XM is a Forex broker based in the United Kingdom. It serves as an online broker’s platform for trading in Forex. Traders can access Meta4 or Met5 platforms through XM. They may also access XMWebTrader through their respective browsers. XM has traders all around the world using it as a platform. As of this day, there are more than a hundred countries listed on XM where they can use the platform.Traders who are enrolled in the XM Loyalty Program get various benefits in their trading activities. They are rewarded with XM Points (XMP) which they can redeem at any time for credit bonus rewards.
The more users trade on XM, the more XM points they will gain which they can use to improve their credits on the platform. They can also get real-life cash rewards from XM points. Both new and existing traders on XM can apply for the loyalty program. By trading further, traders are moved from lower to higher tiers in the loyalty program. The purpose of this article is to inform the reader about the terms of eligibility, the tiers and benefits of the program, and the important terms and conditions of the program. We will also go through some questions asked frequently by traders on this platform.
Eligibility for the Program
Traders on XM who want to get enrolled in the XM Loyalty Program must meet the following requirements set by the platform:
- Users must have valid and active accounts on XM at the time of application.
- The terms and conditions and benefits of the program must be accessible in the trader’s country.
- Only traders who meet the requirements needed for entering a legally binding contract can enroll in the program.
- XM points are not awarded to intermediaries or third parties using the trader’s account. Only the registered user is eligible for the program.
Traders who meet the above requirements are eligible for the program and can receive XM Loyalty points.
Benefits of the Program
Users and traders on XM can avail of one or more benefits from the loyalty program. These include getting rewarded with XM points which users can use for making further trades on the platform, getting rewards from XM that carry real-life money value. They may also receive other benefits and exclusive trading options.
Traders who are enrolled in the program are divided into four tiers based on how much they have traded on the platform. The following is the list of tiers which traders in the program are divided into:
- Executive: Traders in this tier get 7 XM points per lot traded.
- Gold: Traders on this tier have been trading on XM for at least 30 days and get 10 XM points per lot traded.
- Diamond: This tier is reserved for traders who have been trading for at least 60 days or more and they get 13 XM points on every lot they trade.
- Elite: This tier is for traders who are loyal users of the platform. Traders in this tier have been trading for at least 100 days or more. They get u to 16 XM points on every lot that they trade with on the platform.
The formula for XMP to Credit Bonus
In addition, traders should know the XM points to credit bonus conversion formula. XM points can be converted to credit bonuses using the following formula:
XMP/3= Credit Bonus Gained
Joining the loyalty program has good benefits for traders and if a trader is going to trade on XM frequently, they should sign up for their loyalty scheme.
Terms and Condition of the Scheme
The following is a list of some of the terms and conditions of the XM loyalty program:
- Trading bonuses can take up to 24 hours to get credited to the trader’s account.
- The benefits of the program are only applicable to accounts that trade in standard and microtransactions.
- Rewards cannot be credited back to the trader’s account once they have been redeemed.
- Bonuses and rewards cannot be transferred from one trader’s account to another.
- Traders must not violate any of XM’s terms and conditions about trading on the platform or using their rewards and bonuses for fraudulent or illegal activities. Doing so will result in the immediate expulsion of the trader from the platform.
- XM reserves the right to alter, modify or discontinue the terms and conditions of the Loyalty program.
- XM reserves the right to remove a trader from the program if there is sufficient evidence of a violation of the platform’s rules.
These are some of the more important terms and conditions of the loyalty program. The complete list and details of the terms and conditions can be found on XM’s official website.
Conclusion
XM offers their traders special trading bonuses and rewards that have real-life cash value. It is important to go through their terms and conditions to avoid any abuse of terms and conditions. While XM is a good platform for trading, it can be easy for traders to get addicted to trading and incur financial losses. It is advised that customers exercise discretion when using the rewards of the loyalty program because they allow the points to be used for conducting more trades and it can get dangerously addictive.
FAQs
Q1. Does XM charge an inactivity fee?
A1. Yes, XM charges an inactivity fee from traders who have remained inactive for over a year. They charge $15 from customers as a maintenance fee.
Q2. How does my loyalty status change with trading?
A2. Loyalty status changes with conducting more and more trades. Traders start with Executive which is upgraded Gold after 30 days of trading, to Diamond after 60 days of trading, and to Elite after 100 days of trading on the platform.
Q3. How do I lose my loyalty status?
A3. Traders can lose their status after specific periods of inactivity. An Elite trader loses their status after 100 days of inactivity. For a Diamond tier trader, their status is lost after 60 days of inactivity. Gold status is lost after 30 days of inactivity.
