Best Forex Broker - XM ?
Can XM be considered a best Forex broker, is it particularly well suited to Forex trading ? It offers two online trading platforms which are used by Forex traders, namely MetaTrader 4 (MT4) and MetaTrader 5 (MT5). XM provides cent accounts (which it calls a Micro account). These accounts allow MetaTrader to be denominated in cents, rather than dollars. What this means is that trade sizes can be up to 100th of the size of a standard trade size. For example a cent micro lot is 0.0001 lots, while a standard micro lot is 0.01 lots.
Forex traders may wish to trade with small trade sizes and smaller account sizes, and a cent account allows this. The minimum trade size at XM is indeed 0.0001 lots and the minimum deposit is $5. To some extent the Forex market is scalable. That is the trader can start with small trade sizes (after using the demo) and the increase lot sizes. At XM, the trader can trade with larger trade sizes on the Micro (cent) account, and larger sizes again on the Standard account.
The MetaTrader platform is arguably one which developed for Forex trading. It offers a wide range of tools and can be customised, beyond the features offered at a particular broker. XM supports features including the capacity to run and build online trading robots.
| Broker | Trading Platforms | Description |
|---|---|---|
| XM Broker | MT4, MT5 Trading Platforms | XM offers Forex trading from very small to large trade sizes with a minimum deposit starting from $5 and allows the use of EAs Description |
The Forex market is open continuously from open on Sunday to close on Friday. This means that it can be traded continuously during the week. But traders may not be available to trade at a certain time or they may find executing strategies to be tiring.
Robots will tirelessly execute trades in a manner specified by the algorithms. Robots can also accumulate losses rapidly in a trader's account. MetaTrader online trading robots are called Expert Advisors (EAs). XM supports the use of EAs. Thus the trader may download robots built by others (normally for a fee) or build them and see how a robot can tackle the complexity of the Forex market.
For traders who want to analyse markets, MetaTrader offers the usual toolkit of analytical tools, such as technical indicators and graphical objects. These allow the trader to apply technical analysis to the Forex market. Technical analysis provides entry, trade management and exit point for a trade. Of course the analysis can be wrong, but the trader may also learn from trades which do not work out. A feature of MetaTrader is that it lets the trader download and build more technical indicators, than those inbuilt on the platform.
So is XM the best broker for Forex ? It is perhaps arguably a broker built around Forex trading and can offer a wide range of tools to apply to this complex market. XM has a rage of tools to assist the trader, including the Global Market Insights podcast. The trader can apply for an account and also test out the platforms on a demo.
