XM is one of the most popular UK Forex Brokers which is regulated and authorized by several reputable regulatory entities. XM has grown in popularity right around the world and has become particularly popular in Zimbabwe.
Despite accepting and welcoming Zimbabwean clients, XM has an extensive and comprehensive offering which caters for a variety of traders despite their skill, knowledge, and experience in a trading environment.
Since its inception until now, XM has expanded its customer base along with its reach to over 196 countries with 1.5 million registered traders along with investors.
Why is XM becoming increasingly more popular among Zimbabwean traders?
1. Regulation and security of funds
XM is authorized and regulated by reputable regulatory entities that include:
- CySEC in Cyprus
- ASIC in Australia
- DFSA in Dubai
- FCA in the UK, and
- IFSC in Belize
Brokers who are authorized and regulated by a vast amount of regulatory entities are subjected to various strict and demanding regulations which have to be complied with in order for the broker to maintain their license.
This involves several factors, including that client funds have to be kept in segregated accounts separate from the broker’s funds to ensure that funds are only utilized for trading activities.
In addition, reputable brokers are members of compensation funds and schemes which pays out a certain amount to eligible traders should the broker become bankrupt or be declared insolvent and thus unable to compensate traders.
2. Variety of Accounts and favourable trading conditions
XM not only offers Zimbabwean traders with a variety of accounts, but these accounts also have a variety of base currency options which ranges from USD, EUR, JPY, AUD, SGD, ZAR and several more.
The only exception is the Shares Account, which only has a base currency of USD.
XM offers Zimbabwean traders the following accounts in addition to some of their features:
- Micro Account – Leverage offered starts from 1:1 and can go up to 1:888, negative balance protection is offered, and spreads start from 1 pip. This account has zero commissions charged.
- Standard Account – Leverage is between 1:1 and 1:888 with spreads from 1 pip, negative balance protection and zero commissions charged on trades.
- XM Ultra Low Account – Leverage offered is between 1:1 and 1:888, negative balance protection, spreads from 0.6 pips and zero commissions.
- Shares Account – this account does not have any leverage but there is negative balance protection and spreads are as per the underlying exchange, commissions are charged on this account as per the financial instrument traded.
These features only serve as a guideline and XM is more than equipped to offer Zimbabwean traders with tailored solutions based on their trading objectives and needs.
3. Wide variety of financial instruments
XM provides Zimbabweans with a superior way in which Forex can be traded in the most comprehensive trading environment with a custom tailored trading account, but XM not only offers Forex, but other financial instruments that can be traded, including:
- Stock CFDs
- Equity Indices
- Precious Metals
- Energies, and
4. Reliable, reputable, and user-friendly trading platforms
Both these trading platforms are innovations from MetaQuotes Software Corp., and they have been used by millions of traders around the world since their launch without any indication of a decrease in popularity.
Both MetaTrader 4 and 5 provide traders with a user interface which is highly customizable, the use of a variety of charts along with charting tools which includes technical indicators, analytical objects, timeframes, and more.
5. Superior education and research resources and tools
Trading can be extremely intimidating to beginner traders and XM caters specifically for this by providing a variety of educational tools, not only to aid beginners in Forex Trading, but specifically trading by using XM’s range of services.
Provision is made for live education, educational videos, Forex Webinars, and seminars, if only to name a few.
XM provides Zimbabwean traders with access to a variety of research tools and resources that can aid them in their trading strategies and technical analysis to improve decision making pertaining to trade execution.
The XM website provides several trading tools, market components, stock market news, Forex previews, technical analysis, Forex Calculators, and more.
6. Hassle-free deposits and withdrawals
XM provides a range of payment options that traders can use with which to make deposits and request withdrawals including multiple credit cards, multiple electronic payment methods or e-wallets, bank wire transfer, local bank transfer, and more.
Zimbabwean traders can make deposits using any currency as it will automatically be converted into the base currency of the trader’s account.
Another popular benefit of making use of XM’s services is that no fees are charged on either deposits or withdrawals, all fees are covered by XM.
Brokers offer promotions and bonuses not only to attract new customers but to award their existing, loyal customers and often to encourage trade in higher volumes.
XM provides the following promotions:
- Trading bonus of up to $30 which cannot be withdrawn, but the profits earned can be withdrawn.
- 100% deposit bonus up to $500 as well as 20% deposit bonus of up to $4,000
- $1,000,000 10-year anniversary promotion which is a lucky draw with prizes with a total value of $1,000,000 with both new and existing clients welcome to participate.
- XM Loyalty Programme which occurs a few times a year and where loyal customers are eligible for special seasonal bonuses.
- Free VPS services.
- 0% on deposits and withdrawals with e-wallets, credit cards and wire transfers above US$200 covered.
8. Exceptional Customer Support
Zimbabwean traders can contact XM via email, telephone or by using the live chat option. Support is available 24/5 and it is informative, and responses are prompt.
When looking at the comprehensive offering that XM provides, it is quite clear why it has become the fastest growing trading platform in Zimbabwe.
Not only does XM cater for individual clients’ needs, but new and existing traders are rewarded in abundance through the bonus schemes and promotions that are offered.
XM caters for every Zimbabwean trader according to their needs, objectives, and individual trading plans by ensuring that trading accounts are customized and tailored perfectly to ensure that traders get the most out of their trading activities and experience.