South Africa is one of the leading countries in Forex trading. XM South Africa is among the long list of well-known brokers in South Africa. Is it reliable and worth choosing? As a beginner trader, this article will give you a lot of information about XM and help you make your final decision.
XM Trading is a renowned foreign exchange broker in South Africa. It was founded in 2009 and is currently one of the world’s largest foreign exchange brokers. XM is a safe broker for South African traders as they are regulated by authentic and well-known regulatory bodies.
XM Broker provides a wide range of trading instruments including over 55 currencies, CFDs on stock indices, precious metals, commodities and energy. It has trading accounts based on ZAR currency. Their customer support is also great and they facilitate South Africans with local payment options.
Is it a safe broker?
XM is a renowned foreign exchange broker regulated by two main regulatory bodies, CySEC and ASIC. However, they are not regulated by the South African FSCA. It is reputed as a safe broker that values the security of it’s clients funds and keeps them as their top most priority.
XM broker fees
XM offers variable spreads, but the average spread for EUR / USD currency pairs is around 1.6 pips for micro and standard accounts and around 0.8 pips for ultra low accounts. XM does not provide an ECN account, so XM does not charge additional fees to your account. With XM Broker, you can choose any payment method for withdrawals and deposits free of cost. In this way, you can receive 100% of your investments and withdrawals. XM has a highly competitive fee structure.
XM customer support
XM has exceptional customer service. They offer chat and email support, which is very helpful for clients. XM messenger support is provided via chat 24/5 hours a day. The live chat support answers most of the questions very quickly. XM email support typically responds within a few hours. They don’t have a local phone number and clients use that international number to contact them.
Types of accounts in XM
XM mainly offers three kinds of accounts, micro, standard and a recently introduced ultra low account. It also offers Islamic swap-free accounts.
- Open xm.com on your browser and click on the Opening an account tab on the top right.Open the home page of XM.com’s website on your browser. At the top right side of the screen, click on the Opening an Account tab. This will direct you to the real account registration where you need to complete personal data using alphabet characters.
- You will be directed to real account registration. You will first finalise the type of trading platform and account you’ll use. Now in Real Account Registration 2/2 section you need to confirm the following:
- Account base currency
- Investor Information
- Set a strong password and click on open a real account option.
- You need to verify your account. Identification documents include ID proof and address proof.
- deposit cash by logging into the XM Client Portal.