
XM Review
Overall, XM is considered a low-risk and can be summarised as trustworthy and competitive. XM is regulated by the top-tier DFSA, FCA, and ASIC. XM is currently one of the top-rated platforms with a Trust Score of 89% out of 100 with a rating of 9/10. XM is currently not regulated by the Central Bank of Nigeria.

- Louis Schoeman
Jump to:

Regulation and Safety of Funds

Account Types and Features

Account Registration

Range of Markets

Fees

Deposits and Withdrawals

Education and Research

Affiliate Program

Final Verdict

Pros and Cons

FAQ
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
XM Review – 21 key points quick overview:
XM Overview
👉 According to our research, XM is an average-risk broker that has a high trust score of 84% and an overall rating of 9/10 as a CFD and Forex broker for Nigerian traders. Security, customer service, account financing, and minimal fees are some of the most important features that consumers look for in an online trading platform, and XM provides them in abundance.
👉 XM is a good option to start a trading profession or advance in an existing one because of this winning mix. Established in 2009 and in operation for more than 12 years, XM has more than 196 countries where it operates, a service team that speaks 30 languages, and the broker is one of the most trusted and well-regulated brokers.
👉 Even though the broker’s main branch is based in Belize and licensed by the IFSC, the broker has offices across the world that can serve clients‘ requirements, with relevant regulation and authority in these regions.
👉 This XM review will provide traders with the details that they need to consider whether the broker is suited to their unique trading objectives and needs.
Distribution of Traders
👉 The distribution of traders with XM is as follows:
➡️️ Thailand – 33.7%
➡️️ South Africa 12.1%
➡️️ Colombia – 9%
➡️️ Egypt – 8.7%
➡️️ Philippines – 2.9%
Popularity among traders who choose XM
🥇 While XM does not dominate the forex and CFD market in Nigeria, the broker is still one of the most versatile options for Nigerian traders, ensuring that it is a part of the Top 50 brokers in the region for retail traders.
XM at Glance:
🏛️ Headquartered | Belize |
🏛️ Nigerian Based Office | No |
👍 Accepts Nigerian Traders? | Yes |
📅 Year Founded | 2009 |
📱 Nigerian Office Contact Number | None |
⚖️ Regulation | FSCA, IFSC, ASIC/AFSL, CySEC, DFSA |
🔎License Number | Belize – 000261/158 South Africa – 49976 Australia – 443670 Cyprus – 120/10 Dubai – F003484 |
⚖️ CBN Regulation | None |
✴️ Regional Restrictions | The United States, Canada, Israel, the Islamic Republic of Iran |
☪️ Islamic Account | Yes |
📈 Demo Account | Yes |
📈 Retail Investor Accounts | 4 |
🚀 Offers a Nigerian Account? | No |
💻 Dedicated Nigerian Account Manager? | No |
📈 Maximum Leverage | 1:888 |
📈 Leverage Restrictions for Nigeria? | No |
💳 Minimum Deposit (₦) | 2,000 Nigerian Naira (equivalent to $5) |
💳 Nigerian Naira Deposits Allowed? | Yes |
💰 Active Nigerian Trader Stats | 1.3 million |
Active Nigerian-based XM customers | 100,000+ |
💰 Nigeria Daily Forex Turnover | $1.25 million+ |
💳 Deposit and Withdrawal Options | Credit Card Debit Card Bank Wire Transfer Local Bank Transfer Skrill Neteller WebMoney |
💰 Segregated Accounts with ities CFDsNigerian Banks? | No |
💻 Trading Platforms | MetaTrader 4, MetaTrader 5 |
💰 Tradable Assets | Forex Stock CFDs Commodities Equity Indices Precious Metals Energies Shares |
🌐 Offers USD/NGN currency pair? | No |
🌐 USD/NGN Average Spread | N/A |
📈 Offers Nigerian Stocks and CFDs | No |
👨💼 Languages supported on Website | English, Malaysian, Chinese Simplified, Chinese Traditional, Russian, French, Italian, German, Polish, Spanish, Portuguese, and several others |
👥 Customer Support Languages | Multilingual |
👥 Customer Service Hours | 24/5 |
👥 Nigerian-based customer support? | No |
💰 Bonuses and Promotions for Nigerians | Yes |
✴️Education for Nigerian beginners | Yes |
📊 Proprietary trading software | No |
💰 Most Successful Nigerian Trader | Uche Paragon ($20 million net worth) |
✔️Is XM a safe broker for Nigerians? | Yes |
✔️Rating for XM Nigeria | 9/10 |
✔️Trust score for XM Nigeria | 84% |
Regulation and Safety of Funds
XM is a well-regulated entity that is based in Belize, operating through these entities worldwide:
➡️ Belize – XM Global Limited (license number 000261/158) is well-regulated and overseen by the International Financial Services Commission (IFSC).
