It is obvious that opting for good brokers is always the ultimate goal of the majority of traders. However, in order to find good brokers, traders should have a deeper understanding of those brokers. After many years of trading, XM is the one that appeals to me not only its great trading conditions but also good customer service. Indeed, the fact that not many traders know this broker, who always support their customer a variety of great things, especially trading conditions. Therefore, I decided to write this article in order to help you have a thorough insight into this broker. Clearly, if you trade with XM broker, you will have many opportunities to gain more profits. It is vitally important for you to grasp some certain aspects of XM broker before trading. Now, here are some following standards that you should know when you come to XM, one of the best forex brokers in 2018.
- Why should we know the regulations of XM
It is obviously difficult for a broker to get the regulation in the forex market, which enables traders to know whether that broker is good or not. Hence, regulations are considered to be the most important thing that traders often take into consideration before trading. In fact, many traders reckon that US and UK regulated brokers are better than others because of their financial management system. As a result, if brokers who obtain these regulations, they will be much more reliable than others. Normally, when we choose brokers who have US/UK regulations, we will be able to enjoy good trading platforms, financial health, and management systems. In fact, XM is regarded to be the best-regulated broker who has a regulation from the UK, which is FCA. In addition to this regulation, you can also find other regulations from this broker like CySEC from Cyprus, ASIC from Australia and FSB from South Africa. The reasons for obtaining these regulations is that XM wants to provide their customers the greatest things, which allow traders to collect more benefits. As usual, it is hard for traders to find a broker who always supports them tough times. However, if you trade with XM, they will protect you in many different parts of the world. That is why I consider XM to be the best and trusted broker.
- Is there any special thing about trading costs and trading benefits of XM broker?
The main concern of the number of traders when they first come to forex market might be the cost of transactions. Unquestionably, traders have a tendency to opt for reliable brokers who offer low transaction costs. Scalpers are really attracted by these brokers because they make many transactions at a time. At the present, XM is offering lower spread, which is 1.7 pip for an EUR/USD for trading regular accounts. XM charges only $6 commission for trading ECN account while other brokers charge around $7. The rebate is considered to be a great point when you trade with XM. This means they have a loyalty program which rebates you an amount of money after completing a lot/transaction. In fact, it really appeals to the number of professional traders because they can minimize the costs of transactions.
In terms of each completed transaction, XM will lots back $3 to $10 and the money you might get from the rebate will rise for each trading lot by time. The transaction costs will be lower after the lot-back bonus compared with FXCM and Forex.com brokers. Moreover, the decrease of the spreads is also an advantageous point for traders in this case, which will go down to 1 or 1.4pip.
When you trade with XM, you will be able to enjoy the deposit bonus, which will help you decrease your trading costs as well as gain more money. In reality, through this program, you might get up to $5000, with the maximum deposit rate is 100%. It is obvious that thanks to lot back bonuses and deposit bonus, you can lower your trading transactions significantly. Therefore, XM, a broker with high-quality regulation, is the one that you can rely totally on upon.
What should we know about trading platforms of XM?
The up-to-date trading platforms with automatic transfer system can be a big vantage point when you come to XM. You will find it easy by using PC, smartphones or even Tablets in order to trade. It seems that they will equip you with necessary things, which enable you to gain a lot of benefits easily.
The payment system of XM
When traders start depositing or withdrawing their win money, they often care much about the payment system of brokers. It is because if they choose some overseas brokers, the transfer costs will be increased. In fact, it is very hard for you to transfer money overseas with lower cost because of the stringent policies of some countries. It can sometimes be illegal for traders to transfer their money to brokers in some countries. You will be charged around from 1.7 to 4% when you make payment overseas by credit card in Asia. It leads to the fact that you had better choose brokers who have the local payment system, which you can use in order to save your money.
It would be really beneficial for you to choose a good payment system when you come to a broker. In fact, a good payment system means it should be fast, free and unrestricted. When you consider a good payment system, you should follow some criteria below.
- Local payment supported is a must
- Fast deposit and withdrawal
- High minimum withdrawal limitations
- Lower or even free-of-charge fee for deposit or withdrawal
From my experience, XM has the best payment system in Asian regions, which enables their traders to deposit through free international payment methods. In reality, traders will be able to deposit through Credit/debit cards, 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 services of XM at present
One of the most attractive points that traders come to XM is great customer services. It is often said that the forex market is really complicated, which makes traders feel really confused. However, if you trade with XM, you will gain more profits easily. It is simply because they always provide their clients with good customer service in terms of languages and trading conditions. If you do not speak English, you will have more language options from this broker. At the present, XM is now offering their customers around 30 languages such as Thai, Chinese, Indonesian, Vietnamese, etc. They support their traders 24/7 which facilitates the trading process of traders. In addition to this, they are also providing local banking supports, which can be an appealing point for traders.
- Account types of XM that you should know
Currently, XM has three types of accounts which are Micro, Standard, Zero and Islamic account. Each type of account is designed for different trading purposes. New traders are best suitable for using the Micro account, while the Standard account is specifically designed for regular users. For experts, they should choose Zero account, which allows them to gain big profits. In terms of Islamic account, it is one special account which is suitable for Islam traders.
The Micro account is suited for forex beginners because the minimum deposit is only $5. It requires traders to have 200 orders at a time. Traders do not need to pay for the commission and will get low spread.
The Standard account is totally suited for experienced traders because the offered contract size is much bigger, which is around 100,000 for 1 lot. The lot restriction per ticket is around 50 which is a half of Micro account.
The Zero account is really good for experts because of its lower spreads. The average spreads are around 0.1pip without commission on the EUR/USD. The all-in cost to trade is 1.1 pips (0.1 spread + 1.0 RT commission).
XM Islamic account is suitable for traders who conform to the Muslim faith. Islam traders can benefit a lot from this account because it is a free-swap account.
To sum up, it would be really beneficial for you to go for XM because of the aforementioned information. When you come to this broker, you have many chances to gain more profits. In fact, they are offering their customers a lot of good trading conditions as well as appealing bonuses. They also have UK regulation, which is the testimony of reliable forex broker.
Here is some useful advice that you should know if you choose XM:
- You can learn more about the forex market through Micro account
- Cryptocurrency trading conditions are the best which you can benefit from.
- XM always supports payments via your local bank which helps you to save money
- You should trade in the daytime because of the lower spread.