XM is a leading global forex and CFDs retail brokerage that was founded in 2009. XM offers access to CFDs on forex, stocks, indices, commodities, metals and energies via the state-of-the-art MetaTrader 4 and 5 trading platforms. XM is licensed and regulated by several Tier-1 authorities and is rated highly as regulatory compliant and safe to use for forex and CFDs traders in Africa.
In this in-depth review you’ll find the following information:
- A complete XM broker review
- An overview of XM real Account Types
- Does XM have a Welcome Bonus?
- Details on XM Trading platforms
- Summary of XM Global
- Steps to access XM Login Members area
- Steps for XM registration
- Details of XM Minimum Deposits
- XM withdrawal process
- XM vs Exness vs FBS
And lots more…
Let’s dive right in…
XM at a Glance
Broker | XM |
---|---|
📅 Year Established | 2009 |
📜 Regulated | FSC |
💻Headquarters | Belize |
🕖 Duration to open an account | 1 Day |
🎁 Sign Up Bonus | $30 Trading Bonus 50% Deposit bonus with $500 deposit |
🗺️ Country of regulation | Belize |
📊Islamic Account | Yes |
💳 Demo Account | Yes |
💰Spreads | 0.6 Pips |
💰Leverage | 1000:1 |
💰 Minimum deposit | $5 USD |
💰 Inactivity fee charged | Yes |
🗺️ Hedging | Yes |
🥇 Trading Instruments | Forex Trading, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
📈 Trading Platforms | MT4, MT5, XM App |
🎓Affiliate Program / Partnership | Yes |
🚀 Open a account | 👉Click Here |
Min Deposit
USD 5
Regulators
FSA
Trading Desk
MT4, MT5, XM App
Crypto
Yes
Total Pairs
55
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
XM Review – 20 Keypoint Overview
- ✅XM at a Glance
- ✅XM Overview
- ✅Is XM Regulated?
- ✅XM Minimum Deposit
- ✅Types of XM Accounts
- ✅XM Sign-Up Bonus
- XM Demo Account
- XM Islamic Account
- How to Open an XM Account – Step-by-Step Guide
- XM Pros and Cons
- XM VS Exness VS FBS – Comparison Table
- XM Customer Reviews
- Deposits and Withdrawal
- Steps to Withdraw Funds from XM Account
- XM Fees, Spreads, and Commission
- XM Partnership Options
- XM Product Portfolio
- XM Broker Trading Platforms
- Conclusion
- Frequently Asked Questions
XM Overview
𝗕𝗿𝗼𝗸𝗲𝗿 | 𝗢𝗽𝗲𝗻 𝗮𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 | 𝗠𝗶𝗻𝗶𝗺𝘂𝗺 𝗱𝗲𝗽𝗼𝘀𝗶𝘁 | 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘀 |
---|---|---|---|
XM | 👉Click Here | $5 USD | Belize |
XM Group is made up of multiple entities that use the XM brand and hold regulatory status in various jurisdictions. The first company in the XM Group was founded in 2009 in Cyprus and is regulated by CySEC under the name Trading Point of Financial Instruments Ltd.
Since 2015, XM Group has expanded its global footprint and has entities regulated in Australia (ASIC), the United Kingdom (FCA) and Belize (IFSC).
10 Best Forex Brokers for 2024
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Is XM Regulated?
🧾 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿 | 🔎 𝗔𝗯𝗯𝗿𝗲𝘃𝗶𝗮𝘁𝗶𝗼𝗻 | 📈 𝗟𝗶𝗰𝗲𝗻𝘀𝗲 𝗡𝘂𝗺𝗯𝗲𝗿 |
---|---|---|
🥇 Financial Services Commission | 📌 FSC | 000261/397 |
🥈Cyprus Securities and Exchange Commission | 📍 CySEC | 120/10 |
Yes, XM is regulated by the Financial Services Commission (FSC) and Trading Point of Financial Instruments Limited which forms part of XM Group Limited which is registered with CySEC (Cyprus Securities and Exchange Commission)
XM Minimum Deposit
💰 Account | 🚀 Open an Account | 💰 Min Deposit |
---|---|---|
📌Micro Account | 👉Click Here | $ 5 USD |
📌Standard Account | 👉Click Here | $ 5 USD |
📌XM Ultra Low Account | 👉Click Here | $ 5 USD |
📌Shares Account | 👉Click Here | $ 10 000 USD |
The minimum deposit for XM is $5 for Micro, Standard and Ultra-low accounts.
