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XM Broker Review For Nigeria In 2023

XM at a glance

🏛️ Based inLimassol, Cyprus
⚖️ RegulationCySEC, FCA, DFSA, IFSC
💰 Minimum Deposit$5 (2000 Naira)
💳 Deposit OptionsCrypto, VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney, Bank Wire
💳 Withdrawal OptionsCrypto, VISA, MasterCard, BitPay, FasaPay, Maestro, Neteller, Skrill, UnionPay, WebMoney, Bank Wire
📌Open an accountStart Trading with XM
XM QuickInfo

About XM

XM is an award-winning international broker. It has a global client base and provides its 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.


The XM Group is licensed by ASIC in Australia (Trading Point of Financial Instruments Pty Limited), by CySEC in Cyprus (Trading Point of Financial Instruments Ltd), by the IFSC in Belize (XM Global Limited) and by the DFSA (Trading Point MENA Limited). XM also has registrations for outward passporting with the FCA in the UK and many major EU regulators. Therefore, XM is a reputable broker that adheres to the highest regulatory standards.

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.

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.

Trading Instruments

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.

Account Types

The broker has three account types: Micro Account, Standard Account, and its XM Zero Account. All account types have an Islamic Account option available.



Minimum Deposit

Max. Leverage



From 0.9 pips






From 0.9 pips






From 0.9 pips




1.0 per 100k

Deposits and Withdrawals

XM offers many convenient payment methods. It accepts credit cards, Skrill, Neteller, and bank transfers. Withdrawal requests are processed within 24 hours. E-wallet withdrawals are done the same day and bank wire or credit cards take 2 to 5 business days. No fees are applied on credit card or wallet deposits and withdrawals. In addition there are no fees on bank transfer deposits/withdrawals for amounts over 200USD or currency equivalents.


XM offers low-cost trading when it comes to commission. There is no commission on Micro and Standard accounts. On XM Zero accounts the commission is $10 per $100,000 (1 lot) traded.

Trading Tools

XM offers a number of exclusive trading tools. It 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. It is important to note though that these trading tools are only available with a VIP account.


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.

Extra Trading Services

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.

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.

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 it market research, its educational resources, and its high level of trading support.


In order to open an account, traders need to provide XM with a colour copy of a valid passport or other official identification document issued by authorities (e.g. driver’s license, identity card, etc). Traders also need to provide a copy of a recent utility bill (e.g. an electricity bill or a bank account statement) dated within the last 6 months and confirming their registered address.

XM Customer Support

XM offers excellent customer support. You can contact them via telephone, email, and live chat.


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.

Ready to start trading? Register for an online trading account with XM here.

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