Most of the providers have specialized in individual asset classes, while other providers offer the complete range of leveraged financial products. One such provider is XM, a subsidiary of Trading Point of financial Instruments, a Cyprus-based company.
Best Forex Trading Brokers in South Africa
|Forex Broker||Minimum Deposit||Trust||Rating||Visit Site|
|Sign Up EasyMarkets South Africa|
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Trading experience for South Africans
The company, which was founded in 2009, is a broker that has grown steadily over the past few years. In addition to its range of tradable products and trading instruments, it is also continuously expanded its global presence. Of course, the customer also benefits from this diversity and knowledge. According to its own information, XM now has a huge customer base with 300,000 opened accounts and traders from almost 200 countries. In doing so, the provider tries to create offers to its customers on site by holding real events that aren’t administered online. But first, XM should be viewed from the attitude of potential newcomers trying to find an appropriate broker.
|Companies||Trading Point Holdings Lt|
|address||12 Richard & Verengaria Street, 3042 Limassol, Cyprus|
|Registration number||HE 322690|
|Regulation / license||CySEC, 120/10, BaFin registered|
|Service times:||Mon-Fri 24h|
Basically, five types of products are often traded at XM. These include raw materials, precious metals, stock indices, crypto currencies and international currencies. For stock indices and commodities, XM uses the instrument of CFD trading, also referred to as a contract for difference in German-speaking countries, during which you’ll back the worth development of a particular base value. The spreads form the idea for the opposite sorts of trading. Leverage ratios of up to 1:30 are offered.
Here are the leverage consistent with the underlying assets at a glance:
|Major FX pairs||30: 1|
|Major Indices Minor FX Pairs Gold||20:01|
|Commodities Minor Indices||10:01|
Bonus for new customers
The bonus program that XM offers for both new and existing customers is also varied. for brand spanking new customers there’s initially a bonus of 25 euros no matter the first deposit amount. This makes XM a no deposit forex broker that grants a free bonus. This bonus may also be credited in other currencies such as British pounds, US dollars or other currencies, if desired. In contrast to several other brokers, XM also offers that winnings made with this bonus are often paid out immediately and no further conditions are attached to the present bonus. Our experience, also with other brokers, shows that this is a really fair offer.
|Deposit bonus:||€ 25 free, 50% bonus up to $ 500, 20% bonus up to $ 5000 (or currency equivalent)|
|Bonus terms:||Bonus can be used for trading, but cannot be paid out|
|Other bonuses:||Monthly $ 20,000 competition|
Deposit and withdrawal
In terms of deposit and withdrawal modalities, XM also makes it very easy for its customers. It is currently possible to make deposits through variety of popular credit card providers.
XM attaches great importance to relying exclusively on reputable and internationally recognized providers. Payouts also are possible by bank transfer. It’s particularly convenient for the customer that the fees incurred by all providers are covered by XM. This is applicable to both the deposit and also the withdrawal.
In addition, a really low minimum deposit amount of 5 euros applies across the board. With regard to the duration of the deposit, XM depends on the cooperation with the respective providers, this is often the rationale for sometimes different deadlines. When using a credit card, the transfer is typically immediate. within the case of bank transfers, however, it can take a couple of days before the credit is credited to your own account.
Security and Regulation
With relation to the security of the deposits, XM offers the same old rules. This includes a guaranteed deposit protection of up to 20,000 euros. in addition, the deposit protection also can be higher, but varies according to the amount of individual customer deposits. in theory, a better security is often agreed.
In addition, the segregation of accounts customary in the industry is additionally applied. this implies that in the event of the broker’s insolvency, the customer’s credit remains untouched. As a subsidiary of Trading Point of financial Instruments based in Cyprus, XM falls under the regulation of the EU, which guarantees basic standards and prevents fraud and rip-offs. Another guarantee for a high degree of seriousness is that the regulation by the Cypriot regulatory agency CySEC. Among other things, this ensures that sufficient liquidity is usually available.
Support and customer service
XM offers customer service to its South African traders. It has professionally trained employees that are available at any time to patiently and competently answer customer inquiries. A crucial and helpful service, especially with products that aren’t always uncomplicated.
Ease of use of the web site
Basically, when it comes to XM’s offers, the customer should deal with partially highly complex trading products that beginners especially cannot understand at first glance. Often the functionality isn’t apparent directly from the explanations on the web site. For this, the customer can and will fall back on the telephone customer service also because the extensive training offers offered before he starts trading. A demo account is additionally available for testing. With XM, all of this is often in fact also possible via a mobile app, which is out there for all systems from iPad to Android.
Conclusion: XM Trading
The broker XM opens up a large range of tradable leverage products to the trader, even if the choice within the categories is manageable. But if you discover your product here, you’ve got a solid and reputable partner with fair conditions in XM. Additionally, it offers some levels of security that are intended to limit losses in this risky market segment. This “safety belt” can be extremely important for beginners, even though its use is in fact not mandatory.
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