XM Review ☑️ South Africa Edition (Updated 2024) (2024)

Overall,this XM review summarises them as asafe and trustworthy broker with a high trust score of 97 out of 99.XM offersa low minimum deposit for beginners and in-depth educational material. It also has 24/5 customer support anda user-friendly copy trading option.

🛡️ Regulated and trusted by the FSCA.
🛡️ 6760 new traders chose this broker in the last 90 days.
🛡️ Available for South African Traders 🇿🇦.

At a Glance

XM Review – 25 Key Point Quick Overview

1. ☑️ XM Spider Chart
2. ☑️ Overview
3. ☑️ Safe or a Scam?
4. ☑️ Awards
5. ☑️ Leverage
6. ☑️ Accounts
7. ☑️ How to Open an XM Account
8. ☑️ Market Instruments
9. ☑️ Fees, Spreads, and Commissions
10. ☑️ Deposit and Withdrawal
11. ☑️ Trading Platforms
12. ☑️ Sign-Up Bonus
13. ☑️ XM vs NAGA vs. eToro – A Comparison
14. ☑️ Customer Support
15. ☑️ Education and Research
16. ☑️ Risk management
17. ☑️ Pros and Cons
18. ☑️ Best Countries by Traders
19. ☑️ Customer Reviews
20. ☑️ Our Findings
21. ☑️ Conclusion
22. ☑️ Frequently Asked Questions
23. ☑️ References

XM Spider Chart

Overview

XM.com is a leading online global broker founded in 2009 and headquartered in Cyprus. It also operates in South Africa.

XM.com has grown to become a large and well-established international investment firm and a true industry leader, with more than 2,500,000 clients from 196 countries.

XM.com is a leading broker in the foreign exchange market. The company accepts traders from Australia, Thailand, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, and most other countries except the United States, Canada, Israel, and Iran. The foreign exchange market is one of, if not the most, liquid market in the world.

Did you know? – XMis also known as XM Global, XM Markets, XM Group, or XM Broker.

More than 450 professionals operate XM.com with years of experience in the financial industry. This, combined with the resources and support for well over 30 languages, makes XM.com a broker of choice for traders of all levels.

XM.com offers over 25 secure payment methods, 16 full-feature trading platforms, and 24/5 personal customer service.

More than 99 % of all XM.com orders are executed in less than a second, with no re-quotes or rejections. Their clients benefit from Negative Balance Protection, so they never risk losing more than their account balance.

Safe or a Scam?

One of the best ways to measure the safety of a broker like XM Global is to establish which regulating authorities are watchdogs over its actions.

Is XM Safe and Regulated?

XM is a safe bet when it comes to regulation. It is overseen by several authorities, including the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC), both of which are well-respected regulatory bodies. Additionally, XM has a legal entity called Trading Point MENA Limited,which is regulated by the Dubai Financial Services Authority (DFSA). This provides extra reassurance for some users.

XM.com is globally renowned, with clients from over 196 countries and staff speaking more than 30 languages. Its management has visited over 120 cities globally to understand clients’ and partners’ needs.

From the same trading account, XM.com clients can trade forex and CFDs on stock indices, commodities, stocks, metals, and energies. Their wide range of trading instruments available from a single multi-asset platform, XM, makes trading easy and efficient.

There are no hidden terms at XM.com, whether you look at pricing, execution, or promotions.

All systems are built and updated with the client’s welfare in mind. The account opening procedure, managing your account, depositing or withdrawing funds, and trading are all straightforward.

Awards

XM has won many awards over the years; here are some of XM’s best awards won:

• Best FX Service Provider awarded by City of London Wealth Management Awards 2024
• Best CFDs Broker in MENA Region awarded by Forex Expo Dubai 2024
• Global Forex Broker of the Year awarded by Global Forex Awards 2024 – Retail
• Best FX Broker Europe awarded by World Finance Forex Awards 2024
• Most Transparent Broker awarded by CFI.co 2024
• Best FX Broker Middle East awarded by World Finance Forex Awards 2024
• Most Trusted Asian Forex Broker awarded by Global Forex Awards
• Best Broker awarded by FinTech Age Awards
• Best Forex Trading Platform 2024 awarded by Online Money Awards 2024

In addition, XM has been awarded the Best Mobile App by Financial Expo Egypt 2024.

Leverage

Leverage is a facility that enables you to gain a much larger exposure to the market you’re trading than the amount you deposit to open the trade.

