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When you trade foreign exchange ( FX) as an asset management tool, you can use not only domestic FX firms but also foreign FX firms. Foreign FX firms offer services that are not available in Japan. Among them, XM is the one that has received overwhelming support from Japanese traders; in 2015, it was losing out in the number of accounts to the domestic giant DMM.COM. securities, but currently XM has over 1 million accounts compared to 700,000 accounts for DMM.COM. securities. In this issue, we will tell you about the appeal of XM.
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So much difference from domestic vendors.
Wide range of currency pairs to trade
First of all, the types of currency pairs that can be handled for FX trading vary from one FX firm to another. For domestic FX firms, there are generally about 20 to 25 types. The basic currency pairs will be the familiar Japanese yen (JPY), the U.S. dollar (USD ), the key currency, and the euro (EUR ), the world's second largest currency by volume. Economic indicators and other economic conditions can be easily determined, and volatility is not too great, so stable trading can be conducted. Other major currencies include the British pound ( GBP), Australian dollar ( AUD), Canadian dollar ( CAD), and Swiss franc ( CHF). Pound Sterling/Yen ( GBP/JPY), Euro/Pound Sterling ( EUR/GBP), and Pound Sterling/Dollar ( GBP/USD ) are also available at all FX firms. Even minor currencies such as the New Zealand dollar (NZD) and South African rand ( ZAD) are handled by most domestic FX firms, but the Turkish lira ( TRY), Mexican peso ( MXN), and Chinese yuan ( CNH) are quite limited. Even if you have gone through the trouble of opening an FX account, you may miss an opportunity because the account does not handle the Turkish lira or the Mexican peso that you want to handle. In this regard, XM offers a whopping " 57" currency pairs. In addition to the minor currencies mentioned above, you can trade the Norwegian k rone ( NOK), Hong Kong dollar (HKD), Polish zloty ( PLN), Hungarian forint (HUF), Singapore dollar (SGD), and even Russian ruble (RUB). One of the advantages of XM is that it offers a range of currencies that are rarely handled in Japan.
The favorite trading platform of traders around the world
XM employs a highly transparent NDD (No Dealing Desk ) system, which prevents slip pages and rejected trades, and has an order execution rate of 100%, with a 99.35% execution rate within 1 second. The execution rate is 100%, and the execution rate within 1 second is 99.35%. Domestic FX firms use the DD method (dealing desk/relative trading), which lacks transparency and is prone to slip pages, etc. This is made possible by the existence of original trading platforms. However, this is made possible by the existence of original trading platforms, which are developed independently by each FX firm and are not compatible with each other. However, XM uses " MT4 " ( MetaTrader 4) or " MT5 " as its trading platform, which is used by traders around the world. Although not so familiar to traders who only trade FX in Japan, overseas FX firms are basically using this trading platform. There are more than 1,000 of them. Therefore, indicators and EA ( Expert Adviser) for MT4 andMT5 have been developed all over the world, and you can use them by downloading the ones you like. Transparency and the ability to adopt and implement better system trades in a timely manner will also be an advantage of XM.
Clears up some of the concerns about using overseas vendors.
Support for well-developed Japanese traders
No matter how good an overseas FX firm may be, there are still concerns. That is, "How well will they support Japanese people?" and "Will they provide guidance in Japanese, including on their website? In fact, even major overseas FX firms, despite stating on their websites that they offer Japanese-language services and that Japanese staff are available, before long the Japanese staff are gone, and there are situations where they cannot communicate with customers if they do not speak English.
The XM Support Desk has Japanese staff on call, and if you have any questions or concerns, you can chat with them and they will get back to you.
In addition to live chat, you can also use email if you have a long text message. Most problems can be solved by either of these methods, but callbacks are also available for those times when you really need to talk to someone in person. You can send a chat or an email with the time of day, and a call will be made to you at that time. Although XM is an overseas FX firm, even Japanese who cannot speak English can use it without any problems.
No deposit or withdrawal problems.
Many traders are worried that withdrawal problems may occur frequently when they hear about foreign FX firms, and in fact, such unscrupulous firms do exist. However, we have never heard of such a problem with XM. This can be confirmed by word of mouth on the Internet. Some people have mistakenly said that they have been denied a withdrawal at XM, but basically it is one of the following One is that if you deposit by credit or debit card, you cannot withdraw more than that amount through the same channel as you deposited. This is because it is treated as a cancellation or refund rather than a withdrawal, but some people are unaware of this rule and make a fuss about not being able to withdraw more than a certain amount. The other difference is between balance and credit, which are shown separately in MT4 andMT5 and both can be utilized as active margin. The difference is that credits are earned from XM bonuses and cannot be withdrawn. Only the balance is eligible for withdrawal. As we will show in the future, XM offers very generous bonuses, which can inflate the effective margin to as much as twice the actual deposit amount, giving you an advantage in high-leverage trading, but the bonuses have somewhat complicated rules. First of all, you should know that they are non-withdrawable. We will keep you posted on XM's terms and conditions. XM does not have any deposit/withdrawal problems in normal FX transactions, so you can trade with peace of mind.
