Like any other reputable forex broker, XM is eager to attract more clients to its fold. And it realizes that offering a lucrative bonus is one way to do so. Of course, it tops this bonus up with an amazing platform with incredible customer service. But if you’re reading this, you likely care more about the XM bonus and how you can use it to further your trading goals. So, we’ll get straight to what this bonus entails and (drumrolls) how traders have made the most out of it:
What Types of XM Bonuses Can You Get?
XM is pretty generous to its new and existing customers and has lined up three main offers. These are:
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- The $30 Welcome Bonus- It’s like a thank you for joining the broker program. So, once you register an account, you get this extra cash which helps you spend less on capital requirements. It’s a great way to increase your equity even when you cannot afford the trades you want.
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- The 15% Welcome Bonus: If $30 is not enough to get you started trading, you might want to consider the 15% option. So, the program matches your deposit to the tune of 15% to a limit of $500. That means that if you deposit $500, you get an extra (0.15*500=$75) to use for trading. Not bad at all.
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- The Loyalty Program: Are you in trading for the long haul? Then you will likely get to be part of this program. It rewards those who have gained enough XM points to redeem bonuses. You get a third of your total XM points in bonuses. For example, if you have garnered 600 points, you will get a bonus worth 200 which you can use to trade.
See how rewarding the bonuses are? Now, let’s look at how you can use the bonuses.
How To Use XM Bonuses
While a bonus is a great perk, it could easily not impact your trade if you don’t know how best to exploit it. So, how should you go about it?
Adhere to the Terms and Conditions
Do you know that forex bonuses come tied to a range of conditions? For example, withdrawing the $30 bonus offered by XM is not as easy as it seems. You see, you can use the bonus to generate a profit which you can withdraw at any time. However, each time you make a withdrawal, you lose 40% of the bonus. Additionally, you are subject to withdrawing at least 40% of your funds each time. You must factor these calculations into your trading as you accept any bonus. Do the same for all the other XM bonuses – understand what they entail and what these terms spell for your trading goals.
Have a Strategy
Since bonuses are subject to rules, you must align your trading strategy with the most profitable way to use the bonus. Does this make sense? Here’s how you do it. First, determine if the bonus has any limitations regarding trading strategies, lot sizes, leverages, etc. Why? If you ignore this, you will find yourself in quite a situation some weeks or months down the road. If the bonus and strategy align, you are good to go. But what if they don’t? You will have two options – to let go of the strategy or the bonus. And because we are not about to say no to free money, we will let go of the current strategy and find another that suits the bonus.
Turn a Profit
You cannot withdraw the bonus as it is. For example, if you get $75 extra for the first $500 you deposit, you cannot withdraw the $75. The only thing you can do is use the bonus to generate a profit which you can then use. So, use that money to leverage your trading. And don’t make the mistake that others do of misusing the bonus. That $30 or $75 could be what you need to make the biggest trade of your life. So, make it count!
If you have not traded before, you can also use the bonus to study the platform. That’s a good use of the money that offers you a low-risk approach to Forex studies. So, how will you use your bonus?
XM is always introducing new programs and altering the current ones. So, keep an eye out for any changes that can help you get more out of your trading capital. And while you are at it, don’t forget to learn all you can about Forex trading to better your chances of scoring high returns. All the best!
