XM Minimum Deposit
The minimum deposit amount required to register a live trading account is $5, this minimum deposit is equivalent to 2304 NGN at the current exchange rate between the US Dollar and the Nigerian Naira at the time of writing.
- Louis Schoeman
Jump to:
Minimum Deposit Overview
Deposit Fees and Methods
Step By Step guide to depositing the Minumum Deposit
Pros and Cons
Final Verdict
FAQ
Overall Rating
- 4.5/5
| 🏛️ 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 Minimum Deposit – key points quick overview:
XM Minimum Deposit XM Minimum Deposit
XM charges a minimum deposit amount of $5.
XM’s minimum deposit requirement of $5 equals 2,300 Nigerian Naira at the prevailing exchange rate between the USD and NGN). Furthermore, our research found that this low minimum deposit ensures accessibility for traders who wish to enter the global financial markets.
While XM is not regulated by the Central Bank of Nigeria (CBN), the broker maintains a strong commitment to the security of funds.
Client funds are kept in segregated accounts with reputable banks worldwide, separate from the broker account. This arrangement provides an additional layer of protection for client funds.
By keeping client deposits separate from operational purposes and financial obligations, XM ensures that the funds are solely dedicated to traders’ activities. This helps safeguard the integrity of client deposits.
XM provides negative balance protection, automatically applied to all retail accounts to offer further protection. This feature shields traders from significant losses caused by extreme market volatility, particularly when utilizing high leverage ratios.
XM is committed to investor protection as a member of the Investor Compensation Fund (ICF) and adhering to the principles outlined by the Markets in Financial Instruments Directive (MiFID).
These measures instil trust and confidence in XM as a reliable broker for Nigerian traders.
XM Deposit fees and deposit methods
XM does not charge deposit fees, as stated on its official website. Nigerian traders can conveniently make a minimum deposit of $5, approximately equivalent to 2,304 NGN. XM accepts various payment methods for depositing funds, including the following options:
- Credit Card
- Debit Card
- Bank Wire Transfer
- Skrill
- Neteller
- Perfect Money
- Google Pay
- SticPay
A step-by-step guide to depositing the minimum amount
Here is a step-by-step guide to depositing the minimum amount with XM from Nigeria:
Step 1 – Select an account.
Make your way to our website and select your account preference.
Step 2 – Open an account
Complete your details and select your account type.
Step 3 – Select the payment method
Once all your details are completed and you have proceeded to the next step, select the payment method you would like to use with the amount you would like to deposit.
4. Step 4 – Payment processing
After the trader has made their selection, they will be redirected to the payment processor page to confirm their deposit.
When traders deposit the minimum deposit, they can use the following deposit currencies:
- USD
- EUR
- GBP
- JPY
- CHF
- AUD
- HUF
- PLN
- RUB
- SGD
- ZAR
XM Pros and Cons
| ✔️ Pros | ❌ Cons |
| There are numerous funding options available | There are no NGN-denominated accounts, which could lead to currency conversion fees |
| A variety of deposit currencies are available | There are no local Nigerian deposit methods supported |
| Ultra-low minimum deposit amount of 2,300 NGN | |
| Rapid and trustworthy deposits are assured | |
| XM is a reliable forex and CFD broker with a good track record |
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 is the minimum deposit amount with XM for Nigerian traders?
The minimum deposit amount with XM for Nigerian traders is $5, equivalent to 2,300 NGN.
Does XM charge any fees for minimum deposits made by Nigerian traders?
No, XM does not charge any fees for minimum deposits, according to its official website.
What are the available deposit options for Nigerian traders with XM?
Nigerian traders can choose from various deposit methods, including bank wire transfers, credit/debit cards, and electronic wallets like Neteller and Skrill.
Can I make a minimum deposit with XM using Nigerian Naira (NGN)?
While XM accepts multiple currencies, NGN is not supported, and Nigerians must use other deposit currencies available.
How long does it take for the minimum deposit to reflect in my XM trading account?
Withdrawals with XM can take a few minutes or a few business days, depending on the payment method Nigerians use.
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.
Top 3 Brokers