➡️ In South Africa Key Way Financial (Pty) Ltd is a reputable Financial Service Provider (FSP) that is overseen by the Financial Sector Conduct Authority (FSCA) under FSP number 49976.
➡️ Australia – XM operates through Trading Point of Financial Instruments Pty Ltd under ABN 32 164 367 113, with regulation and authorization provided through the Australian Securities and Investment Commission (ASIC) under AFSL 443670.
➡️ In Cyprus, XM is regulated by the Cyprus Securities and Exchange Commission (CySEC) through Trading Point of Financial Instruments Ltd in Limassol under license number 120/10.
➡️ Dubai – XM operates through Trading Point MENA Limited as a DIFC company, regulated by the Dubai Financial Services Authority (DFSA) under reference number F003484.
Regulated firms have been used to process withdrawals and deposits for XM Group to protect the safety of its consumers. Liquidity providers and XM cannot access consumer funds since they are stored in different tier 1 banks from business funds. Customer accounts are also protected by negative balance protection.
A member of the Investor Compensation Fund, XM complies with all the criteria laid forth in the Markets in Financial Instruments Directive to safeguard investors (MiFID).
XM Group aims to give its clients the best possible trading circumstances. To ensure that they always provide some of the lowest spreads and the most liquidity, they cooperate with a broad range of liquidity providers.
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
Account Types and Features
Individual Nigerian traders can choose from four distinct types of retail investor accounts, each tailored to their own trading goals. XM offers a variety of live account options, including:
➡️ Micro Account
➡️ Standard Account
➡️ XM Ultra-Low Account
➡️ Shares Account
Live Trading Accounts
Micro Account
Micro accounts are ideal for new traders who are transitioning from a risk-free trial account into the real world of trading. For more experienced traders looking to put their trading theories to the test, this account type is excellent.
Feature | Information |
⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
📱 Social Media Platforms | • Facebook • YouTube |
⚖️ CBN Regulation? | No |
📱 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
💻 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
💸 Minimum Deposit (₦) | 2,000 Naira |
📱 Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
💳 Nigerian Naira-based Account? | No |
💰 NGN Deposits Allowed? | Yes |
💵 Bonuses for Nigerian traders? | Yes |
📊 Minimum spread | From 0.0 pips |
📱 Demo Account | Yes |
☪️ Islamic Account | Yes |
📉 Minimum trade size | 0.01 lot |
📈 Maximum trade size | 100 lots |
Standard Account
This is the typical account that is chosen by most retail traders, offering typical spreads and other account features.
Feature | Information |
💵 Account Base Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
📊 Minimum Spread | 0.0 pips |
💳 Nigerian Deposits/Withdrawals | Yes |
⚖️ CBN Regulation | No |
💰 Account Types | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
📈 Leverage | 1:888 |
💵 Micro Account Offered? | Yes |
🔧 Trading Tools | XM Live, Live Education, Live Education Schedule, Educational Videos, Forex Webinars, Platform Tutorials, Forex Seminars |
📚 Education | Trading Tools, MQL5, Forex Calculators, Markets Overview, News Feed, XM Research, Trade Ideas, Technical Summaries, Economic Calendar, XM TV, Podcasts |
📞 Nigerian-Based Customer Support | No |
XM Ultra-Low Account
This account type is known for its ultra-low trading fees, providing scalpers and other day traders with the best trading conditions in a fast-paced financial market environment.
Feature | Information |
💵 Account Base Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
📊 Minimum Spread | 0.0 pips |
💳 Nigerian Deposits/Withdrawals | Yes |
⚖️ CBN Regulation | No |
💰 Account Types | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
📈 Leverage | 1:888 |
💵 Micro Account Offered? | Yes |
🔧 Trading Tools | XM Live, Live Education, Live Education Schedule, Educational Videos, Forex Webinars, Platform Tutorials, Forex Seminars |
📚 Education | Trading Tools, MQL5, Forex Calculators, Markets Overview, News Feed, XM Research, Trade Ideas, Technical Summaries, Economic Calendar, XM TV, Podcasts |
📞 Nigerian-Based Customer Support | No |
Shares Account
The Shares Account offers Kenyan traders access to a wide range of shares that can be traded. This account has competitive commissions and the benefit of negative balance protection.
