XM is a reputable forex broker empowering traders to leverage the financial markets, it was founded in 2009. XM was built on a solid footing, with over 450 professionals directing the affairs of the company.
The broker is rooted in over 196+ countries communicating in over 30 languages, thereby reaching financially excluded regions of the world.
XM is licensed and well regulated in the UK and supervised by other international bodies such as the CySEC, IFSC, FRN, AFSL, and more. The broker operates under the authority of the European Union.
On XM, you can trade 6 Asset Classes – 16 Trading Platforms – Over 1000 Instruments. In addition, XM offers No Deposit Bonuses which I’ll present in this article.
On currency trading...
Currencies are divided into two main sorts – Major currencies and minor ones. The major currencies are derived from the most powerful economies around the globe – the US, Japan, the UK, the Euro Zone, Canada, Australia, Switzerland, and New Zealand. Together with the other currencies, they create Forex pairs
Regarding bonus, XM offers a $30 free bonus when you sign up and trade Forex and CFDs on Indices, Gold, Oil, and Stocks, the bonus could extend up to $5000 depending on your deposits to your trading account. This gives limitless opportunities for traders to leverage the XM platform and grow their capital.
Key Takeaways
•The XM Bonus promotion is available to all traders opening a real account with XM for the first time.
•You cannot withdraw the bonus but you can withdraw the profit you make from the bonus.
•You must make your bonus request within thirty days (30) of the account opening date.
What is the No Deposit Bonus?
This is a bonus of $30, or 25 euros which allows the trading platform to be tested in a real trading environment without any investment risk. When you make your request, the bonus is paid directly to your account without delay. Note that all of the profit you will make with this bonus can be withdrawn afterwards.
Who is the Bonus for?
This promotion is available to all traders opening a real account with XM for the first time. You must make your request within thirty days of the account opening date. Otherwise, the bonus will no longer be accessible.
SEE ALSO: Day Trading Strategies for Beginners
How Do I Get My Bonus on XM?
To obtain the no deposit bonus, simply follow the following procedure:
Open a real account, connect to the member’s area using the credentials received by email, provide the relevant documents to validate your account, click on the “request-bonus” button, and complete the SMS verification process by following the instructions on the site.
The promotion of the forex broker XM is interesting since you’ll receive a bonus without having to make any deposit.
However, if you are a beginner trader, we urge you to opt for opening a demo account rather than a real account. It’s safer to practice before taking the plunge. Once this step is completed, open a real account and don’t forget to claim your bonus.
Pros And Cons of XM Broker
Pros
- Low stock CFD and withdrawal fees.
- Easy and fast account opening.
- Great educational tools.
Cons
- Limited product portfolio.
- Average forex and stock index CFD fees.
- No investor protection for non-EU clients.
How to Choose A Reliable Broker in 5 Steps
Choosing a reliable broker is very difficult. There are alot of bad broker but you should be able to identify the real from the scam. Follow our 5 steps below in choosing a reliable broker.
1. Check the Reliability of the Broker
Whether it is a broker with no minimum deposit or with a minimum deposit, reliability is a very important criterion to qualify it as a serious site or not. In addition, each broker must have a license provided by a financial market authority in the country where it operates in order to be able to operate.
However, this does not guarantee that the broker is serious. So, to avoid falling on the wrong site, don’t forget to see the broker blacklist on investing site.
2. Check the Conditions for Withdrawals and Deposits on your Trading Account
Before starting to trade, a trading account needs to be funded, which is why you must choose the site that facilitates deposit and withdrawal operations.
In addition, you must learn about the means of payment available on the site (bank transfer, credit/debit card, PayPal, etc.), and the duration of the deposit. And to be really sure that the broker really offers the best deal, read customer reviews of the broker.
3. Find out about the Assets and Available Markets
In the trading activity, several markets are available to traders. For example forex, stocks, cryptocurrencies, stock indices, commodities, etc. Some broker gives the opportunity to trade in all the markets that exist in this activity to its users while others specialize in a few markets.
It should be noted that the number of markets offered by the site does not determine its reliability. This step only helps you see if the site makes it possible for you to trade in the market in which you want to participate.
SEE ALSO: Best ECN Forex Brokers
4. Know the Trading Platforms Available on the Site
It is true that there are several trading platforms but a broker normally only works with a few of these platforms. In addition, any trading site needs a platform to function. But, you have to be careful because this criterion does not determine the reliability and security of the site either, it is essential for your trading strategy.
The most popular and widely used are the MetaTrader 4 and MetaTrader 5 platforms. But there are others like MetaTrader Supreme Edition, TradingView. Broker with no minimum deposit or minimum deposit can also invent their own platforms that they set up for their clients. For example, AvaTrade has its own trading platform.
5. Test the Broker of Your Choice
And yes, it is possible to test the broker without investing your capital thanks to the demo account. Beginner traders are strongly advised to do this to familiarize themselves with the way trading works.
For a trading site with no minimum deposit or with a minimum deposit, this is also a great opportunity to convince new traders to register on the site. But the time varies from broker to broker.
The Admiral Markets trading site makes its demo account available to novice traders for an unlimited period, while for other sites it is made available for a period of approximately one month.
SEE ALSO: Best Performing Trading Robots
Frequently Asked Questions (FAQ)
1. What is the Minimum Withdrawal in XM?
The minimum withdrawal amount is $5
2. How Does XM no Deposit Bonus Work?
This is a bonus of $30, or 25 euros which allows the trading platform to be tested in a real trading environment without any investment risk.
3. How Does XM 50% Bonus Work?
Clients can claim the 50% Welcome Bonus on first deposits, up to a cumulative bonus amount of $2000.
Final Thoughts
You should practice first with XM demo account if you’re a novice trader but if you are a professional trader, you can go ahead to request for the bonus after validating your account.
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