XM, a renowned online trading platform, offers a range of benefits including round-the-clock trading, leverage, and attractive bonuses.
Trading Cryptocurrencies with XM: A Comprehensive Overview
XM Broker, a world-renowned online financial trading platform, is known for its vast array of tradable assets. Among these, cryptocurrencies have recently emerged as a popular investment choice, even though they are traded in the form of contracts-for-difference (CFDs) rather than direct assets. This approach presents both advantages and caveats that are worth exploring for any prospective crypto trader.
Trading Cryptocurrencies with XM: The Pros
XM’s platform stands out with several key features designed to enhance the cryptocurrency trading experience.
- Round-the-Clock Trading:
- One of the fundamental benefits of trading cryptocurrencies with XM is the ability to trade 24 hours a day, 7 days a week, reflecting the non-stop nature of the global crypto markets.
- Zero Swap Product:
- This feature helps traders to hold positions for a longer period without being charged overnight fees.
- XM allows trading with up to 1:500 leverage, potentially magnifying profits. However, it’s crucial to remember that leverage can also amplify losses.
- Market Moves:
- XM enables traders to go short or long according to market moves, offering the flexibility to strategize based on market trends.
- Tight Spreads and No Re-Quotes:
- XM is committed to providing competitive conditions for crypto trading, which includes tight spreads and the absence of re-quotes.
Understanding Crypto Trading through CFDs
Unlike some trading platforms, XM does not offer direct cryptocurrency trading. Instead, it provides crypto CFDs, which are derivatives that let you speculate on cryptocurrency price movements without owning the underlying assets.
Currently, XM offers 31 distinct CFD options for various cryptocurrencies. These CFDs track the associated cryptocurrency’s price, allowing for potential profit from price movements, but they do not confer ownership of the actual cryptocurrencies. This means traders cannot withdraw the cryptocurrency tokens to a personal wallet as their investment is tied to a contract rather than the asset itself. It is important to be aware that CFDs carry a certain level of risk and cost, and as such, require careful management.
Bonuses and Rewards with XM
One of the many appeals of XM is its attractive bonus scheme for traders. For example, new clients can avail of a €25 trading bonus with no deposit required. This bonus is credited automatically to their account, and all profits earned from it can be withdrawn, although the bonus itself is non-withdrawable.
Furthermore, XM offers a deposit bonus of up to 50% (up to $500) and an additional 20% deposit bonus up to $4,500. This can significantly boost a trader’s capital and potential for profit.
Existing XM clients can also benefit from the ‘Refer a Friend’ program, where they can earn up to $35 for each person they refer to XM.
In addition to these benefits, XM offers a Loyalty Program with generous rewards and seasonal bonuses available for a limited period. The platform also offers Free VPS services to make the most of trades, eliminating downtime and increasing the speed of trades.
Finally, XM offers zero fees on deposits and withdrawals, covering all e-wallets, major credit cards, and wire transfers above 200 USD, ensuring instant account funding with no hidden fees or commissions.
While XM offers an attractive platform for trading a variety of financial instruments, its cryptocurrency offerings are limited to CFDs. While this approach allows traders to benefit from crypto price movements, it does not allow for the direct purchase and ownership of the cryptocurrency assets.
Despite this, the platform’s advantages, including its robust bonus structure and commitment to zero fees on deposits and withdrawals, make it a platform worthy of consideration for those interested in cryptocurrency trading and more. As with all trading ventures, potential traders should ensure they fully understand the associated risks and conduct thorough research before embarking on their trading journey.