Comprehensive Review dedicated to traders from SA
Accepts South African Clients
Who is XM.com?
XM.com is an international broker offering to SA traders a trading account in ZAR, tight spreads, access to popular trading platforms and a no-deposit bonus. The company is regulated by the prestigious FCA in the UK, by the CySEC in Cyprus and in South Africa they operate via an entity regulated by the IFSC in Belize.
Main advantages of the broker
Cyprus Securities and Exchange Commission, based in Cyprus, license no 120/10.
Financial Conduct Authority, based in the United Kingdom, license no 705428.
International Financial Services Commission, based in Belize, license no 000261/106.
Risk warning: Remember that forex and CFDs available at XM.com are leveraged products and can result in the loss of your entire capital.
Please ensure you fully understand the risks involved.
Available Deposit & Withdrawal Methods
XM supports the following deposits and withdrawal methods in SA
Supported Platforms by XM.com
XM supports the following trading platforms
Trading platforms of the broker
XM.com 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.
XM.com 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 XM.com
In total, XM.com 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)– XM.com 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 1:888 leverage.
Did you know?
XM.com has over 3,500,000 clients from 196 countries.
XM.com 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 0,6 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$.
XM.com 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.
XM.com no-deposit bonus & promotions
XM.com 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 XM.com 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.
At CompareForexBrokers.co.za, we compare and review forex and CFD brokers. We help South African traders to find their trading partner they can rely on while trading their favourite trading assets.
All information on this website represent subjective views of the authors and they are solely informational. We do not give investment advice. The operator of the website or the authors of the articles do not bear any responsibility for any decisions that visitors may make after reading articles published on the CompareForexBrokers.co.za website.