Is XM Available in British Indian Ocean for 2024?

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XM is a forex and CFD Broker that offers online trading services to traders and investors worldwide. The broker has over 10,000,000 clients from over 190 countries. The broker is reputed for first withdrawal and low minimum deposit. XM is also regulated by two tier-1 jurisdictions, one tier-2 jurisdiction and one tier 4 including ASIC, CySEC, DFSA, FSCA, and FSC. If you want to trade with XM, you may wonder if XM works in British Indian Ocean.

The answer is ‘Yes’, XM works in British Indian Ocean. In this article, we will explore more about XM for the clients of British Indian Ocean, as well as the pros and cons of using this platform. We will also discuss the account opening process, deposit and withdrawal options, and more to help you better decide whether XM is right for your trading needs in British Indian Ocean.

Is XM Available in British Indian Ocean?

Yes, XM is available in  British Indian Ocean. It is an online forex broker that offers its services worldwide including British Indian Ocean. The broker is regulated in different jurisdictions worldwide including ASIC, CySEC, DFSC, FSCA, and FSC. Traders from British Indian Ocean can trade under its global entity ( XM Global Limited). XM Global Limited is regulated by the Financial Services Commission (FSC) in Belize with Securities Dealer’s license number 000261/397.  

XM Overview

XM Overview
  • Founded In: 2009
  • Founder: Constantinos Cleanthous
  • Headquarters: Limassol, Cyprus.
  • Trading Instruments: 1000+ trading instruments including forex, cryptocurrencies, stock CFDs turbo stocks, commodities, equity indices, thematic indices, precious metals, energies, shares
  • Minimum Deposit: $5 for Micro, Standard, Ultra low accounts, and $10,000 for share accounts
  • Maximum Leverage: up1000:1 for Standard, Micro, and Ultra-low accounts, No leverage for share account
  • Regulations: FSC, ASIC, CySEC, DFSA, FSCA
  • Trading platform: MT4, MT5, XM trading apps 
  • Spreads: As low as 0.6pips 
  • Account Types: Standard, Micro, Ultra-low, Share  accounts
  • Trading Styles: Allows all trading styles including scalping, news trading, copy trading, EA trading
  • Payment Options: Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Neteller, Skrill
  • Funding Currencies: USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, SGD, ZAR
  • US Traders: Not Accepted

Yes, XM is legal in British Indian Ocean. Being a global forex broker, XM is regulated by top-tier authorities around the world. Moreover, there are no restrictions on XM imposed by any authorities in British Indian Ocean. Therefore, you can trade forex confidently with XM in British Indian Ocean without any legal concerns

Is XM Safe and Trustworthy in British Indian Ocean

Yes, XM is committed to providing a safe and trustworthy trading environment for traders worldwide including British Indian Ocean. Here’s how XM ensures your funds’ safety:

Top Tier Regulations

XM is regulated by top regulatory authorities including ASIC, CySEC, DFSC, FSCA, and FSC. These regulatory bodies set stringent standards and conduct regular audits to ensure the broker’s compliance with industry best practices. These multi-layered regulatory frameworks enhance transparency and accountability which gives you peace of mind as you trade.

Segregated Clients Fund

XM takes great care of client funds by storing them in separate bank accounts across various locations. This ensures that clients’ money is clearly distinguished from the company’s funds. As a result, neither XM nor its creditors can access or control clients’ funds.

Negative Balance Protection

XM offers negative balance protection to its retail clients. This feature ensures that your account balance can never go below zero. It prevents you from incurring debts beyond your initial investment. It’s an additional layer of security that shields you from extreme market volatility and unexpected price movements.

Investor Protection

XM provides investor protection to clients in the ASIC and CySEC jurisdictions. However, it doesn’t extend this protection to its global entity (FSC Jurisdiction). As a resident of British Indian Ocean, the investor protection scheme might not apply to you. Still, this scheme shows XM’s dedication to looking after its clients’ interests and upholding the highest regulatory standards.

