
XM Review
XM is a well-established Belize-based Market Maker forex broker with a global presence, overseen by the International Financial Services Commission and other reputable market regulators. XM is considered a safe, trustworthy broker with average risk with spreads as low as 0.6 pips, leverage ranging from 1:100, and a trust score of 84 out of 99. XM is currently not regulated by the CBN.

- 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
XM at a 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% |
XM Review – 17 key points quick overview:
XM Overview
Regulation and Safety of Funds
Account Types and Features
- Account Registration
- XM Vs Plus500 Vs Alpari – Broker Comparison
- Trading Platforms
- Range of Markets
- XM Broker Comparison for Range of Markets
- Trading and Non-Trading Fees
- Deposits and Withdrawals
- Process to Withdraw Funds from an XM Trading Account
- Education and Research
- Bonuses and Promotions
- XM Affiliate Program
- Verdict on XM
- XM Pros and Cons
- Frequently Asked Questions
XM Overview
According to research in Nigeria, XM is a well-established Belize-based Market Maker forex broker with a global presence, overseen by the International Financial Services Commission and other reputable market regulators.
As one of the most prominent CFD and FX brokers with more than 5 million registered traders from 190 countries, XM offers competitive trading conditions, multiple account types, and more than 1,000 tradable instruments that may be traded across numerous asset classes.
XM provides a huge range of flexible payment options, 24-hour customer service in more than 30 languages, and more. XM has a policy of no rejections and no re-quotes, and the broker also promises that 99.35% of all orders will be fulfilled in under a second.
XM is committed to fostering a diverse workforce with a diverse range of cultural, national, ethnic, and religious backgrounds. Customers from all around the world appreciate XM’s innovative and robust trading platforms and adaptable trading conditions.
The broker’s understanding of the world’s financial markets is based on years of hands-on experience. In addition to currency trading, XM provides CFDs and equities indices, precious metals, and alternative energy as well as currency trading and CFDs.
This XM review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.
Distribution of Traders
The distribution of traders who are active on the website of XM is as follows:
Popularity among traders who choose XM
Regulation and Safety of Funds
XM Global Limited is a forex broker that is authorized and licensed by the International Financial Services Commission (IFSC) under license number 000261/158. XM Group is also active in South Africa through Key Way Financial (Pty) Ltd, authorized and licensed through the Financial Sector Conduct Authority (FSCA) as a reputable Financial Service Provider (FSP).
XM operates through Trading Point of Financial Instruments Ltd to offer global services and solutions to retail traders and professional investors, providing several trusted trading options, a range of services, investor protection, and more.
In Australia, XM operates through Trading Point of Financial Instruments Pty Ltd, CAN 164 367 113, with the AFSL number 443670. In Cyprus, XM Cyprus is regulated by the Cyprus Securities and Exchange Commission (CySEC) under reference number 120/10.
In addition, XM MENA is also authorized to provide services in Dubai by the Dubai Financial Services Authority under number F003484.
To ensure the safety of its customers, XM Group has worked with regulated businesses for the withdrawal and deposit procedure. XM Group and the liquidity providers cannot access customer money since they are held separate from corporate funds in tier 1 banks. Customers’ accounts are also protected from going negative.
A member of the Investor Compensation Fund, XM adheres to the rules specified in the Markets in Financial Instruments Directive on the protection of investors in the financial markets (MiFID).
It is XM Group’s goal to provide the finest possible trading conditions to its customers. It is possible for them to always provide some of the lowest spreads and a lot of liquidity since they collaborate with a wide variety of liquidity providers.
Account Types and Features
XM offers a choice between four retail investor accounts, each catering to the unique trading objectives, trading experience, and style of different traders. The live account types offered by XM include:
- Micro Account
- Standard Account
- XM Ultra-Low Account
- Shares Account
Live Trading Accounts
Micro Account
The Micro Account is the perfect account type for novice traders who are going from a demo account risk-free environment into live market conditions. In addition, this account type is also ideal for advanced traders who want to test their trading strategies.