Feature | Information |
💵 Account Base Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
📊 Minimum Spread | 0.0 pips |
💳 Nigerian Deposits/Withdrawals | Yes |
⚖️ CBN Regulation | No |
💰 Account Types | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
📈 Leverage | 1:888 |
💵 Micro Account Offered? | Yes |
🔧 Trading Tools | XM Live, Live Education, Live Education Schedule, Educational Videos, Forex Webinars, Platform Tutorials, Forex Seminars |
📚 Education | Trading Tools, MQL5, Forex Calculators, Markets Overview, News Feed, XM Research, Trade Ideas, Technical Summaries, Economic Calendar, XM TV, Podcasts |
📞 Nigerian-Based Customer Support | No |
Demo Account
A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.
There is a certain degree of risk involved when trading financial markets and XM offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.
Islamic Account
Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.
This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.
All live trading accounts provided by XM can be converted to an Islamic Account or Swap-free accounts that do not charge interest to traders who keep positions open overnight.
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
Account Registration
Opening an XM trading account takes just a few minutes. When Nigerian start the account opening procedure, they can expect the account to be approved within the next working day. Nigerian traders need to complete a digital application in which they must provide personal information, employment details, source of funds, trading experience, and other categories.
In addition, once the form is complete, Nigerian traders must complete the KYC process where they must submit proof of identity and residency. Once the information and documents have been compared and verified, the account will be approved, and traders can deposit funds to start trading.
XM Vs Axi Vs FXTM – Broker Comparison
XM | FXTM | Axi | |
⚖️ Regulation | FSCA, IFSC, ASIC/AFSL, CySEC, DFSA | CySEC, FSCA, FCA, FSC Mauritius | ASIC, FCA |
📱 Trading Platform | • MetaTrader 4 • MetaTrader 5 | • MetaTrader 4 • MetaTrader 5 • FXTM Trader | MetaTrader 4 |
💰 Withdrawal Fee | None | Yes | Yes |
📈 Demo Account | Yes | Yes | Yes |
📊 Min Deposit | 2,000 NGN | 10,000 NGN | 0 NGN |
💰 Leverage | 1:888 | 1:2000 | 1:30/1:400 |
💳 Spread | 0.0 pips | 0.0 pips | 0.0 pips |
✴️ Commissions | $1 to $9 | From $0.4 | From $3.5 |
💳 Margin Call/Stop-Out | 50%/20%, 100%/50% (EU) | 60%/40%, 80%/50% | From 90%/50% |
📊 Order Execution | Market, Instant | Market/Instant | Market |
💰 No-Deposit Bonus | No | No | None |
💰 Cent Accounts | No | No | No |
📊 Account Types | • Micro Account • Standard Account • XM Ultra-Low Account • Shares Account | • Micro Account • Advantage Account • Advantage Plus Account | • Standard Account • Pro Account • Elite Account |
⚖️ CBN Regulation | No | No | None |
💵 NGN Deposits | Yes | Yes | Yes |
💳 Nigerian Naira Account | No | Yes | No |
👥 Customer Service Hours | 24/5 | 24/5 | 24/5 |
🛍 Retail Investor Accounts | 4 | 3 | 3 |
☪️ Islamic Account | No | Yes | Yes |
Trading Platforms
👉 XM offers Nigerian traders a choice between these trading platforms:
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ XM Mobile App
Desktop Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
👉 With XM’s MultiTerminal platform, Nigerian traders can manage numerous accounts from a single screen. With the MT4 platform, Nigerian traders can expect a familiar trading experience, but with much more power and capacity.
👉 The MetaTrader 5 platform has been tailored to fit the needs of XM customers regardless of their preferred trading style or asset class, and this resulted in the XM MT5.
👉 This robust but user-friendly platform provides more features, smarter trading tools, greater support, and total control over the trader’s operations. One of the most creative and frequently utilized trading platforms in the world, MetaTrader 5, is used by Nigerian traders.
WebTrader Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
👉 Trading with XM can be done from any web browser using the MetaTrader 4 WebTerminal, which does not need any additional software to be downloaded. Kenyan traders can place pending and market orders on both Live and Demo accounts, as well as see their full trading history.
👉 The XM MetaTrader 5 WebTerminal trading requires no further software to be installed. The WebTerminal, which can be started from any computer and browser, has all the functionality of the desktop platform.
