I have been trading foreign currencies (forex) for quite some time now, and I’m using XM as my forex broker. One of the questions that I have before as a first-time user of XM is “how much is their minimum deposit to start trading”. I’m assuming that there will be beginners like me, so I decided to craft this article for everyone that might need this.
How Much Is XM Global Minimum Deposit?
XM Broker‘s minimum deposit depends on the trading account you opened with them. They have five different account types, of which the majority will only require you an initial deposit of just $5.00 USD. Please refer below for the corresponding minimum deposit of each account type:
- Standard Account: $5 USD – This account type is designed for traders who want to trade with a larger deposit and higher leverage.
- Micro Account: $5 USD – This account type is designed for beginners and traders who want to trade with flexible leverage and low spreads.
- Ultralow Standard/Mirco: $5 USD – This account type is designed for experienced traders who want to trade with even lower spreads. It offers tradeable instruments with flexible leverage and extremely low spreads.
- Shares Account: $10,000 USD – This account type is designed for traders who want to trade shares, it has a minimum deposit of $10,000.
XM uses United States Dollar (USD) as its based currency for deposits, so the minimum amount of deposit using your local currency (for example in ZAR) is going to be the conversion of USD to your local currency on that specific moment that you’re going to make a deposit.
XM Minimum Deposit For NASDAQ?
If you’re going to trade stocks like NASDAQ, you should open a Share Account which will require you an initial deposit of $10,000.
How To Deposit Money On XM Broker?
Again, you have to make sure that you already have enough knowledge about forex trading (or whatever instruments). I suggest you first open a demo account and practice your trading strategy before jumping in and starting to trade real money.
Below are the steps on how to fund your XM trading account:
- You have to make sure that your XM account is already validated or verified. If you haven’t verified your account yet, just prepare a picture of any valid IDs (government-issued IDs) you have. Login to your XM account, click the dropdown beside your name, and then select upload documents.
- Your account should be validated within a few hours after you submit your ID. To fund your account, just log in and you should see multiple buttons that you can simply click to start the deposit process. From there, you can select your preferred deposit method (such as credit card, bank transfer, e-wallet, etc.) and follow the instructions provided to complete the deposit.
XM Payment Methods
You can use below payment methods for both depositing and withdrawing funds to your XM account. XM payment methods include:
- Credit/Debit Cards: Visa, MasterCard, UnionPay.
- eWallets: Skrill, Neteller, and WebMoney.
- Bank Wire Transfer: You can deposit funds directly into XM’s bank account via wire transfer.
- Local Payment Methods: XM partners with local payment providers in certain countries to offer additional deposit options.
- Cryptocurrency Deposit: You can deposit funds using Bitcoin, USD Tether, Ethereum, Litecoin, Ripple, and other common-use cryptocurrencies.
Does XM Charge Deposit Fees?
There are no deposit fees for any of the XM accepted deposit methods, which include credit/debit cards, bank wire transfers, and online payment methods such as Skrill and Neteller. However, some payment providers may charge additional fees for their services, so it’s best to check with the provider directly.
XM Deposit Bonus
XM offers bonuses for their clients, especially for their new signup users. They have two types of bonuses, which are the “no deposit bonus”, and “deposit bonus”. We’re going to talk about these in a more detailed explanation.
XM No Deposit Bonus
XM no deposit bonus is the $30 USD; a welcome bonus credit that you’re going to get once you open a trading account with XM. This bonus is available to all of their offered account types which you can only claim once you verify or validate your XM account. XM no deposit bonus is not withdrawable, but you can use it on your trades and withdraw all profits that you can make from trading out of it.
XM Deposit Bonus
As for the term itself, it obviously suggests that you need to make a deposit to get this bonus from XM. This bonus is only available for traders who open a trading account under a Micro or Standard account and it usually comes in a form of a percentage to whatever amount you’re going to deposit to your account. XM promos vary; they offer 20%, 50%, and even sometimes offer a 100% deposit bonus depending on XM promos for their clients.
Again, bonuses from XM are not withdrawable but they can add up to your account equity and gives you more buying power, which enables you to trade more lots and withdraw profits from trading out them.
I guess that’s all, please let me know in the comments if you still have questions. Good luck!