XM Forex Review 2024

XM is our 4th ranked Forex Broker for Nigerian traders. We like XM for its fast order execution, competitive spread, quick & zero fees withdrawals and wide trading instruments. Read our full XM Forex review to find out whether they are a good choice for you!

Founded in 2009, XM Forex is one of the world’s largest forex brokers in Asia & Africa in terms of the number of clients & trading volume. The company has already served more than 3.5 million traders in 196 countries from around the world.

XM offers trading in currencies, CFDs on stocks, commodities, precious metals, energies, as well as equity indices & these can be traded on their MT4 & MT5 trading platforms.

XM broker claims to have executed 99.35% of transactions in less than one second, which is really good (we put that to test & orders were fulfilled without rejection). Added to that, they have over 25 secure payment methods for funding & withdrawals.

For this XM Forex review, we signed up with them & traded on their MT4 platform. Let’s find out where they shine & what they can improve on. And should Nigerian traders choose them?

XM Forex at a glance

XM Forex Regulation & Safety of Funds

XM is licensed with 2 top-tier regulators around the world. Traders from Nigeria are registered under XM Global (IFSC).

The following are the regulations where XM is regulated.

1. Australian Securities and Investments Commission (ASIC): XM Group is regulated with ASIC in Australia. Trading Point of Financial Instruments Pty Ltd has received a license (443670) from the Australian Securities and Investment Commission in 23-December-2013.



2. Cyprus Securities and Exchange Commission (CySec): It is also licensed by CySEC under license number 120/10 as Trading Point of Financial Instruments Ltd since 05-August-2010.
3. International Financial Services Commission (IFSC): In Belize, XM Global Limited is licensed under license number IFSC/60/354/TS/18 by IFSC.

XM also has negative balance protection, which means that if your balance goes into negative, then XM will roll it to zero. This means that you cannot lose more than your deposited balance.

In terms of regulations, we find XM Forex is trusted since it is regulated with 2 major regulatory authorities ASIC & CySEC, and also because they have been in business for over a decade now.

XM Forex Fees

Fees is really important factor to consider while choosing any forex broker.

XM does not have the lowest spread out of all the regulated forex brokers that we have compared till date, but their spread is still very competitive.

What we like is that there is zero fees on deposits or withdrawals, plus no commission is charged for opening, closing any positions.

Here’s a breakdown of the fees at XM:

1. Competitive Spread: XM forex’s spread is a bit higher than OctaFX & Hotforex, but it is still not bad. The average spread for major pairs EUR/USD is around 1.7 pips with the Micro and Standard Accounts. But the spread is as Low as 0.6 Pips (0.8 pips on average) with their Ultra Low Account.
2. No Commissions: There are no commission for opening or closing orders. XM only charges spread.
3. Zero Deposit/Withdrawal Fees: XM cover all transaction charges for deposits or withdrawals. You can choose any payment method (card or wallets) & XM will add 100% of your deposited or withdrawn amount. But in case of withdrawal b wire transfer, your bank or intermediatry could charge your some fees.

XM Forex Account Types

XM offers three trading account types i.e. Micro, Standard & XM Ultra-Low accounts. See our below comparison on where the XM Forex’s 3 Trading accounts differ.

XM Forex has a minimum deposit of $5 for traders in Nigeria. They don’t offer any Naira accounts though.

1. Micro Account ($5 Deposit): The minimum balance requirement for Micro Account is $5 & you can only trade micro-lots if you sign up for this account. XM offers options to choose out of 11 base currencies, but we recommend you to only select USD, EUR, or GBP for Nigerian traders. The base currency is the currency in which your account balance will be maintained & the withdrawals will also be in your selected currency. This account type has a spread of as low as 1 pip on major pairs.
2. Standard Account ($5 Deposit): All the features of this account type are the same as Micro Account except for the maximum lot size that you can trade. As the name suggests, you can trade Standard lots if you sign up for the Standard Accounts.
3. XM Ultra-Low Account ($50 Deposit) With this account you can trade Standard lots as well as Micro Lots. The spread on majors is also as low as 0.6 pips, which is quite lower than the other 2 accounts. But on the negative side, you cannot avail of any bonus offers from XM. Still, we highly recommend you start with this account.

