For inexperienced traders, it’s quite a hard thing to determine the reliability of a broker since you don’t have the experience required to properly judge a broker’s reliability and credibility. Which is why we have teams of experts on our website with experiences in many different brokers to go through each and every broker and review their services and trading conditions. Having gone through many of the different brokers, we personally find that XM is currently one of the best forex brokers in 2018 with many outstanding benefits such as their trading conditions, bonus programs, and exceptionally good services. For a more detailed review, we’ll be reviewing XM based on various different criteria below:
Trading costs and trading benefits of XM
Trading costs and trading benefits are without a doubt, these most important criteria for choosing a broker, especially for scalpers who specialize in a large number of transactions. Luckily enough, XM trading conditions can be the very best under the right conditions. At default, XM’s spread is 1.7 pip for the currency EUR/USD and only $6 commission for ECN account type. These trading conditions can be improved even more by abusing the bonus programs that are offered by XM. Specifically, the best bonus program that can help traders is the loyalty program. The loyalty program works by rebating a certain proportion of your transaction back to your account balance. The amount rebated back is in proportion with your account age (the time that you’ve been with your broker), your trading currency and your account type. Most experienced traders prefer this bonus program since the rebate amounts can stack up over time and can save them a lot of money, especially those who specialize in a large number of transactions. The rebate amount is from $3 (0.3 pip) to $10 (1 pip) for each completed transaction, which combines with the trading fees can reduce your spread to as low as 1 pip.
Moreover, with XM, you can multiply your initial funds by a great amount simply by taking advantage of the deposit bonus program. The program works by multiplying your deposition by a certain amount of %, however, the maximum amount of deposit bonus that you can get is only $5000 but it’s still quite a great deal. This deposition bonus combines with the loyalty bonus program can make XM’s trading conditions to be among the very best.
Regulations of XM reviewed
Experienced traders and experts are exceptionally good at judging a broker’s trustworthiness based on the broker’s trading license and regulations. Your broker should have one or two regulations from trusted regulatory agencies such as those from the US and UK since US and UK regulatory agencies are known to have strict regulations and it’s hard to acquire regulations from them.
XM should fit all your regulation criteria since they themselves own 5 trading licenses from trusted and well-known regulators such as FCA (UK), CySEC, ASIC (Australia) and FSB (South Africa) so your trading rights and trading funds should be safe with them. Not to mention that XM hasn’t been involved in any scam report, ever.
Trading platforms of XM reviewed
XM has all the latest platforms for all your trading needs. Currently, XM supports PC, Smartphone, Tablet, with the amazing responsive interface and without any bugs as well.
The payment system of XM reviewed
The payment system is also one of the main factors since it can take up a considerable portion of your earning if your broker’s trading system is bad and doesn’t support local banking, which is why it is important to find for yourself a broker with a trading system suitable to your trading needs and locations
My criteria for judging a broker’s trading system as efficient current are:
- Fast deposit and withdrawal
- Local payment supported
- Low or even free-of-charge fee for deposit or withdrawal
- High minimum withdrawal limitations
As far as I know, XM seems to fit to all these criteria. They actually support quite a lot 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 never a waste and should be utilized more even by professional traders. The reason for this is because customer support is there for your every trading needs, your every inquires whether it be questions regarding the fundamentals of the forex market or your technical issues with your broker’s trading platforms. All customer needs customer support at some point in their career and it is necessary for your broker to have working and devoted customer service. As for me and XM, I find that their customer service is fairly good and I haven’t had any issue so far with the way their customer service work as well as their attitude. Moreover, XM customer support is also available in more than 30 languages with their main force supporting the Asia region.
Account types of XM reviewed
In case any of you are wondering about the details of XM’s account types, I will be listing down some of the prominent advantages and disadvantages of each and every one of their account types.
The Micro account is the account type that’s built for beginners who are new to the forex trading market. This type of account has especially low minimum deposit requirement ($5) and high leverage (1:888). However, the disadvantage to Micro account is that, since the account is mainly for practicing purpose, it is limited to only 200 orders open at a time with pending positions included. Your trading funds are also protected and can’t be diminished due to the built-in negative balance protection.
The Standard account, as its name suggests, has standard trading perks and fit for regular trading needs, with the trading perks being increased contract size (100,000 for 1 lot) and reduced lot restriction per ticket which is 50.
The Zero account is run on the commission since its spread is almost none (0.1 pip average). This type of account is most favored among experts because of its competitive market. With commission fee included, the average trading cost for this type of account is about 1.1 pips (0.1 spread + 1.0 RT commission).
There’s also the XM Islamic account exclusively for those who practice Muslim. The main difference for XM Islamic account is that it has free-swap for all Islam traders.
XM and its popularity have been growing non-stop recently, much due to its amazing trading conditions and services. Plus, XM is also known to be trustworthy and has total transparency so one can’t really go wrong when they choose to do business with XM.