Finding best forex brokers has long been known as a difficult task for the number of traders in the forex market. Due to many years of experience in this market, there is only one broker that I consider to be the best, which is XM. When you trade with XM broker, you will have many opportunities to gain many benefits. It is because you will be able to enjoy good trading conditions as well as customer services. Moreover, the XM minimum deposit is only 5 USD. How can such a big broker charge so little money? This article today will answer that question for you.
Trading costs and trading benefits of XM
It is transparent that traders always pay much attention to transaction cost when they go for a broker. Due to the fact that if they choose a broker with low transaction cost, they can get more profit. For scalpers, they prefer to choose brokers with low transaction cost because they trade a lot at a time. In terms of XM broker, they offer customers low spreads, which are similar to FXCM and Forex.com. In reality, the spread of XM broker is only 0.8 pips (Ultra Low account) for the currency pair EUR/USD.
They charge their customers $6 as commission for trading ECN account. It would be very beneficial for you to trade with XM because they will rebate you an amount of money after completing a lot/transaction. That is why most of professional traders want to trade with XM with the aim of reducing the transaction cost. For each completed transaction, XM will lot back $3 (0.3 pip) to $10 (1 pip). At present, transaction cost of XM is far lower than FXCM and Forex.com brokers because of lot-back bonus. In addition, when you trade with XM, you have an opportunity to enjoy deposit bonus. This means you will be able to lessen your trading costs, and get up to $5,000 from this bonus.
View from different angles, we can see some similarities between XM and other brokers in terms of original spread and commission. However, thanks to lot-back bonus and deposit bonus, you can reduce your trading costs considerably. As a result, I am sure that XM is a smart choice for you if you really want to gain more profits.
How much is XM minimum deposit?
Despite being one of the best forex brokers in the world, XM offer traders a very low minimum deposit rate for the Micro and Standard account, which is just $5.
For the Ultra Low account, whose spread is the lowest, it charges $50.