XM Broker Summary
- Overall Rating
XM is a trusted and recommended brokerage for online FX and crypto trading
XM Cryptocurrency Broker Review
Our Experience Trading Cryptocurrencies With XM
A recent trend that you will see in today’s online brokers is that they are adding cryptocurrency trading to their platforms. The world has gotten over the fears that were associated with cryptocurrencies a few years ago. Today, the biggest economies of the world have accepted cryptocurrencies another form of currency. The increasing popularity of the market has made many brokers give their traders the access to trade in this market. One of the brokers with this service is XM. XM is a big broker that serves hundreds of thousands of brokers from around the world and many other financial markets other than cryptocurrencies.
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Let’s review XM and see how good this broker is for cryptocurrency and various other asset trading.
XM – A Brief Introduction
It won’t be wrong to call XM one of the biggest online brokers when you look at the numbers. It has more than 1.5 million traders that have opened account with it to date. The number is only increasing with time as more and more people find out about the broker. More than a billion trades have already taken place using its trading platform. At present, XM has its presence in nearly 200 countries around the world. To cater to the needs of its traders, the company supports 30 languages as well. All of this amazing growth has been achieved by the company in just 10 years of service.
One of the concerns that traders from around the world have before joining a broker’s trading platform is security. Before you even deposit any funds and provide information to the broker, you want to be sure about its legitimacy. XM covers this area perfectly as it is regulated by four of the well-known regulating authorities of the world including ASIC, FCA, CySec, and IFSC. It does not matter how big of claims a broker makes. The most important thing is regulation by neutral authorities and XM passes that test with flying colors.
Trading Cryptocurrencies with XM
XM creates perfect conditions for traders to trade in the cryptocurrency market. There are only five cryptocurrencies that you can trade when you join XM. These currencies are Ripple, Litecoin, Ethereum, Bitcoin, and Bitcoin Cash. These are some of the most popular and practical currencies in the cryptocurrency market. The broker is doing all it can to create the best and most flexible conditions for traders. First, you have to maintain a margin of only 20% regardless of the digital coin that you pick for trading. Moreover, you can also enjoy tight spreads that can be as low as 0.6. However, the spreads will differ from asset to asset.
You are not limited to trading only cryptocurrencies on the XM trading platform. You have MetaTrader 5 as your trading software if you want to trade cryptocurrencies. However, you can join the MT4 platform for trading other financial assets as well. Other assets that you can trade with XM include precious metals, currencies, energies, indices, stocks, and various other soft commodities.
Choosing the Trader Account with XM
You can choose from three different accounts that have been designed for beginner as well as advanced traders. If this is your first time in the financial markets, you would want to go with the micro account. This account requires you to trade a lot as small as 1000. Not to mention, you can enjoy leverages of up to 1:888 on certain assets. The leverage you get from the broker also depends on the volume of your trade. The same leverage levels are available if you sign up with other accounts as well. You can use a bunch of currencies to fund your accounts. If you want the tightest spreads, Ulta Low Account with 0.6pips as minimum spreads is perfect for you.
It should be clear at this point that the broker only works with spreads. You will not be paying in the form of commission on your trades regardless of the account you choose.
Bonuses from XM
This is an area where a lot of online brokers lack a good strategy. They are not very good at attracting traders to their platforms. On the other hand, XM has a perfect strategy for its new and existing traders. For new traders, you can get a deposit bonus as soon as you join the platform. Sign up and deposit funds in your account and the broker will credit your account with a 15% of that deposit amount. That’s a bonus for the newcomers. There is something for existing traders as well. These traders can earn loyalty points the more active they are on the trading platform.
Last but not least, you don’t have to pay anything as fees when you deposit funds in your account or withdraw them. Make your transfers through wire transfers, credit cards or e-wallets, you will not have to pay any fees on those transfers.
Contacting XM for Customer Service
Expect the best when you need help from the company and have to contact. First of all, you can avail the live chat service right on the website. Chat with an agent from the company in a chat window to get instant answers to your questions. If that does not work, you can contact the company on its phone number. There is also an email address that you can use to send any concerns and queries. In short, you have all the possible channels available to contact the company. Keep in mind that the representatives are present to serve you 24/5.
Just because you are interested in trading cryptocurrencies does not mean you cannot trade other financial assets. XM is the perfect broker when you want to explore your options. Trade not only the best cryptocurrencies but many other assets from a variety of financial markets from around the world too. Choose between MT5 and MT4 platforms based on your trading style. Start with a small deposit and take advantage of the welcome bonus. Deposit funds in your account without any worries of how much fees you have to pay because there are none. XM can easily be recommended to friends who are interested in trading.