For Shares accounts, the initial deposit is $10 000.
Types of XM Accounts
XM offers clients four main account types. XM also offers demo trading accounts and Islamic swap-free accounts. Each XM account type has different features and conditions which are suitable for different types of forex traders.
Micro Account
🥈 𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀 | 📌 𝗠𝗶𝗰𝗿𝗼 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 |
---|---|
Base Currency Options | USD, EUR, GBP, JPY, CHF, |
Commission | No commission |
Maximum leverage | 1000:1 |
Minimum deposit | $5 USD |
Spread | From 1 pip |
🚀𝗢𝗽𝗲𝗻 𝗮𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 | 👉Click Here |
Standard Account
🥈𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀 | 📌𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 |
---|---|
Minimum deposit | $5 USD |
Maximum leverage | 1000:1 |
Spread | From 1 pip |
Commission | No commission |
Base Currency Options | USD, EUR, GBP, JPY, CHF, |
🚀𝗢𝗽𝗲𝗻 𝗮𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 | 👉Click Here |
XM Ultra Low Account
🥈𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀 | 📌𝗫𝗠 𝗨𝗹𝘁𝗿𝗮 𝗟𝗼𝘄 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 |
---|---|
Minimum deposit | $5 USD |
Maximum leverage | 1000:1 |
Spread | From 0.6 |
Commission | No commission |
Base Currency Options | EUR, USD, GBP, AUD, ZAR, SGD |
🚀𝗢𝗽𝗲𝗻 𝗮𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 | 👉Click Here |
Shares Account
📊 𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀 | 💻 𝗙𝗼𝗿𝗲𝘅 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗥𝗼𝗯𝗼𝘁 (𝗘𝗔) | 💻 𝗙𝗼𝗿𝗲𝘅 𝗜𝗻𝗱𝗶𝗰𝗮𝘁𝗼𝗿 |
---|---|---|
📌 Purpose | Executes automated trades based on pre-defined rules and algorithms. | Provides visual or audio alerts, and/or graphical representations of price or market data. |
📌 Functionality | Fully automates trading decisions and can place trades on behalf of the trader. | Provides information or signals to help traders make manual trading decisions. |
📌 Automation | Fully automated; can trade 24/5 without direct human intervention. | Requires manual interpretation and execution of trades by the trader. |
📌 Trading Strategy | Typically follows a specific trading strategy or algorithm coded into the EA. | Offers technical or fundamental analysis signals to assist traders. |
📌 Customization | Can be highly customized and tailored to specific trading strategies. | Limited customization options; usually, traders use predefined settings. |
📌 Cost | Some EAs may be available for purchase or subscription, while others are free. | Many indicators are freely available, and some may have a one-time purchase cost. |
📌 Real-time Monitoring | Requires monitoring to ensure it's functioning correctly and adjust settings if needed. | Requires monitoring to act on signals when they occur. |
Min Deposit
USD 5
Regulators
FSA
Trading Desk
MT4, MT5, XM App
Crypto
Yes
Total Pairs
55
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
XM Sign-Up Bonus
𝗔𝘀𝗽𝗲𝗰𝘁 | 𝗗𝗲𝘁𝗮𝗶𝗹𝘀 |
---|---|
💰Broker | XM |
🎉 Sign Up Bonus | Yes |
💰 Minimum Deposit | $5 USD |
🤝 Partnership Option | Yes |
🚀 Open an Account | 👉Click Here |
XM Demo Account
𝗔𝘀𝗽𝗲𝗰𝘁 | 𝗗𝗲𝘁𝗮𝗶𝗹𝘀 |
---|---|
🥇Broker | XM |
🆓 Demo Account | Yes |
💰 Virtually Funded | $30 USD |
💻 Terminal Access | Full |
🚀 Open an Account | 👉Click Here |
XM offers a free demo account.
XM demo accounts do not have an expiry date so you can use them as long as you want.
XM demo accounts that have been inactive for longer than 90 days from the last login will be closed. However, you can open a new demo account at any time. XM clients are allowed a maximum of 5 active demo accounts.
XM Islamic Account
𝗔𝘀𝗽𝗲𝗰𝘁 | 𝗗𝗲𝘁𝗮𝗶𝗹𝘀 |
---|---|
🥇Broker | XM |
☪️ Islamic Account | Yes |
💻 Accounts Offered | All Accounts |
🚀 Open an Account | 👉Click Here |
XM offers an Islamic trading account.
