Contents
- 1 XM Basics
- 2 Our Opinion About XM
- 3 Key Benefits
- 4 Regulation And Safety
- 5 Regulation in Kenya
- 6 Client Fund Security
- 7 Forex Industry Awards
- 8 XM: Legit Or Scam?
- 9 Trading Assets
- 10 Trading Instruments
- 11 Account Types
- 12 Micro Account
- 13 Standard Account
- 14 Demo Account
- 15 XM Minimum Deposit
- 16 XM Leverage
- 17 XM Spreads
- 18 XM Commission
- 19 XM Registration: How To Open A Trading Account
- 20 XM Registration: How To Verify A Trading Account
- 21 Deposits and Withdrawals
- 22 Trading Platforms
- 23 Trading Tools
- 24 Education
- 25 Extra Trading Services
- 26 XM Customer Support
- 27 Final Thoughts
- 28 XM Forex Broker Review FAQ
- 29 Similar Brokers
XM Basics
| 🏛️ Based in | Limassol, Cyprus |
|---|---|
| ⚖️ Regulation | CySEC, FCA, DFSA, IFSC |
| 💰 Minimum Deposit | $5 |
| 💳 Deposit Options | VISA, MasterCard, Bank Wire, Skrill, Neteller. |
| 💳 Withdrawal Options | VISA, MasterCard, Bank Wire, Skrill, Neteller. |
| 📌Open an account | Start Trading with XM |
Our Opinion About XM
XM is a marketing-leading forex broker with an excellent reputation. It has a large client base and offers its services to traders in over 196 countries, including Nigeria. XM is well-known for its great account options, excellent trading conditions, and fast trade execution. It’s also popular for its helpful educational resources and excellent customer support.
Key Benefits
Regulation And Safety
XM is a regulated forex broker. It is licensed by ASIC, by CySEC, and by the DFSA. XM is also registered with the FCA in the UK and many major EU regulators. Here is a list of their current registrations.
- XM Subsidiary: Trading Point of Financial Instruments Ltd is regulated by the Cyprus Securities and Exchange Commission in Cyprus, with licence number CySEC 120/10
- XM Subsidiary: Trading Point of Financial Instruments Pty Ltd is regulated by the Australian Securities and Investments Commission in Australia, with licence number ASIC 443670
- XM Subsidiary: Trading Point of Financial Instruments UK Ltd is regulated by the Financial Conduct Authority in the UK, with licence number FCA 705428.
- XM Subsidiary: Trading Point MENA Limited is regulated by the Dubai Financial Services Board in Dubai, with Reference No. F003484
- XM Subsidiary: XM Global Limited is regulated and monitored by the Belize IFSC in Belize, under licence number 000261/104.
Regulation in Kenya
Traders in Kenya can register for an XM trading account under XM Global Limited, which is regulated by the Belize IFSC. The IFSC has gained a reputation for being less strict when it comes to regulatory oversight. However, the IFSC does ask forex brokers to keep client funds in segregated accounts and to issue monthly statements to the IFSC. This means that, despite their reputation, they do monitor broker activity and enforce strict client fund protection measures.
Client Fund Security
XM follows all the standard industry requirements for client fund security. They have strict segregated account policies, and store client funds in separate bank accounts, with tier-one banking institutions. This guarantees that XM will never use client funds for its own operational purposes. They have strict negative balance protection policies in place. This means that XM will never let client balances fall below zero. In addition to these industry requirements, XM also has more cyber security and data protection measures in places, for added client fund security.
Forex Industry Awards
XM has an excellent reputation within the forex industry. They have won several industry awards in recognition of their products and services. They have also won awards for their market research, educational resources, and trading support. Some of their most recent prizes include:
- Best Crypto CFDs 2022 (Financial Expo Egypt)
- Best FX Service Provider 2022 (City of London Wealth Management Awards)
- Best Customer Support 2022 (CFI.co)
- Best Forex Trading Support (Global Forex Awards – Retail)
XM: Legit Or Scam?
XM is a legit forex broker. They were launched in 2009 and have been offering trading services to clients worldwide for many years now. They are regulated forex company and they have several licences. They operate under the supervision of some the best and strictest financial authorities in the world, including CySEC and the FCA. With regards to their trading products, they have a good trading accounts, low minimum deposits, and fair trading conditions. With regards to their trading services, they also have reliable payment methods, easy withdrawals, and excellent client fund security. In our opinion, they are a legit forex broker.
