XM.Com minimum deposit in ZAR (South Africa)
Accepts South African Clients
XM.com is one of the biggest forex brokerage sites in South Africa today. This broker is at the forefront of pioneering accessibility of forex trading services by offering a low minimum deposit. As such, this broker is popular among South African traders, both beginner and experienced ones. Moreover, this broker offers a wide collection of market products. Further, XM.com supports the South African Rand as an account base currency. Today, we’re going to look at XM.com’s minimum deposit in ZAR for South African traders. We will also examine the features of this broker to see the quality of services it offers to South African traders.
XM.com Minimum Deposit in ZAR
XM has one of the lowest minimum deposit amounts in the forex trading space today. On this broker site, traders can start investing with a minimum deposit of just $5. In ZAR, this is approximately 96 ZAR at the time of writing this. This is fairly affordable and most South African traders can afford to start investing with this broker. There are various payment options that traders can use to deposit and withdraw funds on the XM broker site. These include credit and debit cards, bank wire transfers, and Neteller.
Once traders make a deposit, they gain access to a plethora of market products. Let’s take a look at the various investment options available on the XM broker site.
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.
Assets Available on XM
On the XM trading platforms, there are over 1,000 different market products which are all CFDs. The various asset classes available to trade on the XM trading site are reviewed below.
- Forex - XM allows traders to access 55 different currency pairs to trade which include majors, minors, and exotics. There are two currency pairs that include the ZAR which are the EURZAR and the USDAR.
- Indices - There are various individual assets in the indices asset class. Some popular indices available to invest in on this trading site include US30, US500, and EU50, among others.
- Stocks - The stocks of some of the most popular companies worldwide are available to buy and sell on the XM broker site.
- Commodities - Various commodities CFDs are also available on the XM trading platform. This allows traders to diversify their portfolios using assets such as sugar, wheat, and cocoa.
- Precious Metals - Precious metals such as gold and silver are also available to trade on this broker site.
- Energies - Further, assets that fall in the Energies category such as oil and natural gas are available for investors to trade.
- Shares - Finally, traders can access 99 different shares to trade as CFDs on the XM broker site.
XM Trading Platforms
XM offers its traders two main trading platforms that are suitable for both advanced and beginner traders. On this broker site, traders can use either MetaTrader 4 or MetaTrader 5. These platforms feature intuitive user interfaces alongside a plethora of advanced trading tools. While it may take a little time to get acquainted with the platforms, most traders learn to use the platforms pretty fast.
Both MetaTrader 4 and 5 come with various indicators, different chart types, a number of order types, and EA support for automated trading. Moreover, these trading platforms have some of the fastest order execution times in the market. Further, these trading platforms are available to use on all kinds of devices. These include PCs, Mobile Phones, Tablets, and even on the Web with no need to install.
Spreads and Other Fees
One of the most important things that traders consider when picking a broker to trade with is the spreads and trading fees involved. Brokers with low spreads and trading fees are popular as they allow traders to maximize their earnings. Positively, XM has some of the lowest spreads offered by any broker in the market.
There are three different trading accounts that traders can use on this broker site. These include the standard account, the micro account, the XM Ultra Low account, and the shares account. The standard and the micro accounts both feature spreads from as low as 1.0 pips with no commission paid. On the other hand, the XM Ultra Low account offers spreads from as low as 0.6 pips with no commission required. Finally, the shares account charges a commission depending on the share and the size of the trade.
Further, there is a swap fee that is charged on positions held overnight. The swap fee charged depends on the size of the position and the asset that is being traded. On a good note, traders who cannot pay swap fees have access to swap-free accounts which ensures that Muslim traders can also invest in peace.
XM’s Regulatory Status
The regulatory status of a broker is paramount to look at before investing any cash. It is crucial to ensure that the broker you choose has regulatory licenses from reputable organizations around the world. Luckily, XM has regulations from multiple organisations including the FSC in Belize, the CySEC in Cyprus, the DFSA in the DIFC, and the ASIC in Australia. Such regulations are what make XM popular among traders from a variety of countries.
Nonetheless, regulations alone are never enough. A broker still has to demonstrate a history of following the financial laws of the countries it operates. Well, XM has been in operation since 2009 and has a clean record with no major legal grievances against it.
XM.com stands out as a forex brokerage platform in South Africa offering accessible trading opportunities with a minimum deposit of approximately 96 ZAR. With a diverse range of over 1,000 market products including forex, indices, stocks, commodities, and more, traders can diversify their portfolios according to their preferences.
The availability of MetaTrader 4 and MetaTrader 5 platforms, coupled with competitive spreads enhances the trading experience for both novice and experienced traders. Additionally, XM's regulatory status from reputable organizations ensures a secure trading environment. Overall, XM.com presents a compelling option for South African traders seeking quality services and a reliable trading platform.