This is known as a ‘no swap account’ because the accounts charge no swap or rollover interest on positions held overnight in the forex market. Only an administration fee is charged on open positions.
Islamic trading accounts are only offered to clients of Muslim faith as it allows them to engage in online forex trading while conforming to Sharia Law.
How to Open an XM Account – Step-by-Step Guide
To open a Forex Trading account with XM is quick and can be done by making use of the following steps:
Step 1 – Navigate to Website for XM
Navigate to the home page of the XM official website and select one of the options “Open an Account” or “Start with $30 Free”
Step 2 – Complete the registration
Complete the standard registration form with all the details requested and select register.
Step 3 – Email confirmation
Upon completion, you will receive an email with your login details that you can use to log in to the secure Members Area
Step 4 – Start trading
Once you are logged into your account, deposit at least the minimum deposit amount into your account; choose a convenient payment system and make a payment. Set up you trading platform based on your chart preferences
XM Pros and Cons
✅ Pros | ❎ Cons |
---|---|
Regulated by multiple financial authorities, | Charges an inactivity fee if an account remains dormant for 90 days or more |
Offers a wide range of trading instruments, including forex, stocks, commodities, indices, metals, and cryptocurrencies | Offers cryptocurrency trading, the selection is relatively limited compared to specialized crypto exchanges |
Provides high leverage levels, which can be advantageous for experienced traders | Offers bonuses and promotions, but the terms and conditions can be complex |
Offers different types of accounts | Provides research materials, it may not offer as many advanced research tools and features |
Small minimum deposit amount required to open an account | |
Offers a range of Bonus options | |
Provides Partnership oppertunity | |
Provides 24/5 customer support |
XM VS Exness VS FBS – Comparison Table
𝑭𝒆𝒂𝒕𝒖𝒓𝒆𝒔 | ☑️𝑿𝑴 | ☑️𝑬𝒙𝒏𝒆𝒔𝒔 | ☑️𝑭𝑩𝑺 |
---|---|---|---|
Regulation | Regulated by CySEC (Cyprus), FCA (UK) | CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA | IFCS |
Minimum Deposit | $5 USD | $10 USD | $1 USD |
Sign Up Bonus | $30 USd Sign Up bonus 50% Deposit Bonus up to $500 USD Deposit | No | $140 USD |
Islamic Account | Yes, available | Yes, available | Yes |
Leverage | 1000:1 | 1:Unlimited | 1:3000 |
Withdrawal fee | Yes | Yes | yes |
Spreads | 0,6 pips | The minimum spread across all accounts is 0.1 pips | 3 pips |
Demo Trading Account | Yes | Yes | yes |
Account Types | Micro, Standard, Shares, XM Ultra Low Account | Standard, Cent, Raw, Zero and Professional Account | Cent, Micro, Standard, Zero Spread, ECN, and Crypto Account |
Comissions | No Comissions | $3 USD | $80 USD |
🚀𝑶𝒑𝒆𝒏 𝒂𝒏 𝑨𝒄𝒄𝒐𝒖𝒏𝒕 | 👉Click Here | 👉Click Here | 👉Click Here |
XM Customer Reviews
My experience with XM is so far excellent.
I dont know why all the bad reviews. It put me off but I opened an account anyway and it has been a very good experience. I have done more than 25 withdrawals from winning trades in 2 months and all withdrawals come back to my bank account in less than 2 minutes!! Excellent. The negative balance protection works well. Deposits successful in seconds. Trading bonus is useful for bolstering equity to margin ratio. Overall impressed. If anything changes i will re post here but my experience is so far excellent.
Experience with xm is great
Experience with xm is great. Deposit is instant and withdraw will only take less than 5 days. It would be better if withdrawal can be faster! Overall is a great experience using XM!
I’m a beginner trader but this trading…
Im a beginner trader but this trading app for me quite useful and very easy to trade..i can close and entry at critical moment without any lagging.
Deposits and Withdrawal
➡️️ XM offers a wide variety of deposit and withdrawal options, including multiple credit and debit cards, electronic payment methods, bank wire transfer, local bank transfer and eWallets.
➡️️ Deposits and withdrawals can be made directly from the XM Member’s Area section.
- Zero fees on deposits and withdrawals via Neteller, Moneybookers and all major credit cards including Visa, Electron, MasterCard, Maestro and China UnionPay
- Zero fees on deposits and withdrawals made by bank wire transfer over 200 USD or currency equivalent
- Instant account funding via credit cards and electronic wallets.
