Forex Traders often wish to trade with brokers that offer suitable trading conditions, affordable minimum deposits, and easy-to-use trading platforms. Sometimes they even trade with loosely regulated forex brokers for lower minimum deposits and higher leverage. XM is one of the highly regulated forex brokers that offer online trading services to traders worldwide. It is regulated by FSC, ASIC, CySEC, DFSA etc.
If you are considering using XM as your broker, you may be wondering about the minimum deposit requirements and deposit conditions of XM. In this guide, we will provide you with a comprehensive overview of XM’s minimum deposit requirements, deposit process, and other important information you need to know before you start your trading trading journey
What is the minimum deposit for XM?
The minimum deposit for XM is $5. However, the minimum deposit may vary based on account types and tradable asset types. Below are the minimum deposits for all types of accounts of XM.
- Micro Account: $5
- Standard Account: $5
- Ultra-low Standard Account: $5
- Share Accounts: $10,000
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
How to Fund Your XM Account: A step by Step Guide
Step 1: Log in to Your XM Account
To fund your XM account, you’ll first need to create your XM account or log in to your existing account. Open your preferred web browser and go to the official XM website. Then visit the login section. You will find it in Manubar. Enter your registered username and password in the provided fields and click on the “Log In” to access your account dashboard.
Step 2: Go to the Deposit Section
Once logged in, go to the deposit section within your XM account. This section is typically located in the main menu or sidebar of the platform. Look for options labeled as “Deposit,” “Funding,” or similar terms. Click on this section to proceed to the next step.
Step 3: Choose Deposit Methods
In the deposit section, you’ll find available deposit methods for funding your XM account. These methods may include direct Bitcoin deposit, Bitcoin via Instacoin, and wire transfer via Instacoin. XM currently does not offer any other deposit methods other than Bitcoin.
Step 4: Enter Payment Details
Once you’ve selected your preferred deposit method, you’ll need to enter the relevant payment details to start the transaction. Depending on the chosen method, this could involve entering your Bitcoin wallet address for direct Bitcoin deposits, following instructions provided by Instacoin for Bitcoin transactions, or providing bank details for wire transfers via Instacoin. Ensure that you accurately enter all required information to prevent any delays or errors in the funding process.
Step 5: Complete Process
After entering the necessary payment details, carefully review the information to ensure accuracy. Once satisfied, proceed to complete the deposit process by following the instructions provided on the platform. This may involve confirming the transaction, verifying any security measures, and completing the deposit. Upon successful completion, the funds should be credited to your XM trading account which allows you to start trading on the platform.
How to Withdraw Funds from XM
To withdraw funds from XM, follow these steps:
- Log in to your XM account.
- Go to the “Withdraw Funds” or “Withdrawal” section.
- Select your preferred withdrawal method (e.g., Bitcoin, wire transfer).
- Enter the amount you wish to withdraw.
- Follow any additional on-screen instructions for your chosen withdrawal method.
- Confirm the withdrawal request.
- Wait for the withdrawal to be processed by XM.
Frequently Asked Questions (FAQs)
What is XM?
XM is a multiple award-winning broker that allows its clients to trade forex, CFDs, and real stocks on its MetaTrader platforms. Founded in 2009, XM has over 1000 trading instruments and multiple account types which are designed for newbies, and experienced and professional traders. Trading tools are also provided to assist the traders with market analyses.
What is the Maximum Deposit of XM?
XM does not have a maximum deposit limit. You may deposit as much as you want. However, your deposit methods might have transaction limits. For example, Paypal, Neteller, and Skrill have a max deposit limit of 50,000 of your base currency (USD, GBP, EUR)
What currency can I deposit into XM?
XM accepts multiple base currencies, including USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, or RUB. If your country’s base currency is not listed, you can convert and deposit funds in your preferred currency.
What is the maximum leverage of XM?
The Maximum Leverage of XM is 1000:1. It means that you can trade up to 1000 times the equivalent amount of base currency you have in your account.
How much does it cost to deposit in XM?
XM does not charge any fees for deposits made via any method. However, your card issuer or payment provider may or may not impose a small fee. If you convert your currency and make a deposit, conversion charges might be applicable
What is the Minimum trade size of XM?
The Minimum trade size of XM is 0.01. It is worth mentioning that a lot is a standard contract size in the currency market. It equals 100,000 units of a base currency, so 0.01 lots account for 1000 units of the base currency
What is the Maximum Trade size of XM?
The Maximum lot size of XM is 50 lots. It means that traders using XM’s platform can trade up to 50 lots of currency pairs in a single transaction.
How long does it take to deposit on XM?
XM deposits are usually instant. The broker accepts multiple deposit methods. However, the deposit turnaround time (TAT) may vary depending on the chosen payment methods.
- Visa debit/credit card: Immediate
- Mastercard debit/credit card: Immediate
- PayPal: Immediate
- Domestic bank transfer: Same day
- International Bank Transfer: 1-5 working days
XM does not accept payments from third parties. The payment account holder must match the account holder’s name. For joint accounts, the XM account must be opened in the name of any one of the joint account holders.
How much should I deposit in my XM account?
You may deposit any amount you want. If you are a beginner, you may start with as little as $100 or less. As you gain knowledge, you may deposit your desired amount and start trading.
What trading platform does XM use?
XM uses MT4 and MT5 trading platforms.
Final Verdict :
XM is one of the most popular forex brokers. The minimum deposit at XM is $5. This low minimum deposit helps traders to enter the market easily, with minimal financial risk. It also provides an opportunity to test trading platforms and strategies in a cost-effective way.
