Contents
- 1 XM Basics
- 2 Our Opinion About XM
- 3 Why We Like XM
- 4 Key Benefits
- 5 Regulation And Safety
- 6 Regulation In Nigeria
- 7 Fund Safety
- 8 Industry Awards
- 9 XM: Legit Or Scam?
- 10 XM Trading Assets
- 11 Trading Instruments
- 12 Account Types
- 13 Micro Account
- 14 Standard Account
- 15 Demo Account
- 16 Islamic Swap-Free Account
- 17 PAMM Account
- 18 Leverage
- 19 Spreads
- 20 Commission
- 21 XM Registration – How To Open An Account
- 22 XM Registration – How To Verify An Account
- 23 XM Forex Bonuses
- 24 XM Payment Methods
- 25 Minimum Deposits
- 26 Withdrawal Guidelines
- 27 XM Trading Platforms
- 28 XM Trading Tools
- 29 Education and Research
- 30 XM Trading Hours
- 31 XM Customer Support
- 32 Conclusion
- 33 XM Forex Broker Review – FAQs
- 34 XM Forex Broker Review – Similar Brokers
XM Basics
| 🏛️ Based in | Limassol, Cyprus |
|---|---|
| ⚖️ Regulation | CySEC, FCA, DFSA, IFSC |
| 💰 Minimum Deposit | $5 (2000 Naira) |
| 💳 Deposit Options | VISA, MasterCard, Bank Wire, Skrill, Neteller. |
| 💳 Withdrawal Options | VISA, MasterCard, Bank Wire, Skrill, Neteller. |
| 📌Open an account | Start Trading with XM |
Our Opinion About XM
XM is one of the largest CFD and forex brokers in the world. XM was first set up in 2009 and has been offering online trading services for many years. They have a global client base and provide services to traders in over 196 countries, including Nigeria. XM prides itself on its customer service and its top priority is making sure that its clients get a seamless trading experience. They are trusted by millions of clients worldwide and have won many awards in recognition of their excellent online trading accounts.
As a reliable forex broker, XM focuses on offering a great trading environment and cutting-edge trading technology. They have a good range of account types. They also offer a wide range of instruments including currencies, commodities, stocks, and indices. When it comes to their trading conditions, XM is a top-tier forex broker with a strong focus on speed and transparency. The company offers good trading conditions, as well as easy market access, low latency trading, and fast trade execution. Their pricing is competitive, with low broker spreads and commissions, and affordable minimum deposits.
Why We Like XM
As a regulated forex broker, XM focuses on providing a secure trading environment and a high level of client fund protection. They offer a wide range of payment methods and ensure all funds are held securely in top-tier banks. XM also aims to help Nigerian traders manage their risk and learn how to trade profitably. They provide a wide range of learning resources and trading tools, including online courses and free market analysis. They also provide excellent customer service.
Key Benefits
Regulation And Safety
XM is the brand name for a group of several smaller companies. Each company has its own regulation and registration. While this business structure might seem a little complicated at first, it is what allows XM to acquire the necessary licences and registrations to operate legally (and safely) in multiple markets worldwide.
The XM Group is regulated by many reputable regulatory authorities including the ASIC in Australia, the CySEC in Cyprus, the IFSC in Belize, and the DFSA in Dubai. XM also has registrations for outward passporting with the FCA in the UK and many EU regulators. Here is the full list of their licences and registrations:
- XM Subsidiary: Trading Point of Financial Instruments Ltd is regulated by the Cyprus Securities and Exchange Commission in Cyprus, with licence number CySEC 120/10
- XM Subsidiary: Trading Point of Financial Instruments Pty Ltd is regulated by the Australian Securities and Investments Commission in Australia, with licence number ASIC 443670
- XM Subsidiary: Trading Point of Financial Instruments UK Ltd is regulated by the Financial Conduct Authority in the UK, with licence number FCA 705428.
- XM Subsidiary: Trading Point MENA Limited is regulated by the Dubai Financial Services Board in Dubai, with Reference No. F003484
- XM Subsidiary: XM Global Limited is regulated and monitored by the Belize IFSC in Belize, under licence number 000261/104.
Regulation In Nigeria
Traders in Nigeria can open a trading account with XM Global Limited, which is regulated by the Belize IFSC. Unlike regulators such as the FCA and ASIC, the IFSC has gained a reputation for being less strict when it comes to regulatory oversight. However, the IFSC does ask forex brokers to keep client funds in segregated accounts and to issue monthly statements to the IFSC.
