The updated review of XM in 2019

After trading with a lot of brokers throughout my trading career, I have found out that, in terms of services and trading conditions, none of those brokers can come close to XM. With a user base of more than 1,500,000 clients, they have visited their partners and clients in over 120 countries and help traders make better decisions in trading through many seminars. In this article, I will go through how great XM is in this XM review in terms of regulations, trading conditions, trading costs and many more.

XM’s regulations reviewed

Regulation is commonly seen as one of the most important factors in the forex market that could show how trustworthy a broker is as it is not easy to get those.

Many traders are still arguing between US and UK based regulations and other regulations, but there are more traders in the side of US & UK regulated brokers as they have more faith in the financial management system of the US and UK. Therefore, US and UK regulations are usually considered to be better. Brokers that have one or more regulations are likely to have very good trading platforms, financial health, techniques, and management systems. With that, XM can be considered as one of the best brokers as it acquires a UK regulation called FCA and it also has CySEC from Cyprus, FSB from South Africa and ASIA from Australia as they want to serve and protect traders in those areas as well. Therefore, I would say you can put your faith in XM.

Trading benefits and Trading costs of XM

Transaction cost is one of the factors that traders consider when they join a forex market. Brokers that have low trading cost are usually chosen by traders, especially scalpers who make a lot of transactions at a time.

Therefore, XM has low spreads like other big brokers such as FXCM, Forex.com, and US & UK brokers. 1.7 pip is the XM spread for EUR/USD currency pairs and it is applied for trading regular accounts. 6$ is the commission for trading ECN account (it is normally charged 7$ for other brokers). In addition, XM also provides loyalty program that automatically returns a portion of your money to your account when you complete a lot or a transaction. The returned amount will depend on the currencies you trade and also types of account as well as trading time. Professional traders are the one that like this program the most as they can use it to lower their costs of trading.

In forex system, traders can get a return amount of money from a minimum of 3$ (0.3 pip) to a maximum of 10$ (1 pip) from XM lots and the amount will increase over time for each trading lot. Thanks to that, traders using XM services can get lower trading costs than in Forex.com and FXCM. They can also get much better spread from just 1 to 1.4 pip.

Adding to that, XM also provides deposit bonus program to its users as it will return an amount of money whenever a user deposit money and the amount will depend on how much each user deposited. So traders can also use this program to minimize their transaction cost. With a maximum deposit rate of 100%, users can get up to $5,000 from this program.

Finally, you may think XM only offers similar transaction costs to other brokers. But the differences are its programs that allow traders to minimize their costs much more. It is not easy to find a broker that have good regulations and low trading costs at the same time.

Review of XM’s trading platforms

Up-to-date trading platform with an automatic transfer system is also a strength of XM. It is available not only on PC but also Tablet and Smartphone and users can enjoy the same performance when using each device. I personally think the trading platform of XM is great and there is hardly anything to complain. You simply have everything you need to make profits in XM.

Review of XM’s Customer support

Customer support is obviously one of the most important factor traders consider when choosing a broker because forex trading is not easy for most people so they would need as much support as possible. From my own experience, XM’s customer services are top notch without any complaints from me personally. If you are not good at English, it is still ok as XM can support you in more than 30 languages and some languages such as Thai, Indonesian, Vietnamese, Chinese have 24/7 support also along with support from local banks.

XM’s types of account reviewed

XM is currently offering 3 types of accounts which are Standard, Micro and Zero which are specifically designed for different needs of traders. The Micro account is aimed for new traders and the Standard account is aimed for regular traders that are a bit more experienced while Zero account is suitable for professional and experienced traders such as Mr. Mario Draghi.

The Micro account is aimed for beginners due to commission-free and low spread. The leverage is pretty high which is up to 1:888 while it only limits the lowest deposit to 5$. 200 orders at the same time are allowed in all accounts with XM’s protection of negative balance and also pending positions are included.

As mentioned, experienced traders should use Standard account because even though it is similar to Micro account, there are still some significant differences such as bigger contract size which is 100,000 for 1 lot. Both MT platforms have the same minimum trading lots and lot restriction per ticket is only half of Micro accounts’ which is 50.

Experts prefer Zero account because it is commission-based and offer the most competitive price. The average spread on EUR/USD pair was 0.1 pip which does not include commission and even after counting 5$ per side commission, the all-in cost to trade is only 1.1 pips which consists of 0.1 spread and 1.0 RT commission. Many experts like it because the no re-quoting across which means a lower spread during particular market conditions.

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