XM Fees and Spreads
XM spreads start from the average spread of 0.6 pips EUR/USD, and the commission dependent on the trading account the trader is using. XM imposes a $15 maintenance fee after one year of inactivity as a one-time charge.
- Louis Schoeman
Jump to:
Fees and Spreads Overview
Additional Trading Fees
Broker Fees
Pros and Cons
Final Verdict
FAQ
Overall Rating
- 4.5/5
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
| 🏛️ 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 Fees and Spreads – 6 key points quick overview:
XM Fees and Spreads XM Fees and Spreads
The spread list for XM starts from 0.6 pips EUR/USD.
The spreads XM offers are influenced by the account type and the specific asset being traded. Here is an overview of XM spreads for Nigerian traders:
- Micro Account Spreads: Spreads for micro accounts typically start from 1 pip for major currency pairs like EUR/USD.
- Standard Account Spreads: Regular accounts feature tighter spreads, starting from 0.6 pip for the same major currency pairs like EUR/USD.
- Ultra-Low Account Spreads: The ultra-low account offers even tighter spreads, starting from 0 pips for key currency pairs. However, it is important to note that a transaction fee may be applicable for each trade.
- Share Account spreads are charged according to the underlying exchange, and the individual share
Nigerian traders must understand that XM’s spreads are variable and subject to change based on market conditions. During periods of high volatility or low liquidity, spreads may widen accordingly.
In addition to currency pairs, XM provides various other trading products, including indices, commodities, and equities. Furthermore, the spreads for these assets will vary depending on the specific market and instrument being traded.
XM Additional Trading Fees
Commissions
The commission fees XM charges may vary depending on the type of account and the specific traded instrument. Here is an overview of the commission fees associated with different XM accounts for Nigerian traders:
- Micro and Standard Accounts: These accounts typically do not impose commissions on forex and CFD transactions. Traders can benefit from trading these instruments without incurring additional charges.
- Ultra-Low Account: The Ultra-Low account is designed for traders who seek narrow spreads offered by XM. While it offers tight spreads, commissions are imposed on transactions.
Overnight Fees, Rollovers, or Swaps
The cost of holding an overnight position with XM can be influenced by various factors, including the specific financial instrument being traded, the direction of the position (long or short), and the monetary value involved.
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
In addition, XM offers a swap-free account option, also known as an Islamic Account, for Muslim traders who cannot receive or pay overnight fees due to their religious beliefs.
XM does not provide spread betting services to Nigerian traders. Therefore, Nigerians need not worry about spread betting fees.
XM Broker Fees
Deposit and Withdrawal Fees
On any of the available payment methods, XM does not impose any deposit fees or withdrawal fees. However, XM charges fees for inactive trading accounts. This fee is deducted from the account’s balance until it reaches zero when the account is closed.
XM does not list any additional broker fees, but traders should know that conditions are subject to change. Therefore, before opening a live trading account with XM, traders are strongly encouraged to confirm the existence of any additional fees.
Inactivity Fees
XM imposes a $15 maintenance fee after one year of inactivity as a one-time charge. Subsequently, if the account continues to remain inactive, a monthly fee of $5 is applied.
Currency Conversion Fees
Nigerians might face currency conversion fees when they deposit or withdraw in Naira (NGN).
XM Pros and Cons
| ✔️ Pros | ❌ Cons |
| Traders can choose from a variety of retail accounts | Currency conversion fees are charged |
| There are no deposit or withdrawal fees charged | An inactivity fee will apply |
| Popular and well-regulated broker with over 2.5 million registered clients | |
| XM offers all trading accounts with competitive trading conditions | |
| Optional Demo Account and Islamic Account are provided |
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 Final Verdict
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.
Frequently Asked Questions
What are the typical spreads offered by XM in Nigeria?
The spreads offered by XM in Nigeria vary depending on the account type and the traded instrument. For example, micro and standard accounts may have spreads starting from 1 pip for prominent currency pairs like EUR/USD.
Does XM charge commission fees on transactions for Nigerian traders?
The commissions charged by XM may vary based on the type of account and the specific instrument being traded.
Micro and standard accounts typically do not impose commission fees on forex and CFD transactions. In contrast, ultra-low accounts may charge a commission fee that varies according to the underlying asset.
Are there any overnight fees or swap rates for holding positions with XM in Nigeria?
Yes, XM applies overnight fees or swap fees to positions held overnight. The specific rates depend on financial instruments, currency pairs, and prevailing market conditions.
What are the inactivity fees for XM accounts in Nigeria?
After one year of inactivity, XM assesses a $15 one-time maintenance fee. If the account remains inactive, a $5 monthly fee is charged.
How can I avoid or minimise fees when trading with XM in Nigeria?
To avoid or minimise fees when trading with XM in Nigeria, staying active in your trading account and making regular transactions is recommended.
Additionally, reviewing XM’s fee structure, account terms, and conditions can provide insights on optimising your trading strategy and minimising associated costs.
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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