QUICK REVIEW OF FOREX BROKER XM 2019

by admin | June 12, 2019 11:13 am

XM is known for their reputation as one of the largest brokers mainly for their amazing services and trading conditions, which is why today I’ll be writing this guide to give my readers a throughout review of the current state of the broker XM. This XM reviews[1] will consist of some of the key standards for choosing a broker such as trading conditions, trustworthy, customer service, trading platform. Obviously, as a review, I’ll be giving some of my professional thoughts on XM as well so do stay tuned for a complete review of XM below:

Trading costs and trading benefits of XM

Trading costs and trading benefits are two of the main things that people seek in a competent broker. It goes without saying that XM has one of the best trading conditions out of the top forex brokers under the right conditions. Specifically, XM’s spread is 1.7 pip for the currency EUR/USD at default and their commission for the ECN account is $6. Furthermore, you can also take advantage of XM’s amazing bonus programs to improve your trading conditions. To name one of their best bonus programs, it must be their loyalty program that is the most beneficial to experienced traders and regular traders alike. The rebate amount is from $3 (0.3 pip) to $10 (1 pip) for each completed transaction, which in total can reduce your spread to 1 pip minimum.

Moreover, XM also offers their deposit bonus program which grants up to $5000 total. The amount of bonus granted by this program directly related to the amount of your deposition, which is why it’s often advised to deposit large amounts of money to take advantage of the bonus program.

Regulations of XM reviewed

Regulation is, without a doubt, the most important thing to determine a broker’s reliability and trustworthiness. The reason for why brokers that have regulations from the US and UK regulatory agencies is because those agencies are known to have strict proceeding procedures, thus obtaining trading licenses from said agencies is a long and costly process.

As for XM, they currently have 5 regulations from trusted regulatory agencies such as (UK), CySEC, ASIC (Australia) and FSB (South Africa) so traders of XM should always feel rest-assured, as they’re in the best of hands. Plus, it’s known that XM has never been involved in any scam report.

Trading platforms of XM reviewed

As far as my experience with XM goes, I feel that XM trading platform is among one of the more advanced forex brokers. It’s fast, efficient, easy to navigate and not to mention, their trading platforms are also available on all kinds of devices such as PC, smartphone, tablet, ….

Payment system of XM reviewed

Bad payment system can result in a lot of money wasted, which is why it’s recommended for traders who expect to be long-time customer should choose brokers with good payment system to reduce as much trading fee as possible. As for me personally, I have my own standards of a good payment system listed as follows:

Fortunately, XM does fit to the criteria listed above, if not more. They offer support for a wide range of payment methods such as 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

Customer support is also one of the most important things to look for in a broker, especially for new traders who are constantly looking for professional advice. XM customer support is always there for your every trading needs and issues. Specifically, XM offers 24/7 support in over 30 languages, although their target region is Asia, mainly those from the South East Asia region.

Account types of XM reviewed

For anyone who’s intending to do business with XM, below are the details regarding each account type including the perk, advantage and disadvantage:

The Micro account is the account most preferred among beginners since it’s built with beginner traders’ needs in mind. Micro account has typically low minimum deposit requirement ($5) and high leverage (1:888) which is the perfect trading conditions for beginners since they don’t need to deposit large amounts of money. However, Micro account is limited to only 200 orders open at a time, with pending positions included. But still, with Micro account, your trading fund is always protected and can’t be diminished thanks to the negative balance protection that goes with the account type.

The Standard account is the account type suitable for regular trader’s needs, with the prominent perks are the increased contract size (100,000 for 1 lot) and reduced lot restriction per ticket which is 50.

The Zero account is the type of account most preferred between experts who deal with large amounts of money. With Zero account, you are charged little to no spread and instead, the broker makes money by charging you commission, although the commission fee charged is minimal at best. Specifically, the average trading cost for XM Zero account is about 1.1 pips (0.1 spread and 1.0 RT commission)

XM also has their own XM Islamic account for those who practice Muslim. This type of account has free-swap for all Islam traders.

With the current growing spread of the global market, it’s important for us to join in and practice trading right away with the right broker. According to Mr. Mario Draghi[3], XM has always been a reliable broker that offers one of the best services compared to other brokers out there.

Endnotes:
  1. XM reviews: https://brokerreview.net/xm-review
  2. XM withdrawal: https://brokerreview.net/should-i-trade-in-xm
  3. Mario Draghi: https://brokerreview.net/about-brkv-2

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