Why Should we Choose XM Brocker?
After many years of experiencing different forex brokers, in my opinion, XM is considered to be the best one in terms of its services and trading conditions. In fact, XM broker offers their customers a variety of better trading conditions, which enables traders to gain profits easily.
However, it can be seen that not many traders take notice of this brokers, which leads to the main reason for writing this article. It is obvious that all traders want to make a good decision before choosing which broker is suitable for them, I thus give some valuable information about this broker.
In reality, the number of clients of XM is on the rise, according to the statistics of 196 countries. There are many different reasons I consider XM as one of the best forex brokers in 2018.
XM always gives their customers a lot of good trading opportunities, which they can benefit a lot from. In terms of XM services, you can attend many seminars hosted by XM every year so that traders will have a good understanding of how to gain more profits.
Through this article, I will list some essential aspects of XM which allows traders to fully comprehend this brokers. Some of the most important aspects are regulations, trading conditions, trading costs, trading platform, paying system and account types.
Regulations of XM broker.
Unquestionably, the most vital thing when you consider whether the broker is good or bad is regulation. It is simply because brokers will find it really hard to have regulations, which will evaluate their reliability.
At the present, there is a lot of debate about regulations of US and UK brokers in forex market. However, the majority of traders reckon that they have a tendency to choose these two brokers because of their financial management system. Basically, regulations of US and UK brokers are really great, which makes traders feel more confident. If any brokers who can get these regulations, they will offer their clients good trading platform and trading condition. Therefore XM is considered to be one of the most trusted broker because they obtained regulation from UK, which is FCA. Besides, they also have some other regulations such as CySEC from Cyprus, ASIC from Australia and FSB from South Africa, which enables them to support their traders well. From my own experience, XM is regarded to be the most trusted broker because they are willing to protect their traders from different parts of the world. As a result, transparently, XM is regarded to be the best option for the vast majority of traders who are looking for great broker in forex market.
Trading costs and trading benefits of XM
When traders first come to forex market, they tend to pay much attention to transaction costs. Basically, traders will take notice of brokers who offer lower trading costs, especially scalpers.
In reality, XM is now offering their customers lower spreads including FXCM and Forex.com. The spread of XM is around 1.7 pip for a EUR/USD for trading regular accounts. In terms of the commission, they will charge 6$ for trading ECN account, which is lower than other brokers($7). If you trade with XM, you can get the rebate after terminating a lot/transaction. In fact, it will depend much on your trading currencies, types of accounts, and trading time that you can get the rebate amount. The majority of professional traders who want to enjoy this program because it will help them minimize their trading cost.
In addition, deposit bonus can also be an attractive point when you come to XM broker, which allows you to collect more benefits. You can also have lower trading costs thanks to a deposit bonus. In reality, you will have a chance to get $5000 from this type of bonus with the maximum deposit rate of 100%.
Speaking of forex system, XM lots back 0.3 pip to 1 pip for each finished transaction, which leads to the increase of rebated amount. Additionally, traders will be able to trade with lower transaction costs after lot-back bonus compared to FXCM and Forex.com brokers.
In one word, thanks to the lot-back bonuses and the deposit bonus, the spread and commission of this broker will be lower than other brokers. As a result, you can find a reliable broker with lower transaction costs, which is XM.
Trading platforms of XM reviewed
It would be really beneficial for traders to choose XM because of its up-to-date trading platforms. Unlike other brokers, you can use PC, smartphones or Tablet in order to trade if you opt for XM broker. From my own experience, you will find everything easy when you trade with XM. It is really hard to find a broker who always provides you with all tools in order to gain profits like XM.
Payment system of XM reviewed
In fact, new traders often do not set their eyes on payment system because they think that it is not really vital. However, it is a must-do task for them to take payment system into consideration when they deposit or withdraw their profit. There is a fact that it costs you a lot when you transfer your money because the majority of reliable brokers are overseas. Moreover, it can be arduous for you to transfer your money overseas because of strict rules. For example, if you make payment oversea by using credit card, Asia brokers will charge you roughly from 1.7 to 4%. The best solution to this problem is to trade with brokers who have local payment methods, which enables traders to save money.
The speed of payment system can be the main factor to determine exactly whether it is good or not. In order to have a deeper insight into the good payment systems, we need to focus mainly on some following criteria
- Fast deposit and withdrawal
- Local payment
- Low or free-of-charge fee for deposit or withdrawal
- High minimum withdrawal limitations
XM is now providing their customers the best payment system in some Asian sectors such as China, Thailand, Indonesia,…Their traders will be able deposit through free international payment methods which are 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 reviewed
It is obvious that the forex market is completely complicated. Therefore, traders should opt for brokers who always support them overcome difficulties, especially some urgent situations. In terms of XM’s customer services, I am sure that you will be attracted when you enjoy those services. When you trade with other brokers, you might face some unexpected situations, especially language barrier. However, XM offers their traders around 30 languages such as Thai, Chinese, Indonesian, Vietnamese, etc. This means it will help you address any problems in an easy way. In addition to this, they also offer local banking supports 24/7 which helps you a lot.
Account types of XM reviewed
At present, you can find three kinds of accounts provided by XM broker, which are Micro, Standard and Zero. In terms of new traders, Micro account can be the best option for them. The standard account is quite suitable for regular users while Zero account is mainly designed for experts only.
The Micro account is best suited for new traders because of lower spread and free-commission. In fact, the minimum deposit of this type of account is only $5 while the leverage is 1:888.
The Standard account is mainly designed for experienced traders who want to make more profits. In general, it is quite similar to the Micro account. Some differences are offered contract size and lot restriction per ticket, which are 100,000 for 1 lot and 50 respectively.
The Zero account is commission-based and is the only account which has competitively priced offering. Experts always find this type of account really interested because they can enjoy the lower spreads. In fact, the average spreads are around 0.1 pips in terms of EUR/USD with no commission. The total trading cost is 1.1 pips(0.1 spread + 1.0 RT commission).
One more type of account that you can know is XM Islamic, which is suitable for people who pursue Muslim faith.
In conclusion, XM, in my opinion, is always the best choice for the number of traders who want to gain more profits easily in forex market. Thanks to this broker, traders will have many chances to capture attractive bonus programs, which allow them to diminish their trading costs. Founded in 2009, XM is always a reliable broker without any scam scandal. They always support their traders with a variety of good trading conditions as well as wonderful customer services. In order to help you fully understand about this broker, I will give you some following advice:
- Micro account is a great trading thing, which enables you to have a good understanding of forex market at the beginning.
- Cryptocurrency trading conditions are considered to be the best thing for traders because of many benefits.
- XM offers payments via local bank which you can capitalize on without any fee.
- It would be a great idea for you to trade in the daytime because the spread of daytime is far lower than night time.