Trading App
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ XM Mobile App
👉 The XM Android and iOS MT4 combine excellent charting with a wide range of sophisticated trading tools and several other advanced features to make it easier for traders to trade on the move.
👉 XM’s full-function trading interface allows Nigerian traders to access financial markets, do technical analysis, follow movements, and place orders from any location in the world.
👉 The MT4 Android, iPad, and iPhone Trader can be downloaded and utilized instantly by XM’s Nigerian customers for their convenience. XM’s MetaTrader software was specifically developed to make use of many of the advanced features of a range of mobile devices to create a unique trading experience for all traders.
👉 XM has recently introduced a proprietary mobile trading app that can be downloaded on any iOS or Android mobile device, from tablets, iPads, iPhones, to other smartphones. With this innovative proprietary app, Kenyan traders can perform several functions, including:
➡️ Trade more than 1,000 instruments from the app’s interface
➡️ Access instant order execution with no requotes
➡️ Customize the trading account using in-app features
➡️ Access updated, real-time charts
➡️ Use more than 90 technical indicators
➡️ Access the latest news, market analysis, and research
➡️ Integrate the app with MetaTrader 5 to access additional features and benefits
Range of Markets
👉 Nigerian traders can expect the following range of markets from XM:
➡️ Forex
➡️ Cryptocurrencies
➡️ Stock CFDs
➡️ Commodities
➡️ Equity Indices
➡️ Precious Metals
➡️ Energies
➡️ Shares
Broker Comparison for Range of Markets
Axi | FXTM | XM | |
💰Forex | Yes | Yes | Yes |
🔨 Precious Metals | Yes | Yes | Yes |
💰 ETFs | No | No | No |
📊 CFDs | Yes | Yes | Yes |
📈 Indices | Yes | Yes | Yes |
💵 Stocks | Yes | Yes | Yes |
💳 Cryptocurrency | Yes | No | No |
💰 Options | No | No | No |
💸 Bonds | Yes | Yes | Yes |
🔋 Energies | No | No | Yes |
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
Trading and Non-Trading Fees
Spreads
👉 According to the account type, trading circumstances, the financial instrument traded, and the current market conditions, XM provides a range of variable spreads. According to retail investor accounts, the following are the typical spreads:
➡️ Micro Account – 1 pip EUR/USD
➡️ Standard Account – 1 pip EUR/USD
➡️ XM Ultra-Low Account – 0.6 pips EUR/USD
➡️ Shares Account – According to the exchange being traded
Commissions
👉 Commissions are charged when Nigerian traders register and use the Shares Account. The typical commission charges on this account range from $1 up to $9 according to the individual shares that are being traded and the underlying exchange.
Overnight Fees, Rollovers, or Swaps
👉 To calculate overnight costs with XM, Nigerian traders will need to consider many criteria such as the financial instrument being traded, whether long or short positions are held, the amount of money being exchanged, and so on.
👉 XM charges the following overnight fees:
➡️ AUD/CAD – a long swap of -3.93 and a short swap of -3.4
➡️ AUD/CHF – a long swap of -1.24 and a short swap of -4.04
➡️ CHF/JPY – a long swap of -7.17 and a short swap of -3.07
➡️ AUD/USD – a long swap of -2.34 and a short swap of -1.54
➡️ EUR/USD – a long swap of -5.43 and a short swap of -0.83
➡️ GBP/CAD – a long swap of -5.9 and a short swap of -8.3
How to Deposit Funds with XM
To deposit funds to an account with XM, Nigerian traders can follow these steps:
➡️ Nigerian traders can select the “Members Login” from the homepage to be redirected to the access area.
➡️ Traders can provide their account ID and password to log in.
➡️ Traders can select their preferred deposit method, enter the amount to deposit and select “Deposit.”
➡️ Traders can confirm their ID and deposit amount, followed by any additional information as per the payment method that they use.
How to Withdraw Funds with XM
To withdraw funds from an account with XM, Nigerian traders can follow these steps:
➡️ Nigerian traders can log into their My Account page from the XM website.
➡️ Traders can select the option to “Withdraw” from the main menu and select the available withdrawal option according to the method that was used to make a deposit.
➡️ Traders can enter their withdrawal amount and submit the request after confirming the details of the withdrawal.
Because of the risks involved with money laundering, terrorism financing, and other financial crimes, XM only processes withdrawals and refunds to the original deposit source in line with the Withdrawal Priority Procedure.
