XM Account Types
Overall, XM provides four different account types namely the Micro account, Standard account, Ultra-Low account, and Shares account with a Demo & Islamic account option available. XM is considered low-risk broker for Nigerians, with an overall Trust Score of 90 out of 100.
- Louis Schoeman
Overall Rating
- 4.5/5
XM Account Types – 10 key points quick overview:
XM OverviewXM Overview
Overall, XM is considered low-risk broker for Nigerians, with an overall Trust Score of 90 out of 100. XM is licensed by one Tier-1 Regulator (high trust), three Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). XM offers four retail trading accounts: a Micro Account, Standard Account, XM Ultra-Low Account, and a Shares Account.
XM has clients from around the world, and these areas have the largest distributions:
- Thailand – 21.6%
- Philippines – 12.07%
- Colombia – 12.01%
- Kenya – 4.51%
- Singapore – 3.41%
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 Account Types
XM delivers four dynamic and adaptable trading accounts to Nigerian traders, each with distinctive trading conditions designed to align with various traders’ trading goals, preferences, and techniques.
XM also offers a unique benefit to Muslim traders, allowing them to transform all live trading accounts into Islamic accounts, hence exempting them from accruing or earning interest.
Moreover, traders can set up a demo account that can be employed for many purposes.
XM Account Features
Micro Account
The XM Micro account is ideal for novice Nigerian traders who wish to test their trading strategies with a modest initial deposit. With a Micro account, you can trade 1 lot, corresponding to 1,000 currency units (as opposed to the standard lot of 100,000 currency units).
| 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
The XM Standard account is accessible to all Nigerian traders and is intended for those who prefer trading based on bid and ask prices without incurring additional fees.
| 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
The XM Ultra Low account provides extremely competitive pricing, particularly for currency pair trading, with spreads as low as 0.6 pip and no commissions. However, please note that the Ultra-Low account is unavailable to Nigerian traders due to CySEC regulations.
| 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 XM Shares account is designed specifically for Nigerian stock traders. You can own shares of global corporations and banks and receive dividends based on your trading account investments with this account.
Furthermore, our research shows that the Shares account offers no leverage and is accessible via the MT5 interface. In addition, it is available exclusively to Nigerian traders under the regulation of the Belize FSC.
| 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 Demo Account
Nigerian traders can thoroughly assess XM and its range of products and services through a risk-free demo account to replicate real trading conditions.
This demo account is an excellent platform for novice traders to refine their skills by trading virtual currency without risking their own funds.
Moreover, by opening a free and permanent demo account, traders can explore the XM trading interface and experience the broker’s competitive pricing across various markets, such as forex, indices, stocks, and commodities, all within a secure and risk-free environment.
It is important to note that while the XM demo account has no expiration date, traders should be aware that if the account remains inactive for 3 months, it may be subject to closure.
XM Islamic Account
Nigerian clients of XM can choose between two widely acclaimed trading platforms, MetaTrader 4 and MetaTrader 5. These platforms provide robust features and tools to enhance trading experiences.
For Trading Point of Financial Instruments Ltd. (Cyprus) account holders in Nigeria, XM offers a selection of three different trading accounts tailored to meet various trading needs.
These include the Micro Account, Standard Account, and Ultra-Low Account, allowing traders to choose the account that aligns best with their preferences and strategies.
Additionally, XM caters to the requirements of Muslim traders by offering an Islamic Account option for each account type.
Unlike many brokers who impose administrative fees on Islamic accounts instead of swaps, XM does not charge additional fees, providing an advantageous benefit for Muslim traders.
How to Open an Account with XM
To open an account with XM, follow these steps:
Step 1 – Visit the official XM website
First, use a web browser to visit the official XM website. Then, click “Open an Account” or “Register” on the homepage. This will direct you to the account registration page.
Step 2 – Enter your personal details.
Select the type of account you want to open from the available options, such as Micro, Standard, Ultra-Low, or Shares. Consider your trading preferences and requirements before making a choice. Provide the required information in the registration form. This typically includes your details such as name, email address, country of residence, preferred language, and contact information.
How to Close Your Account with XM
To close your account with XM, you can follow these general steps:
Step 1 – Log in to your XM account.
First, log in to the XM Member’s Area using your account credentials. The Member’s Area is the secure portal XM provides for managing your account.
Step 2 – Navigate to the Member’s Area
Once logged in, navigate to the Member’s Area’s account settings or profile section. Look for the option or link related to closing your account. It will be labelled “Close Account” or “Account Closure.” Click on it to initiate the account closure process.
Overall Rating
- 4.5/5
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 Pros and Cons
| ✔️ Pros | ❌ Cons |
| Offers over 1,000 CFD and forex instruments | Charges inactivity fees |
| Commission-free trading | Fixed spreads are not offered |
| Choice between MT4 and MT5 platforms | Inactivity fees on dormant accounts |
| Provides excellent trading tools and educational materials | US clients are not accepted |
| Dedicated, multilingual customer support | |
| Fast trade execution speeds and no requotes | |
| The demo account does not expire if used frequently | |
| Well-regulated by several entities |
Frequently Asked Questions
What are the types of trading accounts offered by XM?
XM offers Micro, Standard, Ultra-Low, and Shares accounts. In addition, XM also has a demo account and an Islamic Account option (for Muslim traders).
What is the minimum deposit requirement for each XM account type?
The minimum deposit requirement varies depending on the account type. For example, the Micro, Zero, and Ultra-Low accounts have a minimum deposit of 2,300 NGN ($5), while the Shares account requires a minimum deposit of 4.6 million NGN ($10,000).
Can I switch between different XM account types?
Yes, you can switch between different XM account types. However, certain conditions or restrictions, such as meeting specific trading volume requirements or contacting XM customer support, may apply.
Are there any differences in trading conditions between the XM account types?
Yes, there are differences in trading conditions between the account types, such as minimum lot sizes, spreads, commissions, and available trading instruments.
Can I have multiple different XM Account Types?
Yes, you can have multiple XM accounts of varying types. This allows you to diversify your trading strategies and access various features and benefits of each account type.
Are Islamic accounts available for all XM account types?
Yes, XM offers Islamic accounts for all account types. Islamic accounts are designed to comply with Islamic principles, such as avoiding interest (swaps) on overnight positions.
As a result, Islamic account holders can enjoy the same trading conditions without additional fees.
Do XM account types offer different leverage options?
Yes, XM account types could offer different leverage options. The leverage available depends on your jurisdiction’s account type and regulatory requirements.
Addendum/Disclosure:
No matter how diligently we strive to maintain accuracy, the forex market is volatile and may change anytime, even if the information supplied is correct when going live.
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