Account Feature | Value |
Base Currency Options | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
Position Size | 1,000 base currency units = 1 Lot |
Maximum Leverage Ratio |
|
Negative Balance Protection Applied? | Yes, to all retail accounts |
Average spread on all forex major pairs | 1 pip EUR/USD |
Commission charges | None |
Maximum open or pending orders per trader | 300 |
Minimum trade volume MetaTrader 4 | 0.1 lot |
Minimum trade volume MetaTrader 5 | 0.1 lot |
Hedging allowed? | Yes |
Lot Restrictions per trade | 100 lots |
Islamic Account offered? | Yes |
Minimum Deposit Requirement | 2,000 Nigerian Naira |
Standard Account
Account Feature | Value |
Base Currency Options | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
Position Size | 100,000 base currency units = 1 Lot |
Maximum Leverage Ratio |
|
Negative Balance Protection Applied? | Yes, to all retail accounts |
Average spread on all forex major pairs | 1 pip EUR/USD |
Commission charges | None |
Maximum open or pending orders per trader | 300 |
Minimum trade volume | 0.1 lot |
Hedging allowed? | Yes |
Lot Restrictions per trade | 50 lots |
Islamic Account offered? | Yes |
Minimum Deposit Requirement | 2,000 Nigerian Naira |
XM Ultra-Low Account
Account Feature | Value |
Base Currency Options | EUR, USD, GBP, AUD, ZAR, SGD |
Position Size |
|
Maximum Leverage Ratio |
|
Negative Balance Protection Applied? | Yes, to all retail accounts |
Average spread on all forex major pairs | 0.6 pips EUR/USD |
Commission charges | None |
Maximum open or pending orders per trader | 300 |
Minimum trade volume |
|
Hedging allowed? | Yes |
Lot Restrictions per trade |
|
Islamic Account offered? | Yes |
Minimum Deposit Requirement | 2,000 Nigerian Naira |
Shares Account
Account Feature | Value |
Base Currency Options | USD |
Position Size | 1 Share |
Maximum Leverage Ratio | None |
Negative Balance Protection Applied? | Yes, to all retail accounts |
Average spread on all forex major pairs | According to the exchange |
Commission charges | Between $1 to $9 |
Maximum open or pending orders per trader | 50 |
Minimum trade volume | 1 lot |
Hedging allowed? | No |
Lot Restrictions per trade | It will depend on each share |
Islamic Account offered? | Yes |
Minimum Deposit Requirement | 4,162,000 Nigerian Naira |
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.
XM offers the chance for traders to convert any of the live trading accounts offered to an Islamic Account or a Swap-free Account, exempting traders from paying/receiving interest when they hold positions open overnight.
Account Registration
The XM account registration takes only a few minutes to complete. Traders must complete the online registration form, verify their email address, and upload their proof of identification and residential address.
Once traders have submitted their application and it has been approved, they can fund their account and start trading immediately.
XM Vs Plus500 Vs Alpari – Broker Comparison
Trading Platforms
XM offers the use of either MetaTrader 4 or MetaTrader 5 across several devices including:
- Mobile devices that use iOS or Android
- A desktop platform for Linux, Windows, or macOS
- The web-based trading terminal available to most internet browsers
Many traders throughout the world still choose to use MT4 as their preferred trading platform. It is noted for its user-friendly design and wealth of built-in trading tools and technical indicators for performing deep chart analysis, technical analysis, and effective trading.
More trading tools and sophisticated capabilities are included in XM MT5 in addition to the outstanding features of the MT4 platform. It is the ultimate multi-asset platform since it includes an extra 1000 CFDs in equities.
With no rejections, no re-quotes, and variable leverage, traders can trade FX and CFDs on stocks, gold, oil, and equities indexes from a single platform.
Range of Markets
XM offers more than 1,000 financial instruments from the following asset classes:
- Forex Pairs
- Stock CFDs
- Commodities
- Equity Indices
- Precious Metals
- Energies
- Shares
XM Broker Comparison for Range of Markets
Trading and Non-Trading Fees
Spreads
XM offers variable spreads that are according to the account type that traders use, the trading conditions, the financial instrument being traded, and the market conditions on the day of trading.
The average spreads according to the retail investor accounts offered are as follows:
- 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
XM only charges commissions on the Shares Account and the commission charges traders can expect can range from $1 up to $9 according to the shares being traded and the underlying exchange.
Overnight Fees, Rollovers, or Swaps
The overnight fees with XM will depend on several factors including the financial instrument being traded, the position that traders hold (whether long or short), the position size, the duration of the position, and so on.
Some average overnight fees with XM are as follows:
- 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
Deposit and Withdrawal Fees
Deposit fees and withdrawal fees are not charged by XM.
