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Comprehensive Review dedicated to traders from South Africa Review South Africa

Accepts South African Clients

Who is is an international broker that features tight spreads, access to popular trading platforms MT4 and MT5 and a number of deposit and no-deposit bonuses. The company is regulated by the prestigious ASIC in Australia, by the CySEC in Cyprus and in South Africa they operate via an entity regulated by the FSC in Belize.

The broker supports having a base account currency either in USD or ZAR. The XM's minimum deposit in USD is 5 USD or 96 in ZAR.

Regulated by:


Cyprus Securities and Exchange Commission, based in Cyprus, license no 120/10.


Australian Securities and Investments Commission, based in Australia, license number 443670.


International Financial Services Commission, based in Belize, license no 000261/106.

Risk warning: Remember that forex and CFDs available at are leveraged products and can result in the loss of your entire capital.

Please ensure you fully understand the risks involved.


Access to MT4 and MT5
Attractive 30 USD no deposit bonus to new traders (T&C Apply)
Low minimum deposit, ZAR accounts


No local regulation (FSCA license is missing)



Trading assets

In total, provides access to over 1 000 trading instruments. Here is a breakdown of assets available to SA traders:

  • Forex – Here you can find 55 currency pairs including major, minor and exotic pairs. In exotic pairs, SA traders can find the currency pairs USD/ZAR and EUR/ZAR.
  • Stocks (CFDs)– offers stocks from Europe (including Russia) and America (USA, Canada, Brazil). In total, in this asset category is about 1 300 stocks.
  • Indices (CFDs) – XM allows speculation on Cash Indices as well as on Futures indices. There are European, American, Australian and Asian indices.
  • Commodities (CFDs) – There are 15 commodities most of which come from the soft commodity category. However, you can find here also gold, silver or crude oil.

South African traders can trade some of these instruments with up to 1:1000 leverage.

Available Deposit & Withdrawal Methods

XM supports the following deposits and withdrawal methods in SA

Supported Platforms by

XM supports the following trading platforms


Platforms review

Trading platforms of the broker offers to its traders MT4 and MT5, which are regarded in the forex industry as the leading trading platforms. Both platforms can be accessed in a web browser or can be downloaded to a computer, mobile device or tablet. MT4 as well as MT5 provides a sophisticated system for technical and fundamental analysis. allows on both platforms hedging. If you are unsure about what platform to choose, you can either open a free practice demo or a real trading account with a no-deposit bonus (conditions of the bonus are mentioned in the third part of this review)

Picture taken from the official website of



Trading fees as charges any other forex/CFD broker spreads. For instance, for the most popular forex pair EUR/USD the average spread is 1.6 pips (under normal market conditions). However, for the XM Ultra Low Account, spreads can be on all major currency pairs as low as 0.8 pips. (The minimum deposit to get this account type is in ZAR ≈ 750 ZAR)

The company does not charge any commission fees on their forex and CFDs accounts. The only exception is the shares account which functions for direct purchase of stocks. Please note that on the shares account, you cannot use any leverage and the min. deposit is 10 000$. does not charge deposit and withdrawal fees when using Neteller, Skrill and all major credit cards (including VISA, VISA Electron, MasterCard, Maestro and China UnionPay). Additionally, all deposits and withdrawals above 200 USD (≈3 000 ZAR) processed by wire transfer are also free of charge.

Did you know? has over 3,500,000 clients from 196 countries.


Bonuses no-deposit bonus & promotions offers to South African traders a trading bonus of 347 ZAR. This bonus is available to new clients and does not require any deposit. The bonus is automatically credited to your account and all your profits from this bonus can be withdrawn (the bonus itself, cannot be withdrawn). This is a great way for starting traders to get their hands on real trading without risking their money.

Traders who would like to trade with as fast execution time as possible can take advantage of the VPS servers that are located just 1.5 km away from their data centre in London, with optical fiber connectivity. Clients who maintain a minimum amount of (Equity - Credit) 5 000 USD (And trade at least 5 round turn lots per month) can request a free VPS server, for clients who do not reach meet these criteria, they can activate a VPS server for a 28 USD monthly fee.

Apart from a no-deposit bonus, XM also offers a two-tier deposit bonus which is as of now 50% and 20%. The first 50% deposit bonus is up to the bonus of $500 (≈7 500 ZAR) and the 20% bonus amount is up to the bonus amount of $4 500 (≈68 000 ZAR). This bonus is applied to deposits from just 70 ZAR.

Unfortunately, the XM Ultra Low Account is not eligible to receive deposit bonuses. Which is a great shame as it is basically the best account when it comes to spreads. For all terms and conditions about both no-deposit and deposit bonus, I recommend visiting the official site.