Trading Assets
XM offers trading on 1000+ financial instruments. You can choose from currency pairs, commodities, indices, stocks, metals, and energies.
Trading Instruments
- Forex – They offer 57 XM forex instruments, including majors, minors, and exotics pairs. The leverage available on forex pairs is up to 1:888.
- Stock CFDs – XM offers 1291 stock CFDs, including a wide range of popular US, UK, and EU stocks. The leverage available on stock CFDs is up to 10:1.
- Commodities – XM offers 10 commodities, including gold, silver, coffee, corn, soybeans, and wheat. The leverage on commodities is 1:50.
- Equity Indices – XM offers trading on 14 indices, including the US30Cash, the UK100Cash, and the EU50Cash. The leverage on indices is up to 1:200.
- Energies – XM offers trading on 5 energies, including Brent, Natural Gas, and Oil. The available leverage on energies is up to 67:1.
Account Types
The broker has three main account types. These are the Micro Account, the Standard Account, and the XM Zero Account. They all come with excellent trading conditions and trading tools.
| Type | Spreads | Min. Deposit | Max. Leverage | Commission |
|---|---|---|---|---|
| Micro | From 1.7 pips | $5 | 1:1000 | $0 |
| Standard | From 1.7 pips | $5 | 1:1000 | $0 |
Micro Account
XM is one of the best forex brokers in Kenya when it comes to micro trading accounts. The XM Micro accounts comes with very low minimum deposits, and you can start trading with just $5, which makes them a great choice for new forex traders. The accounts also come with an average spread of 1.7 pips and high leverage of up to 1:1000. The base currencies include USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, and ZAR.
Standard Account
XM is also one of the best forex brokers in Kenya when it comes to standard accounts. The XM Standard accounts are a great choice for intermediate forex traders. They come with competitive pricing including an average spread of 1.7 pips. They also come with high leverage of up to 1:1000. The XM minimum deposit for this account is also $5! And the base currencies include USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, and ZAR.
Demo Account
The XM demo account is a great tool for beginner traders in Kenya. This is because it enables them to trade in a virtual environment with virtual funds – with no risk to your money! You can learn how the forex market works and start developing your core forex trading skills. You can also practise your trading in an environment that mimics the live markets, on an account that mimics live trading trading conditions – such as spreads from 1.7 pips and leverage of up to 1:1000.
XM Minimum Deposit
The minimum deposit is $5 on all trading accounts.
XM Leverage
The maximum leverage is 1:1000. This may vary depending on which instrument you trade.
XM Spreads
The average spread is 1.7 pips. This may change depending on which instrument you trade.
XM Commission
There are no commission fees on the XM micro account and the XM standard account.
XM Registration: How To Open A Trading Account
As part of our XM review, we took a look at their online registration requirements. If you live in Kenya, then you are eligible to open an XM trading account. The process is fairly quick. The first step is to go to their website and fill in their online registration form. This is so that XM can collect your personal data and begin creating your account. Then, you need to choose an email address and password. This is so that XM can collect your contact information and create your login details.
The next step is to take a short test about forex trading. This is so that XM can find out how much you already know about forex trading and whether their services are suitable for you. If you pass the test, you can move on to the next stage of the online registration process. The final step is to complete the account verification checks, sometimes also knows as the KYC or ‘Know Your Customer’ checks. It usually involves providing them with a proof of ID and a proof of address. This is so that XM can ensure they carry out all the required legal checks and then approve your account. After that, you can add money to your account and start trading!
XM Registration: How To Verify A Trading Account
In order to verify your trading account, you’ll need to send XM a proof of ID and a proof of address. This is so that they can meet all their regulatory responsibilities and confirm the personal information you provided is correct. The process is fairly simple. You can send them copies of your National ID card, Passport, or Driving License. You can also send them copies of a utility bill or a bank statement registered in your name. After you have sent the documents, XM will approve and activate the account.
Deposits and Withdrawals
XM offers several payment methods including credit cards, Skrill, Neteller, and bank transfers. Deposit requests are usually process instantly. Withdrawal requests are processed within 24 hours. XM does not charge any deposit or withdrawal fees.
Trading Platforms
XM has two trading platforms. These are MT4 and MT5. They are available on PC, Mac, mobile, and tablets. There are also web versions. The trading conditions you get on the platform will depend on which account you choose.
