomfort. Moreover, the system is also supported by many different languages for serving traders form many different nation all around the world. Some languages on XM’s system are Thai, Chinese, Indonesian, Vietnamese, etc. They support customers 24/7 and have local banking as well.
- Account types of XM
There are three types of account offered by XM: Micro, Standard and Zero accounts.
- Micro account is the most suitable one for beginners with commission-free and the low spread. The minimum deposit is just $5 and the leverage is 1:888. This account allows traders to place 200 orders at a time.
- The Standard account is especially for experienced traders. Its trading conditions are the same as Micro one. But the offered contract size is a hundred time bigger – 100000 for 1 lot.
- 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.
In short, XM is one of the best forex brokers in 2018. It give many programs to help traders reduce their trading costs and together with other great features. So traders have no reason to deny XM’s services. If anyone asks me to recommend the broker, I highly appreciate this brokers.