Fund Safety
XM places a lot of importance on fund safety. In line with industry recommendations for client fund security, It keeps client funds in segregated accounts. It does this in collaboration with tier-one banking institutions, and ensures that the client funds can’t be used either by XM or by their liquidity providers under any circumstances. It also offers negative balance protection to all clients, so traders can never lose more than they have in their trading account.
Industry Awards
XM has won many industry awards including best trading experience, best forex provider, and best customer service. It has also won awards for its market research, its educational resources, and its high level of trading support. Its most recent awards include:
- Best Crypto CFDs 2022 (Financial Expo Egypt)
- Best FX Service Provider 2022 (City of London Wealth Management Awards)
- Best Customer Support 2022 (CFI.co)
- Best Forex Trading Support (Global Forex Awards – Retail)
XM: Legit Or Scam?
XM is a legitimate forex broker. They have been offering forex trading services for many years now and have a growing client base in Africa. They are regulated by some of the best strictest financial authorities in the world, including CySEC and the FCA. With regards to their services, they have a good range of trading accounts, with one micro account, and excellent overall trading conditions. They also have a good choice of payment methods, fast withdrawals, and a high level of client fund protection. In our opinion, they are a legit forex broker.
XM Trading Assets
XM offers traders the choice of over 1000+ financial instruments. As such, XM makes sure that their services cover a wide variety of asset classes. You can trade currency pairs, commodities, indices, stocks, metals and energies – all from the same account.
Trading Instruments
- Forex – They offer 57 XM forex instruments, including majors, minors, and exotics pairs. The leverage available on forex pairs is up to 1:888.
- Stock CFDs – XM offers 1291 stock CFDs, including a wide range of popular US, UK, and EU stocks. The leverage available on stock CFDs is up to 10:1.
- Commodities – XM offers 10 commodities, including gold, silver, coffee, corn, soybeans, and wheat. The leverage on commodities is 1:50.
- Equity Indices – XM offers trading on 14 indices, including the US30Cash, the UK100Cash, and the EU50Cash. The leverage on indices is up to 1:200.
- Energies – XM offers trading on 5 energies, including Brent, Natural Gas, and Oil. The available leverage on energies is up to 67:1.
Account Types
The broker has two main account types: the Micro Account and the Standard Account. All account types have an Islamic Account option available.
| Type | Spreads | Min. Deposit | Max. Leverage | Commission |
|---|---|---|---|---|
| Micro | From 1.7 pips | $5 | 1:1000 | $0 |
| Standard | From 1.7 pips | $5 | 1:1000 | $0 |
Micro Account
This is their micro trading account. As such, it is a great choice for new XM forex traders in Nigeria. It comes with an average spread of 1.7 pips. It also comes with high leverage of up to 1:1000. The XM minimum deposit for this account is $5 and the base currencies include USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, and ZAR.
Standard Account
This is their main trading account. As such, it is a great choice for intermediate XM forex traders in Nigeria. It comes with an average spread of 1.7 pips. It also comes with high leverage of up to 1:1000. The XM minimum deposit for this account is $5 and the base currencies include USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, and ZAR.
Demo Account
The XM demo account is great for beginners who need time to learn about the market and master some basic forex trading skills. It comes with similar trading conditions to the live trading accounts – with spreads from 1.7 pips and leverage of up to 1:1000. There is no minimum deposit as the trading is done with virtual capital.
Islamic Swap-Free Account
XM offers Islamic swap-free trading accounts. XM does not apply any extra charges for Islamic accounts. The Islamic accounts have exactly the same trading conditions as the other trading accounts, minus the swap fee.
PAMM Account
XM offers PAMM accounts. This enables inexperienced traders to sign up for a managed account service. Under the PAMM account model, inexperienced traders allow professional traders to manage their accounts in exchange for a small fee.
Leverage
XM has high leverage. You can get leverage of up to 1:000, on the Micro account or the Standard account, depending on which trading instrument you want to trade.
Spreads
The XM spreads are quite competitive, considering that XM does not charge commission on most of its accounts, and that the spreads include all transaction costs. The average spread starts from 1.7 pips on the Micro account, and 1.7 pips on the Standard account.
Commission
XM has low trading costs. You can get zero commission trading on the Micro account or the Standard account. This is because the trading costs are included in the spreads.
