XM Minimum Deposit Review South Africa – Revealed ( 2020 )

 

A review of XM
 

XM Minimum Deposit

 

According to research in South Africa, the XM minimum deposit amount that XM requires is $5.

The minimum deposit amount of $5, when registering a live account, is equivalent to ZAR86.57 at the current exchange rate between the US Dollar and the South African Rand, at the day and at the time that this article was written.

XM has headquarters in Cyprus, Australia, and Belize and is authorized and regulated by demanding regulating entities namely CySEC, ASIC, IFSC, DFSA, and the FCA.

As a regulated broker, one of the requirements is that client funds be kept in segregated accounts.

open a forex account

In complying with this, amidst several other strict rules and regulations, all client funds must be kept separate from the broker account, and it can only be used by traders to conduct trading activities.

In addition to ensuring client fund security through segregated accounts, regulated brokers such as XM are required to be a member of a compensation scheme or fund which pays out a certain amount to eligible clients in the case of company insolvency.

This is an imperative factor for traders to consider when comparing various brokers as a lack of regulation may lead to substantial losses of funds that traders may not be able to refund as there is no regulation overviewing such processes.

In addition, regulated brokers are often audited and have strict supervision from regulating entities to ensure that trading activities are legitimate, legal, and fair, and that disputes between the trader and the broker are resolved fairly.

Brokers who do not ensure that client funds are kept in segregated accounts, and rather in the broker account, may be an indication of scam brokers or fraudulent brokers as funds could be, with ease, used or taken possession of by the broker.

Furthermore, with segregated accounts provided by the broker, funds can be withdrawn by the trader at any time, which is an additional and crucial attribute that brokers who are regulated need to comply with.

 

Deposit fees and deposit methods

 

XM does not charge any fees when deposits are made into the trader’s account.

 

XM offers a vast amount of payment methods which include, but is not limited to:

  • Bank Wire Transfer
  • Local Bank Transfer
  • Credit/Debit Cards
  • Neteller
  • Skrill, and more

 

XM supports a wide variety of deposit currencies in which traders can fund their accounts which includes, but is not limited to:

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

 

Traders need to ensure that deposits and withdrawals are made in the same currency, and that the account from which funds are deposited, and to where withdrawals are made are the same account registered with XM.

XM does not allow for third-party payments, and the account must be registered in the name of the trader, it may not be in the name of any other person. This forms part of XM’s anti-money laundering, or AML, process enforced by regulatory entities.

Traders also need to ensure that they do the necessary conversions, where applicable, before funds are deposited, to ensure that they meet XM’s minimum deposit requirements and avoid any penalties, or conversion fees should this not be done in the correct manner.

XM also offers a lucrative signup bonus for new traders.

Although various payment methods support the deposit and withdrawal of funds in numerous currencies, traders need to be aware that some payment methods allow for certain deposit currencies.

Traders will need to verify this with XM before selecting a payment method and deposit, but in most cases, the available deposit currencies for a specific method will be indicated on the page where traders can fund their accounts.

open a forex account

Step by step guide to deposit the minimum amount

 

Once the trader has completed the process of registering on the website, the trader can make the initial minimum deposit by following these steps:

  1. Log into the Client Portal and select ‘Deposit’
  2. Select the deposit method along with the amount.
  3. After the trader has made their selection, they will be redirected to the payment processor page to confirm their deposit.

 

Traders should take note that with making deposits by using Bank Wire Transfer, the transactions may take a certain amount of time depending on the method, time of the day, and day of the week.

Other payment methods may have shorter turn-around times such as Credit/Debit Cards and various e-wallets, but these may also be subjected to certain banking institutions’ internal processes pertaining to clearance of funds.

Withdrawal turn-around and delays may also be subjected to factors outside of XM’s control and may be due to the trader’s banking institution’s own internal processes with releasing funds.

Traders will need to verify this information with their banking institution and realize that banking processes are also subjected to the day of the week and the time of day in processing withdrawals.

There may be clearance procedures that the trader’s withdrawal is subjected to, imposed by the banking institution, and this information will need to be verified with the banking institution prior to withdrawals.

Bank Wire Transfers take anything from a day to a few business days depending on the time the payment was made during the day along with the day of the week, according to research in South Africa

View the sharia-compliant Islamic account option of Xm.

 

Pros and Cons

 

PROS CONS
1.      Deposit fees are not charged 1.      None noted
2.      Quick and easy depositing of funds
3.      Low minimum deposit amount
4.      Wide variety of payment methods offered
5.      Wide variety of deposit currencies supported

 

 

Frequently Asked Questions

 

What is the minimum deposit for XM?

$5.

How do I make a deposit and withdrawal with XM?

You can make use a wide variety of deposit and withdrawal methods including, but not limited to: Bank Wire Transfer, Local Bank Transfer, Credit/Debit Cards, Neteller, and Skrill

Does XM charge withdrawal fees?

No, not internally. Traders may be charged fees by their banking institution depending on the payment method through which withdrawals are made.

How long does it take to make a withdrawal?

  • Bank Wire Transfer – from two to several days / Local Bank Transfer – from one to a few business days
  • Credit/Debit Cards – instant / Neteller – instant / Skrill – instant

Is XM regulated?

Yes, by demanding regulating entities, CySEC, ASIC, IFSC, DFSA, and the FCA.

open a forex account

Regulated By FSB-SA

Your money is safe with us  |  Enjoy fully segregated accounts