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Total Evaluation of XM – Must Know

Total Evaluation of XM

I have experienced trading with quite a large number of forex brokers for years. There is the fact that not many traders recognize 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 its sustainable trusted broker perception through many activities worldwide, including in-person visits to their clients in over 120 countries and educating traders via seminars for trading decisions. In this article, I will evaluate intensively XM brokers in different aspects, in particular regulations, trading conditions and costs, the platform, payment, and account range.

XM regulations

One of the most important factors that 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. As a consequence, the US and UK are a standard in comparing the trading platform of a broker. If the broker can satisfy the standard regulations regarding trading platform, techniques, financial sustainability, and management system is among the best. Employing the regulation of the UK, particularly, FCA, XM can be considered the best-structured broker.

Furthermore, XM also attains CySEC from Cyprus, ASIC from Australia, and FBS from South Africa for the demands of traders in this area. Regarding this governance, XM is worth trust in terms of protecting traders from different nations worldwide. Hence, I highly put my trust in XM. So you do.

Fees and benefits of trading with XM

When trading on the Forex market, cost per transaction is the most considerable factor for traders. Generally, brokers with low and reasonable costs per transaction are highly preferred by traders, especially scalpers with lots of transactions at a time.

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Similar to FXCM, Forex.com, US, and UK brokers, XM also operates at a low spread. For a regular account, the spread of EUR.USD id 1.7 pip. Meanwhile, the ECN account can earn a 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 these programs.

TOTAL EVALUATION OF XM

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On the Forex marketplace, the lot back amount of XM is about $3 (0.3 pip) to $10 per finished transaction is the current program of XM. Then, the more trading lots you complete, the higher the rebate amount you get. After the lot back, there is a decrease in trading cost and spread, down to about 1 to 1.4 Pip. It is even lower than FXCM and Forex .com brokers.

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 a 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 minimize their trading costs after completing many transactions. As a matter of fact, this is a well-regulated broker follows the UK model with a low transaction fee.

Evaluating XM trading platform

XM, which has an 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 complaints about the XM trading performance. It is generally great regarding all tools and applications needed for making a profit on XM operating system.

Evaluating XM payment method

There is a common-sense that traders make the understandable mistakes of pay no attention to the 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 deposits or withdrawal fees.

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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 methods for deposit or withdrawal, including Credit cards, Neteller, Skrill, or local bank.

TOTAL EVALUATION OF XM

Evaluating XM customer support service

As the complication of Forex trading, customer support becomes an essential part and an important element in choosing a broker. Hence, traders could access help whenever they need it. 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 account 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 accounts are mostly fit experts and professional traders.

The Micro account: as the low-spread and zero commission, this account mostly suits 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 the 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 the MT platform, but the lot restriction per ticket is haft of Micro account, about 50

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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 as it is the lower spreads with no re-quoting across certain market environments.

XM also has an Islamic account, especially for Traders, follow the 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 practicing and learning about Forex, the micro account is a great deal
  • The best condition is a cryptocurrency, don’t miss it
  • Pay attention to payment. Make sure your local bank supports the XM payment method. You can utilize the cost to zero fee
  • Daytime and night-time spreads are different. The daytime spread is a lower and more sensible decision.

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Vivek Baghel is a Professional Blogger, Writer and likes to write on various niches as well as all about the latest news. He’s also Admin of Oshup.com a tech blog and shares Tech, News, SEO articles, and the Latest News.
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