XM Education and Research
XM offers the following Educational Materials:
➡️ XM Live
➡️ Live Education
➡️ Live Education Schedule
➡️ Educational Videos
➡️ Forex Webinars
➡️ Platform Tutorials
➡️ Forex Seminars
XM offers Nigerian traders the following Research and Trading Tools:
➡️ Trading Tools
➡️ MQL5
➡️ Forex Calculators
➡️ Markets Overview
➡️ News Feed
➡️ XM Research
➡️ Trade Ideas
➡️ Technical Summaries
➡️ Economic Calendar
➡️ XM TV
➡️ Podcasts
How To Minimize Risk While Trading?
1. Use Stop Losses
👉 A stop loss is a trading technique that takes you out of losing trades at a predetermined level in order to limit your losses. Utilize stop losses to ensure a 1:1 risk-reward ratio and above in all your trades in order to limit losses and maximize profits on each trade. For example, if you’re setting your stop loss at 50 pips below your entry point, set your take profit at least 50 pips above your entry point.
👉 A 1:2 risk-reward ratio and above will ensure that you remain profitable even if the majority of your trades are losing trades. Using a 1:2 risk-reward ratio means that you should place your stop loss at 100 pips if you have a profit target of 200 pips and so on.
👉 If you are a more aggressive trader, you can use a 1:3 risk-reward ratio, where you risk 100 pips for a profit target of 300 pips.
2. Use Proper Lot Sizes
👉 Trading using proper lot sizes is crucial to your success as a trader. That’s because the lot size determines the value of each point of the currency pair you are trading. A standard lot typically refers to 100,000 units of the base currency you are trading. Therefore, trading a standard lot of the EURUSD currency pair puts the value of each point at USD 100.
👉 The lot sizes you trade should be proportionate to the amount you are willing to risk on each trade, which is directly related to the size of your account and your risk appetite.
3. Control Your Losses
👉 You should only risk 2% or less of your trading account on each trade. This will ensure that you can survive any losing streak while minimizing the drawdown on your trading account.
👉 Remember: losses in forex trading are not linear. A 50% loss would require a 100% gain in order to recover your original trading account level.
4. Use Leverage Carefully
👉 Most forex brokers offer to trade with leverage, and with Exness traders can enjoy up to 1:Unlimited leverage. While trading with leverage is one of the great advantages of trading forex, it can also increase the risk of losses if used incorrectly. Leverage works as a ratio, meaning that if you trade with USD 10 at a leverage of 1:50 your market investment will be USD 500. This means that, if your investment moves in a favourable direction, your profits would be 50x bigger than they would have been without leverage. However, this also means that your losses if the currency moves in an unfavourable direction would be 50x greater as well. Traders are therefore reminded to apply leverage with care.
5. Choose The Time Of Day That You Trade
👉 Most traders tend to ignore the impact of the time of day that they trade. However, traders who are active during periods of less volatility tend to be more profitable than traders who trade during periods of high volatility.
👉 The high volatility periods for different currency pairs vary, but can generally be summarized as the opening hours of the Asian sessions, the London/European sessions, and the New York/American sessions.
👉 Experienced traders who are trading European currency pairs, such as EURUSD and GBPUSD, typically trade during off hours from 7PM to 11AM GMT. However, this data applies to range of traders who trade following the existing trends but might differ for traders using other trading strategies, such as scalping.
6. Buy The Rumor, Sell The News
👉 Many traders like to stay abreast of news that affects the forex market, but this is very hard to do given that it is near-impossible to accurately predict what will happen at any given time across the globe. However, experienced traders typically keep abreast of economic releases from different countries, which generally have an impact on many currency pairs.
👉 In most cases, markets typically discount the news based on investors’ expectations, which means that by the time the news is released, the big moves in the affected currency pairs would have already taken place. Therefore, it is important to make trades related to major news events way before the actual news is released.