XM Registration – How To Open An Account
As part of our XM review, we looked at their online registration requirements. If you live in Nigeria, then you are eligible to open an online trading account at XM. The registration process is simple. The first step is to register online. This is so that XM can gather some basic personal data and create your account. At this stage of the registration process, all you need to do is choose an email address and password. These will be your login details.
The next step is to take a short test about online trading. This is so that XM can determine whether their online trading services are suitable for you. At this stage, all you need to do is show XM that you have the skills and knowledge needed to trade properly. If you pass the test, you will be fully registered and ready to open an account. The final step is to complete the KYC process, submit your documents, and choose your preferred account type. This is so that XM can process your trades.
XM Registration – How To Verify An Account
To open a live trading account you’ll need to send XM a proof of ID and a proof of address. This is so that they can check your identity and verify your account. The account verification process is simple. You can provide copies of your National ID card, Passport or Driving License . You can also provide copies of a utility bill or a bank statement registered in your name. After you have verified your account, you can add funds and start trading.
XM Forex Bonuses
There are a few bonus offers for new XM forex traders in Nigeria. These bonuses include sign-up bonuses, XM no deposit bonuses, welcome bonuses, and loyalty bonuses. At the moment, the XM bonuses and promotions include a $30 no-deposit bonus and a 50% welcome bonus. Check their website for the bonus terms and conditions.
XM Payment Methods
XM offers many convenient funding methods. It accepts credit cards, Skrill, Neteller, and bank transfers. Here is a summary of their policies:
- Credit card/Debit card: Deposits are instant and free. Withdrawals are free but may take up to 2 business days to process.
- Bank Transfer: Deposits are free. Withdrawals below $200 come with a $15 fee.. Both deposits and withdrawals take 2-3 business days to process.
- eWallets (Skrill, Neteller): Deposits and withdrawals are free. Both deposits and withdrawals take less than 1 day to process.
Minimum Deposits
XM has many affordable account types. The XM broker minimum deposit varies depending on which account you choose.. The minimum deposit is $15 for the Micro account and the Standard account.
Withdrawal Guidelines
XM has a few withdrawal policies that can be helpful to know about. The first is that XM operates a return to source policy. This means that withdrawals can only be returned to the original funding source.. The second is that there is a special policy for debit cards and credits – more specifically, that the withdrawal amount cannot exceed the original deposit amount for the card. As such, any XM trading profits must be withdrawn via bank transfer.
XM Trading Platforms
XM offers both MT4, and MT5. These are available on PC, Mac, mobile, and tablets. There are also web versions. The trading conditions you get on the platform will depend on which account you choose.
- MetaTrader4 – MetaTrader4 (MT4) is the world’s leading trading platform for new XM forex traders. It has a very user-friendly interface and comes with many handy, built-in trading tools. You can use it to trade all of the most popular and liquid trading instruments including forex, stocks, and indices. The XM MT4 trading platform has helpful charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects.
- MetaTrader5 – MetaTrader5 (MT5) is also a popular online trading platform for beginner XM forex traders in Nigeria. It has an easy-to-use interface and comes with lots of helpful trading tools. You access and trade all of your favourite markets including forex, shares, and crypto. It is very easy to navigate. The XM MT5 trading platform also has many great features including 6 order execution types, 38 indicators, and 37 analytical objects.
XM Trading Tools
- Technical Indicators – XM has six proprietary technical indicators, all designed to help you make more precise trading decisions. There are three indicators that are particularly useful for new traders. The first indicator, the River Indicator, helps you understand how the market is moving. The second indicator, the Ichimoku Indicator, helps you identify support and resistance levels. Meanwhile the third indicator, the Ribbon Indicator, helps you follow prevailing trends and know when to trade.
- Trading Signals – XM offers a trading signals service. It has partnered with MQL5, a highly reputable provider, to help you get expert help with your trading. The MQL5 community offers a wide array of trading signals from performance-verified traders. The best part? As MQL5 is provided by the creators of MetaTrader, you can even use MQL5 from within XM’s MT4 and MT5 platforms.
- VPS Services – In addition to trading signals, XM also offers VPS services. You can get access to a Virtual Private Server (VPS) in London, just 1.5km from their main data centre. With a VPS service, you can benefit from faster execution. You can also benefit from better connectivity and lower latency. This is helpful if you are a very experienced trader and you want to implement high frequency or algorithmic trading strategies. XM’s VPS services are available for free if you have more than $5000 in your account, or for $30 per month if you have less than $5000 in your account.