How to Start Trading with XM in British Indian Ocean? 5 Simple Steps

Opening an account with XM is easy and simple. You may just need to follow 5 simple steps to open a trading account and start trading. It may take only 5 to 7 minutes to complete the procedure 

Step 1: Profile Registration

To start your trading journey with XM in British Indian Ocean, you’ll first need to register your profile on the XM platform. Go to the XM website and locate the registration form. Input your email address into the designated field and follow the prompts to complete the registration process. Once you’ve submitted your email address, XM will send a verification email to the address you provided. Check your inbox (and possibly your spam folder) for this email and click on the verification link to confirm your registration. You can complete this step using a personal computer, smartphone, or the XM mobile application.

Step 2: Open a Real Account

Once your profile registration is complete and verified, it’s time to open a real trading account with XM. Log in to your member page on the XM website using the email address and password you provided during registration. Once logged in, go to the account opening section and fill out the necessary client information as required by XM. This information typically includes personal details such as your full name, date of birth, contact information, and residential address. Follow the instructions to complete the account opening process.

Step 3: Validation of Real Account

After you’ve submitted your client information and completed the account opening process, XM will need to verify your identity to ensure compliance with regulatory requirements. This verification process usually involves submitting relevant certifications or documents that confirm your identity. These may include a copy of your passport or national ID card, as well as proof of address, such as a utility bill or bank statement. Once XM has successfully verified your identity, your real trading account will be validated and you’ll be ready to proceed to the next step.

Step 4: Margin Money Deposit

With your real trading account validated, it’s time to deposit funds into your account to serve as margin money for trading. XM offers three convenient methods for depositing funds: bank transfer, credit card/debit card, and Skrill. Choose the deposit method that suits you best and follow the instructions provided by XM to complete the transaction. Be sure to deposit an amount sufficient to meet your trading needs and comply with margin requirements.

Step 5: Start Trading

With your trading account funded and ready to go, you’re now all set to start trading with XM in British Indian Ocean. Log in to your XM account using your credentials to access the trading platform. From there, you can explore the various financial markets and instruments available for trading, conduct market analysis, and execute trades based on your trading strategy and preferences. You may also download trading platforms to start trading from your PC or begin trading using your mobile device. Keep an eye on market trends, manage your risk effectively, and seize trading opportunities as they arise.

How to Deposit Funds on XM in British Indian Ocean.

 Depositing funds on XM is easy and simple in British Indian Ocean. Here are the steps 

  1. Log in to your XM account using your username and password.
  2. Click on the ‘Funding’ section, usually found in your account dashboard.
  3. Choose how you want to deposit money. You can use a credit/debit card, bank transfer, or an e-wallet.
  4. Enter the amount you want to deposit.
  5. Fill in any required information, like your card details or bank account information.
  6. Check everything carefully to make sure it’s correct.
  7. Click to confirm the deposit.
  8. Wait for the deposit to go through. It might happen right away or take a bit of time, depending on your chosen method.
  9. Once it’s done, the money will be in your XM account, ready for you to start trading.

How to Withdraw Funds From XM in British Indian Ocean

Withdrawing funds from XM is almost the same for all countries, including British Indian Ocean. Here are the steps to follow.

  1. Log in to your XM account using your username and password.
  2. Go to the ‘Withdraw Funds’ section, typically located in your account dashboard or under the ‘Funding’ tab.
  3. Select the withdrawal method you prefer. Common options include bank transfer, credit/debit card, or e-wallet.
  4. Enter the amount you wish to withdraw.
  5. Provide any necessary details, such as your bank account information or e-wallet address.
  6. Double-check all the information to ensure accuracy.
  7. Confirm the withdrawal request.
  8. Wait for the withdrawal request to be processed. Depending on the withdrawal method and XM’s processing times, this may take some time.
  9. Once processed, the funds will be transferred to your chosen withdrawal method and should appear in your designated account.

Pros and Cons of XM for British Indian Ocean Traders

Pros :

  • Regulated by CySEC, ASIC, DFSC in UAE, and FSC Belize.
  • Easy and fast account opening.
  • Minimum deposit is $5.
  • Over 1000 forex/CFDs are available for trading.
  • MT4 and MT5 are the available trading platforms.
  • Quality research, market analysis, and access to trading tools like Autochartist.
  • Quality training for newbies and an ‘ultra-low micro account’ for beginners.
  • High leverage up to 1000:1 (this leverage is not available to all the entities of the Group)
  • Zero fees on deposit and withdrawal 

Cons :

  • Dormant fees are charged after 3 months of no account activity.
  • Trading of real stocks is not available to European traders.
  • Traders have no other choice apart from the MetaTrader platforms.
  • Limited tradable assets.
  • No passive investment services (social trading platform, PAMM accounts);
  • Funding with PayPal is unavailable
  • Not regulated by FCA in the UK. 

