Known as an experienced trader with 8 years of working in the forex field, I have traded and collaborated with tons of brokers, some of them are big, some are average. But I have to admit that none of them leave me with a strong impression as XM did. They’re excellent in both services and trading conditions. For me, it’s quite difficult to understand why this incredible broker isn’t popular in the market. So today, I will show you a detailed XM reviews.
Let’s get into the main topic of today’s post: The Reviews on XM. Let’s take a quick look at the standards which I will be using to evaluate this broker today. As usual, my criteria are the regulations, the trading conditions and the trading costs, the trading platform, the payment system, the customer support, and the types of account. In the sections below, I will penetrate further into each aspect.
1. The Regulations
XM definitely lives up to the expectation of traders thanks to 4 prestigious licenses obtained from 4 different regulations. They are the FCA) license from the UK, the CySEC license from Cyprus, the ASIC license from Australia, and the FSCA license from South Africa. With all of these licenses, XM promises to bring back a better performance for traders all over the world.
2. The Trading Conditions and The Trading Costs
At first sight, we can easily see that the trading conditions and the trading costs of XM are not different from the top brokers in the US/UK such as FCTM and Forex.com:
- XM Spread: The spread rate of XM is the average rate of the US/UK brokers. For the trading pair of EUR/USD, the spread is 1.7 pips.
- XM Commission fees: According to collected data, the commission fee of XM is cheaper than other brokers in the US/UK as it’s only $6 when others charge $7 at least.
Yes, you may think that the cost is no different from other brokers. Well, think again when you see their promotion programs.
- XM Loyalty Program: As its name states, this bonus is made for loyal customers, who have worked with XM for a long period. The rules state that for each time you finish a trading lot, you will receive a rebate of $3 instantly into your account. The maximum amount which you can get is $10 per transaction. Using this bonus, your fees now are down to 1.1 – 1.4 pips, which is even lower than the standard fee of the US/UK brokers.
- XM Deposit Bonus Program: Belonged to the category of the deposit bonus, this program will reduce your transaction cost each time you deposit. You can get up to $5000 using this program at the deposit rate of 100%. What a good deal!
3. The Trading Platforms
Mentioning the trading platforms of XM, definitely, we couldn’t skip the modernity of it, especially when XM has integrated an automatic transfer system into these platforms. According to BRKV, they also support a lot of devices such as PCs/tablets/smartphones, which not many brokers can provide. To describe about the trading platforms of XM, I will use these words: multifunctional, advanced, convenient, and useful. They literally offer all the tools we need to succeed in the forex field.
4. The Customer Support
If you know my blogs for a long time, you may notice that the customer support is always on my list of standards when it comes to choosing brokers. The reason is that I believe that having great customer support is the key to a successful transaction. Why? Even if we follow our rules strictly, manage and monitor everything closely; we still cannot foretell what can happen during our process. That’s when we need customer support. In the forex field, a small mistake could also be the way to losses and failure. So having a good customer support, who is there for you and always ready to solve your problems, is the best option.
And that’s what XM is really good at. They offer 24/7 help with multiple languages supported as well as direct support from the local banks.
5. The Types of Account
The last criteria are the types of accounts. According to the information from its page, currently, XM has 3 types of accounts: The Micro Account, The Standard Account, and the Zero Account. Each one of them aims to help a different type of traders. In details:
- The Micro Account: XM originally released this type of account to offer a help for new traders in the field. It offers a practice environment, which is realistic yet much easier than the real one. The minimum deposit amount is only $5; and traders can acquire the XM leverage of 1:888, which is considered pretty high. They can also work on 200 orders at a time and XM still protect them from negative accounts.
- The Standard Account: With the purpose of providing regular traders, who already have certain experience in the forex field, XM offers us the Standard Account. Compared to the Micro Account, it’s quite similar but its characteristics are much harder. The contract size in this type of account is broadened (100,000 per lot) and the lot limitation per ticket is now only half of the Micro Account one.
- The Zero Account: This commission-based account is the favorite type of experts and professional traders like us owing to the excellent no re-quoting across all feature, which brings back lower spread rate during certain market conditions. It also provides a much competitive price than others, too. Normally, it only costs you 0.1 pip (without commission fees) and 1.1 pips (included commission fees) for an EUR/USD transaction.