MetaTrader4 (MT4) is probably the best trading platform for new XM forex traders in Kenya. This is because it has a very user-friendly design and comes with many helpful built-in trading tools. You can use the platform to access all their available trading instruments including forex, stocks, and indices. The XM MT4 trading platform also has helpful charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects. This means you can use it to plan and manage your trades.
MetaTrader5 (MT5) is possibly the best trading platform for intermediate XM forex traders in Kenya. This is because it comes with newer, slightly more advanced trading features. You can use it to trade all of your favourite markets including forex, shares, and crypto. It is very easy to use and to navigate. The XM MT5 trading platform also has many great features including 6 order execution types, 38 indicators, and 37 analytical objects. This means that you can use it to analyse the markets and develop more intricate trading strategies.
Trading Tools
XM offers six technical indicators. There are three indicators that are particularly useful for new traders. One indicator, the River Indicator, helps you understand how the market is moving. Another indicator, the Ichimoku Indicator, enables you to find support and resistance levels. And another, the Ribbon Indicator, allows you to follow trends and know when to trade. It is worth nothing that the trading tools are only available for free on certain accounts.
Education
XM offers excellent educational resources. They give all their traders access to free fundamental and technical analysis. This enables you to carry out proper market research from the get-go. they also provide free access to video tutorials, forex webinars, trading signals, and market outlooks. This enables you to develop new skills and better plan your trades.
Extra Trading Services
XM offers a trading signals service in partnership with MQL5. It also offers a VPS service for $30 per month if you have less than $5000 in your account.
XM Customer Support
XM has a great customer service team. They never leave you waiting and are always happy to help you with your account. You can contact them 24/5 via phone, email or live chat.
Final Thoughts
XM is a reputable, regulated forex broker. It offers excellent trading services to its clients. It also offers great educational resources, helpful market analysis, and useful trading tools. In our opinion, it is a good choice for forex traders in Kenya.
XM Forex Broker Review FAQ
Yes, XM in Kenya is a good broker. They have a great choice of trading accounts, as well as low minimum deposits. XM has a large selection of trading instruments including forex, stocks, indices, and commodities. They also provide access to good leverage, minimal trading costs, and fast trade execution. In our opinion, XM is a good broker and a good option for Kenyan traders.
Yes, XM in Kenya is legit. They are an international forex broker with offices in many countries around the world. In terms of their services, they offer good trading accounts, fair trading conditions, and powerful platforms. Furthermore, XM has reliable payment methods, fast withdrawals, and good client fund protection. In our opinion, they are a legit forex broker and a good choice for Kenyan traders.
Yes, XM in Kenya is a licensed forex broker. The XM Group is licensed by many reputable regulatory authorities including the ASIC in Australia, the CySEC in Cyprus, the IFSC in Belize, and the DFSA in Dubai. XM also has registrations for outward passporting with the FCA in the UK and many EU regulators. As such, they are highly regulated.
Yes, XM in Kenya is a safe forex broker. When it comes to client fund protection, they go beyond the basic regulatory requirements, and operate using strict client fund protection policies. XM keeps all client funds in segregated accounts, separate from its operating capital. XM also offers negative client balance protection. In our opinion, XM is a safe company to trade with.
Yes, XM in Kenya offers good live trading accounts. There are two main options for live trading accounts. These are the XM Micro Account and the XM Standard Account. You can also test their demo accounts, Islamic swap-free accounts, and PAMM accounts.
XM offers many reliable deposit methods. You can deposit money using debit cards, credit cards, Skrill, Neteller, and bank transfers. You can withdraw money via all of the payment methods listed. For more information about how to fund XM accounts, check their website.
As part of our XM review, we also looked at their minimum deposit requirements. XM in Kenya has several low-cost account options. Their entry requirements are quite low and the XM minimum deposit for the Micro Account is only $5.
Yes, XM is good for beginners. They have low cost account options and low minimum deposits. They also have a large selection of trading tools and educational resources. For example, beginner traders, who may need more help with their trading, can also choose to use XM PAMM service.
XM is a good broker. They have good trading accounts, many trading instruments, and excellent trading platforms. However, if you want to look at all your options, there are many other great forex brokers in Kenya. We recommend looking at HotForex, FXPesa, FXPro, and Exinity.
To register, open a trading account with XM. For more options, check out our broker reviews.