Leveraged products, such as forex trading, magnify your potential profit and increase your potential loss.

The leverage amount is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that you have $1,000 in your trading account and you trade ticket sizes of 500,000 USD/JPY, your leverage will equate to 500:1.

Margin is the amount of collateral to cover any credit risks that may arise during your trading operations. It is expressed as a percentage of position size (e.g., 5% or 1%), and you must have funds in your trading account to ensure sufficient margin.

For example, on a 1% margin, a position of $1,000,000 will require a deposit of $10,000. The margin level in a trading account needs to be equal to or more than 100% to open new trades; otherwise, your trading account will be fully hedged.

Leverage can range from 2:1 to 30:1, depending on the instrument. This is flexible, and XM Global offers its clients the chance to manage their leverage risk.

Margin requirements remain constant throughout the week and never widen at weekends or nights. This leverage applies to clients registered under the group’s EU-regulated entity.

Accounts

XM provides traders with competitive and comprehensive trading conditions tailored to the needs of various traders despite their experience, skill, and knowledge level. XM’s trading conditions are spread across four dynamic account types.

Often, the number and type of accounts a trader can open with a broker company differs depending on the country in which it operates and the regulatory authorities under whose jurisdiction it falls.

In addition, Malay, Polish, Portuguese, and Russian are supported.

In the case of XM.com, they offer trading accounts with exceptional conditions.

Micro Account

Notable Factors and Features of the Micro Account include:

• Base currencies include USD, EUR, GBP, JPY, CHF, AUD, HUG, PLN, RUB, SGD, and ZAR.
• Contract size where 1 lot = 1,000.
• Spreadsfrom as low as 1 pip.
• The minimum trade volume is 0.01 lots when using MT4 and 0.1 lots when using MT5.

Moreover, there is a lot restriction of 100 lots per ticket.

Standard Account

Benefits of trading with the XM Standard Account include:

• Base currencies include USD, EUR, GBP, JPY, CHF, AUD, HUG, PLN, RUB, SGD, and ZAR.
• Contract size where 1 lot = 1,000.
• Spreads from as low as 1 pip.
• The minimum trade volume is 0.01 lots.

Moreover, there is a restriction of 50 per ticket.

XM Ultra-Low Account

The XM Yltra-Low account has the following features:

• Base currencies include EUR, USD, GBP, AUD, ZAR, and SGD.
• Contract sizes per standard ultra of 1 lot = 100,000 and micro ultra of 1 lot = 1,000.
• Spreads from as low as 0.6 pips.
• Minimum trade volume on standard Ultra of 0.01 lots and micro ultra of 0.1 lots.

There is a lot restriction per ticket of 50 lots on standard ultra and 100 lots on micro ultra.

Shares Account

The XM Shares Account has the following notable factors and features:

• Minimum deposit of $10,000
• The base currency of this account is solely USD.
• The contract size is 1 share.
• There is no leverage provided on this account.
• The spread is according to and as per the underlying exchange.
• Commission charges on this account range between $1 and $9 depending on the underlying exchange and the individual share.
• The maximum number of open and/or pending orders per client is restricted to 50 positions.
• The minimum trade volume on this account is one lot, and
• The lot restriction per ticket depends on each share.

However, hedging is not allowed on this account.

Demo Account

XM offers traders the option of opening a Demo Account on either the Standard or the XM Ultra-Low Account, which can be utilized in various ways, including, but not limited to, the following:

• This is a practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
• Traders who are evaluating and comparing brokers who would like to explore XM’s trading conditions in a risk-free environment and

Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

Islamic Account

An Islamic Account caters specifically to Muslim traders who strictly follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is considered wasteful or exploitative.

Overnight fees are charged should traders hold positions open for longer after the concluded trading day. This type of account allows exemption from such fees or interest should they have positions open for longer.

XM offers the option of an Islamic Account on all of the account types offered. Whereas brokers would charge extra fees on such accounts, XM does not waive extra fees on Muslim Traders possessing this type of account.

How to Open an XM Account

Step 1: Click on the Open an Account Button

Click the Green “Open an Account” button on the XM webpage.

Step 2: Accept All

A security pop-up will appear. “Accept all” to continue the registration process.

Step 3: Complete your details.

An online registration form must be completed to register a Live or Demo Trading account. Once the registration is approved, an email notification will be received.

Market Instruments

XM broker offers various instruments for trading across various financial markets. Here are the main instruments available on XM broker:

• Over 55 currency pairs, including majors, minors, and exotics.
• Stocks from major stock exchanges include the NYSE, NASDAQ, and LSE.
• Precious metals such as gold and silver, energy commodities such as oil and natural gas, and agricultural commodities such as corn and wheat.

Moreover, popular stock indices, such as the S&P 500, NASDAQ 100, FTSE 100, DAX 30, and many others, are available for trade.

Fees, Spreads, and Commissions

Due to its global presence, XM.com may offer various account types that differ according to the regulated entity to which it complies. Therefore, clients may experience different fee structures, too, according to their country or place of residence.

Applicable fees, including the Minimum deposit, are set out on the related pages of their website. Still, there are no hidden fees or commissions, with all e-wallets 100% covered, all major credit cards 100% covered, and wire transfers above 200 USD covered.

Deposit and Withdrawal

XM.com offers the following payment methods for clients to fund their accounts: Credit cards, Bank Transfers, Payoneer, Neteller, and UnionPay. Deposits can be made in any currency and automatically converted into the currency selected as your base currency when opening the account.

All withdrawals are processed within 24 hours, and users of XM Card or any eWallet method will receive their money on the same day the request has been processed. Wire Transfer and credit or debit card users must wait 2-5 working days.

The minimum withdrawal amount is $5 / ZAR 90.00. Click the “Withdrawal” button on the My Account page to withdraw funds. After logging in to your account, click “Withdrawal” on the menu, select the withdrawal method similar to the deposit method, and enter the amount you wish to withdraw.

Trading Platforms

A forex trading platform is, in essence, the software provided by XM Markets to its clients for them to carry out their trades.

A multi-asset trading platform allows clients to trade forex but other asset classes, including CFDs on stocks, stock indices, and precious metals.

The decision of which platform to choose will always depend on what a client wants to trade.

XM.com offers two families of trading platforms: The MT4 family of platforms and the MT5 family of platforms, including the XM WebTrader.

These platforms are available for Windows or Mac applications, browser-based (web-based) non-downloadable applications, and smartphone applications.

XM.com offers forex trading (currency trading) on all these platforms. After choosing the trading account that meets their needs during registration, clients can select the trading platform of their choice.

The XM MT5 offers all the features of MT4 and 300 additional stocks (shares) CFDs, making it the ideal multi-asset platform.

Traders can practice their skills by opening up to five demo accounts with XM.com.

The process requires the trader’s personal details, country of residence, phone and email, preferred language, and preferred trading account and trading platform details, as well as account base currency, leverage, and investment amount.

Registration for a live account is also easy and quick. Clients should complete the form using English alphabet characters, with their first name and surname displayed in their identity document.

They must also provide details regarding their country of residence, preferred language, phone and e-mail, and preferred trading account and platform details.

An existing XM.com Real Account holder can register an additional account through the Members Area with one click and no additional validation.

Mobile Trading Platform

Platform: MetaTrader 4 (MT4)

• Pros:
• Well-designed and user-friendly interface
• Good search functionality for instruments
• Available in multiple languages (though language switching on Android requires changing the device’s default language)

• Cons:
• Lacks biometric authentication (Touch/Face ID)
• XM review based on testing the Android version of MT4; functionality may differ on iOS.

Additional Notes:

• XM offers both MT4 and MT5 alongside their mobile app.
• Users must download the MT4 platform separately and configure it to connect to the relevant XM server.

Supported Languages

• You can choose Arabic, Simplified Chinese, Traditional Chinese, Czech, English, French, German, Greek, Hindi, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Brazilian Portuguese, Russian, Spanish, Thai, Turkish, Ukrainian, and Vietnamese.

Look and Feel:

• Pros:
• Excellent design and user-friendliness
• Easy navigation and feature discovery

Login and Security:

• Cons:
• Only single-factor login available (username/password)
• No biometric authentication (Touch/Face ID)
• Two-step authentication (2FA) is only for deposit/withdrawal functions, not general login – this is a significant security gap.

Search Functionality:

• Pros:
• Supports searching by instrument name and category browsing

Order Placement:

• Pros:
• Supports basic order types (Market, Limit, Stop)
• Offers order time options (GTC, GTT)
• Cons:
• Lacks advanced order types (e.g. OCO)

Alerts and Notifications:

• Cons:
• No native mobile alert/notification functionality
• Requires desktop platform for setting alerts

Overall:

XM provides a functional mobile trading experience through the established MetaTrader 4 platform. While user-friendly and multilingual, the lack of biometric login and potential platform variations across iOS and Android are considerations for tech-savvy users.

Sign-Up Bonus

XM offers a two-tier deposit bonus. The bonus is structured as a +100% and +20% bonus up to USD 500. The minimum deposit amount required to open an XM trading account is USD 5.

Rebate Program

The XM rebate program is designed to reward clients for their trading activity by offering them a portion of the spread or commission paid on their trades as cash back.

Under the XM rebate program, clients can receive up to 50% cash back on their trades, depending on their trading volume. The more a client trades, the higher the cash rebate percentage they can earn. The cash rebate is calculated daily and credited monthly to the client’s account.

To participate in the XM rebate program, clients must sign up for an XM trading account and join the XM Loyalty Program. Once enrolled in the program, clients can earn cash rebates on their trades and other loyalty rewards such as credit bonuses, free VPS services, and access to exclusive trading tools and resources.

It’s worth noting that rebate programs are not unique to XM and are offered by many other forex brokers. If you’re considering using a Forex rebate program to earn cash back on your trades, research the program’s terms and conditions to ensure that it’s a good fit for your trading needs and goals.

XM vs. NAGA vs eToro – A Comparison

Customer Support

Potential traders need to make sure the broker company they choose will offer support and help whenever they need it. XM.com offers 24/5 live help from a professional Customer Support department. A comprehensive FAQ page provides guidance and answers at any time and within minutes.

If you can’t find answers on this FAQ page, contact XM.com via their email address or live chat.

Education and Research

Before starting to trade, potential clients of XM.com should seek all the information and trading skills needed to be successful in the world of forex and commodity trading.

If the XM.com website does not provide enough information, a trader should explore other informative websites and methods to obtain that knowledge.

Traders can enjoy live education on business days, Monday to Friday, from 05:00 to 15:00 GMT, in English, learn about the offered products and services, get questions answered by the hosts, and enter daily competitions to win exclusive prizes.

XM.com also offers educational videos specially designed to teach viewers everything they need to know about trading successfully.

The primary video series is free for everyone interested in online trading to view, while access to the intermediate video tutorials is only available for clients with a real account. Forex Webinars are offered in 19 Languages, seven days a week, by 42 webinar instructors. A large selection of languages makes this video series available to a large number of traders across the globe, including African traders.

Platform tutorials provide users with more answers, and Forex seminars explain the foundations of technical analysis and how it is applied to intraday trading.

Risk Management

XM is a forex and CFD broker that prioritizes risk management and has various risk management tools and features in place to help traders mitigate potential risks in their trading activities. Here are some of the risk management features that XM provides:

Negative balance protection:

XM offers negative balance protection, meaning clients’ accounts cannot go below zero, ensuring that traders do not lose more than their account balance. Read more about our XM review.

Stop Loss and Take Profit orders:

Stop-loss and Take-Profit orders are important risk management tools that allow traders to limit potential losses and lock in profits. XM allows clients to place Stop-Loss and Take-Profit orders on all of their trades.

Margin Call and Stop Out levels:

XM has predefined Margin Call and Stop-out levels to help protect traders from the risk of significant losses. If a client’s account equity falls below the Margin Call level, the client will receive a notification to deposit additional funds. If the account equity falls below the Stop-out level, some or all of the client’s positions will be automatically closed to prevent further losses.

Leverage and Margin:

XM offers flexible leverage options, ranging from 1:1 to 888:1, which allows clients to choose a level of leverage that suits their trading style and risk tolerance. XM also provides margin requirements that help ensure that clients have enough equity in their accounts to cover their open positions.

Education and Analysis:

XM provides various educational resources and market analysis tools to help traders make informed decisions and manage their risks effectively. This includes webinars, seminars, trading guides, market news, and economic calendars.

Overall, XM’s risk management tools and features are designed to help clients minimize potential losses and protect their trading capital. However, traders should also understand and practice good risk management strategies, such as diversification and proper position sizing, to mitigate potential risks further.

Pros and Cons

Best Countries by Traders

Customer Reviews

🥇 Good Experience.

I have had a good experience with this broker thus far.
No problem with withdrawals or deposits as they let you withdraw back to the bank account you used to deposit with. In addition, they offer the best and the fastest customer support.

🥈 Best Broker (Bonuses, Withdraws, Costs and Support)

XM is a good broker in terms of withdrawals, customer support, and bonuses. However, they could improve on their spreads, otherwise everything else is fantastic.

🥉 Good for Starters

One of the best brokers to start your forex journey. I think most newbies have tried this broker due to their heavy marketing. So far they have honored all my profit withdrawals without any problems. Customer support is very good and the platform is good too.

Based on internet reviews, here’s a possible score for XM broker out of 10 for each criterion, weighted by importance (weighting is a suggestion):

• Commissions and Fees (25%): 6/10. XM has competitive fees with its Ultra Low account but higher fees with Standard & Micro Accounts. Spreads can also be higher than some competitors.
• Platforms and Tools (20%): 7/10. XM offers reliable MetaTrader 4 and 5 platforms but lacks a proprietary platform and some features like Touch ID login on mobile.
• Research (15%): 6/10. XM offers some research tools, but they may not be as extensive as those of some other brokers.
• Trust Score (20%): 8/10. Most reviewers consider XM to be a well-regulated and safe broker.
• Offering of Investments (10%): 7/10. XM offers a good variety of forex and CFDs but may be limited compared to some brokers, especially for stocks.
• Mobile Trading (10%): 6/10. XM offers mobile trading through MetaTrader 4, but it may not be as user-friendly as some proprietary apps.

Our Findings

XM operates as a forex brokerage that provides different categories of accounts and trading platforms, including well-known choices such as MetaTrader 4 and 5. This broker is supervised by CySEC and offers leverage; however, investors must be aware of its dangers. XM also has learning materials and support services, but they may differ from one place to another. Therefore, when selecting the right brokerage firm, South Africans are advised to look at aspects like how they deposit/withdraw money, their trading conditions, and their regulations.

Conclusion

Overall, according to the XM Review, it is considered a safe, trustworthy broker with average risk with spreads as low as 0.6 pips, leverage ranging from 1:100, and a trust score of 84 out of 99. XM Group doesn’t operate a bank and is not publicly traded but is authorized by two tier-1 regulators (high trust)

XM.com can be summarily described as a worthwhile company for potential traders, retail traders, experienced traders, or professional traders, knowing that they approach your needs with openness to cultural, national, ethnic, and religious diversity.

Their advanced trading platforms and flexible trading conditions suit a diverse global clientele. Their expertise is due to extensive experience and knowledge of the global financial markets.

Disclaimer: XM.com warns all potential customers that Forex and CFDs trading always carries a high level of risk and may not be suitable for all investors.

Before deciding to trade the products offered by XM.com, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and experience level before investing money they cannot afford to lose.

XM.com warns that margin trading involves the potential for profit as well as the risk of loss and that movements in the price of foreign exchange and commodities are very unpredictable. According to research in South Africa, XM.com cannot guarantee a maximum loss that a trader may suffer.

CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 71.61% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing money.

You might also like: XM Account Types

You might also like: XM Demo Account

You might also like: XM Fees and Spreads

You might also like: XM Minimum Deposit

You might also like: XM Sign-up Bonus

You might also like: XM Islamic Account

Frequently Asked Questions

Can I open an XM account if I am a South African resident?

Yes, XM is available to SA traders.

What is the cost of trading with XM.com?

The cost of trading with XM.com is a minimum deposit requirement of only $5 / ZAR 90 at the current exchange rate at the time of writing.

What deposit methods are available for South African clients?

XM offers a variety of deposit methods, including credit/debit cards, bank wire transfers, and e-wallets.

Can I withdraw funds to my South African bank account?

Yes, South Africans can withdraw money from their SA bank account.

Does XM.com have Volatility 75 trading?

No. XM.com does not have Volatility 75 trading.

Does XM.com have Nasdaq?

Yes, Nasdaq is offered as cash and futures CFDs.

Is XM.com a scam or fake?

XM.com cannot be regarded as a scam or fake as it is regulated by several top-tier financial authorities ASIC, FCA, and CySEC. Trust Score is 84/99.

Is XM.com safe and secure?

Yes, XM.com is 100 % safe and secure.

References

Trading Point Of Financial Instruments Ltd. XM.com

XM ZA (PTY) LTD. XM.com

XM.com MetaTrader 4.

MetaTrader4.com