All About XM’s Rebate System
How much rebate can I pay back?
👉 Rebate percentage can be set to be anything between 0% and 100%.
Payment schedule
👉 Rebates are paid daily to the selected referred clients who have closed any trades within the last 24 hours. Daily payments need to be approved by the partner.
👉 Once rebates are set up from your PA, rebates will be automatically calculated for the selected referred clients every time you receive rewards. Total daily rebates will then await your approval in the Approval section of the Rebates tab, or be automatically distributed if you have selected automated approval on rebates for specific referred clients.
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
XM Affiliate Program
XM offers Nigerian an extensive affiliate program that includes the following benefits:
➡️ Up to $25 in commission per lot traded
➡️ 10% on second tier referrals
➡️ Zero limits on commissions that can be earned
➡️ Multilingual customer support
➡️ Transfers between Introducing Brokers
➡️ Frequent and prompt pay-outs
➡️ A personal account manager
Verdict on XM
XM aims to make a positive difference in the lives of people around the world despite their religion, culture, or their ethical background, helping them achieve their potential. XM is involved in the following initiatives:
➡️ Education and Skills Development by initiating projects that can help people get the education that they need. These initiatives also help individuals develop essential vocational skills.
➡️ Research and Development – XM contributes to research along with development and innovation initiatives that serve a greater purpose.
➡️ XM and its dedicated team have teamed up with local and international active human aid foundations to try and make the world a better place.
XM and MyCARE recently worked together on a disaster relief initiative in Malaysia to assist those who had been displaced by the December 2021 floods that afflicted significant regions of the nation. UN Economic and Social Council recognized myCARE as a non-profit organization that has worked relentlessly to aid the most impacted families.
XM has provided donations to Plan Korea, a children’s organization in Korea that aims to improve the lives of children and ensure that females have equal rights and opportunities. In addition, education and anti-discrimination measures are provided by Plan Korea.
XM also works to help children in impoverished nations. The broker collaborates with other charitable organizations to help them improve their quality of life and ensure they have the resources to satisfy their basic needs.
As part of the UNHCR’s emergency response program for unaccompanied refugee children entering Greece, XM has teamed with the UN Refugee Agency (UNHCR). More than 5,000 unaccompanied refugee children are now in Greece, but only 2,225 of them are insecure, have adequate housing, and are receiving adequate care.
In December 2021, XM partnered with Malaysia’s Bendera Putih (White Flag) effort to help people in need amid the COVID-19 epidemic.
By teaming up with De. Wan restaurant, XM created 250 take-out meal boxes on-site for those who could not afford to buy food regularly after giving 300 food boxes to the Bendera Putih project in July of 2021.
Xm’s Current Popularity Trend
👉 According to Google Trends, XM has increased in Google searches in Nigeria in the past month.
XM Pros and Cons
✔️ Pros | ❌ Cons |
Negative balance protection is applied to retail investor accounts | US clients are restricted from accessing XM’s trading services |
There are several secure payment methods to choose from | There are no fixed spread accounts offered |
The broker is known for low spreads, low commissions, and reliable trade execution speeds | There is an inactivity fee applied to dormant accounts |
Traders can use hedging, scalping, and expert advisor trading strategies | |
The broker offers personal customer service to its clients |
Frequently Asked Questions
Does XM offer leverage and what is the maximum ratio offered?
Yes, XM offers maximum leverage up to 1:888 depending on the trader’s account balance.
What is the overall rating for XM out of 10?
Our review of XM reveals a rating of 9/10.
Does XM offer a Demo Account?
Yes, XM offers a demo account.
Is XM regulated and by whom?
Yes, XM is regulated by the FSCA, IFSC, ASIS, CySEC, and DFSA.
Is XM suitable for beginner and professional traders?
Yes, XM is an ideal broker that can be used by beginner and professional traders.