Features of XM for the Traders in British Indian Ocean

The traders of British Indian Ocean are under FSC regulation. Here are the features of XM in British Indian Ocean. 

Leverage

Leverage is a powerful tool in forex trading. It enables traders to control larger positions with a smaller amount of capital. XM offers leverage based on the jurisdiction in which you trade. For example, British Indian Ocean falls under the FSC Jurisdiction. The leverage of XM in British Indian Ocean ranges from 1:1 to 1000:1. The maximum leverage of the IC Market in British Indian Ocean is 1000:1. You can change the leverage on your trading account via your Client Area of XM.  Here are the maximum leverage options offered by XM in different jurisdictions:

  • CySEC Jurisdiction: Between 2:1 and 30:1
  • ASIC Jurisdiction: Between 2:1 and 30:1
  • FSC Jurisdiction: Between 1:1 to 1000:1 

Minimum Deposit

The minimum deposit of XM is $5. This means that to open an account and begin trading with XM, you need to deposit as low as $5 into your trading account. This minimum deposit amount provides traders with accessibility to the platform, allowing them to trade in multiple financial markets, including forex, commodities, indices, and more. It is worth mentioning that the minimum deposit for XM share account is $10,000. 

Fees : ( Spreads and Commissions)

XM fees and commissions depend on the type of account you choose. The broker offers 4 account types: Micro Account, Standard Account, XM Ultra Low Accounts, and Shares Account. The share account is commission-based, with a commission of $7 per standard lot round turn. All other types of accounts are spread-based. The fees of XM include: 

  • Spreads: as low as 0.6 Pips 
  • Commissions: $7 Per standard round turn
  • SWAP/Roll Over Fees: Applicable
  • Dormant Fees: $5 per month ( If your account is inactive for 90 consecutive days) 

Trading Platform

XM provides a variety of trading platforms for traders worldwide, including those in British Indian Ocean. These platforms include:

  • MT4
  • MT5
  • XM Web Platforms 

Each of these platforms offers advanced charting tools, a wide range of technical indicators, and rapid execution. You can use any platform according to your preference

Account Types

XM offers four types of accounts: Micro account, Standard Account, XM Ultra Low, and Shares account. Share accounts are commission-based, while the other types of accounts are spread-based.

Moreover, XM offers three types of account profiles 

  • Individual Account Profile 
  • Company/Corporate Account Profile
  • Joint Account Profile 

This provides traders in British Indian Ocean with the flexibility to open a trading account that suits their needs

Financial Instruments

XM offers 2150+ trading instruments in British Indian Ocean including Forex Trading

  • Cryptocurrencies
  • Stock CFDs
  • Turbo Stocks
  • Commodities
  • Equity Indices
  • Thematic Indices
  • Precious Metals
  • Energies

These trading instruments allow traders to diversify their portfolios and capitalize on different market trends.

Trading Hours

XM ensures that traders in British Indian Ocean can engage with the markets at their convenience, offering a 24/5 trading schedule. This means that from Sunday evening to Friday evening (British Indian Ocean local time), traders have the opportunity to access and manage their positions. This extended trading window accommodates traders with different schedules and time zones which allow them to capitalize on market movements whenever they see fit.

Customer Support

XM has dedicated customer support for all its entities. They are professional and responsive. XM offers customer support with the following means 

  • Live Chat 
  • Phone Support 
  • Email Support 
  • Call Back Request: 

What countries are restricted on XM

XM is a global forex broker offering services worldwide. However, due to regulatory requirements and business decisions, XM does not accept clients from many countries. These countries include: 

United States of America, Canada, Israel, and the Islamic Republic of Iran

Frequently Asked Questions (FAQ)

Here are the most common questions asked by traders and investors. 

What is XM?

Founded in 2009, XM is a forex and CFD broker that offers trading services to traders and investors. XM offers a wide range of trading instruments including Forex, Commodities, Stock, Indices, Crypto, Turbo Stocks Equity indices, Precious Metals, and Energies. The maximum leverage of XM is as high as 1:1000. 

