This scheme provides a customer-friendly service to accommodate inquiries from different countries and diversified clients. There is very little negative feedback about XM forex. Based on customer comments, the XM platform needs improvement in the following aspects:. A forex account is needed to hold and trade foreign currencies. An XM client is free to open any of these accounts, and allowed to have more than one account to maximize its trading experience.

The XM zero trading account is offered free to clients who want to open including those with Micro or Standard accounts. The XM platform adopts trading software Meta Trader 4 MT4 and Meta Trader 5 MT5 for traders on zero accounts allowing one-click trading. However, a member of this account has no trading bonuses.

With the micro account, trading can start at a minimum spread of 1 pip percentage in point using 11 currency account options. XM micro account is entitled to features such as hedging, trading bonuses, NBP Negative Balance Protection. Trading software MT4 and MT5 are also available for automated trading anytime and anywhere. The XM trading platform allows traders using the Standard account access to multiple trading options and numerous currency options similar to the micro account.

It has minimum trading spread of 1 pip. It also includes protection and financial instruments similar to micro account such as MT4 and MT5 trading platform, hedging, trading bonuses, NBP and more. The XM Forex standard account differs from a micro account in terms of trading volume. At one lot size, the micro account has 1, units while standard and zero accounts has , units.

XM Ultra Account allows you to operate with either micro or standard lots, lower spreads starting from 0. All new clients on XM broker are entitled to no deposit bonus. This bonus is available only once, and the claimant is given just days to get the 30 USD Non-Deposit Bonus. There are restrictions applied to promotions and bonus rights. New XM member under 18 years old are considered minors and are not allowed to trade.

Also, a member with a record of violations of the broker rules and regulations are not allowed to trade and claim the bonus. Only a new member with a tradable account is entitled to a 30 USD Non-Deposit Bonus. The process of getting your bonus will take 24 hours, but the cash will be available to the account within an hour.

The money can only get used for trading purposes, and withdrawal can only apply to the profits you earn after trading. Clients registered under the EU regulated entity of the Group are not eligible for the trading bonus schemes. There is a required 5 USD equivalent minimum balance with no service charge. The processing of deposit took effect almost instantly. XM is accepting payment through Neteller, Skrill, Sofort Banking, CashU, Przelewy 24, and Bitcoin. There is a minimum requirement of 5 USD but no service charge during the transaction.

However, only the Neteller and the Skrill allow currencies listed on credit cards. The Sofort banking accepts just EUR and GBP, CashU is USD, Przelewy 24 is PLN, and Bitcoin recognizes only USD, EUR, and JPY. Bank transfer is available on selected currencies like USD, EUR, GBP, CHF, AUD, PLN, and HUF XM covers the fees for bank wire transfers for amounts above USD.

Bank transfer needs 2 to 5 business days to process the deposit to the account. The processing of request takes effect within 24 hours.

Withdraw via Neteller, and Skrill Moneybookers are acceptable in currencies USD, EUR, GBP, CHF, AUD, PLN, and HUF. Like in credit card, the request takes effect within 24 hours. An XM Forex member can withdraw via bank transfer in currencies like USD, EUR, GBP, CHF, AUD, PLN, and HUF.

Similar to deposits, bank wire withdrawal needs 2 to 5 business days. The margin is defined as the value of the security to ensure sufficient funds during trading while Leverage refers to the capability to trade larger than the existing amount in the trading account.

XM Forex pioneered the use of a variety of electronic trading platforms. The MetaTrader 4 and MetaTrader 5 platforms of XM facilitate online trading and enhance the trading quality. Both apply the strict policies of XM on no re-quotes and no rejections and offer a leverage range from to Another benefit of a live account holder in XM is free to access to trading signals such as Stop Levels and Take Profit.

The current XM bonuses available differ depending on the country you reside in. To view the specific promotion available to you, click here. Best Alternative in South Africa for XM. Cash Back Trades - FXTM. FXTM: Open Review. General Risk Warning: The financial services reviewed here carry a high level of risk and can result in the loss of all your funds. Fully regulated and in Australia ASIC , CySEC Cyprus , FSC Mauritius Initiates fast, convenient, and efficient trading through MT4 and MT5 platforms Offers unmatched, award-winning customer support 3D Secure ensures maximum security measures for its customers.

Go Markets: Open Review. Trading forex, derivatives and leveraged products carries a high level of risk, including the risk of losing substantially more than your initial investment. You should ensure that you fully understand the risks involved and seek independent advice if necessary before you start trading. Forex in South Africa is Legal, Right? It is absolutely not illegal for any South African to trade Forex. Every South Africa Forex broker listed in our top 5 is regulated by an authority such as the Financial Services Board and is respectful of the law.

The company was created in in Limassol, Cyprus. Besides this one regulation, XM Forex broker also complies with the rules of the regulators such as the FCA, BaFIN, AFM, CNMV, FI, FIN. Is XM legit? Yes, they are indeed. Is there at least a small possibility of an XM scam? No, definitely not. By being compliant with so many financial regulators, it would have had so many more fines to pay compared to the profit it would ever be hoping to make as a scam.

If anything, XM is the opposite of a scam. As already stated, in terms of regulation XM is probably the one that is compliant with the most, if not all, financial regulatory rules. But checking up on them, all of the searches came back positive, they are indeed registered everywhere. XM is an international company that has customers all over the globe and is regulated by a large number of regulatory companies, which is what allows it to work with traders anywhere in the world.

So the question of whether XM fraud is out of the question. Some of you might ask though, is XM South Africa regulated by the FSCA? This is where the problem arises — it is not, at least as of writing this article.

