The XM Forex Competition will host a new contest every month. There will be ten rounds in each competition, with the top five traders advancing to the Semi-Final round, and then onto the Final Event, where one trader will win a cool $500,000! To enter, you must have a live XM account. To register for the contest, you can sign up in the Members Area. You’ll then choose a contest username, which will be your alias in the contest rankings.
XM offers commission-free Forex accounts. Its Ultra-Low Standard Account offers spreads as low as 0.6 pips, which amounts to $6.00 for a 1.0 standard lot. Other brokers have spreads that are higher. XM also offers a Zero account, which has very competitive fees.
XM also offers commission-free trading, with all costs to XM covered in the CFD fees. While the lack of commissions benefits lower-frequency traders, high-frequency traders may be negatively impacted by the higher cost. Still, XM’s index CFDs are reasonably priced. For example, the S&P 500 index CFD has a minimum spread of 0.7 pips, which is competitive in the commission-free market. As an added bonus, XM offers its clients the flexibility to manage leverage risk. The margin requirements remain constant during the week and never widen on weekends, allowing traders to trade with maximum leverage.
In addition to low-cost trading, XM also offers a generous bonus for new traders. This bonus is not available to all clients, and it’s important to note that some countries may not be eligible for this bonus. If you’re living in one of those countries, you should contact the XM customer service department to find out if you’re eligible. Furthermore, XM provides a number of tools and platforms for traders to use to analyze the market and make trades.
XM’s account types are also very straightforward and realistic. This makes them a great value for money. While many competitors offer many complicated account types, XM keeps their account types simple and understandable. Moreover, all their fees are competitive, and the zero account offers a low minimum deposit.
XM is regulated by the CySEC and has a strong investor protection fund. This fund awards depositors with a maximum of EUR20,000 if they lose money. Another positive factor is the company’s long history as a broker. It’s only natural that a broker with a long track record will be more reliable than a company with a short one.
XM has over thirty industry awards and offers customer service in multiple languages. It has over 300,000 real accounts from 196 countries. Its fees are very reasonable, but there is a fee for inactivity after 90 days. If you’re interested in trading forex, it’s worth checking out.