XM Account Types Review South Africa – Revealed ( 2020 )

 

A review of XM
 

XM Overview

 

According to research in South Africa, XM is a well-regulated, reliable, and reputable ECN and STP broker which has been in operating since 2009 with offices based in Australia, Cyprus, Belize, and the United Kingdom.

XM is strictly regulated and supervised by ASIC, CySEC, and IFSC, and FCA, respectively which facilitates the trade of several financial instruments spread across numerous assets, including, but not limited to Forex, commodities, cryptocurrency, and various others.

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

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Read the full review on Xm.com

 

XM Account Types

 

XM provides four different accounts, each with comprehensive features with the purpose of catering for individual traders despite their trading and financial objectives, these include:

  • Micro Account
  • Standard Account
  • XM Ultra Low Account, and
  • Shares Account

 

The diversity provided by these account types ensures that traders have access to a trading environment which is competitive yet cost-effective where trading and non-trading costs are concerned, while providing traders with the edge they need to facilitate their trading.

 

XM Minimum Account Features

Despite the type of account, there are some features that are included across all three of the four accounts namely the Micro, Standard, and XM Ultra Low Account, these features include:

  • Minimum deposit of $5.
  • Leverage which is determined by the account balance where $5 to $20,000 is from 1:1 to 1:888, $20,001 to $100,000 is from 1:1 to 1:200, and $100,001 and more is 1:1 to 1:100 – with the purpose of this being the mitigation of risks.
  • Zero commissions charged on all three accounts.
  • Maximum opening and/or pending orders per client restricted to 200 positions.
  • Negative protection balance which is provided on all four account types.
  • The option of an Islamic Account, which is optional on all three accounts.
  • The option of using hedging is allowed on all three accounts.

 

In addition, XM offers traders the following benefits which are standard despite the type of account and which forms part of XM’s superb quality of service:

  • The option to trade with both micro and standard lots.
  • Unlimited access to either Metatrader 4 or MetaTrader 5 trading platforms along with expert advisor, otherwise known as EA, trading.
  • Regular intraday market updates along with technical analysis which is made available to traders free of charge.
  • Customer support which is available in multiple language along with provision of a Personal Account Manager, or PAM.

 

The individual features of each account can be viewed as follows:

 

Micro Account

 

  • Base currencies including 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.
  • Minimum trade volume of 0.01 lots when using MT4 and 0.1 lots when using MT5, and
  • Lot restriction of 100 lots per ticket.

 

Standard Account

 

  • Base currencies including 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.
  • Minimum trade volume of 0.01 lots, and
  • Lot restriction of 50 per ticket.

 

XM Ultra Low Account

 

  • Base currencies including EUR, USD, GBP, AUD, ZAR, and SGD.
  • Contract sizes as 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 on micro ultra of 0.1 lots, and
  • Lots restriction per ticket of 50 lots on standard ultra and 100 lots on micro ultra.

 

Shares Account

 

  • 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 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 individual share.
  • Hedging is not allowed on this account.

 

XM 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:

  • 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.

 

XM’s demo account sign up is fully digitalized and hassle free. It can be done within a few minutes and as soon as the trader is registered, demo trading can commence once the MetaTrader 4 or MetaTrader 5 trading platforms have been installed on either

  • Desktop PCs that use Linux, Windows, or MacOS, or
  • Mobile devices such as tablets and smartphones that run Android or iOS operating systems.

 

Alternatively, traders can easily access the trading platforms from their web browser and use their credentials to sign into their XM Demo Account using either of the trading platforms.

 

XM Islamic Account

 

The purpose of an Islamic Account is that it caters specifically for Muslim traders who strictly follow the Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

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

XM offers the option of an Islamic Account on all of the account types offered and whereas brokers would charge extra fees on such accounts, XM however does not waive extra fees on Muslim Traders who have possession of this type of account.

In addition, Muslim traders are not subjected to spread-widening when making use of XM’s Islamic account and there is no time limit on the duration that positions are held open. There are no hidden costs and no re-quotes on the XM Islamic Account.

Muslim traders who would like to open an Islamic Account with XM can simply apply for any of the four account types by following the standard account opening processes.

As soon as the live account has been approved, the trader can send a request to the XM accounts department to have their account converted to that of an Islamic Account.

Traders should, however, acknowledge that XM reserves the right to revoke any application that is regarded as an attempt towards abuse of the account option.

 

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XM AT A GLANCE

Broker’s Name XM
Headquartered UK
Year Founded 2009
Regulating Authorities FCA
Countries not accepted for trade United States
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts No
Maximum Leverage 1:888
Minimum Deposit $5
Deposit Options ·         Bank Wire Transfer

·         Local Bank Transfer

·         Credit/Debit Cards

·         Neteller

·         Skrill, and more.

Withdrawal Options ·         Bank Wire Transfer

·         Local Bank Transfer

·         Credit/Debit Cards

·         Neteller

·         Skrill, and more.

Platform Types MetaTrader 4 and MetaTrader 5
OS Compatibility Web browsers, Windows, MacOS, Linux, Android, iPhone, tablets, iPads
Tradable Assets Forex, commodities, cryptocurrency, shares, indices, metals, energies, options, bonds, CFDs, and ETFs
Languages supported on Website 23 Languages
Customer Support Languages 23 Languages
Customer Service Hours 24/5

 

 

Frequently Asked Questions

 

Which live trading accounts does XM offer?

Micro Account / Standard Account / XM Ultra Low Account / Shares Account

What are the available deposit currencies for a live trading account?

USD / EUR / GBP / JPY / AUD / ZAR, and more.

What is the difference between a demo and live trading account?

A Demo Account is a risk-free account which is funded by virtual money and allows traders to either practice trading, explore the brokers offering, or test trading strategies in a mimicked live trading environment.

Is XM a recommended forex trading broker for experts and beginners?

Yes,  XM caters for both beginners and experts.

Does XM offer the option of an Islamic account?

Yes.

 

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