Education and Research
XM offers a wide range of educational materials. The company offers free access to daily technical analysis and market research. It also provides free access to video tutorials and live daily forex webinars. For traders looking for more comprehensive support, the company also offers a free daily market outlook and free trading signals.
XM Trading Hours
XM operates during standard trading hours. You can open XM trades whenever the forex market is open. Trading hours may vary on public holidays.
XM Customer Support
XM offers excellent customer support. Their team is very helpful and speaks many different languages. You can contact them via telephone, email, and live chat.
Conclusion
XM is a market-leading forex broker that offers top trading services to its clients. Its extensive educational offering and its excellent customer support make it a great choice for new traders. Its useful trading tools and outstanding trading conditions make it a good choice for experienced traders as well. Furthermore, the company offers a well-regulated, well-operated, and highly secure trading environment. This makes it a safe, reliable, and trustworthy broker that is suitable for all traders.
XM Forex Broker Review – FAQs
Yes, XM in Nigeria is a good broker. They have a nice selection of account types, all of which have low minimum deposits. XM has many trading instruments including forex, stocks, indices, and commodities. They also offer high leverage, low trading costs, and fast trade execution. In our opinion, XM is a good broker and a great choice for Nigerian traders.
Yes, XM in Nigeria is legit. They are an international company with offices in key locations around the world. In terms of their services, they provide good trading accounts, excellent trading conditions, and helpful trading resources. Furthermore, XM has a good selection of payment methods, fast withdrawals, and a high level of client fund protection. In our opinion, they are a legit forex broker and a good choice for Nigerian traders.
Yes, XM in Nigeria is a licensed forex broker. The XM Group is licensed by many reputable regulatory authorities including the ASIC in Australia, the CySEC in Cyprus, the IFSC in Belize, and the DFSA in Dubai. XM also has registrations for outward passporting with the FCA in the UK and many EU regulators.
Yes, XM in Nigeria is a safe forex broker. When it comes to fund safety, they choose to go beyond their basic regulatory requirements, and offer more comprehensive client fund protection measures. XM keeps all client funds in segregated accounts, separate from its operating capital. This means that they can never use client funds for their own operational purposes. In our opinion, XM is a safe company to trade with.
Yes, XM in Nigeria offers good live trading accounts. There are two real trading accounts available – the XM Micro Account and the XM Standard Account. You can also choose from demo accounts, Islamic swap-free accounts, and PAMM accounts.
No, XM in Nigeria does not offer Naira accounts. Having an Naira trading account can be very helpful for forex traders with Naira bank accounts. This is because it means you won’t have to pay conversion fees on your deposits or withdrawals. The next best option for Nigerian traders is dollar accounts.
XM offers many convenient deposit methods. It accepts credit cards, Skrill, Neteller, and bank transfers. XM also offers many convenient withdrawal methods. You can withdraw money via all of the payment methods listed. For more information about how to fund XM accounts, check their website or your client portal.
As part of our XM review, we also looked at their minimum deposit requirements. XM in Nigeria has several affordable account options. Their entry requirements are very low and the XM minimum deposit for the Micro Account is only $5.
Yes, you can withdraw profits from XM. However, there is a special policy for debit cards (and credit cards). This means that the withdrawal amount in a debit card (or credit card) cannot exceed the original deposit amount for that card. As such, any XM trading profits must be withdrawn via bank transfer.
Yes, XM is good for beginners. They have low cost account options and low minimum deposits. They also have a large selection of trading tools and educational resources. For example, beginner traders, who may need more help with their trading, can also choose to use XM PAMM service. This will give them access to expert trading strategies and increase their chances of trading profitably.
XM in Nigeria is a great forex broker. They have a decent choice of trading accounts, trading instruments, and trading platforms. They also have great learning materials, helpful customer support, and good client fund security. However, if you want to look at alternative options, there are many other great forex brokers as well. We recommend looking at HotForex, FXTM, FXPro, FXPrimus, and Instaforex.
Ready to start trading? Register for an online trading account with XM here.
XM Forex Broker Review – Similar Brokers
XM is a nice choice for new forex traders. However, if you want to see some alternatives, there are also many other great forex brokers in Nigeria. Here are some brokers like XM.
Still deciding? Take a look at some of our other forex broker reviews.