XM Sign Up Bonus Review South Africa – Revealed ( 2020 )

 

A review of XM
 

XM Sign Up Bonus

 

A first time XM sign up bonus of $30 is offered by XM.

Traders who register a real account with XM are offered first time sign up bonus which is equivalent to that of a no deposit bonus.

The first time sign up is not subjected to any prior deposits and serves as a welcome bonus as well, and the $30 is automatically credited to the account of the trader. Although, traders should be aware that the deposit itself cannot be withdrawn.

Should traders make any profits on the bonus amount, the profits can be withdrawn at any time.

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Traders should see this bonus as a start-up boost to start trading before investing their own capital, but traders should acknowledge that it might be lower than margin requirements on some trades.

The purpose of this bonus is to provide traders with a demo-account type of experience but with the added advantage that it is applied to a real account and it does not require any additional sign-up apart from real account registration.

This deposit is only available to new clients who have not previously registered a real account with XM, or whose information is not contained on XM’s data base in addition to the registering of a demo account not being eligible for this bonus.

In addition, traders who register a XM Ultra Low Account will not be considered eligible either. Fortunately, XM has an array of other accounts that traders can register for that will be considered eligible.

In addition, XM also provides traders with a 100% deposit bonus of up to $500 along with an additional 20% deposit bonus, with a cumulative amount of maximum $4,500 or currency equivalent.

Brokers often offer these broker bonuses to new traders in an effort to draw in more customers in addition to encouraging trading activities. These bonuses are some of the best ways in which to assure traders that they will receive some cash back.

Bonuses such as these also serve as extra credit that traders can use to trade without risking their own funds and of which the profits, not the actual bonus, can be withdrawn.

This is an imperative notion for brokers as traders are more likely to register a real account with brokers that offer such bonuses as it helps increase the chance of gains without putting traders at more risk to lose their own capital.

Read the full review on Xm.com

 

Referral Bonus

 

XM does not currently offer referral bonuses to new or existing traders who make use of the products and services offered by XM.

Referral bonuses are offered by brokers to traders in an attempt to draw in new clients and expand their customer base.

Often these types of bonuses have strict criteria that will have to be fulfilled before the trader can benefit from referring a friend or family member.

 

Some of the criteria includes, but is not limited to:

  • The referral has to register a real account with the broker using a unique referral link so that the registration can be traced back to the trader.
  • The referral bonus is only applicable should referrals register a real account as these bonuses are not available when using a demo account.
  • A certain minimum deposit amount has to be made by the referral.
  • The referral may be required to execute a certain number of trades on the new account before the trader becomes eligible to receive the referral bonus

 

Referral bonuses may also have a limited time in which they can be utilized by traders, perhaps in a given month that brokers see a decrease in activity and attempts to counter it by providing such bonuses.

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Additional broker bonuses, promotions and rewards

 

XM offers trading bonuses to active traders and loyal customers through the XM Loyalty Program where traders are rewarded with special seasonal bonuses during specific calendar events and occasions.

In addition, XM provides traders with an additional 10-year anniversary promotion to the value of $1,000,000 where a random account will be chosen every month, providing traders with the chance of winning various prizes until 30 June 2020.

 

The lucky draw consists of a $80,000 prize pool and a total of 50 winners per month. To sign up for the draw, traders will have to adhere to the following criteria:

  • The trader will have to be in possession of a MT4 or MT5 real account which has been validated through the relevant channels, and
  • There must be a $500, or currency equivalent, account balance in the trader’s account.

 

There have already been numerous winners as follows:

  • 1 Winner of $10,000
  • 1 Winner of $8,000
  • 1 Winner of $7,000
  • 1 Winner of $6,000
  • 1 Winner of $4,000
  • 10 Winners of $2,000
  • 15 Winners of $1,000, and
  • 20 Winners of $200.

 

The funds that these traders have won are credited either in USD, or currency equivalent, to their XM MT 4 and/or MT5 live, and active, trading accounts.

 

Pros and Cons

 

PROS CONS
1.      First time sign up bonus provided which serves as a welcome bonus and no deposit bonus 1.      No referral bonus offered
2.      Trading bonuses offered through XM Loyalty program for active traders and loyal customers

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Conclusion

 

XM caters extensively and comprehensively for new traders who register a real account, existing traders, and loyal customers through its array of bonuses and rewards in addition with its competitive trading conditions.

These trading bonuses offer traders a chance to use the funds credited to their accounts as a boost for trading as the funds cannot be withdrawn, but the profit made from it can be withdrawn.

Brokers who offer such bonuses often see an influx in new traders registering for real accounts eligible for the bonus and it is the best way through which brokers can expand their client base in addition to increasing trading volumes.

Such bonuses, especially trading bonuses, ensure that there is constant trading volume, in addition to increases during times when these bonuses are active, and it is the best way through which loyal customers and active traders can be rewarded. XM offers some of the lowest spreads and fees.

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