Steps to Withdraw Funds from XM Account
𝗦𝘁𝗲𝗽𝘀 | 𝗫𝗠 𝗪𝗶𝘁𝗵𝗱𝗿𝗮𝘄𝗮𝗹 |
---|---|
𝗦𝘁𝗲𝗽 𝟭: | Access membership portal |
𝗦𝘁𝗲𝗽 𝟮: | Make way to withdrawal section and select withdrawal option. |
𝗦𝘁𝗲𝗽 𝟯: | Submit the withdrawal request |
𝗦𝘁𝗲𝗽 𝟰: | Select Confirm |
XM Fees, Spreads, and Commission
𝗔𝗰𝗰𝗼𝘂𝗻𝘁 | 𝗦𝗽𝗿𝗲𝗮𝗱𝘀 | 𝗟𝗲𝘃𝗲𝗿𝗮𝗴𝗲 | 𝗜𝗻𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗳𝗲𝗲𝘀 | 𝗖𝗼𝗺𝗺𝗶𝘀𝘀𝗶𝗼𝗻 |
---|---|---|---|---|
Micro Account | As Low as 1 Pip | Up to 1000:1 | Yes | No |
Standard Account | As Low as 1 Pip | Up to 1000:1 | Yes | No |
XM Ultra Low Account | As Low as 0.6 Pips | Up to 1000:1 | Yes | No |
Shares Account | As per the underlying exchange | No Leverage | Yes | Yes |
XM Partnership Options
XM provides a wide range of partnership options, including:
➡️ Partnership membership option
➡️ Up to $25 Per Lot
➡️10% On 2nd Tier Referrals
➡️No Limits on Commissions
➡️25 Languages Supported
Min Deposit
USD 5
Regulators
FSA
Trading Desk
MT4, MT5, XM App
Crypto
Yes
Total Pairs
55
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
XM Product Portfolio
XM offers access to 7 asset classes via the MetaTrader trading platforms, namely MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The asset classes include forex, stocks CFDs, commodities, equity indices, precious metals, energies and shares.
🔎𝗜𝗻𝘀𝘁𝗿𝘂𝗺𝗲𝗻𝘁 | 📌𝗣𝗿𝗼𝗱𝘂𝗰𝘁 𝗣𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼 |
---|---|
☑️Forex | 55+ currency pairs – majors, crosses and exotics |
☑️ Shares | CFDs on shares of Amazon, Shell, Microsoft, BMW and more |
☑️Equity indices | Trading instruments which consist of a group of bonds and show changes in their prices; examples of indices include the NAS100, GER30 and SPX500 |
☑️Commodities | CFDs on brent crude oil, sweet crude oil, natural gas, copper, silver, gold, corn, soy and wheat |
☑️Stocks | CFDs on multiple stocks covering 18 major countries |
☑️ Precious metals | CFDs on gold, silver, platinum and palladium |
☑️Energies | CFDs on brent crude oil, gas oil, WTI oil and natural gas |
10 Best Forex Brokers for 2024
Rank
Broker
Review
Regulators
Min Deposit
Official Site
XM Broker Trading Platforms
📌 𝗔𝘀𝗽𝗲𝗰𝘁 | 💻 𝗠𝗲𝘁𝗮𝗧𝗿𝗮𝗱𝗲𝗿 𝟰 | 💻 𝗠𝗲𝘁𝗮𝗧𝗿𝗮𝗱𝗲𝗿 𝟱 | 💻 𝗫𝗠 𝗧𝗿𝗮𝗱𝗶𝗻𝗴 𝗔𝗽𝗽 |
---|---|---|---|
Platform Type | Desktop, Mobile, Web | Desktop, Mobile, Web | Mobile, Web |
Trading Instruments | Forex, CFDs, Indices, etc. | Forex, CFDs, Indices, etc. | Forex, CFDs, Indices, etc. |
Technical Indicators | 30+ | 38+ | Limited |
Automated Trading | Yes (via Expert Advisors) | Yes (via Expert Advisors) | No |
Order Types | Market, Limit, Stop, etc. | Market, Limit, Stop, etc. | Market, Limit, Stop, etc. |
Multi-Language Support | Yes | Yes | Yes |
🚀𝗢𝗽𝗲𝗻 𝗮𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 | 👉Click Here | 👉Click Here | 👉Click Here |
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Min Deposit
USD 5
Regulators
FSA
Trading Desk
MT4, MT5, XM App
Crypto
Yes
Total Pairs
55
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Conclusion
In conclusion, XM broker offers a comprehensive and user-friendly trading experience. With its competitive spreads, diverse range of assets, and robust educational resources, XM broker is making there mark as a leading broker. They offer leverage at 1000:1 and minimum deposit of $5 USD with spreads as low as 0.6 pips.
