XM Broker Review
Does XM Work in Kenya?
!! Regulator Warning !!
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.96% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Very poor customer support and the accepted payment methods are very limited.
XM was blacklisted in Singapore for illegal operations
I experienced withdrawal delays with this broker. I didnt find it funny, you guys beware
very bad customer support, been struggling to make a deposit since and it has been having issues and yet nobody from xm has even cintacted me to ask what the problem is. With my current broker (FxPro), once i try to make a deposit and it fails, they will immediately contact me through whatsapp to offer a solution.
One of the few brokers that offer micro account with no trade restrictions
They declined my card deposit for no clear reason. Its really hard to make a deposit into XM because they only support few deposit methods.
The minimum deposit for bank transfer method is too high at $30, bank transfer is the most common method we all use so why increase the minimum deposit to $30. Other payment methods should such as PayPal & Crypto should also be added
XM is a good forex broker with bad customer support
Account verification is cumbersome. They should allow you to just upload your driver's license or any other document instead of asking you to put it in front of your laptop camera. You know a broker is bad when they can't even get account opening right. Thumbs down
I used xm for a while and decided to move on because i needed lower spread. While I was with them their platforms were good and they let you trade so many asset classes. I rate them 4 stars on this one as they are not a bad broker.
I used xm for a while and decided to move on because i needed lower spread. While I was with them their platforms were good and they let you trade so many asset classes.
Their spreads are not as low as they advertise them to be. Customer support is also bad
Here in the UK, XM closed down and moved us to a new broker called Trading.com and the reason they closed down was unprofitability. However, XM still operates in other regions like Africa so the negative reviews I am seeing here must be from there. I suspect XM may be having some issues hence peoples complaints of poor service. When I was using XM (before they closed down in the UK) their service was average but not anywhere near what competition offered so i give them a 3 star for that.
XM keeps increasing their spread after I enter a trade causing my SL to be hit without price reaching it. Being a trader from Nigeria, XM customer support is not localized and they have never called me before even when I send them an email complaining about something. I just feel XM is not as customer focused as some other brokers. The only thing I liked about XM was their low minimum deposit and withdrawal. They used to offer a Micro Account but they have dis continued it.
Bad customer support and their bonus is shady. I traded with their bonus and generated some profit but after that i was unable to access my account and when I later did, the bonus was gone. I contacted them and got tossed around till i got fed up and quit.
I traded with XM but they lack good customer support. Their fees are low but there is a general lack of sophistication for me.
XM is not a CMA Kenya regulated forex broker so you should proceed with caution
| 👨 Broker | XM Global LTD. |
| 👨 Trading Name | XM |
| 👨 Accepts Kenyan Traders | Yes |
| 📅 Year Founded | 2009 |
| ⚖ Regulators | FSC Belize |
| 📈 Instruments | Forex, Crypto, Stocks, Turbo Stocks, Commodities, Equity Indices, Thematic Indices, Precious Metals, Energies, Real Shares |
| 🚀Leverage | 1:1000 |
| 🔎Auditors | - |
| 💻 Platforms | MT4, MT5, XM Trading Point Mobile App |
| 📋Account Types | Micro, Standard, Ultra-Low Micro, Ultra-Low Standard |
| 💰 Minimum Deposit | $5 |
| 💰 Minimum Withdrawal | $5 |
| 📞Live Support | 24/7 |
| 🏖️ Inactivity Fee | $10 |
| ✅Reason To Trade | |
| ❌Reason To Avoid |
Regulation - 6/10
Is XM Working in Kenya?
Yes, XM accepts Kenyan traders but XM is not regulated by the Capital Markets Authority (CMA) of Kenya, so this makes XM a high risk broker.
Where is XM Regulated?
1. Australia
In Australia XM operates as Trading.com and is regulated by the Australian Securities & Investment Commission (ASIC) with AFSL Number 443670.
XM obtained their ASIC license on 23/12/2013 & have a physical office in Sydney.
XM is also a member of the Australian Financial Complaints Authority (AFCA)
2. United Kingdom
In the United Kingdom, XM has closed down and migrated its users to Trading.com which is another broker its parent company was also operating.
Trading.com in the UK is also a member of the Financial Services Compensation Scheme (FSCS) so XM clients in the UK have investor protection up to 85,000 GBP.
3. Belize
XM is also regulated by the Financial Service Commission (FSC) Belize with license number 000261/397.