Though do not worry, the amount of regulation and the track record XM has with the global community guarantees that it is going to be as honest in its dealings with South African traders as with any other trader in the world. Also, we have reached out to XM Forex broker representative and we were told that the company is in process of getting FSCA regulation, it simply takes a while for the local regulator to approve the application.

Our first impression with their website was also a very positive one, as they displayed a nice layout of information. Something we always approve of brokers doing as it makes our job so much easier. There were more than 20 options, which is always a welcome sight to see and a boost to reliability. After these amazing first impressions, we need to discuss whether or not they align with the services they bring to the table.

All of the major important features, such as spreads, leverage, and fees will be discussed here. The lowest we were able to see and experience was 0. The addition of having tight spreads is also encouraging to go ahead and start trading with the brokerage.

Speaking of starting…. In most cases, Forex brokers would have 3 types. A beginner, a medium and a VIP account. With XM you get those 3 choices too. The lowest minimum deposit is 70 ZAR with the XM Micro account, but it looks like the XM Ultra Low account is the most popular at ZAR as a minimum deposit. Is it the case here? Can XM be trusted? Yes, they can be trusted. Being one of the largest Forex Brokerages in scale, their margins have gone to a point where they are able to afford such low minimum deposits.

Plus, despite the low deposit requirements they are also able to offer leverage through the roof, as well as some nice bonuses on the side. At this moment the leverage cap is at This may be quite surprising to some of you who are familiar with ESMA. How can they have such big leverage if they are regulated in the EU? Well, remember when we said that they are not regulated in South Africa? Going into a trade with leverage, can have incredible profit for you, but if you are a beginner and have no idea what you are doing, it will be devastating for your capital and to your life in general.

However many brokers always require that you pay a withdrawal fee, which can really rain down on your hard-earned money withdrawal parade.

The broker claims that they have 0 fees on any type of XM withdrawal. This is an amazing opportunity for people who trade large amounts. Having to pay fees in those cases can be devastating. In terms of withdrawals with XM, you can opt for pretty much everything. XM Forex broker really likes retro by the looks of it. For example, cTrader would have been a great addition to their arsenal.

As well as a Web Trader, which they could easily develop themselves. However, MT4 and MT5 are still quite viable, and the malleability and how easily they can be customized to your needs make them the perfect trading platforms if you have a certain set of requirements and visions you would like to add to your platform.

XM offers you a set of three accounts dedicating fully to real-time trading, as well as a fourth account type which will allow you to get used to the platform and trade imaginary money, shielding you from the danger of spending it all in a single sitting. All four of these variations have their advantages and disadvantages, but can be definitely useful in their own ways for a certain type of trader. The account types offered are:. XM also offers a demo account, as mentioned above.

Such an offer is a godsend to all beginners. You see, as a beginner, who is just starting to trade and learning about Forex, you might not want to invest real money into the market. So demo accounts such as this are a great tool to start working on the platform and the trader that interests you the most. Really nice of XM to include this as one of their offers. One of the most important things in the Forex industry is the speed of response.

As things on the market change really fast, you need to react equally quickly. What is even more important though is that you be able to react quickly in case something goes wrong with your platform. The Forex broker needs to be able to do the same thing. Thankfully the live chat support service offered by XM Forex broker works really well, giving you answers almost instantly, as you get in touch with them. The same goes for the other types of support systems.

Email works well, even though it is slower than that live chat system. Based on this XM broker review, our expert staff says yes, XM can be trusted. Not only that but we also believe that they are one of the few Forex brokers in the world that should be trusted. They are highly regulated, incredibly well supported and their offers are both realistic and malleable. The XM reviews available online are also very positive. Something not a lot of brokers can offer.

Home - Brokers - XM broker reviews, interface, and trading tools provided. XM broker reviews, interface, and trading tools provided. Maximum leverage Year founded Regulation CySEC, FCA, ASIC. Trading platform MT4, MT5, WebTrader. Open Live Account Open Demo Account. First impressions and Regulations As already stated, in terms of regulation XM is probably the one that is compliant with the most, if not all, financial regulatory rules. Is XM regulated in South Africa?

com review of the website Our first impression with their website was also a very positive one, as they displayed a nice layout of information. XM Maximum Leverage At this moment the leverage cap is at Trading platforms XM Forex broker really likes retro by the looks of it. Account Types XM offers you a set of three accounts dedicating fully to real-time trading, as well as a fourth account type which will allow you to get used to the platform and trade imaginary money, shielding you from the danger of spending it all in a single sitting.

The account types offered are: Micro Account — This account type offers to trade in most of the popular currencies, a nice leverage range ;; ; but it also limits your lots to The spread is as low as 0.

It allows you to open positions and gives you a trade size restriction on MT5. Otherwise, it provides you with all the bonuses of the standard account, as well as an Islamic alternative of the platform. Standard Account — The standard account is in many ways similar to the Micro account, but does not limit the number of your lots in , instead of allowing you to have lots, which is a significant increase in your trading volume availability.

The account type also does not limit your MT5 lot size. It also keeps the lot restriction per ticket down at XM Ultra Low Account — This type of account lowers the pip to 0. The minimum deposit is increased to ZAR, unlike the other two types of accounts. The account type also introduces some variability between Micro standard and Micro ultra, limiting the trading volume and contact size according to which one you choose.

Live chat and other support One of the most important things in the Forex industry is the speed of response. Comments 0 comment s Click here to cancel reply. Leave a comment. TOP BROKERS. Register Read review. NO DEPOST BONUSES. Read review Get your bonus. RECENT ARTICLES. What Are The Most Prominent Movies About Finances, Money And Trading?

This allows us to provide a high-quality customer experience by quickly identifying and fixing any issues that may arise. XM also offers a demo account, as mentioned above. There is a minimum requirement of 5 USD but no service charge during the transaction. ACCEPT ALL COOKIES. EURGBP

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