My experience with XM broker

I opted for the XM Ultra-Low Micro Account

The reason i chose to open an account with XM was actually their "Micro Account" where I can trade small volumes of instruments.

As you may already know, Micro Accounts help instill discipline because your lot size is limited to micro lots only.

I opted for the XM Ultra-Low Micro Account because XM claims it has the lowest spread from 0.8 pips and does not charge overnight handling fees.

A nagging OTP login feature 🙄

I was able to successfully open my XM trading micro account and every time i wanted logging in, XM had to send an OTP code to my email and this kind of wastes my time.

I think its stressful having to check my email every time for an OTP code before I can login. Guys do you know how I can turn off this OTP login feature? Please let me know in the comments.

However, I was able to login to my XM personal area from where I will manage my account.

XM broker Account Verification is not smooth at all (No Non-document Verification)

I am trying to verify my account, and to approve my live account, XM requires i upload a Driver's License, NIN Slip, or Int'l Passport; but they do not accept Bank Verification Number (BVN) which is very popular here in Nigeria.

In Nigeria the BVN number is gotten from your bank so it has all your details, if XM had accepted this, it would have hastened the account verification process tbh!

Well, I have my driver's license, so I am going to try to upload it but i won't do it on my laptop i need to use the XM mobile app on my phone because its easier that way!

Now XM is asking for Tax Identification Number (which I do not have now)

Wheew! I am really getting tired of the XM account verification process, now they are asking me to submit a Tax ID which I do not have. Without this Tax ID my XM trading account will not be verified. I think I need to contact XM customer support and ask for a waiver. Has anyone else had this challenge? Please let me know in the comments!

XM customer support is fast

XM customer support via live chat & it is pretty fast, and they attended to me in less than a minute. The Tax ID issue has been resolved and they waived it for me, so i will now go ahead to upload my id card & proof of residence to verify my account. I will keep you guys posted on how the document upload went.

My XM Account was finally verified

After lots of uploading and rejection of documents, XM has finally verified my account after about 1-hour. I used my NIN slip as means of ID and then used my National ID card as proof of residence since it contains my address. The next step is to fund my XM account. I will keep you posted.

XM supports a limited number deposit methods.

The deposit methods offered by XM are not as many as i had expected, my other broker offers way more deposit methods.

For example, XM does not support USSD deposit method which is the fastest deposit method and way easier to use, by dialing a USSD code from your phone. Anyway, i guess I can live with that !!!

Shocker: XM minimum deposit via online bank transfer is $30

When i selected to fund my XM account via Nigerian online bank transfer, XM said their minimum deposit is N50,000 which is around $30.

That is pretty high!!! I thought XM minimum deposit was supposed to be $5? Well, let me try another XM deposit method and see.

XM Minimum Deposit by Debit Card is $5 USD

I have found a cheaper deposit method, so XM accepts $5 minimum deposit when you are using Bank Card method. I am going to try to deposit into my XM trading micro account and see what happens next.

My Card Deposit Was Declined

After entering my card number, expiry and cvv; the card deposit failed and i tried it 3 times and it still declined. I am going to contact XM support to find out why they declined my card deposit.

XM Support said My Bank Declined the Card Deposit

I just contacted XM support via live chat, and they responded within 10 seconds. They said my card deposit was declined by my bank. I guess I will have to find another deposit means.

Try depositing via AstroPay, it works well.

I used XM so many years back. They are like any normal broker, they offer the same CFDs, similar platforms.

I don't know about their payment methods now to be honest, but it is generally the same with all the brokers.

But their spreads are horrible. Their execution is okay, but you will be paying higher fees compared to other Metatrader brokers.

I doubt it is the bank that cancelled your xm deposit, maybe they are stylishly trying to make you deposit a higher amount using another deposit method like the $30 minimum deposit via bank transfer 🤣