Disclaimer
Forex is a complex instruments and trading forex involves a high risk of losing money rapidly due to leverage. You need to understand how forex trading works and decide whether you can afford to take the risk of losing money on trade orders that do not go your way.
Forex Trading Africa annually reviews brokers regarded as the best in the world and provides information on the tools, market analysis and service they offer. We aim to provide important information for you to base your decisions on when choosing the right forex broker for your needs.
Frequently Asked Questions
Does XM have a Welcome Bonus?
Yes, XM has a Welcome Bonus in the form of a No Deposit Trading Bonus. When you start trading with XM for the first time, you can get a $30 trading bonus after creating a real trading account. The XM trading bonus is available for all first-time XM clients but new traders are required to meet certain criteria.
XM offers a 50% deposit bonus up to $500 or currency equivalent plus 20% deposit bonus up to $4 500 or currency equivalent
FX also offers a Refer a Friend program where you can earn up to $35* for each person you refer, and a XM Loyalty Program where clients are offered special seasonal bonuses marking certain calendar events and occasions that will be available for very limited periods of time.
Does XM offer Nasdaq trading?
Yes, XM offers trading in the NASDAQ 100 (US100) technology stock index, available as CFDs.
Can I start trading with no money in my XM live account?
No, you cannot start trading if you have not deposited the required minimum balance in your XM live account. You can only trade with no deposit on a free demo account but you are practicing to trade with ‘fake’ money and do not earn profits from any trades.
What leverage does XM offer?
XM offers flexible Leverage from 1:1 up to 888:1
The amount of leverage you are offered depends on the type of XM account that you have. XM clients have the option to request for their chosen leverage to be increased or decreased at any time, and up to what is allowed on the account type.
Who is the CEO of XM?
The CEO and founder of XM Ltd is Constantinos Cleanthous (2009- )
Does XM offer online support?
Yes, XM offers 24/5 online Customer Service via phone, email, live chat, SMS and WhatsApp.
Does XM offer a demo account for forex traders?
Yes, XM offers a free demo account to registered clients.
A demo trading account is a type of forex trading account that is funded with entirely virtual money, but still includes all of the functionalities and technical indicators as a live account. It’s the perfect tool for beginner forex traders because you can become familiar with trading strategies and indicators in real time on your trading platform before you start trading with real money.
Does XM have a mobile app for forex trading?
Yes, XM has an easy-to-use mobile app for forex and CFDs trading.
Does XM publish an Economic Calendar?
Yes, XM publishes an Economic Calendar.
The XM Economic Calendar comprises routine financial events which affect the financial markets. The events on the XM Economic Calendar are pre-scheduled and include statements made by countries and other leading players in the financial arena such as central banks, the International Monetary Fund (IMF) and governments.
Skilled traders anticipate these events and plan their trades in accordance. Each of these newsworthy economic events can create changes in the value of different financial assets and positions on forex trading.
Is XM a good broker?
In terms of security, advanced electronic trading platforms, research and education; XM is rated highly as a trusted broker. XM Group has been in business since 2009 and has established itself as a regulation-compliant forex and CFDs broker that is safe to use by traders in Africa.
Does XM offer social trading?
No, XM does not allow Copy Trading. The XM trading platform can be enabled for mirror trading. Mirror Trader enables XM clients to increase their trade potentials coupled with the effective features of an automatic strategy trading. Mirror Trader simply involves automated trading with specific strategies.
How many days do XM withdrawals take?
All XM withdrawal requests will be completed within 24 working hours. However, all withdrawal requests submitted will be instantly reflected in the clients’ trading account as pending withdrawals. In case a client selects an incorrect withdrawal method, the clients’ request will be processed according to the Withdrawal Priority Procedure.
What are XM’s fees for deposits and withdrawals?
XM has low forex fees and average non-trading fees. There are no account, deposit or credit/debit card withdrawal fees. There is an inactivity fee of $50 fee after one year of inactivity and withdrawals by bank transfer incur fees.