If the reliability of a broker is measure by its operations, XM is one of the best forex brokers in 2018. Since establishment in 2009, XM always drives its operation to the exceptional service and trading environments. XM attracted 1.5 million clients from 196 countries. However, I was surprised as not many traders realize the excellence of XM. The sustainability of XM comes from the number of seminar hosting to educate trader about trading decisions as well as a direct conversation with their clients from over 120 countries. Therefore, in this article, I will help you to explore XM’s excellence in terms of regulations, trading disorders, costs, platform, payment, and accounts.
XM regulations analysis
On the Forex market, the factor impact on the reliability of a broker is the regulations, also known as the code of practice. Furthermore, obtaining a license for a code of practice is not ease at all means. Hence, the brokers enabling to attain the license are the trusted and reliable partners.
The forex market notices the argument of the regulations among the UK, US and other brokers. However, the best choice of traders focuses on US and UK regulated brokers due to the trustworthy of the US outperformed financial management approach. By employing these code of practices, Brokers are observing the best trading platforms, techniques, financial capabilities, and management system. Therefore, with the adaptation of common FCA, the UK regulations, XM is one of the best-licensed brokers. Furthermore, they also obtain CySEC from Cyprus, ASIC from Australia and FSB from South Africa for a wider service to trader worldwide. The regulations of XM practice may safeguard their traders from wherever they are. Hence, XM is worth your trust.
Costs and advantages when trading with XM
Transaction costs are the factor influence Forex traders considering of joining this market. Basically, brokers with reasonable costs, or even low costs of the transaction are most attractive to traders, especially the scalpers as they have lots of simultaneous transactions.
Scoping the FXCM, Forex.com and US & UK brokers, XM offers the low spreads. Accordingly, the regular account can trade with the spread of 1.7 pip per EUR/USD while ECN accounts pay a $6 commission (comparing to other ECN account commission of $7 of other brokers). Besides, XM is running the loyalty program which offers automatic reimbursement to your account for every finished and completed transaction and trading lot. The refunding amount differs from your trading currencies, account types and trading time. As the reduction and minimizing transaction costs, most professional traders preferred this allowance.
The lot back amount of XM for every finished transaction on Forex system is from $3 (0.3 pip) to $10 (1 pip). Furthermore, the more trading lot complete, the higher the rebate amount you earn. The consequence, the lot back amount would decrease the transaction fee to a lower cost than FXCM and Forex.com brokers, and down the spread to only around 1 to 1.4 pip.
The other allowance you are offered when trading with XM is deposit bonus. This offer will gain your capital relying on the deposit amount you make. According to this offer, you can save more transaction costs. The maximum amount of deposit bonus makes up to $5000, and the rate is 100%
Basically, even the original spread and the commission are not different from other brokers, after a reduction from lot back bonuses and deposit bonus the final cost is intensively lower. So, it is fair to say XM is a high-quality broker regarding their code of practice and the low transaction fee.
Reviewing XM trading performance
The trading system of XM is modern and up-to-date with automatic transfer. They provide a diversity of operating trading platform including PC, smartphone and tablet. Their system performs sustainably. My experience with XM is always smooth and perfect. I have never found any complaint about the XM system. You are provided anything to trade and make a profit by XM.
Reviewing XM payment scheme
Payment process does not cause the attention of traders apparently. But this is a fundamental mistake. It is easy to understand because they just realize its importance as the action of depositing and withdrawing gained money happened. As the matter of fact, most brokers are located in foreign nations. Thence, the cost of transferring money overseas occurs. Furthermore, sending money overseas is restricted or illegal in some countries, even the receiver is Forex brokers. Some payment methods are costly. For example, the charge of paying by credit card oversea costs around 1.7% to 4%. Therefore, a broker with local payment support is ideal for saving the cost of deposit or withdrawal.
The support of a good payment scheme would enhance the fast, free and unlimited progress for traders. There are common standards in evaluating the quality of the payment scheme
- Quick accessing to deposit and withdraw
- Accepting local payment
- Depositor withdrawing fee is low or free
- Allow a high withdrawing limits
Regarding the payment system operating in many Asian nations, such as China, Thailand, Indonesia, etc., XM is the best broker accordingly. They accept the diversity of payment methods, including Credit cards, Netteller, Skrill or local banking…
Reviewing XM customer service
According to the complication and complexity of Forex trading, Traders would better carefully assess the customer support service of brokers. Traders obviously acquire a lot of help. My experience says XM’s customer service is perfect. I have no issue with technical errors or inconvenience. Everything with XM is as smooth as silk. By supporting over 30 languages, including Thai, Chinese, Indonesian and Vietnamese, you worry free whether you are non-native English speakers or not. Along with languages support, their service is operating 24/7 with respective local banking.
Reviewing XM account categories
XM is running three accounts in their category, which is Micro, Standard, and Zero. Each type is to fit different trading needs. A micro account is fitting new traders or beginners while the standard account is designed for regular users. Zero account is a special type of best-fitted experts.
The micro account is a zero commission and low spread type best suit for beginners. It allows the minimum deposit at $5, but the high leverage makes up to 1:888. You can have 200 order simultaneously of all accounts, including your pending balance. XM also protects your negative position.
The standard account is designed to fit experienced traders. All other conditions are like Micro account; the difference is a hundred time the larger size of the contract, which is 100,000 per lot. Similar to MT platform in term of minimum trading lots, the lot restriction is a half less than Micro account, at 50 per ticket
The Zero account is designed based on commission. This account offers the most competitive pricing. Particularly, the original average spreads on EUR.USD is 0.1 pip excluding commission. After the $5 commission per side, the final cost is just 1.1 pip (0.1 spread and 1.0 RT commission). There is no re-quoting across. So, the professional traders love this account type as they have a lower spread within a certain market.
Further, XM also offers XM Islamic account designing to fit the faith of Muslim clients. Islam traders allow the free-swap with this account.
In general, XM is a great broker, as good as US or UK brokers. XM is going to achieve a leading position among brokers. Their trading environment is great with different ideal bonus program for your cost reductions. They always highly satisfy their clients with service and trading conditions that lead to loyalty manner of customers. Therefore, my experience after years trading on XM guarantee that you never regret trading on XM.
To sum up, my overall advice is as below
- If you want to learn about Forex marker, try micro account.
- Taking advantage of cryptocurrency trading condition, it is the best
- Ensuring your local bank support the payment of XM, it would help you reduce the fee to zero
Remember the trading time. On XM, the daytime spread is lower than night time one. So be sensitive in your decision on daytime trading.