Forex broker is one of the most important things when traders join and work in the forex market. It often takes many years of trading to find out which broker is the best for each trader. After many years having business with many large brokers globally, I considered XM as one of the best forex brokers nowadays. This article will show you the best features of XM as well as why you should open XM accounts.
Why you should open XM accounts
To my knowledge, XM is one of the best regulated brokers as it has US&UK’s regulations such as FCA and CySEC. Besides, XM has also acquired the Australian forex regulation (ASIC) and South African regulation (FSB). Thanks to these regulations, traders from many countries can trade safely with XM forex brokers.
For trading cost, XM has very good bonus programs that help you reduce the cost significantly. XM lots back $3 every time you close a position (of course you have to win in that position). For the next position, the rebate amount will increase. In addition, the bonus that traders love most about XM is the deposit bonus. You can get your full deposit back for the first time deposit in your account. It is usually calculated by the percentage of the deposit amount such as 10%, 30% or 100%. This kind of bonus at XM is especially easy to withdraw, up to 100% and $5000.
XM also has an excellent support for their customers to get used to the forex market and help them whenever there is any problem or difficulty. Many languages are offered and supported to traders and then, make it much easier for their work. It also allows traders to trade through local banking system of Thailand, China and Indonesia such as…
XM Micro account
For beginners, you should choose XM Micro account because it is the best fit for you. It is cheap and easy to use, which is perfect for those who don’t have much experience. The minimum deposit of this account is only $5, one of the cheapest rates in the market. You can enjoy leverage as high as 1:888. This account doesn’t charge commission. Moreover, this account has the feature Negative Balance Protection. This could help prevent you from losing all of your money.
You can open up to 200 positions at once in this account. For the MT4 trading platform, you trade lots as little as 0.01. If you’re using MT5, the minimum lot volume is 0.1 lot. The trading bonus and No deposit bonus of XM can be applied to this account.
XM Standard account
XM Standard account is more suitable for traders who are more experienced in forex trading. The minimum deposit is still 5 dollars. The maximum spread is still 1:888. Just like Micro account, you can open up 200 positions at the same time and it is free of commission. The minimum volume of trading lot for both trading platform is 0.01 lot. All bonuses of XM can be used on this account too. Moreover, this account also has Negative Balance Protection feature.
XM Ultra Low account
XM Ultra Low account is for the professionals. Ultra low is meant for the spread. The spreads of this account is as low as zero. However, XM doesn’t charge any commission for this account, which makes the trading cost really low. The highest leverage you can use is also 1:888. Just like the other 2 accounts, you can open up to 200 positions and the minimum volume of trading lot is 0.01.
On the other hand, if you want to open this account, you have to deposit at least 50 USD. Moreover, trading bonuses cannot be used on this account. You can use the No Deposit bonus normally.
Those are the great features of XM forex broker as well as a deep analysis on XM accounts. You can check how to open XM account or our full XM review right here on our website.