XM is one of the biggest names in forex and CFD (contracts for difference) trading. The company has been providing a fantastic service to global clients for years. Those who regularly read my articles will know that I have been trading for many years, 15 to be exact. XM is one of the brokers that I have used in the past and have found them to be very efficient. This is a fully regulated broker so KYC is non-negotiable. Crypto CFDs were previously available on XM but were later discontinued. However, I am glad to say that Crypto is back! XM now offers a handful of Crypto assets to trade with leverage via CFD products. Leverage starts at 1X for the newer or more conservative trader. The maximum leverage of 888X is pretty insane and I am not sure why anyone would actually want to trade with so much risk.
What Crypto Assets Are Available?
Trading with XM is now truly a fully comprehensive experience, thanks to the addition of Crypto. Together with Crypto users can trade forex, commodities, and stonks. Currently, there are eight different Crypto assets to trade on XM and are pictured below.
One of the great things about XM is that the minimum deposit is only $5 but then it is also difficult to trade Crypto assets due to the lot size. For this reason, smaller traders should opt for opening a Micro Account, as they will still be able to trade Crypto assets with smaller balances. Obviously, the leverage setting also plays a large part. You will require more capital if you are trading 1:1 compared to 1:888.
The Free $30 Bonus
This bonus is quite unique as new account holders need not deposit any funds in order to receive it. It is also only available to new clients of XM and the account must be a Real Account. Important to note that you must tick that you wish to receive bonuses in the sign-up process. Interested parties can peruse the Terms & Conditions prior to opening an account with XM. I recently opened a new account for trading Crypto and perhaps a bit of forex at some point. I however did not receive a $30 bonus as I am an existing client. I did however receive a 100% deposit bonus on my first deposit. There are additional deposit bonuses available. For skilled traders, these bonuses can be significant. Many platforms such as Bybit require a lump sum in order to qualify for a bonus, whereas there are no requirements with XM. For example, the 50% bonus will add 50% to my deposits until I have received $481 in accumulated bonuses. The 20% bonus will then kick in and I will receive 20% of my deposit as a bonus until I have accumulated $4500 in bonuses.
Withdrawing funds has never been an issue for me and I see that they have added Crypto withdrawals again as well. I am not sure how the Crypto withdrawals operate now but previously you could only withdraw via Crypto if you had deposited via Crypto. I can’t offer any clarity here as I have not withdrawn since the reintroduction of Crypto. Alternative methods include Visa, Skrill, Perfect Money, SticPay, and Bank Transfers. Deposit Bonuses are removed upon withdrawal, so make sure you use them wisely.
XM Loyalty Points
Trading activity can also see traders being rewarded in XMP, which is the loyalty system of XM. Accumulated XMP can be converted to cash or a bonus. The cash value is lower than the bonus value, as the bonus is not withdrawable. There are four different levels within the loyalty system and are attained merely by trading actively. XMP rewards increase along with the four levels with the highest level being the ELITE Status.
Like most regulated brokers, XM makes use of MetaTrader. Users not familiar with the MetaTrader service can simply download the MT5 WebTrader in the “Platforms” section. Both will provide traders with the typical tools required to map out trades. Overall it’s a pretty good service and when you consider the bonuses it becomes an attractive option, especially for skilled traders.
It’s great to see XM back in the Crypto space and hopefully, we will see more assets added in time. Please do your own research, as this article is not investment advice but merely my experience of XM and the services they provide. It is important to note that bonuses cannot be withdrawn. However, profits gained through the trading of bonuses are fully withdrawable.