XM is a forex and CFD broker that offers a wide range of financial instruments for trading, including currencies, commodities, indices, equities, and precious metals. The broker is regulated by several financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and the Cyprus Securities and Exchange Commission (CySEC) in Cyprus.
Some of the key features of XM include:
- A choice of trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms
- Low spreads and flexible leverage options
- A range of educational resources, including webinars, videos, and eBooks
- 24/5 customer support in multiple languages
Overall, XM has received mostly positive reviews from traders and reviewers. However, as with any broker, it is important to carefully consider all the pros and cons before deciding if it is the right fit for your needs. It is always a good idea to do your own research and compare multiple brokers before choosing one to trade with.
How Much Is The XM Minimum Deposit?
The minimum deposit required to open an account with XM, a forex and CFD broker, may vary depending on the type of account you choose. XM offers several account types, including Micro, Standard, and Zero or Ultra low accounts, which are available in USD, EUR, and GBP.
According to the information on the XM website, the minimum deposit for the Micro account is $5, the minimum deposit for the Standard account is $5, and the minimum deposit for the Zero account is $100. However, it is always best to check with the broker directly to confirm the minimum deposit requirements, as they may change from time to time.
In addition to the minimum deposit requirements, it is important to note that XM may also have other requirements, such as minimum trade sizes and margin requirements, that traders should be aware of before opening an account. It is always a good idea to carefully read and understand the terms and conditions of any forex broker before opening an account and starting to trade.
XM Minimum Withdrawal
The minimum withdrawal amount for XM may vary depending on the payment method you use and the currency of your account. According to the information on the XM website, the minimum withdrawal amount for bank wire transfers is $5 and the minimum withdrawal amount for credit/debit card transactions is $10.
It is important to note that XM may charge fees for certain withdrawal methods, such as bank wire transfers. It is always a good idea to check with the broker directly to confirm the minimum withdrawal amount and any applicable fees, as they may change from time to time.
In addition to the minimum withdrawal amount, it is also important to be aware of any other requirements or restrictions that may apply to withdrawals, such as verification procedures or account balance requirements.
XM Account Types
XM offers a range of account types to suit the needs of different traders. According to the information on the XM website, the following account types are available:
1. Micro Account
A micro account is suitable for beginner traders or those with a small amount of capital to invest. It allows traders to trade in smaller amounts and offers low spreads and flexible leverage options. The minimum deposit for a micro account is $5.
2. Standard Account
A standard account is suitable for intermediate to advanced traders with a larger capital base. It offers low spreads and flexible leverage options, as well as access to the full range of financial instruments offered by XM. The minimum deposit for a standard account is $5.
3. XM Ultra Low Accounts
A zero account is a commission-free account that is suitable for intermediate to advanced traders with a larger capital base. It offers spreads as low as 0 pips and flexible leverage options, as well as access to the full range of financial instruments offered by XM. The minimum deposit for a zero account is $100.
XM also offers Islamic accounts for traders who follow Islamic principles, as well as professional accounts for eligible traders. It is always a good idea to carefully compare the features and requirements of each account type and choose the one that best meets your needs.
XM Leverage For Beginners
XM offers leveraged trading, which means that you can trade with more money than you have in your account. Leverage allows you to trade larger positions and potentially make larger profits, but it also carries the risk of larger losses. Leverage is usually expressed as a ratio, such as 50:1 or 100:1. This means that you can trade with 50 or 100 times your account balance.
For example, if you have a $1,000 account and you are trading with 50:1 leverage, you can trade up to $50,000 worth of currency. However, if the trade goes against you, you could lose more than your account balance. It’s important to use leverage responsibly and not risk more than you can afford to lose.
If you are new to leveraged trading, it is recommended to start with a low leverage ratio and gradually increase it as you gain more experience. It is also important to have a good understanding of risk management and to use stop-loss orders to limit potential losses. It is always a good idea to practice with a demo account before trading with real money.
XM Bonus Review
The $30 bonus offered by XM is a promotion that allows you to receive a bonus of $30 when you open a new account and verify your identity. This bonus can be used to trade various financial instruments, including forex, commodities, and indices.
You cannot withdraw the XM $30 bonus that you will get as their new clients, but the good this is you can use it on your trades and withdraw whatever profits that you make using it.
You don’t have to make any deposit to start trading with XM using the $30 bonus, but of course, if you want better profits on your trades, then you need to have more equity in your account and that would mean you making a deposit.
How To Withdraw Profits From XM $30 Bonus?
To withdraw the profits you make on your trades using XM’s $30 bonus, you need to register a mode of payment (tender) on XM. To register a mode of payment on XM, you need to make a deposit using your preferred payment method and don’t worry, you can also just withdraw the amount you deposited to your account right away without any charges or fees.
XM is doing this process as compliance for AMLA to prevent money laundering. For more details, you can also refer to this article that XM has on their website.
I hope I was able to provide all the important information that you need to know about XM. Please let me know in the comments if you still have questions or suggestions on this article. Good luck!
Related Content: OctaFx Copy Trading