With years of experience in the forex field, I have worked and traded with hundreds of brokers in different sizes. And I have to admit that none of them can be compared to XM.com regarding both services and trading conditions. So, if you’re a new trader or simply you just want to find another credible broker to work with, and you’re thinking about Xm.com, then you’re in the right place. Below is my XM reviews.
- The regulations of XM:
And Xm.com has passed that rigorous test. Besides the UK’s regulation (specifically the FCA), it also possesses the CySEC regulation from Cyprus, the ASIC regulation from Australia, and the FSCA regulation from South Africa with the primary purpose of better services in these regions. Having all of these licenses, XM has become one of the most reliable brokers in the market right now. There is absolutely no doubt that traders can trust them 100%.
- XM’s trading conditions and its transaction costs:
The cost is undoubtedly one of the essential factors that traders consider while choosing brokers (according to Mr. Mario Draghi). As a matter of fact, traders (especially scalpers) also seek a broker with an affordable and reasonable transaction cost.
And XM is also on the top of the lowest spread brokers. The same as FXCM, Forex.com, and US/UK brokers; the spread rate of XM is 1.7 pips per EUR/USD transaction in regular accounts. The commission fees are also much lower than others as it only cost $6 for an ECN account (other brokers $7 commission fee for an ECN account).
For loyal customers, they provide the cash back bonuses, too. It means the broker will rebate an amount of money into your account automatically when a lot/transaction is completed. The amount of this bonus depends on many factors such as the trading currencies, the account type of users and their trading time. Since it can reduce the transaction fee, many professional traders and experts love this program.
Usually, XM will rebate $3 (0.3 pip) to 10$ (1 pip) each time you finish a lot/transaction, and the amount will be increased each trading lot. After applying the cash back bonuses, the transaction fees will be even lower than FXCM and Forex.com brokers; the spreads also decrease down to 1 pip to 1.4 pips.
Also, XM provides its clients with a deposit bonus, too. Apply this bonus, and your trading fees can reduce even more. The maximum deposit rate you can get is up to 100% in correspondent with $5000 in cash; therefore, the actual trading cost is much lower than other brokers under the regulation of the US/UK.
To sum it up, at first glance the transaction cost, the spread, and the commission fee seem to be equivalent with the cost, the spread rate, and the commission fee of other brokers in the same regulation, but they are actually much cheaper after several completed trading lots owing to the cash back bonus and the deposit bonus. XM is definitely a broker with a high prestige (thanks to the UK’s regulation) as well as an affordable trading cost.
- All types of accounts of XM:
At the moment, XM holds three main account types: Micro Account (recommended for beginners), Standard Account, and Zero Account. Each account type is made to fulfill each different need of traders. In detail, the Micro account is the perfect type for new traders; the Standard account will live up to the expectations of regular users, and the Zero account is undoubtedly the favorite type of experts and professionals.
- XM Micro Account: For this type, XM provides new traders with free commission fees and a low spread rate. Although the minimum deposit amount is only 5$, you can get the XM leverage rate of 1:888, which is considered pretty high. The brokers let all accounts place 200 orders at a time combining with the pending positions and the protection from negative accounts.
- XM Regular Account: This type is suitable for traders that already have experience. Although most of its trading conditions are similar to the Micro account, there are a few discernible differences such as the offered contract size (about 100,000 for one lot), the minimum number of trading lots, and the limitation of lots per ticket (only 50 – a half compared to the Micro account).
- XM Zero Account: Zero Account is in favor of a lot of professional traders and experts. It is a commission-based account with an offered competitive price. The spread rate on the EUR/USD trading pair is listed as 0.1 pips (not including commission) and 1.1 pips (including $5 per side commission fee). The experts favor it because of the no re-quoting across all, which is a lower spread rate during certain market conditions.
- The platform of XM
About the trading platforms, XM is recognized as one of the brokers that possess the most advanced trading platforms in the forex market. XM platform offers its users an automatic transfer system, which allows traders to work more effortlessly.
Moreover, the PC/ Tablet/ Smartphone are all supported without losing performance. In another word, XM provides traders with all the tools that they would need to be successful. Therefore, there are entirely no complaints on their trading platform.
- The customer service department of XM
There is absolutely no doubt that customer support is always on the top priorities when talking about choosing brokers. The forex field is full of problems, difficulties, and troubles; therefore, traders like us need a lot of support.
In my opinion, I found no problems with the customer support of XM. Since the day I started working with them, I haven’t faced any technical troubles or any discomfort. For those who cannot speak/understand English, XM offers up to 30 different languages such as Thai, Chinese, Indonesian, Vietnamese,…to support you, so there is absolutely no language barrier here. Moreover, their customer services work 24/7; and they also have local banking supports as well.