Why choose XM #

Trade with XM Broker if,

Platform reliability is of utmost importance to you. The broker has been in the market for many years, operating in 190 countries, and is multi-regulated.

You are willing to learn while trading. XM Group is one of the few brokers that not only provides basic educational materials on its website but also regularly conducts webinars and even offline meetings in 120 cities worldwide.

Do not trade with this broker, if:

  • You do not use MT platforms. This is a common issue with many brokers as they typically support MetaTrader 4 or MetaTrader 5, and rarely offer trading through cTrader, RTrader, or other platforms. XM Group also offers the traditional options..

XM is a global forex and CFD broker regulated by FCA ,SCA of UAE,Australia's ASIC, CySEC of Cyprus, and the Belize authority IFSC.

XM has low stock CFD and withdrawal fees. Account opening is user-friendly and fast.

XM offers comprehensive selection of educational webinars, articles, and Tradepedia courses.

Overview #

Trading platform:

МТ4, МТ5 (desktop, web, and mobile versions), and XM App for smartphones and tablets

 Accounts:

Micro Account, Standard Account, XM Ultra Low Account,Shares Account

Account currency:

USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, SGD, ZAR

 Deposit/ Withdrawal:

Credit/ Debit cards, Skrill, Neteller, Online Bank Transfer, Perfect Money, and Mobile Money,Bit Pay

Minimum deposit:

$5

⚖️ Leverage:

1:1000.

PAMM-accounts:

No

Min Order:

0,1 lot for Micro and 0,01 lot for Standard and XM Ultra Low

 Spread:

From 0.6 pips

 Instruments:

Currencies, stock CFD, commodities, stock indices, precious metals, and energies, turbo stocks

 Margin Call / Stop Out:

100%/50%

 Liquidity provider:

n/a

Mobile trading:

Yes

Affiliate program:

Yes

Orders execution:

Market Execution, Instant Execution

 Trading features:

There are Islamic accounts; It is possible to connect to the MQL5 trading services.

Contests and bonuses:

Up to 50% Deposit bonus

Copy Trading:Yes

Account types

XM offers various account types to cater to the diverse needs of traders.

Micro

This is a cent micro lot account type. 1 lot is 1,000 units of basic currency. Minimum trade volume is 0.1 lot. Spread is from 1 pips;

Standard

This is a standard account type. 1 lot is 100,000 units of basic currency. Minimum trade volume is 0.01 lot. Spread is from 1 pips;

XM Ultra Low

1 lot 1,000/100,000. Minimum trade volume 0.1/0.01 Lots. Spread is from 0.6 pips. No swaps.

You can get acquainted with the potential of XM Broker by opening a demo-account.

Account Opening

To begin trading with XM Broker, you can open either a real or demo account by clicking on the respective buttons on the broker's main page. The demo account comes with an initial deposit of 100,000 US dollars, granting access solely to the platform upon opening. However, registration of a real account is necessary to access your Personal Account.

  1. Fill out the registration form with your Name, Surname, Country/City, Phone, and Email. Ensure that all data is entered in Latin letters and specify the platform and type of account.

  2. Your account number, serving as your login, will be sent to the provided email address. You'll need to download the platform from the broker's website and link this account to it. Once you've received the account details, proceed to access your Personal Account. Keep in mind that the registration process takes approximately 10 minutes and only grants access to explore the functionality of the Personal Account. Further registration and subsequent trading require verification.

Account verifications

XM offers fast account verifications in less than 24hrs. Traders are required to upload actual photos of the official identification(both sides if needed) ie Drivers Licence, Passport, National ID Proof of Residence is required for applicants residing outside their country where their document was issued.

Within the Personal Account, you'll find the following options:

  • Deposit and withdrawal of funds (The deposit and withdrawal wallet for mobile money will activate once a deposit is made).

(add screenshot of Deposit/Withdrawal section)

  • Correction of personal account details. Under the Account menu, you can adjust the leverage, review transaction history (including ongoing position monitoring), and access the history of replenishments and transactions.

Additionally, several other useful features are available:

  • Changing the password and enabling two-step authentication.

  • Requesting the use of a VPS server (available only after verification).

  • Accessing trading signals, customer service, and the Invite a Friend program.

Available instruments

Forex (Currency Pairs) Commodities ,Turbo stocks, Stocks CFDs ,Equity Indices
Cryptocurrencies, Energies,Precious Metals:

Leverage options

XM offers leverage of upto 1:000. However Leverage levels can vary depending on the financial instrument being traded and depending on your location and the regulatory requirements in that region, leverage options may be adjusted to comply with local regulations.

Customer support

Traders have multiple avenues to connect with XM's support team, including email with CRMs ,quick realtime 24/7 live chat, and social media updates and queries responses.The support is available in multiple languages depending by region. Within XM's client portal, a dedicated support section offers information and resources, providing a platform for clients to submit requests or inquiries.

Trading platforms

XM's trading platforms offer a diverse and comprehensive range, including web and desktop versions of MT4 and MT5 for both Mac and PC.

Traders can access the full array of instruments, excluding share CFDs exclusive to MT5, while enjoying consistent charts and trading order types across all platforms.

Notably, XM's mobile trading allows for direct trading and seamless integration with MT4 and MT5 accounts, providing convenience and flexibility for traders on the go. In summary, XM provides a versatile and accessible trading environment across various devices.

