Among the brokers I have traded with, I found that XM is one of the best forex brokers of 2018 in terms of services and trading conditions. XM was founded in 2009 and has over 1.500.000 clients from 196 countries. Besides, XM has also visited more than 120 countries to meet with their clients and partners around the world to educate traders and enable them to make better trading decisions.

However, not many traders know how good XM is. That’s why I write this article to give you a throughout review of XM – the up and coming broker of 2018. This review is based on regulations, trading conditions and trading costs, trading platform, paying system and types of accounts.

1. Review of regulations

Regulations are very important in the forex market as they can indicate how trustworthy a broker is. Brokers who have the license of regulation are supposed to be reliable because obtaining a regulation is really difficult.

U.S. and UK regulations are considered perfect because of the U.S. and UK financial management system.  If any brokers can acquire one of these regulations, they will have the best trading platforms, techniques, financial health and management systems… Accordingly, I suppose XM is one of the best regulated brokers as it has FCA regulation from UK, CySEC from Cyprus, ASIC from Australia and FSB from South Africa to serve the traders in these areas. As a result, XM is the most reliable broker with the ability to protect traders in many countries from all over the world. Therefore, I can say that you can trust XM.

2. Trading costs and trading benefits of XM

Usually, traders tend to choose the brokers with reasonable and low transaction costs, especially scalpers owning many transactions at a time.

Accordingly, XM has the low spreads such as FXCM and Forex.com, US and UK brokers. The spread is 1.7 pip for a EUR/USD for trading regular accounts and 6$ commission for trading ECN account whereas that of other brokers is around $7 for trading ECN account. Especially, they provide the loyalty program which will rebate an amount of money to your account automatically when you finish a lot/transaction. With such a program, you can minimize the transaction cost effectively.

Also, XM offers the deposit bonus which allows you to get money depending on how much you deposit. Such program can reduce your trading costs, and hence you can get up to $5000 from their deposit bonus program with the maximum deposit rate being 100%.

3. Review of trading platforms

With the best up-to-date trading platform and the automatic transfer system, XM’s trading platform can be used either on PC, Smartphone or Tablet without losing its performance. They offer you all the tools that you’d need in order to make profits.

4. Payment system

It is very significant to consider the payment system when starting depositing or withdrawing the win money. A good payment system will be really helpful for traders and it should be fast, free, and unlimited. Followings are some most common good payment systems which you can refer.

• Fast deposit and withdrawal
• Local payment supported
• Low or even free-of-charge fee for deposit or withdrawal
• High minimum withdrawal limitations

Besides having the best payment system in Asian countries such as China, Thailand, Indonesia, etc., XM also allows traders to deposit through many free different international payment methods like using Credit/debit cards, Neteller, Skrill, Webmoney, PerfectMoney, Bitcoin, Alipay, Nganluong Wallet or local banks such as: 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).

THE LOWEST SPREAD FOREX BROKERS.

5. Customer support

This criterion is one of the most important ones for choosing a broker. In the complex forex market, traders will need as much help as possible. From my experience, I have nothing to be unsatisfied about XM’s customer services as it has no technical errors and discomfort. Also, XM offers supports for more than 30 languages including Thai, Chinese, Indonesian, Vietnamese, etc. as well as local banking supports.

6. Account types

There are currently 3 account types offered by XM: Micro, Standard and Zero. More specifically below:

• Micro account

This type is perfect for beginners with commission-free and the low spread since the minimum deposit is just $5, but the leverage is up to 1:888, and all accounts allow 200 orders at a time.

• Standard account

This is suitable for the experienced traders. It has some notable differences in comparison with the Micro account: the offered contract size is a hundred time bigger – 100,000 for 1 lot. The minimum trading lots are equal for both MT platforms, and the lot restriction per ticket is 50 – a half compared to the Micro account.

• Zero account

This is commission-based and has the most competitively priced offering. The average spreads on the EUR/USD was listed as 0.1 pips and the all-in cost to trade is 1.1 pips.

There is also the XM Islamic account for clients who follow the Muslim faith. They are the free-swap type of account for Islam traders.

Below are my advices for you based on my experiences and time with XM:

• Micro account is a great trading environment if you want to learn more about the forex market.
• Cryptocurrency trading conditions are the best. This means you can take advantage of it.
• XM should support payments via your local bank so if your local bank is supported, you should always utilize it since it doesn’t cost any fee.
• Day time spread in XM is always lower than night time’s spread, thus trading in daytime seems like a more sensible decision.

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