XM has been in the market from 2009 and successfully run their business with a lot of goodness for their clients around the world. They are now having the service in all 196 countries and moreover, the number of clients has reached 1 500 000. To explain for their success, take a look at what service they provide through the years. XM are marked by amazing trading systems, trading condition, platform and other advantages like monthly held conferences, paying systems… All the features make XM one of the best brokers for traders belonging to various areas of the world. Below, I will give some evidence to prove their credibility through some characteristics in this XM reviews.
Payment process somehow can put traders on a trouble place. Because of the complex of the forex world, there are still places in the world where forex are firmly forbidden transferring and if traders want to carry the transaction of deposit of withdrawal, some banks or payment systems can cost a certain amount. Especially, for the Asian traders who may be interested in UK and US forex market can use a Credit Card to make the deposit. But the process is not that easy as it may sound because for the overseas transactions that are made by Credit Card, the fee will be 1.7 % to 4 % out of the deposit amount. This fee charge is unreasonable for Asian traders. Then any other brokers can offer a better system can be preferred more by traders
Besides the fee of transaction, the payment systems that are tested as good payments should reach the level of some qualities that are speed, free and the high limited amount, more details:
– Quick process of deposit or withdrawal
– Small transaction cost
– Locally supported by offices
– Withdrawal amount is highly limited
Proving that they have been focusing on payment system, XM has qualified all the requirements above and with that, their payment method has satisfied most of the clients in Thailand, China or Indonesia…In these areas, XM develops their local banks to help the process done quickly with 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). And in order to make the payments could be done in minutes and instantly, XM has also installed a system of internet payment with a lot of tools like Credit/debit cards, Neteller, Skrill, Webmoney, PerfectMoney, Bitcoin, Alipay, Nganluong Wallet.
Brokers will make their names known by gaining trusted licenses from trusted such as UK and US licenses because of their stability of financial management and more importantly, to own one license, brokers have to go through a lot of tests so for any brokers that can gain a license especially from UK and US will gain trust from clients too. Exactly, in most traders’ opinion, brokers with UK and UK license perform better techniques, financial health, and platform…
It can be seen that XM claims their reputation by licenses from various countries such as UK (FCA), Cyprus (CySEC), Australia (ASIC), South Africa (FSB). They have one license from UK and licenses from other parts of the world to help clients in these countries feel safe because they will be saved from any trading accidents.
As the same as other UK and US license owing brokers, XM now asks for 1.7 pips for XM spread of EUR/USD and 6 $ for commission fee, which is 1$ lower than others regular accounts and in additional, XM has more policies for clients to decline their trading rate with deposit bonus, loyalty program and lot back bonus.
With deposit program, clients can take back $500 from the amount that they deposited and with the percentage of deposit is just 100%. So, basing on the quantity of deposit, XM offers the deposit bonus back for you.
Or the fee can be helped to be lower by loyalty program that tests your trading currency or trading time and account sort to rebate an amount into your account.
Lot back bonus is amazing too. This reward can decrease the spread from 1.7 to 1.4 because of the rebated amount of 0.3 pip after finishing the demanded trading lots and this number can reach to 1 pip even. Eventually, although the previous spread is the same with FXCM or Forex.com, the actual amount is much lower than.
In conclusion, spread is the big deal for traders because this can cost traders a certain amount especially for the greater traders that put a huge amount of money into the forex trading like scalpers. Therefore, XM is worth being judged as the reputable brokers with reasonable trading expenses.
After many research of the customer care, I suggest that a good customer support should be easily to access and make traders feel warmly welcomed to reach, it seems to me that XM’ caring strategies show a lot of thoroughness. They make clients feel homely with the language system of 30 languages, even Thai, Chinese or Indonesian…and the sudden contact can be acceptable with XM as their service is open 24/7. All the goodness makes XM one of the most accessible and welcoming service providers.
Trading platform development
In the high tech era, technology is one of the best solutions for trading forex. Taking advantage of that, XM has developed their trading platform with a lot of useful functions such as automatic run or ability of being set on PC or Tablet and Smartphone…All these advances of XM’s platform make traders feel being supported to make profit in many ways.
As my experience tells, XM now designs three different types of accounts for traders to fit in the trading strategies.
– Micro accounts are more suggested for beginners because they require a very tiny deposit with only 5$ for the leverage of 1:888 and there will be no commission demanded for this account. Moreover, XM can be sure about the negative balance for clients when they open even 200 orders at one time.
– Standard accounts: for most skilled traders, this account is better for big investment, which can reach 100. 000 for one lot and for one time trading the required lots could be 50 lots and this is a safer rate for huge investment. Additionally, the trading condition is quite the same with Micro accounts.
– Zero accounts which are preferable has the stable quotes as the market fluctuates and their fee is even lower than regularly with 0.1 pip only for EUR/USD combined with 5$ commission. Then, all cost spent could be just 1.1 pip which is the huge save for traders with big deposit.
– Moreover, XM has specific program for Muslim traders with Islamic account which is free from swap fee.
From all the matters studied above (conducted by BRKV), keep in mind some main views of XM that will help you have the quick summary of XM and what the best things they could offer
– XM has different kinds of accounts that help traders learn more about forex business with Micro accounts
– When trading with XM, Cryptocurrency is the best to be worth considering
– Locally supporting cost nothing, and then come to them to get advice from
– Considering trading in day time because of the lower spread than the night time