There are about a thousand different types of brokers for trading forex and they provide services in different ways. Now the question is, will you choose a broker and start trading? This is important because a good broker is essential for good trading. The broker serves as an important factor for trading. But choosing a preferred broker for yourself as a new trader is tricky in one word. Because a new trader can’t scrutinize different brokers. That’s why we have today’s article. We have endeavored to introduce you to all the popular brokers and their services. In today’s XM Review article, I will point out all the good and bad aspects of this broker and tell you about the detailed reviews of this broker. So let’s get started –
Before we start-
The easiest way to find the good or the bad of any broker is to seek out broker support and some of the more important things. To provide reviews about the broker, we have scrutinized some issues and provided reviews based on that. We will focus on the following 5 topics to provide reviews.
- Execution time
- Fund processing time
- Fund Security
- Broker Support System
- Various bonuses and promotions
XM Review – Execution
Here is the execution time, exactly how long it takes you to make a real trade. To put it simply, I wanted to explain the amount of time it takes to get an entry. This is important because if you take too long to accept an entry, your target pips may be lost. This broker’s execution time is average. That is, it is not an immediate entry. Because of this, those who prefer to trade during a very high movement, such as news trading, may have some problems. According to our experience, it is normal to have a slight delay during news trading. Extra Movement causes “Re-Quote” to be taken while accepting entries, which may not result in entry to the price at which you took the entry.
XM Review – Fund Processing
Fund processing is one of the major reasons behind the popularity of the XM broker. As a new trader at this broker, you will be able to deposit a minimum of $5 in fund deposits, which is helpful for a lot of new traders. Also, this broker provides clients with a variety of ways to deposit funds. Whatever you have in mind, you will have the advantage of depositing and withdrawing funds.
We used Neteller and Skrill to fund and deposit funds through the Exum Broker, and it took no time for the funds to be transferred. This means that the broker offers the benefit of depositing funds almost immediately. However, there will be some time to wait for the fund to be raised. Unlike fund deposits, this broker does not provide immediate funds for the fundraising process, but you will be completed within 24 hours.
XM Review – Fund Security
All traders, however, are a bit worried about depositing funds in a broker. Because the money will not be lost or the broker will not kill the money? We know it’s normal to think. Because, brothers, these are our hard-earned money. Even if you lose money by trading, it doesn’t hurt as much as if the broker doesn’t allow you to raise funds or protect your invested money.
Many of you have heard the name of the surrogate account. Now the question is, what is the relationship with fund security? For your benefit, let me say, the broker itself is not a bank due to which your invested funds are deposited in the broker’s account. Brokers who offer Surrogate Account deposits their client’s funds directly to a registered and trusted bank in the client’s name as opposed to depositing their funds into their account. Now the question is, what is the benefit? In a simple illustration, I explain –
Suppose you deposit a fund with a broker named “A” who does not have a Surrogate Account. If there is a time when your broker goes bankrupt, all of your invested funds will be frozen. That is, you will no longer receive that money back.
On the other hand, “B” deposited the funds in a broker with a Surrogate Account. If at any time, your broker goes bankrupt, you will be obliged to repay all your invested funds to that bank. Hope you understand.
XM Broker’s security system is powerful enough. Whenever you are going to withdraw or withdraw any amount from a broker, you will only need to log in to the client cabinet. That means you have to log in to your Exam site and then withdraw the funds. Most brokers see this, using a trading ID and password to raise funds. However, in the XM Broker, you can withdraw funds only if you use your different ID and password to withdraw funds.
XM Review – Broker Support
This broker is also very reliable from customer support. This broker provides support in about 4 countries. Support for Bangladeshi traders directly in Bangla. That is, if you want to receive support in Bengali, then the broker’s support team will provide you with enough support in Bengali.
Also, this broker has a live chat facility which is open 24 hours a day 7 days a week so that you can get instant support from the broker by chatting immediately. Also, you can get the help you need with the broker’s support team by email or phone.
XM Review – Bonuses and promotions
Many want to start real trade with the various offers made by the broker. One of the biggest reasons for the popularity of the XM Broker is its various bonus offers. As a new trader, everyone has a small amount of initial investment, which can lead to some problems in starting a trade. This broker offers up to $ 500 bonus on various types of accounts. This benefit is very useful for those who want to start trading in a completely new situation. On the other hand, for a one-of-a-kind trader, this broker offers a variety of customized bonus offers that apply only to your trading account. Click on our XM Promo to receive a bonus offer.
So, this broker can be ideal for those who want to start trading with a bonus discount. If you would like to know about different types of bonus amounts for this broker, please visit our Bonus Portal. In our Bonus Portal, you will find information on various broker offers from around 4 different brokers from where you can get a real bonus by accepting a bonus that is convenient for you.
XM Review – Leverage
For those traders who prefer to trade through leverage, this broker is ideal. With no restrictions, the broker provides you with leverage up to 1: 888 and does not require you to deposit a certain amount of Amount. That is, this can be an added benefit if you are accustomed to trading in excessive leverage.
But one thing you need to keep in mind, most brokers automatically reduce the amount of leverage during various important news or events. This is normal but it can have a detrimental effect on your trading strategy. As soon as the news is over, your leverage will be set again. But the InstaForex broker doesn’t do it. That is, from the beginning of trading to the end, this broker will keep your leverage amount exactly as it was before. That will serve as an added benefit, for traders.
B: Leverage and marginal trading are not for everyone, especially for beginners. Excess leverage can lead to the loss of your investment. So, please read our Leverage and Margin Article seriously before trading with additional leverage.
XM Review – Spread
Spreading in simple terms, the gap between the given price and the sales price of the entry you take. This gap is called spread which is considered as a broker’s profit. Spreading is a loss for traders because if you enter the currency pair, the spread will be higher if the amount of spread is higher.
It is not possible to trade without a spread. Therefore, traders prefer the broker, which is less than the spread of the broker. The amount of spread in the Exxon Broker is much lower than in other brokers. That is, this broker does not charge an extra spread. The spread starts at a minimum of 1 Pip but can be of the same type as the account piercing, which is considerably less than that of other brokers. For those who want to start trading through low spreads, XM Broker can be considered as an ideal.
As a trader, you can start trading at any broker of your choice. However, since you are starting to trade as a whole or want to change your broker, we have tried to assist only by providing this review. All the information we have presented in this XM Review article is fully disclosed in our own trading experience. All of the information presented above is accurate and is not intended for any kind of advertising or promotion. If you have any thoughts, questions, experiences about this review, you can write to us by email or in the comments section below.