The XM minimum deposit of $5 is one of the lowest out there on the forex market, making the barrier to entry with XM particularly low.
Within this guide, we are exploring the different types of accounts offered to see if there is an impact on the XM minimum deposit, as well as looking at the various payment methods accepted.
XM Minimum Deposit By Account Type
XM offers a variety of account types to suit different traders’ needs. All accounts offer 24/7 customer support, free educational resources, and leverage up to 1:30 in Europe, and 1:888 for other international countries.
|XM Minimum Deposit||$5||$5||$5|
|Contract Lot Size||1,000||100,000||100,000|
|Spread From||1 pip||1 pip||0 *|
|Base Currency||EUR, GBP, USD, JPY, CHF,|
AUD, HUF, PLN, RUB, SGD, ZAR
|EUR, GBP, USD, JPY, CHF,|
AUD, HUF, PLN, RUB, SGD, ZAR
|EUR, USD, JPY|
The XM minimum deposit is constant across the board
In addition to forex trading, XM also offers trading in a variety of other financial instruments including commodities, energies, precious metals, equity indices, and cryptocurrencies. XM has a wide range of account types that cater to both beginner and experienced traders.
For example, the Micro account type has a low minimum deposit of just $5 and allows traders to trade in micro lots. On the other hand, the Zero account type offers spreads starting from 0 pips.
The Standard account is best suited for experienced traders who are looking for low spreads starting from 1 pip. The XM micro account is designed for scalpers and high-frequency traders with spreads as low as 1 pip on major currency pairs.
The XM Zero account offers commissions starting from $3.50 per lot and is best suited for experienced traders who are looking for absolute zero spread trading. XM also offers an Islamic account which complies with Sharia law and does not charge or receive interest, and this can be requested within each of the above account styles.
XM is a regulated online broker offering forex and CFD trading on major financial markets including currency pairs, stocks, indices, metals, and energies. With XM minimum deposit of $5, this is one of the most accessible brokers in the industry.
XM Payment Methods
When you first get started with XM, deposits can be made using a variety of methods including credit/debit card, bank wire transfer, e-wallet, and local payment methods.
Once you have completed the online registration form, you can expect to open an account with XM in around 5 minutes. For deposit and withdrawal approval, you will need to submit appropriate documents which once sent over, is usually complete within 24 hours.
XM withdrawals are processed within 24 hours and there are no fees charged. You can expect different timelines to actually receive funds back with you, depending on the method chosen.
Bank transfers that are going across borders, and other card type payments will typically take longer to be received than digital wallets, although the processing time from the broker itself remains constant. Consider this when you choose which method to use upon opening your account, as you will need to use the same upon XM withdrawal.
XM Restricted Countries
If you are a resident of any of the below Countries, you will find that XM do not support onboarding at this time.
- El Salvador
- Republic of Iran
- Palestinian Territory
History of trading with XM
XM is a forex broker that was established in 2009 by a team of financial experts with over 50 years of combined experience in the financial markets. The company’s goal is to provide its clients with a superior trading experience by offering a wide range of tradable instruments, tight spreads, fast execution, and excellent customer service.
The company is headquartered in Limassol, Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC), ASIC, and other International forex regulators. XM offers its clients a variety of trading platforms including the popular MetaTrader 4 (MT4) platform. XM also offers Islamic accounts for traders who wish to trade in compliance with Sharia Law.
Since its inception, XM has grown rapidly and now has over 2 million clients from 196 countries. The company has won numerous industry awards including the “Best FX Broker in Europe” at the World Finance Awards 2019, and “Best FX Broker Malaysia” at the Finance Magnates Awards 2019. You can see a list of just a few recent awards bestowed upon XM.