An updated XM review in 2018

After spending so much time doing forex trades, I have consequently worked with many different brokers. From those experiences, I can confidently say that all of the brokers I have worked with don’t even come close to the level of XM when it comes to services or conditions for trading. However, I am baffled that when I asked, not many people know about the greatness of this incredible forex trading website. This is the main reason that makes me want to write this article to share with you all a throughout review of one of the best forex brokers of 2018 – XM.

XM was introduced in 2009, since then it has managed to amass a humongous number of almost 1 and a half million clients that come from about 196 countries throughout the Earth. That number alone is enough credibility for me personally. However, that is not the extent of XM’s reach. XM has even organized visits to more than 120 countries to personally greet their partners and clients along with hundreds of seminars in many locations around the world to help with the education for new traders, helping them to be able to have better trading decisions. Here are some of the criteria I will use such as trading conditions and costs, regulations, trading platforms, paying systems, and types of accounts in my XM review.

review on regulation

Most of the expert traders and even traders who have relatively long career length all agree on the same belief that regulation is one of the most important things to look at when one is choosing a broker. After all, this aspect of a broker can clearly indicate how trustworthy it is for traders. In addition, it is notoriously hard to get a regulation license so any broker having a license is generally trustable.

Even now, the arguments about whether the regulations of the UK and US brokers are better or the ones of the other brokers in the forex trading world are better still have not completely ended. However, with that said, the amount of traders choosing the UK or US brokers is still much higher than the ones choosing the different options as people place a lot more trust in the financial management system of the US and UK. Consequently, US and UK are considered the best when it comes to regulations. The brokers who can get one of those regulations are usually the ones with the best trading techniques, platforms, financial health and management systems, etc. Accordingly, XM is undoubtedly one of the best brokers in 2018 that have been regulated. After all, it does possess a regulation from FCA, which is based in the UK. However, that is not the extent of its collection of licenses. There is also CySEC that it obtains from Cyprus, ASIC that it obtains from Australia and FSB from South Africa to be able to provide services to people in those places. With that many regulations, XM is unarguably one of the most reliable brokers for traders in many countries around the world.

XM review on trading benefits and costs

Transaction costs are undoubtedly one of the most considered aspects for traders when choosing a new broker. It has been proven that traders always prefer brokers that have low and reasonable transaction costs, this case is even more prominent with the scalpers that do a huge number of transactions each time.

XM In XM case, it has a spread as low as Forex.com or FXCM, US&UK brokers that is only 1.7 pip for each EUR/USD trading lot. XM’s ECN account commission is also one whole dollar lower than those of the other brokers who regularly charges $7 for each ECN trading account. That is not the end, XM also possesses a great loyalty bonus program that will give back a part of what you use to finish a trading lot or transaction. The amount given back is dependent on your account types, trading currencies and trading time. This program is mainly utilized by experts as it is the best way to minimize the cost of transactions.

XM usually gives back from 0.3 pip to 1 pip ($3 to $10) with each time you complete a transaction. This amount will gradually increase in time when you do more trading lots. Once you add the loyalty reward to the equation, XM’s transaction costs will become lower than those of Forex.com or FXCM. XM’s spreads will also be cut down to the range of 1 to 1.4 pip.

That is only the tip of what XM has to offer, it also possesses a deposit reward program that will pay you back based on the amount of money you make a deposition with. With this great program, the already low trading costs will be decreased even more as the maximum number that you can get from this program is $5000 along with a maximum rate of exactly 100%.

All in all, one can say that the original commission and spread are the same as what the other brokers are offering. However, once we take all the other bonuses that they have to offer into account, it becomes clear that XM is a broker with the high-quality regulation but requires a much cheaper cost for transactions.

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XM review on trading platform

XM is currently having the most up-to-date platform for trading that has a transfer system that is automatic. Their platform can be utilized on either smartphone, tablet, or PC without any risk of losing performance. In my opinion, the XM platform for trading is typically good with no clear weakness as they will simply give you the necessary tools for you to make your own profits.

XM review about the payment system

It is commonly said that there is no need for traders to meddle with the payment system. However, to the experts, this is simply a mistake that most beginners will make. This is really understandable as the importance of the payment system will only show itself the moment the traders start withdrawing and depositing their money. Usually, the most reliable brokers are based in foreign countries so it will cost you a considerable amount of money each time you transfer your money. In addition, some countries have quite strict regulations about oversea money transactions. There are even laws against transferring money to forex traders. For example, if you want to make a payment oversea by credit card in Asia, the charges will be from 1.7 to 4% of the total amount you use. This is why all traders must pick up the brokers that have some way to pay locally to cut down your deposit and withdrawal cost.

A free, fast, unlimited paying system would be quite helpful to traders. There are also some other standards that are common:

• Fast withdrawal and deposit
• The payment system in the local area
• Free-of-charge or low fee for withdrawal or deposit
• High minimum limitations for withdrawal

 

In many countries in Asia like Thailand, China, Indonesia, etcetera, XM has been said to possess the best possible payment system. After all, XM allows their traders to make depositions in many ways that are international like Neteller, Skrill, Webmoney, Bitcoin, Alipay, Nganluong Wallet, PerfectMoney, etc. The traders can even use the local banks like 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), Bank Central Asia.

XM review on customer support

You can never ignore the importance of customer support in any provision and forex trading is no exception. Thus, when picking a broker, you must always consider their customer support capabilities. After all, we all know how complicated forex trading is and how much help new traders will need. After doing forex trades a long time, I can say that XM has not given me any reason to complain about its service and made my journey smooth without any discomfort nor technical error. In addition, if you are not a native English speaker, XM has you covered with a great support program in more than 30 languages. Some of them like Vietnamese, Thai, Chinese, Indonesia, etc. are offered 24/7 support programs.

XM reviews on account types

XM is currently in possession of 3 different types of account: Micro, Zero and Standard. Each of those accounts is designed to fit with a different trading need. The new traders love Micro account while Standard accounts are popular amongst regular users and Zero is for experts only.

The beginners should always pick the Micro account with its incredibly low spread along with free commission. The leverage of this account is up to 1:888 while the minimum deposit is just a small $5. The accounts are allowed 250 orders at one time. There are even pending positions with a protection for negative balance from XM.

For experienced traders, the standard account is excellent, as its conditions are quite similar with those of the Micro account. However, there are some unique aspects like a one hundred times bigger ordered contract size – 1 lot for 100000. Both MT platforms have the same minimum trading lots. There is also the lot restriction for one ticket that is only half of what the Micro account has.

For the experts, the Zero account is probably the most fitting one, as it is completely commission-based and offers the most competitive price. For instances, XM lists the average spreads on the EUR/USD as 0.1 pips. This is not including the commission. The cost to trade all-in is 1.1 pips.

For the traders who are Muslims, there is the XM Islamic account

I personally prefer XM over any other brokers. They don’t only have the same conditions for trading like the other brokers, there are also many benefits programs. In addition, with how long they have been operating without shady business rumors, I am certain of their credibility.

If you still have any confusion, I leave here some advice from my time working with XM:

• Cryptocurrency trading conditions are the best. Take advantage of it.
• A micro account is a great trading environment if you want to learn more about the forex market.
• Daytime spread in XM is always lower than night time’s spread, thus trading in daytime seems like a more sensible decision.
• XM should support payments via your local bank so if your local bank is supported, you should always utilize it since it doesn’t cost any fee.