There are various pros which are available for all 3 accounts. Here’s what we like in XM’s accounts:

1. Negative balance protection with all accounts. This means your trades would automatically close if your balance reaches zero.

   Why does it matter? In January 2015, when the Swiss Franc went erratic on the news of interest rate cute during an unscheduled emergency, traders trading on CHF had huge losses & negative balances in their trading accounts. The traders were then asked by their brokers to pay the balance. Negative balance protection offers you safety against your trading balance going into negative.

2. Islamic Account: Another key feature with XM is the ability to open an Islamic account for Muslim traders. These accounts are swap-free i.e. without any interest or swap if you want to have an open position overnight.
3. All other features: There are other benefits that are common with every XM trading account regardless of your account types. These include personal account managers, free access to market research, forex webinars,video tutorials, daily technical analysis in your inbox & no commissions.

Open Account

How to Open Account with XM Forex

Before starting trading with XM forex you need to open an account with them. For opening an account with XM Forex you need to follow the below-mentioned steps:

Step 1) Open the home page of XM forex and click on Open Account on the top of the page.

Step 2) Now you will be redirected to “Real Account Registration ½” page where you need to fill in some personal details as mentioned below screenshot.

Step 3) Scroll down to the page where you need to select the following under “Trading Account Details”:

Trading Platform Type: In this you need to select the trading account platform as per your preference. We suggest you to choose the latest version i.e MT5.

Account Type: Here you need to select the account type using which you would like to trade with XM forex.

Step 4) After entering all the details you need to click on “Proceed to Step 2” button.

Step 5) Now you are in “Real Account Registration 2/2” where you need to enter your details and set the account password.

Step 6) Once done with entering your all details and settings password you need to click on “OPEN A REAL ACCOUNT” button.

Congratulations! Your account has been set up and you can see the account opening message on the screen.

XM Forex Trading Instruments

XM offers its users the ability to trade CFDs in stocks, commodities, forex, equity indices, precious metals, cryptocurrencies as well as energies.

The key highlights of these investment options are given below:

1. Forex:XM Forex offers competitive rates on a wide range of currencies including USD, EUR, GBP, etc. The current floating rates system is used in order to provide an updated marketplace to the users. In addition to this, forex trading can be done on platforms such as MetaTrader 5.



2. Stock CFDs: XM allows trading CFDs on stocks from around the world. They have direct access to global equity markets. These markets include the US, the UK, France, Germany, Netherlands, Spain, Switzerland, Belgium, and Australia, among others. The company offers competitive rates on almost all major stocks.
3. Commodity CFDs: XM offers trading in a range of commodities such as cocoa, coffee, corn, cotton, etc. Such a wide range of commodities allows traders to earn profits and at the same time diversify their portfolios to lower their risks.
4. CFDs on Equity Indices: Users can trade on a number of equity indices such as Dow Jones (US30) and ASX200 (Australia 200). Trading in these indices allows users the ability to earn based on the general direction of the market. These indices are based on a basket of companies that are trading on that particular stock market.
5. CFDs on Precious Metals: Users of XM can trade in a variety of precious metals such as Gold & Silver. These all are contract-based tradable goods that allow users to trade on the futures exchange. The commodity market is active all around the world, although the primary corporations dominating the market are from the US and Europe.
6. No Cryptocurrenc CFDs: XM does not offer Crypto CFD trading.
7. CFDs on Energies: Energy trading is another alternative for the users of XM. The website offers a range of energy products such as Brent Crude Oil, Natural Gas, and WTI Oil. Although this instrument is typified with high levels of volatility, there is a lot of scopes to earn profits for users.

XM’s Deposit & Withdrawal Methods

XM has multiple deposits and withdrawals methods for traders in Nigeria. But there is no local bank transfer option.

