Finance

XM Reviews 2019: Is XM a really good broker?

 

Are you finding a forex broker with superior service and trading conditions? XM can be a good choice. Today, in this article, I would like to give you some XM reviews. I hope the following information is useful to your trading career.

XM and its regulations

In the forex market, regulation is considered as one of the most crucial factors which could show whether a broker is reliable or not because obtaining a license is not simple. Have you ever hesitated about regulations between US&UK brokers and other brokers in the forex market? Indeed, most traders have chosen US&UK regulated brokers since they believe that the US/UK financial management system is effective and prestige. Forex brokers having one of these regulations often have the great trading platforms, techniques, financial health, management systems as well.

As I have mentioned, XM is one of the best brokers. It has FCA, a regulation from the UK, CySEC from Cyprus, ASIC from Australia and also FSB from South Africa so that it can offer the best services to its clients in specific areas.

XM’s trading costs and trading benefits

When you join in forex trading market, one of the most important factors you concern is cost of transactions. It is clear that traders tend to prefer the brokers with low cost of transactions. In fact, trading costs is one of the main concerns of the scalpers who have a lot of transactions at a time.

To illustrate, the spread of XM are 1.7 pip for a EUR/USD for trading regular accounts and 6$ commision for trading ECN account whereas other brokers charge is about $7 for trading ECN account. XM has the low spreads like FXCM and Forex.com, US and UK brokers.

The other outstanding feature of XM is its loyalty program. When you complete a lot of a transaction, this program will rebate an amount of money to your account automatically. How much is the rebate amount? It relies on your trading currencies, account types and also your trading time. Because it can reduce the transaction cost efficiently, many experienced traders like this kind of program.

In forex system, for each finished transaction, XM lots back $3 (0.3 pip) to 10$ (1 pip). After the lot-back bonus, Transaction cost after the lot-back bonus of XM is now lesser than that of FXCM and Forex.com brokers and spreads are drop to only 1 to 1.4 pip.

On the other hand, XM’s clients also have been offered the deposit bonus, which let them to get money counting on how much they deposit it. The deposit bonus program can also help you save your trading costs. The maximum deposit rate can be up to 100% .

In conclusion, the original spread and commission of XM are similar with other brokers. However, because of the lot-back bonuses and the deposit bonus, the actual cost is much lower after a lot of finished transactions.

XM’s trading platforms

XM is one of the brokers who have the best trading platform thanks to its automatic transfer system. Its trading platform can be used on PC, Smartphone, tablet as well but doesn’t miss its performance. Speaking for myself, I realize that XM trading platform is first-rate. XM will provide its clients all the tools they need so as to make profits effectively.

Customer support of XM reviewed

Obviously, when choosing a broker, customer support is among one of the most crucial factors. The reason for this is that the forex trading market is very complex and the traders will need as much assistance. As for me, the customer services of XM is great because there is no technical errors or any obstacles. In case you can’t understand English, XM provides over 30 languages. You can easily access and trading. The languages such as Thai, Chinese, Indonesian, Vietnamese, etc. are also always offered 24/7.

About account types

At this time, XM offers 3 account types including: Micro, Standard and Zero, each designed to different trading object.

  • The Micro account is suitable for new traders because of its low spread and commission-free. The minimum deposit is just $5 while the leverage is up to 1:888. All accounts allow 200 orders at once, and include pending positions with XM’s the negative balance protection.
  • The Standard account: this type of account is suitable for the traders who have many experiences. Generally, its conditions are similar to that of the Micro account. Besides, there are still different features: the offered contract size is bigger – 100,000 for 1 lot. The min trading lots are equal for both MT platforms while the lot restriction per ticket is 50 which is a half compared to that of the Micro account.
  • The Zero account is commission-based and has the most competitively priced offering. Average spread of this type of account on the EUR/USD is 0.1 pips and 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). Because the Zero account has no re-quoting across all which means the lower spreads during certain market conditions, many experts like it.

To summarize, XM’s trading conditions can help you minimize your trading costs with varied and beneficial bonus programs.  As a trader trading with XM for a long time, let me give you some advice from BRKV if you are still confusing:

  • If you want to learn more about the Forex trading market, Micro account is a good choice for you.
  • XM supports payments through your local bank. Therefore if your local bank is supported, you should always utilize it because it is free.
  • In fact, day time’s spread in XM is always lower than night time’s spread. For this reason, it is a sensible decision if you are want to trade in daytime.

 

 

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