Does XM Work in British Indian Ocean?

Yes, XM works in British Indian Ocean. You can open a trading account with XM in British Indian Ocean.  You can also trade 1000+ trading instruments in British Indian Ocean including forex, commodities, Indices, Currency Indices, Cryptocurrencies, Shares, ETFs, CFDs, etc.

Is XM Good for Beginners in British Indian Ocean?

Yes, XM is good for both beginners and experienced traders. The broker is highly regulated by multiple jurisdictions, offering an easy-to-use interface, a wide range of trading instruments, fast execution, and a variety of deposit and withdrawal methods. Additionally, the broker accepts a low minimum deposit, which is beginner-friendly.

Does XM Have an Office in British Indian Ocean?

No, XM does not have an office in British Indian Ocean. However, it has offices in several locations including Australia, Cyprus, and Seychelles. Even though it doesn’t have an office in  British Indian Ocean, traders from  British Indian Ocean can communicate with XM through live chat, phone calls, emails, and by requesting a callback.

Does XM offer Islamic Accounts (Swap Free Accounts) in British Indian Ocean?

Yes, XM offers swap-free Islamic accounts in British Indian Ocean. The broker offers  Islamic profiles for all clients of the Muslim faith only.  A swap-free Islamic Forex account is a type of trading account that adheres to Islamic principles, specifically avoiding the payment or receipt of interest (known as “riba” in Islamic finance). In conventional Forex trading, positions held overnight may incur swap fees or interest charges, but with a swap-free Islamic account, these fees are waived.

Does XM offer any Bonuses in British Indian Ocean?

Yes, XM offers a 20% instant deposit bonus in British Indian Ocean, up to $5000. In addition to this, they occasionally provide special seasonal bonuses tied to specific calendar events and limited-time exclusive bonuses on an invitation-only basis. With such rewards and incentives, XM ensures its clients enjoy added value beyond their regular trading activities

Does XM Offer Demo Accounts for Traders in British Indian Ocean?

Yes, XM offers demo accounts for traders in British Indian Ocean. These demo accounts allow beginners to practice trading with virtual funds in a risk-free environment. It’s a valuable tool for honing your trading strategies, familiarizing yourself with the platform, and gaining confidence before you start trading with real funds. The default validity of the XM demo account is 30 days. You may extend the validity by contacting XM support.

Is XM Regulated in British Indian Ocean?

No, XM is not regulated in British Indian Ocean. However, XM is regulated by top-tier regulatory authorities such as ASIC, CySEC, DFSC, FSCA, and FSC. These regulatory frameworks provide traders in  British Indian Ocean with the assurance of a secure and compliant trading environment.

Does XM offer negative balance protection in British Indian Ocean?

Yes, XM offers negative balance protection to retail clients in  British Indian Ocean. This means that if your account balance goes negative due to market fluctuations or other factors, XM will bring your balance back to zero. It’s an important safety feature that ensures traders won’t owe more than they initially deposited. However, it’s worth mentioning that this protection does not apply to professional traders(pro traders).

Does XM offer Investor Protection for the traders of British Indian Ocean?

No, XM does not extend investor protection to traders in British Indian Ocean.  British Indian Ocean falls under the jurisdiction of the FSC. XM does not offer an investor protection scheme in FSC jurisdiction. However, the broker provides investor protection for FCA, ASIC, and CySEC jurisdictions. Although the clients of British Indian Ocean  may not have the same level of protection, XM’s strong regulatory standing and commitment to ethical trading practices contribute to a secure trading environment

Final Verdict

XM is an online forex and CFD trading platform that offers a wide range of trading options, including Forex, commodities, indices, cryptocurrencies, shares, and CFDs. Being regulated by top authorities adds an extra layer of trust and security for investors. With user-friendly platforms like MT4, MT5, and XM traders in mobile, desktop, and web versions, XM ensures accessibility and convenience for traders. 

Additionally, features like Social copy trading, 25+ payment methods,  and demo competitions in trading enhance the trading experience. Therefore, for those in British Indian Ocean seeking a trusted and reliable forex broker, XM stands as a solid option. It provides all the necessary tools and support required for successful online trading


Disclaimer: Trading forex and CFDs comes with the risk of losing your trading capital.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

DisclosureAt Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

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