There is no fees on deposits and withdrawals. The minimum deposit is $5, but there is no limit on the maximum amount on deposits.

Deposit methods:

The minimum deposit is $5. There are zero fees on deposit and the deposit process is quick, takes less than a few minutes for funding.

The deposit methods include:
1) Credit/Debit Cards: You can use VISA Card, Mastercard Card, or Verve Card to add funds to your account.

2) EWallets: You can also fund using 3 international wallets i.e. Webmoney, Neteller & Skrill. The funding is instant with no transaction charges.

What is the minimum deposit at XM in Naira?

XM has a minimum deposit of around 6000 NGN for all their trading accounts. But this deposit may be different for different payment methods.

For example, if you are using bank account, the deposit required may be higher than in case of wallets.

Does XM have NGN (Naira) accounts?

No, XM does not support Naira accounts. Nigerian traders can open account in USD, EUR or GBP. There are a few other base currency options as well, but those would not be suited for local traders.

Traders who prefer NGN accounts can alternatively look at HFM or Exness, as these brokers have NGN base currency accounts available for all their account types.

Withdrawal Methods:

Withdrawal methods will be visible to you in your XM members area once you have validated your account. And these methods may vary according to your region.

Here are the withdrawal methods:
Wire Transfer: This method directly transfers your requested withdrawal amount to your bank account without any additional charges. It can take a few days to receive the amount depending on your bank. Your bank may also charge you up to $20-50 for receiving the wire.

EWallets: You can withdraw your amount to your online wallets like webmoney, Skrill, and neteller. There are no charges and the withdrawal with this method takes a few minutes.

Can I withdraw to my bank account in Nigeria through XM?

Yes, XM does offer bank wire withdrawal option in Nigeria. But note that there may be some fees involved when you request a wire transfer.

Also, they don’t have local bank transfer withdrawal option available.

XM Forex Bonus

XM offers its users a range of promotional schemes as well as bonuses in order to attract them. The following bonus & promotions are available at XM currently:

1. Two tier bonus: XM currently has an ongoing two-tier deposit bonus, which gives you 50% deposit bonus up to $500 and 20% bonus up to $5,000.

The bonus crediting process is instant and takes place automatically when you register an account with the website. In addition to this, this bonus promo is applicable to MetaTrader 4 as well as MetaTrader 5 platforms.

2. Free VPS: XM offers Free VPS to its client who has added a balance of USD 5,000 provided they trade at least 5 round turn standard lots per month. Or if you don’t meet these requirements then you can order VPS from their client panel for $28/month. Their VPS allows traders to execute their trades in a timely and efficient manner. This makes their services accessible from anywhere, and they help users in reducing downtime.

XM Forex Customer Support

XM offers support via 3 methods, like most other brokers. Overall we found their support to be helpful & prompt when we needed their assistance.

1. Email Support is fair: The easiest way to contact XM Forex is via email. You can drop an email to their email support[at]xmglobal[dot]com for any query. They normally reply within a few hours during weekdays.

2. Good Chat Support: Live Chat Support is available 24 hours at XM. We have found their live support to be very quick & also knowledgeable with almost no hold time.

3. Phone Support: XM does not have any local phone number in Nigeria. But you can contact them 24/5 with their team on their international phone number.

Do we Recommend XM Forex?

Yes, we do recommend XM forex broker to Nigeria based traders. To sum up, XM is one of the best brokers in the business.

XM’s range of accounts with very low minimum deposit requirements, quick order execution, low fees with Ultra-Low Account, as well as its fast withdrawals is its biggest plus points.

We also like the fact that they are highly regulated with ASIC & CySEC. They even have MT5 platform for mobile & web.

But XM, could do better by having a local office or phone in Nigeria. Although, this should not be a big deterrent if you want to trade with XM.

Fast order execution, competitive spreads with Ultra-Low account without any extra commission, good chat support, we couldn’t recommend XM more.

XM Forex FAQs

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