XM BROKER PROS AND CONS
We have used the service to test out the broker, trying to compare every aspect; Swap, Spread, Commission, Inquiries Service, Support, Deposit and Withdrawal, and all of the services of XM Broker and figure out what is suitable for traders.
- Leverage is between 1:1 – 888:1
- $30 free money, profit can be withdrawn
- Website is available in more than 20 different languages
- There are promotions, exciting offers
- 24/7 online chat support available in more than 14 languages
- Free trading signals from experts
- Offer 25 secure payment methods
- No deposit-withdrawal fees
- Constantly adapting to the global market
- News is updated in real time and managed in a very interesting way
- XM Change Leverage Quickly (No Confirmation Required)
- If the trader is Muslim, they can request a free swap account
- Traders can change their own account name.
- No copy trading system
- Service fees and spreads are moderate
- Expensive vps for EA traders (recommended to use external vps for stability and cheaper than buying from a broker)
- If traders do not trade within 90 days and if there is no money in the account, the account will be canceled and must be verified again.
- If traders do not trade within 90 days and if there is money in the account, it will be deducted 5 USD per month until the money in the account is depleted and the account will finally be cancelled.
- Traders cannot edit their names or change their account name while in the trading platform (For traders, this item is very annoying because if the trader can’t remember the trading account number, the trader can be confused) because it is not displayed as a name, but shows account number instead.
- Non-withdrawable bonuses and can only be used for trading (in less than trading lots)
- XM Ultra Low accounts and Swap Free accounts are not eligible for deposit bonuses.
- The profit generated by this bonus can be withdrawn at any time. This withdrawal will cause your trading bonus to be deducted in the same proportion.
XM BROKER BONUS
1. 30 USD BONUS WITHOUT NO DEPOSIT REQUIRED
A one-time bonus with no deposit is required available immediately for those who open a new account immediately which is suitable for beginners, profits can be withdrawn.
But withdrawal will cause the credit balance to decrease in proportion to profit withdrawal as well. For example, if there is a $30 Bonus, profit of $100, withdraw $50, the Bonus will be reduced by 50%, which is $15.
2. Deposit Bonus
There are two types of XM Deposit Bonus: Deposit Bonus 50% up to $500 and Deposit Bonus 20% $4500.
Deposit Bonus 50%: Up to $500 means that if you deposit $100, you will get a bonus of $50, resulting in credit amounting to $150 in trading. When you deposit more, you will receive an additional Bonus increase in proportion to your deposit until it reaches $500 (only Bonus is considered).
Deposit Bonus 20%: Up to $4500 means that if you deposit $100$ you will get a bonus of $20, resulting in credit amounting to $120 in trading. When you deposit more, you will receive an additional Bonus increase in proportion to your deposit until it reaches $4500 (only Bonus is considered).
An important condition of this Deposit Bonus is only available for Micro and Standard accounts, but Ultra-Low accounts are not.
In addition to such bonuses, XM usually offers special bonuses such as Songkran, New Year, or 100% on special occasions which means that if you deposit $100, you will receive an additional $100, but over than $500 to stimulate trading and withdrawals on an annual basis. It can be used as a real trading credit.
XM BROKER FREE VPS
- The equity balance must not be lower than 500 USD per month.
- Must trade in equivalent to 1 Standard Lot per month.
- If the conditions cannot be met, it can be used for 28 USD per month.
- Activation can be requested from XM member page.
- For non-qualified customers, a monthly fee of 28 USD is also deducted from the customer’s MT4 account each month.
XM Virtual Private Server (VPS) is located just 1.5 km from XM’s data center in London, enabling fast execution of commands. Computer Spec is Windows 2012 Server Ram 1.5 GB, 20 GB hard disk, and 600 MHz CPU speed.
XM SPREAD AND SWAP INFORMATION
1. XM SPREAD
Our Spread and Swap fee calculations are already charged per 1 Lot size order opening of Standard Account (100,000 USD per 1 Lot), therefore the value shown is in USD.
Spread of XM Broker with commission included (XM No Commission). In which, XM Ultralow accounts have very low fees. Compare the cost of trading that traders must pay for the XM Broker as follows:
2. XM SWAP
The daily cost of holding a trader’s position when trading with XM Broker is charged when opening a 1 Lot Standard (100,000 Lot) order. It shows the daily cost of holding 1 Lot Standard account size as follows:
Spread and Swap comparisons of all brokers can be viewed to create a trading strategy. Build your own trading advantage here.
3. XM COMMISSION
XM has no commission on all trading account types.
OTHER XM INFORMATION
XM Broker has been in operation since 2009. It is a large multi-lingual company. XM is one of the companies focusing on market and has been successful with its long-lasting service and reliability. There is a customer service (Support) that is available 24 hours a day, 7 days. It has also won many excellent Forex Brokers awards.
XM Broker operates under Trading Point Holdings Ltd, a parent company and registered in Cyprus. XM also operates and is registered in the following financially stable countries:
- Trading Point of Financial Instruments Limited is registered with Cyprus Securities and Exchange Commission (CySEC)
- XM Global Limited is registered with International Financial Services Commission (IFSC)
- Trading Point of Financial Instruments UK Limited is registered with Financial Conduct Authority
- Trading Point of Financial Instruments Pty Ltd is registered with Australian Securities and Investment Commission
- Trading Point MENA Limited is registered with Dubai Financial Services Authority (DFSA)
XM ACCOUNT USAGE
Opening an XM account, XM is a simple and easy to open account broker. Account opening assistance is available by contacting Support. However, our website provides account opening information as an option for all traders as follows:
1. XM Forex Account Opening Documents
Documents required to open a trading account with XM Broker include:
- Identity verification documents is either ID card or Passport.
- The address verification document must be the same as the address shown on the identity card, a copy of the house registration is recommended, or it could be a receipt for electricity and telephone bills.
2. XM Account Types
There are several types of XM Forex trading accounts, each with its own pros and cons and distinctive features, and here are some tips for beginners:
- If you are a beginner, we recommend an account that can receive bonuses to facilitate the bonuses for practicing.
- Capital up to 100 USD – We recommend an Ultra-Low Micro account.
- Capital over than 100 USD – We recommend an Ultra-Low Standard account.
- If you are using a long hold strategy, it is best to open a Free Swap account as Swap fee is quite high. Check out the Spread and Swap comparison for each broker at Forex Broker Spread and Swap.
The table shows the account types of XM Forex Account
XM Support Service
We conducted a communication test with support via chat and did an assessment according to the criteria on problem resolution, promptness of service, problem-solving intention, not just pasting a link to read then suggest, as follows:
- Support can answer clearly and provide information thoroughly with a link to additional information attached.
- XM’s Support is mindful of their answers by providing related contextual information that is beneficial for customers
- Time taken to respond to individual questions and traders’ inquiries is less than 1 minute apart, not keeping traders wait too long.
- Answer questions to the point and can actually solve problems.
- For inquiries about in-depth issues, the staff can answer in its entirety, not having to ask further.
- In-depth questions can be answered quickly in less than 3 minutes.
- Officers do not let them wait too long. The average waiting time for a response is less than 5 minutes for every question.
- Real 24-hour service support.
“Overall, the disadvantage of XM’s Support is minimal as even the new employees are willing to help.”