After having traded in the forex market for many years, I conclude many experience and knowledge about forex, especially brokers in the world. Not many people know about XM services and trading conditions but XM is very good for traders in terms of services and trading conditions. So I write this article to have a review of these aspects of XM – one of the best forex brokers in 2018.
First of all, XM was founded in 2009 and now it has over 1.500.000 users from 196 countries, which is the most reliable reasons for customers’ trust in their customers. Moreover, XM also has some business trips to 120 countries to organize seminars and meeting with their clients and partners there to educate traders and enabling them to make better trading decisions. Through this article, I will mention several criteria for XM such as regulations, trading conditions and trading costs, trading platform, payment system and types of accounts.
- Regulations of XM broker
If a trader wants to determine whether one broker is reliable or not, regulation is the first point they want to check. Normally it is very difficult for brokers to get the licenses and regulations that is the reason why broker possessing licenses is trusted and reliable.
Nowadays, there are still debates and discussions about regulations among US&UK brokers and other brokers in the forex market. However, most of the traders have chosen US&UK regulated brokers because they think that the financial management of US&UK is more reliable. One broker having regulation can acquire one of these regulations such as best trading platforms, techniques, financial health, and management systems… And XM also possess one license called FCA. Moreover, XM gains CySEC for Cyprus, ASIC from Australia and FBS from South Africa to have better services for traders in these areas. In short, with these regulations, XM brokers can completely protect their traders in many countries around the world.
Trading costs and trading benefits of XM
Transaction cost is one of the most concerns of traders when they decide to joint into forex market and traders often choose the brokers with the best and lowest transaction costs, especially scalpers who have many transactions at a time.
XM offers the low spread like US&UK brokers, normally the spread is about 1.7 pip for one EUR/USD for trading regular accounts and commission is $6 for trading ECN account (while other brokers charge about $7 commission for ECN account). Moreover, XM offers the loyalty program as well. It means that traders can get back an amount of money when they finish one lot/ transaction. This amount of money depends on traders’ trading currencies, account types and trading time. Normally, XM gives back traders $3 (0.3pip) to $10 (1pip) for each completed transaction. After misusing the lot back bonus, the transaction cost of XM is lower than some brokers such as FXCM, and Forex.com and the spreads are decreased down to 1 to 1.4 pips.
Moreover, XM offers the deposit bonus as well. Traders can get a bonus which depends on their deposit. When getting this bonus, traders can use it to pay for the trading cost. It is very saving and convenient.
In conclusion, the trading costs, commission, and spreads of XM is the same as other broker but the actual cost is much lower than other brokers after traders complete a number of lots, which is thanks to the low-back bonuses and the deposit bonus. So a broker has regulations, it will have lower costs.
Trading platforms of XM
XM has the best trading platform with the automatic transfer system. Their trading platform can be used either on PC, Smartphone or Tablet.
It is very important for traders to have thinking about the payment method because once they want to transfer their money, deposit or withdraw their win money. Many trusted forex brokers oversea can cost some money, if you want to transfer money to them. Some countries don’t allow traders to money to fore brokers as well because this action is illegal according to their law. For example, in Asia, if traders make the payment oversea by Credit Card, the bank will charge you around 1.7 – 4% in total payment. Because of these reasons, traders should choose themselves the best broker which has a local payment system.
With the best local payment system, traders can make their payment fast, free and unlimited. A good payment system should have below standards:
- Fast deposit and withdrawal
- Local payment supported
- Low or even free-of-charge fee for deposit or withdrawal
- High minimum withdrawal limitations
Personally, XM has the best payment system in Asian countries such as China, Thailand, Indonesia, etc. They allow traders to make their payment through different methods such as 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 support of XM
Many traders have much concern about customer support when they choose the best broker for themselves. Because the forex market is very complicated so that customers need support from the broker as well. XM give the best support for their customer through their service. If you are not good at English, XM’ system provides support for over 30 languages such as Thai, Chinese, Indonesian, Vietnamese and so on. Moreover, their support channel operates 24/7 and they also have the local banking supports as well.
Account types of XM
Currently, there are three types of account provided by XM, they are Micro, Standard and Zero accounts. A micro account is always popular among new traders and beginners, while the Standard account is fit for regular uses and Zero account is specifically for experts only.
In conclusion, XM possess all criteria to be the best broker in the world that trader can put their trust on. Its services and trading conditions are very good and suitable for traders. In my opinion, there is no reason to deny their services.