Deposits and Withdrawals
XM offers the following deposit methods and withdrawal options:
- Credit Card
- Debit Card
- Bank Wire Transfer
- Local Bank Transfer
- Skrill
- Neteller
- WebMoney
Process to Withdraw Funds from an XM Trading Account
Validating the XM trading account is required before traders will be allowed to withdraw cash. Members Area and submit the relevant documents including passport or driving license. Traders must also provide proof of residency such as a utility bill or a telephone bill that displays the traders name and address and is no older than six months.
In the Members Area, click the Withdrawal option and email XM a withdrawal request after traders have received confirmation from the Account Validation Department that the trading account has been confirmed. The only way for traders to get money back is to return it from where it was deposited. On business days, the XM Back Office processes all withdrawals in under a day.
XM will only execute withdrawals and refunds back to the original deposit source in accordance with the Withdrawal Priority Procedure below to safeguard all parties from fraud and minimize the danger of money laundering and/or terrorist funding.
- Withdrawals from a credit or debit card. Up to the entire amount deposited by this method, all withdrawal requests will be handled via this channel.
- Withdrawals from e-wallets are possible and Credit/Debit card deposits will be returned before e-wallet refunds and withdrawals are handled.
- Other Approaches. Once the deposits made using the previous two ways have been used, all additional methods such as bank wire withdrawals will be used.
Within 24 working hours, all withdrawal requests will be processed; nevertheless, all withdrawal requests filed will be immediately recorded in the client’s trading account as “pending withdrawals.”
A customer’s withdrawal request will be handled according to the Withdrawal Priority Procedure stated above if the client specifies an inappropriate withdrawal method. There will be no currency conversions when a customer seeks a withdrawal.
Traders must note that there is a possibility that the deposit currency to be different from that of the transfer currency, in which case XM will convert the transfer amount into the transfer currency.
Education and Research
XM offers a dedicated learning centre that offers a wide range of educational materials including the following:
️ XM Live
️ Live Education
- Live Education Schedule
- Educational Videos
- Forex Webinars
- Platform Tutorials
- Forex Seminars
The research and advanced tools offered by XM include:
- Trading Tools
- MQL5
- Forex Calculators
- Markets Overview
- News Feed
- XM Research
- Trade Ideas
- Technical Summaries
- Economic Calendar
- XM TV
- Podcasts
Bonuses and Promotions
XM offers Nigerian traders access to a wide range of bonuses and promotions to not only encourage prospective traders to sign up but also to reward loyal customers and active traders. The bonuses and promotions currently offered include:
️ $30 No-Deposit Bonus which is automatically credited to the trader’s account, with profits that are earned on top of this amount that can be withdrawn.
️ 50% Deposit Bonus up to $500 in addition to a 20% deposit bonus up to $4,500.
️ Trade and Win contests and competitions for existing clients.
️ Referral bonus
️ XM Loyalty Program
️ Free VPS services for eligible clients, ideal for expert advisors.
️ 0% commissions on deposits or withdrawals including electronic payment providers, major credit cards, bank wire transfers up to $200.
XM Affiliate Program
XM is a globally recognized broker that offers a comprehensive affiliate program that offers the following:
️ 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 is widely considered as one of the best online trading brokers in the world, providing comprehensive trading solutions, competitive trading conditions, and powerful trading opportunities and options.
XM offers a choice between retail investor accounts, powerful trading platforms that can be used across devices, and some of the best trading experiences and safest environments in the industry. XM is a good broker for Nigerian traders despite their trading objectives or trading skills.
XM Pros and Cons
✔️ Pros | ❌ Cons |
XM is a well-regulated and trusted online broker with more than 5 million active clients | Fixed spread accounts are not offered |
Client fund security is guaranteed, and investor protection is offered | There are some restrictions applied to United States, Canada, Israel, and Iran clients |
Negative balance protection is applied to all retail accounts, guarding investors against market volatility | There is an inactivity fee applied to dormant retail investor accounts |
There is a choice between dynamic account types and trading platforms | |
XM has won several industry awards since its inception in 2009 | |
There are several convenient funding options offered and a wide range of deposit currencies that can be used | |
There are no commissions charged on deposits or withdrawals | |
XM is known for low trading costs, tight spreads, and a range of advanced tools and educational materials |
Frequently Asked Questions
Which financial instruments can I trade with XM?
Shares, Forex, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies
What are the spreads that XM charges?
XM offers tight spreads that start from 0.6 pips EUR/USD.
Does XM offer an Islamic Account?
Yes, XM offers Swap-free account options to Muslim traders.
Does XM offer a Demo Account?
Yes, XM offers a demo account.
What is the overall rating for XM out of 10?
The overall rating for XM is 8/10.