Absolute beginner here, please don't bite my head off. I've been reading about forex for a couple months and I think I want to open a small real account ($200-500) just to feel how it is with real money on the line. I keep seeing XM recommended for beginners because of the low minimum deposit. Is XM actually decent or is that just marketing? And is there anything else a new trader should know before signing up?
Absolute beginner here, please don't bite my head off
- Thread starter soumitss
- Start date
No bite, XM is actually a reasonable choice for a first real account. They're CySEC regulated, they've been around forever, and yes the $5 minimum deposit and wide range of account types make them accessible for small accounts. Just recently they picked up Best Gold Broker and Best Customer Service awards from CFI, for what those are worth. Spreads on their Standard account aren't the tightest (1.6 pip on EURUSD typically) but for a beginner learning the ropes that's not your biggest problem — blown accounts don't die from spread, they die from overleverage and revenge trading. One piece of advice — even if you're small, open through Globe Gain https://globegain.com/brokers/xm/. Rebates start from lot one, so even as a small trader you're clawing back some of the spread cost. Every pip counts when you're starting out. And please use leverage responsibly — XM lets you crank it sky high, that doesn't mean you should.