4. South Africa
XM (ZA) Pty LTD is considered safe for use in South Africa because they are regulated by the Financial Sector Conduct Authority (FSCA) who assigned them Financial Service Provider (FSP) license number 49976
XM Funding & Withdrawals - 7/10
What is XM Minimum Deposit in Kenya?
The XM minimum deposit is $5 and this applies to all their account types.
However, when it comes to copy trading the minimum deposit is determined by the Strategy Provider.
What is XM Minimum Withdrawal?
The minimum withdrawal at XM is also $5 but you must send your withdrawal request in early so you can get the funds on the same day.
How Long Does it Take to Withdraw from XM Broker?
XM withdrawals to local Kenyan banks are instant but withdrawals to debit/credit card can take up to 5 working days.
Supported XM Deposit/Withdrawal Methods
1. MPESA
XM in Kenya accepts MPESA deposits/withdrawals so you can select MPESA as your preferred deposit method from your client area.
2. Cards
You can fund your XM account using Visa/MasterCard issued by any bank in Kenya.
3. eWallets
Skrill, Neteller, BitPay, GPay & AstroPay are also accepted funding methods at XM.
4. Local Bank
You can fund your XM trading account by transferring the funds from your local Kenyan bank into an account number XM will generate for you.
Account Types - 6/10
1. XM Micro Account
The XM Micro Account is for trading small volumes, and your lot size is restricted to not more than 0.01.
2. XM Standard Account
Here full-sized trading has been unlocked & you can do large volumes meaning Standard lots of 100,000 units.
To trade Standard Lots, you will be required to place a higher margin so you will need more funds in your wallet.
3. XM Ultra-Low Account
The XM Ultra-Low Account does not charge overnight fees on major FX pairs & Gold, making it ideal for those who keep trades open till the next day.
4. XM Shares Trading Account
XM allows you trade real stocks but you must open an XM Stock Trading Account.
5. XM Demo Account
XM has a Demo Account which is meant for practicing with virtual cash only.
Account Management - 6/10
What is XM Broker Leverage?
XM leverage is up to 1:1000 but you can always reduce the leverage by doing to your client area, then account setting & edit leverage.
Margin Call & Stop Out
XM Margin Call will come when your Margin Level falls to 100% and you will be Stopped Out of all your trades when your Margin Level falls to 20%.
XM Account Opening Procedure
Step 1: Register
To register with XM, go to the XM website and click on "Lets Get Started" or download the XM Mobile App & click on "Create an Account"
Choose your country of residence, enter your email address, create a password & then click on register. A verification email will be sent t you so click on the link in the email to proceed to the next step.
When you click on the verification link in your email, you will be redirected to your XM Members Area where you will notice a live MT5 trading Account & a demo account has been automatically opened for you.
Step 2: Verify Your Identity
From your XM members area, click on "verify now" to add your profile details. You will be required to enter your current address & phone number, then answer a question about your trading experience.
Step 3: Upload Your Means of ID
You will be required to upload your Kenyan government ID card as a means of identification. You will also need to upload your utility bill as proof of address.
Maximum Number of Trading Accounts
You can open up to 10 XM CFD trading accounts & 1 Share trading account from your members area. However XM only allows you open Individual & Joint Accounts as corporate accounts are not offered.
Account Currency
XM does not offer KES account currency but USD, GBP, EUR, JPY, CHF. ZAR, HUF & PLN account currencies are available.
Changing Your XM Demo Account Balance
If you decide to increase the virtual funds in your demo account, you can contact XM via live chat or email & they will effect the change for you.
Changing Leverage on XM Account
You can edit the leverage on your XM trading accounts from your members area. Login, select the account & click on edit.
Cost of Trading - 8/10
1. Commissions
No, XM does not charge commissions on any of their accounts. Instead they make their spreads wider to include the commission.
2. Spread
Yes, XM spreads are higher than industry averages but this is because they are a zero-commission broker.
However, during periods of low volatility the spreads can tighten.
The XM Ultra-Low Account has the lowest spreads of them all & we are talking spreads from 0.8 pips.
Other XM Accounts have spreads starting from 1.6 pips.
3. Overnight Fees
On the XM Ultra-Low Account, you don't pay overnight fees on major forex pairs & Gold.
But on other XM Accounts you pay overnight fees on every trade.
4. Inactivity Fees
XM charges a $10 inactivity fee on any accounts that have been dormant for 90 days (around 3 months)
Is XM A Market Maker?
