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Differences in XM Account Types
XM has three main account types.
- Standard and Micro accounts where you can get Deposit Bonuses and XMP
- KIWAMI Extreme account with no Deposit Bonus or XMP, but narrow spreads
- Zero account with no Deposit Bonus or XMP, but narrow spreads (and commission fees)
In conclusion, the KIWAMI Extreme account is the most recommended,
but it is also OK to use the Standard/Micro accounts while you can still receive the Deposit Bonus.
XM KIWAMI Extreme Account
This is the newest account type among XM accounts, and basically, the KIWAMI Extreme account is the most recommended.
Merits of KIWAMI Extreme Account
Low Spreads
Since spreads are low and there are no transaction fees, the effective spread is the narrowest among XM account types.
However, there are quite a few overseas FX brokers with narrower spreads than XM's KIWAMI Extreme account,
so this is a trade-off with XM's reliability.
High Leverage
Even with low spreads, the KIWAMI Extreme account offers the same 1,000x leverage as the Standard account.
Regarding trading conditions, there are almost no flaws.
Open XM KIWAMI Extreme Account
Top Class for Bitcoin FX Trading
XM's KIWAMI Extreme account has a fixed BTCUSD spread of almost $30.
This is quite narrow even when looking at the entire overseas FX market, and on top of that, the leverage for BTCUSD is 500x.
XM started as a forex broker, but its capital efficiency for Bitcoin FX is at the strongest level.
I can recommend XM's KIWAMI Extreme account even for those who mainly trade BTCFX.
In the past, XM's Bitcoin spreads were out of the question, but they have grown.
Demerits of KIWAMI Extreme Account
No XMP Generated
XMP (XMTrading Points) are points earned by holding positions for more than 10 minutes in XM's standard accounts.
- At the highest Elite rank, you get 20 XMP per lot
- 1 XMP = equivalent to $0.33 credit
So at the highest rank, it is equivalent to 6.6 pips per lot.
Depending on the currency pair, the effective spread between the Standard account and KIWAMI Extreme account may not differ much.
However, being too conscious of holding positions for more than 10 minutes is not good, so using the KIWAMI Extreme account, which originally has low spreads, is more carefree.
Standard / Micro Accounts
The timing to use a Standard account is only while you can receive the Deposit Bonus.
Especially while the deposit amount is less than $500 (approx. 50,000 yen), it is a good idea to receive the 100% Deposit Bonus with a Standard or Micro account.
Deposit $500 → It becomes $1,000 margin including credit, so the deposit bonus might help you avoid a stop-out (zero cut).
When the deposit amount exceeds $500, the deposit bonus drops significantly to 20%.
Whether you see depositing $500 → getting $100 as large or not is up to you,
but with this level of bonus, I feel it is better to take the low spreads of the KIWAMI Extreme account.
XM Zero Account
The Zero account has almost no merits compared to the KIWAMI Extreme account.
- Round-trip transaction fees are charged, so the effective spread is wider than the KIWAMI Extreme account
- Leverage is also only 500x
- Of course, you cannot get XMP either
Well, even though it's an XM account, it is often criticized.
Merit of XM Zero Account
If I had to say, it's just one point.
- Overseas FX transaction fees can be expensed (for tax purposes)
If you don't mind the trouble of calculating transaction fees, you can make the effective spread lower than the KIWAMI Extreme account when filing tax returns.
You can easily calculate the fee itself by reading the familiar "Monthly Statement" email sent once a month,
so if you have a huge amount of funds and Lots to trade, it might not be unusable...?
But if you have that much funds, there is also the option of using domestic FX where tax is separate, so I have to say the Zero account is subtle.
