After engaging myself in the forex market for many years, I have figured out that XM – a broker that is deemed as the underdog of the forex world – actually offers the best trading conditions and best services among all brokers. In my opinion, I firmly believe that XM review should be receiving more attention from global traders due to its fascinating features.
Being among the list of top brokers, XM has over 1.500.000 customers from all over the world. In this article, I will analyze XM thoroughly based on the basic criteria of rating a broker, which includes regulations, trading conditions and trading costs, trading platform, paying system and types of accounts.
Regulation is the top priority of rating a broker since it proves a broker’s transparency. Most brokers have to go through complicated processes in order to achieve legit regulations, therefore those that possess regulations are ensured to be trustworthy. The US&UK financial management system is famous for their reliability, that is why most traders seek for US & UK regulated brokers to trade with. With the regulation from the US&UK system, regulated brokers will have their trading platforms, financial status and management operations secured and improved significantly.
With the FCA license, XM is bound to be trustworthy since FCA is a UK license. Moreover, XM also has many other licenses from different countries such as CySEC from Cyprus, ASIC from Australia and FSB from South Africa to enhance their public image to customers of these countries. In short, XM is undoubtedly the most reliable in the world.
Trading costs and trading benefits
Transaction costs matter to traders since it has a big impact of their benefits. XM offers low spread for its customers, merely 1.7 pip for EUR/USD trading and 6$ of commission fee. Moreover, XM also provides many beneficial bonus programs for its clients. For instance, the loyalty programs rebate a small amount of money to the traders’ account after each of their transactions. The amount of the bonus is calculated from traders’ trading currencies and their account types. Experts love this program because it helps them minimize their transaction costs effectively.
After each transaction, about $3 (0.3 pip) to $10 (1 pip) will be sent back to the trader’s account. Due to this lot back program, the transaction cost of XM is only half the price of FXCM and Forex.com, with only 1 to 1.4 pip per lot.
In short, despite seeming to have the same spread and commission fee as usual brokers, the trading costs of XM is actually much lower due to the multiple bonus programs. XM is undoubtedly the most beneficial broker for traders to partner with.
The customer service of a broker will determine its quality. In the forex market, traders will constantly stumble on many obstacles, so brokers need to be always available to help them. From my experience, the customer services of XM was extremely helpful for me. Not only did they provide local language support (Thai, Chinese, Indonesian, Vietnamese, etc.) for non-English-speaking traders, but they also provide 24/7 support.
Top6forexbrokers hope that after reading my XM review, you can have a better insight of this broker and understand that XM is a good forex broker to start trading with.