Yes, XM is a Market Maker so they can trade against you or be the counterparty to your trade. Because if the XM Market Maker business model, they don't charge commissions on CFDs & instead widen the bid/ask spread to include the commission.
| Account Type | ✂️Spread | 💰Commission per side | 💱Currency Conversion Fee | 🌙Overnight Fees | 😴Inactivity Fee |
| Standard Account | From 1.6 pips | $0 | Yes | Yes | $10 |
| Ultra-Low Account | From 0.8 pips | $0 | Yes | No | $10 |
Range of Markets - 8/10
1. Forex CFDs
At XM, you can trade 50+ Forex CFDs including the USD/ZAR pair.
2. Crypto CFDs
At XM, you can trade 59+ Crypto pairs including Bitcoin, Ethereum, Shiba, etc.
3. Indices CFDs (Cash & Futures)
XM has Nasdaq CFDs & 22 other popular indices in both spot cash & futures markets.
4. Thematic Indices
Thematic indices such as Electric Vehicle Index, Block Chain & NFT Index etc. are available at XM.
5. Stock CFDs
Over 1300+ Stock CFDs such as NVIDIA, EXXON, Ali Baba, etc. are available at XM.
6. Turbo Stock CFDs
XM has 12+ Turbo Stocks that you can trade. They include Adidas Turbo, Facebook Turbo etc.
7. Commodity CFDs
You can trade 8 Agricultural Commodities, 5 Metal Commodities(including Gold) & 3 Energy Commodities, at XM.
| 🛒CFD | #️⃣Number | 🚀Leverage | 🌙Swap Free Trading |
| Forex | 50+ | 1:1000 | Yes (major pairs) |
| Crypto | 59+ | 1:500 | No |
| Equity Indices | 20+ | 1:500 | No |
| Thematic Indices | 10+ | 1:50 | No |
| Stocks | 1300+ | 1:10 | No |
| Turbo Stocks | 10+ | 1:200 | No |
| Agric Commodities | 8+ | 1:50 | No |
| Gold & Silver | 5 | 1:1000 | Yes |
| Energies | 3 | 1:200 | No |
Trading Platforms - 6/10
1. XM MetaTrader
Yes, XM has both MT4 & MT5 trading platforms which can be installed on tablets as well as desktop/mobile phones.
XM also provides you the MT4 Multiterminal platform so you can control different trading accounts at once.
XM MetaTrader offering comes with downloadable technical indicators created specially by XM so you can use them to upgrade the performance of MetaTrader.
2. XM Trading Point Mobile App
XM has its own homegrown mobile app it calls the XM Trading Point App.
The XM mobile app has some good tools such as:
- Line Drawing Tools
- Fibonacci Retracement Tool
- OHLC Prices
- One-Click Trading
- View Open Positions from Chart
- 30+ Technical Indicators
XM Tools - 5/10
1. Forex Calculator
XM has a forex calculator that calculates the Required Margin, Swaps & Pip Value in your account currency.
2. Economic Calendar
XM has an Economic Calendar that shows you the dates when important economic data will be released.
3. XM Copy Trading
XM offers copy trading and strategy providers are categorized into Best Performers, Most Invested, High Win Ratio & Low Risk categories.
You must create either a USD Investor Account or USD Strategy Manager Account with 1:500 max leverage, to begin copy trading on XM. You will also need to fund your copy account.
Customer Support - 6/10
Although XM offers 24/7 customer support the quality is not as high as we would have expected.
Live Chat
XM live chat is available so you can communicate with a live agent to resolve issues. However, the hold time can be more than 1 minute before you get a response.
Email Support
XM email support is surprisingly good with emails getting responded to on the same day.
Telephone Support
XM provides international help lines so you can reach them however they do not reach out to you first(even when they notice you have a pending registration). You are the one that has to be calling them.
Demo Account
The XM demo account is available to Kenyan traders so you can practice/learn how to trade on MT4/5 or on the XM Trading Point mobile app.
Education & Learning
XM offers comprehensive education via their learning center complete with video tutorials and explainers. This is will help you sharpen your skills; XM also holds live webinars on trading.
Final Verdict - 6/10
XM is unregulated in Kenya so the CMA Kenya does not oversee their activities making them a high risk broker. You should exercise caution.
XM is a good choice for beginner traders because of their Micro Account & low starting deposit.