Forex & CFD Trading with XM from Singapore [MT4]
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.31% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
An alternative to investing at the Singaporean Stock Exchange (where you can only access instruments that are traded locally), is through the online trading platforms offered by XM, which has been classified by many analysts as one the best online trading platforms for Forex and CFDs.
XM is an Online Forex and CFD Broker available to clients residing in the Lion City, with has one of the largest penetrations in the market, since it offers a large number of currency pairs and CFDs of international financial instruments. Among their offering, a trader may invest in stocks, indices, metals, and energies. Among the platforms that the broker offers, one may find MetaTrader 4 and 5, two of the most popular trading platforms. XM has over 2.5 million accounts from clients based around the world, both for beginners and professional investors.
Is XM a trustworthy broker?
A way to understand if a Broker is reliable is through the strictness of the public entities that regulate its operations. In other words, if a Broker is regulated by a government entity considered as Top Tier worldwide, it would be a good indicator to demonstrate that it is safe to deposit funds and operate with the platform. For Singaporean clients, XM is regulated in Australia, by the ASIC (Australian Securities and Investment Commission): Trading Point of Financial Instruments Pty Ltd has obtained the Australian Financial Services License by ASIC (number 443670). Bearing in mind that XM is regulated by the ASIC, which is a very strict government entity, we can safely say that it is a serious firm, given that they comply with strict regulations.
XM's Forex Seminars in Singapore
XM regularly offers forex seminars in Singapore. Click here to reserve a seat through this website, a complimentary meal is often included.
Forex & CFD instruments offered by XM
Forex: 55 currency pairs – Majors, minors, and exotics.
Stocks: CFDs on Stocks from 17 major Stock Exchanges, among which there are the New York Stock Exchange and Nasdaq, two of the most popular among investors.
Commodities: CFDs on 16 commodities, being Gold and Oil the most popular among traders.
Indices: CFDs on 12 major stock exchange indices.
XM: Welcome Bonus available to clients based in Singapore
Looking for a Forex broker that offers a welcome bonus? Well, an interesting fact about XM is that they offer a Welcome Bonus of USD30 for new users (With no need to deposit funds). The bonus has the following characteristics:
No deposit is required
Automatically credited when opening an account
Gained Benefits can be withdrawn, Bonus is non-withdrawable
Available for NEW clients
XM's Costs and Spreads
XM stands out because it does not charge commissions to negotiate, but instead charges its commissions through the spread (spread = differential of the purchase and sale price of the instrument). Since it has no commissions to negotiate, XM is one of the most accessible Forex and CFD brokers available.
In terms of its total cost of trading, it can be summarized that XM is a broker recommended for Forex and CFD traders seeking to negotiate with MetaTrader platforms, at a relatively low total cost. A plus is that XM does not charge commissions for opening and closing positions, the counterpoint is that the financing costs (overnight cost of maintaining an open position) are of medium range.
Can I open a Forex Account with XM from Singapore?
Yes, and the good news is that opening a trading account with XM from Singapore is a process that is fulfilled online and takes only a few minutes: The process is simple and requires: (a) a Valid ID (NRIC or Passport) and (b) proof of address (electricity, water bills, etc.), which are scanned through the platform. The methods of depositing and withdrawing money are:
International Bank Transfer
It is important to emphasize that the Opening of the Demo Account is Free, which means that you can open a Demo account, test the platform, and then decide whether you will deposit or not. Also, the minimum deposit is insignificant: only USD 5.
XM's Account Types
XM offers three types of accounts: (1) Micro Account, (2) Standard Account, and (3) XM Ultra-Low Account. The differences between them lie in: (a) the size of the lot, (b) the spread in the main currency pairs, (c) the minimum trading volume, and (d) the minimum deposit, which changes for XM Ultra-Low accounts (where the minimum deposit is USD50 instead of USD5).
Accounts can be opened in US Dollars (USD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF), or Australian Dollars (AUD) as the base currency. You can open an account with other currencies as the base but these vary depending on the type of account. Before starting to trade, when opening the account, it is very important to choose the correct base currency and the type of account correctly, since changing it at a later stage could create issues.