BRKV - Having tried out tons of different brokers over my years of trading, I find that none of them is even close to XM in terms of services and trading conditions. It’s actually quite surprising that not that much traders know how great XM services and trading conditions are. That is why today I will be writing this article to give you a throughout XM review – one of the best forex brokers of 2020.
Founded in 2009, XM now has over 1.500.000 clients from 196 countries which is an impressive enough number for us to trust. XM has also personally visited over 120 countries to meet with their clients and partners and hosted hundreds of seminars around the world to educate traders, enabling them to make better trading decisions. Below, I’m going to review XM based on many different criteria such as regulations, trading conditions and trading costs, trading platform, paying system and types of accounts.
Regulation, commonly, is one of the most important things in forex market, which could indicate how reliable a broker is. Moreover, it is not easy to obtain a license of the regulation. Therefore, the brokers having the license are often trustworthy and reliable.
There are now still discussions on regulations between US&UK brokers and other brokers in the forex market. Most traders have chosen US&UK regulated brokers because they believe in US/UK financial management system. As a result, US and UK regulations are considered very good. Brokers which can acquire one of these regulations often have the best trading platforms, techniques, financial health and management systems… Accordingly, XM is one of the best regulated brokers as it has a regulation from UK, which is FCA. It also obtains CySEC from Cyprus, ASIC from Australia and FSB from South Africa in order to serve the traders in these areas. With these regulations, XM is the most reliable broker which could protect traders in many countries from all over the world. Therefore, I can say that you can trust XM.
CLICK HERE TO SEE XM REGULATIONS.
Cost of transactions is one of the most considerations of traders while joining into the forex market. Apparently, traders often prefer the brokers which have reasonable and low cost of transactions, especially scalpers who have many transactions at a time.
Accordingly, XM has the low spreads like FXCM and Forex.com, US and UK brokers. The spread is 1.7 pip for a EUR/USD for trading regular accounts. And 6$ commission for trading ECN account (other brokers charge around $7 for trading ECN account). Moreover, XM has the loyalty program. It will rebate an amount of money to your account automatically when you finish a lot/transaction. The rebated amount depends on your trading currencies, account types and trading time. This program is mostly preferred by the professional traders as it could minimize the transaction cost effectively.
In forex system, XM lots back $3 (0.3 pip) to 10$ (1 pip) for each completed transaction and the rebated amount will increase by time for each trading lot. After the lot-back bonus, cost of transactions is now lower than FXCM and Forex.com brokers and spreads are decreased down to only 1 to 1.4 pips.
Moreover, XM also has the deposit bonus, which allows you to get money depending on how much you deposit it. This deposit bonus program can reduce your trading costs even more. You can get up to $5000 from their deposit bonus program, with the maximum deposit rate being 100%.
In short, it can be said that the original spread and commission are similar with other brokers. However, in fact, the actual cost is much lower after many completed transactions thanks to the lot-back bonuses and the deposit bonus. And there you have it, a broker with high-quality regulation (UK) yet has low transaction cost.
CLICK HERE TO SEE XM SPREAD.
XM has the best up-to-date trading platform with automatic transfer system. Their trading platform can be used either on PC, Smartphone or Tablet and still doesn’t lose it performance. Personally, I find XM trading platform to be generally great with nothing to be complaining about. XM simply offers you all the tools that you’d need in order to make profits.
In common, traders are usually not concerned about the payment system. This is a rookie mistake but understandable. They can only realize the importance of the payment system when they start depositing or withdrawing their win money. Most trusted forex brokers are overseas so when they transfer money, it can cost you some money to transfer. Some countries are very strict in order to transfer money over sea. It's even illegal to transfer money to forex brokers. Some payment methods are costly. In Asia, if you make payment over sea by Credit card, they will charge you around 1.7 - 4% in total. So, that why traders must choose brokers which have local payment methods to save deposit/withdrawal cost.
A good payment system will be really helpful for traders and it should be fast, free, and unlimited. These standards below are also the most common of the good payment systems:
It could be said in person that XM has the best payment system in Asian countries such as China, Thailand, Indonesia... They allow traders to deposit through many free different international payment methods like: Credit/debit cards, Neteller, Skrill, Webmoney, PerfectMoney, Bitcoin, Alipay, Nganluong Wallet. They have 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).
CLICK HERE >>> XM PAYMENT SYSTEM.
BRKV - Needless to say, customer support is among one of the most important criteria for choosing a broker. It is obvious that the field of forex is very complicated, so traders will need as much help as possible. From my experience, there is nothing to complain about XM’s customer services since it’s been a smooth journey for me with no technical errors or any discomfort. If your native language isn’t English, it shouldn’t really be a problem for you as XM offers supports for well over 30 languages. Languages such as Thai, Chinese, Indonesian, Vietnamese, etc. are always supported 24/7 and those countries also have local banking supports as well.
There are currently 3 account types offered by XM: Micro, Standard and Zero, each designed to different trading needs. Micro account is always popular among new traders and beginners. Standard account is more suitable for regular uses and Zero account is specifically for experts only.
The Micro account is suitable for beginners with commission-free and the low spread. The minimum deposit is just $5, but the leverage is up to 1:888, which is relatively high. All accounts allow 200 orders at a time, and pending positions are included, with the negative balance protection from XM.
Check XM Micro account >>> here.
The Standard account is for the experienced traders. The condition is similar to the Micro account, but there are still notable differences: the offered contract size is a hundred time bigger - 100,000 for 1 lot. The minimum trading lots are equal for both MT platforms, and the lot restriction per ticket is 50 - a half compared to the Micro account.
Check XM Standard account >>> here.
XM’s newest account, the Ultra Low account, is the total game changer. It offers trader the lowest spreads ever in XM (which is 0.7 pip) and even no commission. The base currency options are EUR, USD, GBP, AUD, ZAR, and SGD. You can choose the contract size as both Micro and Standard account. The highest leverage is 1:888.
Check XM Ultra Low account >>> here.
There is also the XM Islamic account for clients who follow the Muslim faith. They are the free-swap type of account for Islam traders.
Check XM Islamic account >>> here.
All in all, it’s in my opinion that XM is a great broker that should be recognized more. At first, their trading conditions seem to be just as good as the other US/UK brokers. But they also offer many different and beneficial bonus programs to help you reduce your trading costs. Together with other great features, they are surely one of the top best forex brokers. Moreover, XM has been around the forex market since 2009 and still, they haven’t got caught up in any shady business rumors. Their customers are always satisfied with their services and trading conditions and have no reason to ever leave their service. I myself am a long-time customer of XM as well so I can safely say that you can’t really go wrong trading with XM. In case any of you are still confused, I have a little advice below that are based on my experiences and time with XM: