Table of Content
Table of Content
Elevate Your Trading with XM in South Africa
XM Broker in South Africa is a popular forex broker & they are a market maker broker. They were founded in 2009 & are one of the largest forex brokers in the world in terms of daily trading volume, and have close to 2.5 million clients globally.
We consider it a moderate risk XM Broker in South African traders as they are not regulated by FSCA in South Africa and are regulated with ASIC (Australia) & CySEC.
XM broker offers a wide array of trading instruments: 55+ currencies, CFDs on equity indices, precious metals, commodities & energies. Support is good, and they have local payment options like EFT for South African traders.
Also, XM has ZAR-based currency accounts. But their overall trading fees are not the lowest and are generally quite high with Micro and Standard Accounts.
Pros & cons of XM Broker in South Africa
- Traders can start with a minimum deposit of $5.
- Regulated with 2 Top-tier regulators, CySEC and ASIC
- Wide range of trading instruments, including CFDs on Commodities & Indices
- Negative Balance Protection.
- ZAR accounts are available
- XM is a market maker forex broker.
- There is no local phone number for support in SA.
- No fixed spread accounts
XM is regulatory compliant and has established recognized processes to secure your information and money so you can trade Forex and CFDs with peace of mind.
XM is a global forex and CFDs broker licensed and regulated by several Top-tier authorities in different jurisdictions.
Covered by the Financial Commission Compensation Fund
XM is a Member of the Compensation Fund of The Financial Commission. The Compensation Fund protects up to EUR20 000 per case should a Member refuse to adhere to a judgment from the Financial Commission.
Verify My Trade (VMT)
XM has received the execution quality certificate Verify My Trade (VMT) that confirms its compliance with the strict requirements of the Financial Commission for its member brokers.
Negative Balance Protection
XM automatically tops the balance to 0, and the client doesn’t pay anything when market volatility doesn’t allow the client to keep a positive balance on his/her trading account.
Membership of The Financial Commission
XM is a member of The Financial Commission. The purpose of the Financial Commission is to allow for alternative pre-trial settlement of disputes between traders and brokerage companies.
XM has implemented a Civil Liability insurance program, which includes coverage against omissions, fraud, errors, negligence, and other risks that may lead to clients’ financial losses.
XM requires two-step authentication to enhance the security of the information used to verify account opening and manage trading accounts. The two-step authentication protocol protects your personal information and funds from hackers using SMS and backup codes.
XM trading platforms
XM is a MetaTrader broker and offers both the MT4 and MT5 electronic trading platforms. You can start trading the instruments you choose on the XM MT4 and MT5, available for both PC and MAC or on various mobile devices. Alternatively, you can use the XM WebTrader to access your trading account on your browser.
MetaTrader is an electronic trading platform that the developers of MetaQuotes Software pioneered. The software company has released a number of versions since it started up in 2002 but hit the jackpot with a significantly enhanced version called MetaTrader 4 that it took to market in 2005. In 2010, MetaQuotes Software introduced the significantly re-coded MetaTrader 5.
Today, MetaTrader 4 (MT4) is one of the most widely used online trading platforms for retail foreign exchange (Forex) speculative traders.MetaTrader 5 (MT5) is a more advanced trading platform and is growing in popularity as investors find value in its superior features.
MT4 and MT5 provide forex traders with an advanced automated trading system supplemented with advanced technical analysis features and expert advisors.MT4 was built almost entirely for forex trading, whereas MT5 provides traders access to CFDs, stocks, and futures. Bear in mind that MT5 is not an upgrade of MT4. It has its function.
MT4 is simpler to use and more suitable for investors new to trading in Forex.MT5 is a more versatile trading platform with advanced features suitable for investors trading across a broader platform than Forex.
How to use XM to trade Forex and CFDs
Traders and investors cannot directly access the Forex market. They must trade through a trading platform hosted by a regulated forex and CFDs broker.
To start trading the financial markets with XM, you must register an account choose a trading platform, an account-based currency, and a leverage value. You can open a corresponding XM trading account once you decide how and what you will trade.
After signing up with XM, you will receive your login credentials via email. You are required by law to verify your account by uploading copies of your identity documents. You can then deposit funds into your XM trading account and start trading.
How to open a forex trading account with XM
You can fund your trading account by clicking the Deposits tab in the main menu. You can open an additional account in the Members Area if you are already an XM Real Account holder.
To open a forex trading account with XM SA, follow the simple steps below:
- Open the official website for XM(www.xm.com)
- Click Open a Real Account
- Fill in the registration form
- Upon completion, you will receive an email with your login details that you can use to log in to the secure Members Area
- Log in to the XM Members Area
- Deposit money into your account; choose a convenient payment system and make a payment
- Set up your trading platform based on your chart preferences, etc.
- Start trading
Does XM offer a free demo account?
Yes, XM offers a free demo account.XM demo accounts do not have an expiry date, so you can use them as long as you want.XM demo accounts inactive for over 90 days from the last login will be closed. However, you can open a new demo account at any time.XM clients are allowed a maximum of 5 active demo accounts.
XM clients can register and sign up for a free demo account, instantly available for trading virtual (fake) money. It gives clients access to the forex and CFDs market, which can be traded in real-time under real market conditions but with zero risk of losing real money on a forex trade order.
Once XM beginner traders have spent time learning how to trade on a free demo account, they progress to opening a mini-trading account that requires only a small amount of capital.
XM deposits and withdrawals
XM offers deposit and withdrawal options, including multiple credit and debit cards, electronic payment methods, bank wire transfers, local bank transfers, and eWallets.
Deposits and withdrawals can be made directly from the XM Member’s Area section.
- Zero fees on deposits and withdrawals via Neteller, Moneybookers, and all major credit cards, including Visa, Electron, MasterCard, Maestro, and China UnionPay
- Zero fees on deposits and withdrawals made by bank wire transfer over 200 USD or currency equivalent
- Instant account funding via credit cards and electronic wallets.
How to deposit money into an XM account
Go to the XM Member Area to deposit funds into their trading account. You can deposit money using various payment options and in any currency. The currency deposited will automatically be converted into the base currency of your account by XM using the prevailing inter-bank price.
How to withdraw money from your XM account
You can withdraw funds from your XM trading account to the same method you used to deposit money into your trading account. Whatever method you use, you may only withdraw money to accounts or cards in your name.
Log in to the XM Member Area to access your account, and then follow the simple steps to withdraw your funds.
All XM client withdrawal requests are processed in the currency where the deposit was originally made. Should the deposit currency differ from the transfer currency, the transfer amount will be converted by XM into the transfer currency at the prevailing exchange rate.
What is XM’s withdrawal protection procedure?
To protect all parties against fraud and minimize the possibility of money laundering and/or terrorist financing, XM will only process withdrawals/refunds back to the source of the original deposit according to its Withdrawal Priority Procedure, as below:
Credit/debit card withdrawals
Withdrawal requests submitted, regardless of the withdrawal method chosen, will be processed via this channel up to the total amount deposited by this method.
E-wallet refunds/withdrawals will be processed once all Credit/Debit card deposits have been completely refunded.
All other methods, such as bank wire withdrawals, shall be used once deposits made with the above two methods have been completely exhausted.
How many days do XM withdrawals take?
All XM withdrawal requests will be completed within 24 working hours. However, all withdrawal requests submitted will be instantly reflected in the client’s trading account as pending withdrawals. In case a client selects an incorrect withdrawal method, the client’s request will be processed according to the Withdrawal Priority Procedure.
What are XM’s fees for deposits and withdrawals?
XM has low forex fees and average non-trading fees. No account, deposit, or credit/debit card withdrawal fees exist. There is an inactivity fee of $50 after one year of inactivity, and withdrawals by bank transfer incur fees.
What are the XM deposit and withdrawal fees?
XM does not charge any fees for the different deposit and withdrawal options. For instance, if you deposit USD 100 by Skrill and then withdraw USD 100, you will see the full amount of USD 100 in your Skrill account, as we cover all transaction fees both ways for you.
This also applies to all credit/debit card deposits. For deposits/withdrawals via international bank wire transfer, XM covers all transfer fees imposed by our banks, with the exception of deposits amounting to less than 200 USD (or equivalent denomination).
What are the commissions and spreads of XM?
XM has mixed fees with non-commission and commission-based accounts.
XM operates with variable spreads, just like the interbank forex market.XM offers tight spreads as low as 0.6 pips on all major currency pairs, and you trade with no hidden fees.
XM also offers fractional pricing to get the best prices from its various liquidity providers. Instead of 4-digit quoting prices, clients can benefit from even the smallest price movements by adding a 5th digit (fraction). With fractional pip pricing, you can trade with tighter spreads and enjoy the most accurate quoting possible.
Mobile Trading Platforms
XM has a mobile trading app for both Android and iOS.
Both MT4 and MT5 offer quality online trading. With no re-quotes or rejections, leverages are competitive from 1:1 to 1:888 on these platforms. You can install both MT software on your Android or Mac device.
Full functionality is available through MT4 and MT5 mobile XM trading platforms.
MT4 is internally acclaimed, with EAs, 50 in-built technical indicators, and ready-made robo-trading. It is available for all devices – mobile, web, and desktop. Multiterminal MT4 offers PAMM or management of multiple accounts from single interfaces.
The 2 platforms differ in terms of trading spreads and commissions, trade execution, and other features.
The choice is between the industry-standard MT4 platform and next-gen trading platforms like MT5.
XM Forex Broker offers rapid market execution and a no re-quotes/rejection system on both platforms. The only difference? The MT5 platform offers over 300 more stock CFDs.
What is the minimum deposit for an XM trading account?
The minimum deposit for XM is $5 for Micro, Standard and Ultra-low accounts.
For Share accounts, the initial deposit is $ 10,000.
XM Trading has good customer support for XM Broker in South Africa traders. We tested their Chat & email support & we found them to be helpful.
Here is a quick breakdown of XM’s support: Chat Support: The XM customer chat support desk is available 24*5 hours a day. Live chat support is very quick in answering most questions.
Phone support: We have checked that XM has no local phone number in South Africa. If you want to contact them via phone, then you can call their international phone number.
Research and Education: This includes daily resources for customers: the latest news, fundamental analyses, and technical analysis by XM.com’s research team.
XM Broker in South Africa: In the bustling world of online trading, XM Broker stands out as a reliable and customer-centric choice for South African traders. With diverse account options, top-tier platforms, regulatory credibility, and an array of trading tools, XM Broker provides a comprehensive trading experience that caters to traders of all levels.
Whether you’re a novice or a seasoned pro, XM Broker in South Africa has the tools and support to help you confidently navigate the markets and achieve your trading goals.
Is XM Broker regulated in South Africa?
Yes, XM Broker in South Africa Financial Sector Conduct Authority (FSCA), ensuring a secure and compliant trading environment for South African traders.
What is the minimum deposit requirement for opening an account?
The minimum deposit requirement varies based on the account type you choose. It ranges from $5 for the Micro Account to $50 for the Standard Account.
Can I access XM Broker’s platforms on my mobile device?
Absolutely.XM Broker offers mobile trading apps compatible with iOS and Android devices, allowing you to trade on the go.
Does XM Broker offer a demo account for practice?
Yes, XM Broker provides a demo account with virtual funds, allowing you to practice trading strategies without risking real money.
What trading instruments are available with XM Broker?
XM Broker offers various trading instruments, including forex pairs, stocks, commodities, indices, and cryptocurrencies.
How can I reach customer support if I have a query?
You can reach XM Broker’s customer support team 24/5 through various channels, including live Chat, email, and phone.