XM Deposit Bonus
XM is one of the most trustworthy brokers in the industry as of today. Thanks to their multiple regulatory licenses all over the world and their amazing marketing strategies, they could be the most well-regarded broker out there right now. However, the broker also backs up their reputation with actual good services, which include all of the best trader benefits and security.
One of their best features are the bonuses they offer to their clients, be it a welcome bonus, or just a boost to anybody willing to have it. Today we will review the XM deposit bonus and how easy it is for South African traders to get it.
XM deposit bonus explanation
This deposit bonus should not be confused with the XM no deposit bonus. Although the wording is quite similar, the features are drastically different. You see, a no deposit bonus does what it says in the name, it gives you a bonus without a deposit. Meaning that you can register, without having to pay a single ZAR and get some money to trade with.
Whereas the XM deposit bonus is a bit different. You see when using this feature you actually have to deposit something, which, depending on the sum you deposit makes you eligible for a bonus. It could range from 20% all the way up to 50%. Since we have the explanation squared away, let’s not discuss how to get XM deposit bonus and what you need to do in order to be eligible for it.
XM deposit bonus examples
XM doesn’t hide the features of the bonus, on the contrary, they try to explain it as simply as possible, however for a beginner or somebody who doesn’t know about bonuses that much, it could still be complicated. So let us now try to explain it even more simply.
Let’s explain the 50% XM deposit bonus. So let’s say that you just deposited 10,000 ZAR. Thanks to the 50% deposit bonus, you will get an additional 5,000 ZAR. So now your account has a subtotal of 15,000 ZAR available on it, but only the 10,000 ZAR you deposited, in the beginning, can be withdrawn. Now, this is where the important part begins. How withdrawing funds from your account will affect the bonus that you have there.
So, let’s get back to the 15,000 ZAR you have. You decide that you want to withdraw 5,000 ZAR because some kind of financial problem resurfaced and you need to deal with it. So you apply for the 5,000 ZAR withdrawal, which will warrant an additional 2,500 ZAR deducted from your account. Let’s explain why this happens.
Everytime you withdraw funds from the account, additional funds are deducted from the bonus that you have there. So by withdrawing that 5,000 ZAR from the 10,000 ZAR you deposited initially you also had 2,500 ZAR deducted. The 5,000 ZAR is 50% of the 10,000 ZAR, therefore a similar percentage of the XM deposit bonus is also deducted, meaning 50% of the initial 5,000 ZAR bonus, which is 2,500 ZAR.
Imagine just depositing $8, receiving $4. That’s a total of $12. Then you decide you want to take out $2, which is 25% of the initial $8, meaning that 25% of the additional $4 that you got as a bonus, will also be deducted (but not withdrawn). Meaning once you take out $2 from the $12, you’re not left with $10, you’re left with $9. $2 that you took out and an additional $1, which is 25% of $4.
What you need to remember about this bonus is that the maximum amount you can get is $500, which is about 7,000 ZAR.
As you can see from the image above, there is a loyalty program on the platform that gives you the opportunity to earn XM Points. XMP is quite exclusive to this platform. You rarely see brokers utilizing a system like this. At first, it may seem quite confusing but let’s explain it anyway since it is possible to gain a bonus from it as well.
So what are XM Points? They are points that are assigned to you, according to your trading habits. For example, 10 Points can be gathered for 1 traded lot. A lot is 100,000 units of a specific currency. There was no clear indication of how the lots correspond but judging by the major currency a EUR/USD lot will be worth EUR 100,000. Meaning that if you buy 100,000 EUR it counts as 1 lot traded. But that’s just in the beginning. Once you have traded on the platform for more than 3 months, you will get 20 XM Points per traded lot. So it grows over time.
So let’s now assume that you have been on the XM platform for more than 3 months and want the XM deposit bonus, but all you have are XM Points and don’t really feel like depositing more. What you can do is to trade this XM Points for bonuses. The formula is like this.
The Bonus is equal to the amount of XMP divided by 3. So if you have 12,000 XMP you will get $4,000 ( about 55,500 ZAR).
This XM deposit bonus review should have shown you how you can apply and receive a bonus from the broker. Virtually anyone can do it as long as they meet the requirements in terms of deposits. The registration is quite simple as well and also warrants a free XM no deposit bonus of $30 ( about 400 ZAR). The variety at which you can actually get the bonus is quite commendable and considering the reputation of XM, it is one of the best bets in terms of security.