Educational resources

XM offers live webinars,Q&A with experts and live debates for Beginner and Advanced Levels with experts. Traders can access the schedule at (/go/xm-edu))

Deposit and withdrawal options

The account funding process is open 24 hours a day and is fully automated.

  • XM offer multiple deposit withdrawal options including mobile money. eg Mpesa, Airtel, MTN for East African clients.

  • Bank Transfer: Deposits and withdrawals are free; however, withdrawals under 200 USD incur a cost of 15 USD. Deposits and withdrawals take a few days to be processed.

  • Credit card/Debit card: Deposits are instant and free, but withdrawals, while free, take up to two business days to be processed.

  • eWallets (Skrill, Neteller, WebMoney, Perfect Money): Deposits and withdrawals are instant and free. Once your account has been verified by customer service, you can deposit funds through the client portal: Attach screenshots

  • The time for processing a request is 24 hours, withdrawal time is in accordance with the technical capabilities of payment systems (up to 5 business days). The number of requests is unlimited. The withdrawal currency corresponds to the deposit currency; in case of a discrepancy, the broker automatically converts it at the average exchange rate.

Verdict

XM Trading is a brokerage firm that specializes in low-cost forex and CFD trading, offering a wide selection of over 1000 instruments including forex, precious metals, energy, and indices.

The company is regulated by two top-tier regulators, namely CySEC and ASIC, ensuring a certain level of security for traders. However, it's worth noting that XM Trading is not regulated by the CMA in Kenya, which may pose a slightly higher risk compared to other brokers on the market.

In terms of fees, XM Trading offers competitive rates, primarily through their Ultra Low account option, which features standard spread-only trading without additional commissions. The minimum deposit requirement varies depending on the account type, with the Standard and Micro accounts starting at $5 USD and the Ultra Low account at $50 USD. There's also a Share account tailored for equity trading, requiring a higher minimum deposit of $10,000 USD.

While XM Trading's spreads may be higher compared to some other brokers, particularly with the Micro account where spreads typically range from 1.8 to 2 pips for EURUSD during normal market conditions, the Ultra Low account offers a more competitive spread of around 0.8 pips.

For those considering opening an account with XM Trading, opting for the Ultra Low account is recommended to maximize returns, as the fees with other account types may not be as competitive.

Customer support at XM Trading is highly regarded, available 24/5 during market trading hours. Additionally, they provide free access to a range of educational resources including research materials, forex webinars, video tutorials, and daily technical analysis. Another convenient feature is their acceptance of M-Pesa for account funding, catering to the needs of Kenyan traders.

**FAQs**

  • Is XM Global a regulated forex broker in Africa?

    • A: XM Global's regulated by FCA ,SCA of UAE,Australia's ASIC, CySEC of Cyprus, and the Belize authority IFSC therefore is safe for tarders from African countries.Most African countries do not have local regulatory bodies to regulate online forex brokerage but the residents are not restricted from investing in internationally regulated online brokers.

  • Q: Can I open a forex trading account with XM Global if I am located in Africa?

    • A: XM Global provides its services to all countries except the residents of the United States of America,Canada, Israel and the Islamic Republic of Iran.

    • However XM does not direct its website and services to any individual in any country in which the use of its website and services are prohibited by local laws or regulations. When accessing XM website from a country in which its use may or may not be prohibited, it is the user's responsibility to ensure that any use of the website or services adhere to local laws or regulations.

  • Q: Does XM Global offer different forex trading account types in Africa?

    • A: XM Global may offer various forex accounts catering to different experience levels and trading needs. XM offers Micro, Standard and Ulta (micro/standard) account types.

  • Q: Is XM Global's trading platform (MT4, MT5) compatible with African devices and internet connections?

    • A: XM Global's MetaTrader platforms (MT4 & MT5) are likely compatible with most devices and internet connections in Africa. However, for optimal performance, ensure a stable internet connection.

  • Q: What are the spreads and commissions offered by XM Global on forex pairs

    • A: Spreads and commissions on forex pairs can vary depending on the chosen account type and market conditions.
      Micro Accounts has a spread from 1pips for 0.1 lot minimum size

      Standard accounts have a spread from 1pip for 0.01 minimum lot size.

      Ultra accounts have spreads of from 0.6 pips for 0.1/0.01 Lots size and No swap fees.

  • Q: Does XM Global offer leverage on forex trades in Africa?

    • XM offer leverage of upto 1:1000 for traders from African countries.Leverage might vary in different countries subject to local regulations.

    • Q: What deposit and withdrawal methods are available for forex trading accounts in Africa?

  • A: Deposit/withdrawal methods for African clients may differ. XM Global likely supports popular African payment options such as mobile money eg MPESA, Airtel Money, MTN. Mobile money is only available after verification.

    • Q: Are there any additional fees for depositing or withdrawing funds from my XM Global forex account in Africa?

    • XM does not charge fees for deposits and withdrawals.

    • Q: Does XM Global offer educational resources or webinars on forex trading for African clients?

    • A: XM Broker has a research and eductaion section available in clients members area. Novice traders can watch the video, which describes the basic functions of the broker's platforms. There are also webinars and seminars conducted repeatedly at the site as long Live interactive sessions. The subjects are the most diverse - from the basics of fundamental and technical analysis to the development of trading systems.