Forex, the biggest financial market in the world, is a click away, and anyone can enter it without investing a fortune. XM is one of the most attractive brokers for newbies as your initial deposit can be extremely low. While many competitors require at least $100, it will open full market access for $5. The XM broker minimum deposit is not unparalleled, but it is one of the best considering the company’s regulatory status, tools, and resources.
A low barrier to entry is important but not as critical as regulation or market range. XM shines in many aspects. First, licenses from nine jurisdictions make it one of the most heavily regulated providers. Secondly, the choice of instruments is impressive — over 1,000 FX pairs and CFDs. Thirdly, the educational library is packed with webinars, podcasts, and even XM TV.
This MetaTrader broker is a real heavyweight. Here are the key things to know about its minimum deposit requirement, types of accounts, deposits, and withdrawals in 2022.
What is the XM Broker Minimum Deposit?
XM has one of the most attractive deposit requirements — $5. What’s more, it applies to all account types. As of this writing, the website features three options: Micro, Standard, and XM Zero account. The latter is an ECN-type brokerage account, which means that you pay a commission per trade, but the spreads reach 0 on some assets.
Compared to other famous brands, the current deposit offer is highly competitive. The biggest advantages are the legal status of XM and its highly diversified market exposure.
At the moment, the company works with three types of accounts. $5 is enough to open any of them, but pay attention to trading conditions. Micro and Standard accounts are market-maker arrangements, which means the broker profits from the spread. On the ECN account, your spreads shrink, but you pay a commission per trade.
1. Micro Account – at least $5 or equivalent
This account supports 11 base currencies from USD to ZAR. It offers highly competitive spreads (from 1 pip). You can have up to 200 open positions simultaneously, with 1 lot equal to 1,000 and up to 100 lots per ticket.
2. Standard Account – at least $5 or equivalent
This type supports the same 11 base currencies, and the key difference is the contract size. Here, one lot equals 100,000. You can also trade fewer lots per ticker — 50.
3. XM Zero Account — at least $5 or equivalent
This type supports only three basic currencies: USD, EUR, and JPY. The contract size is the same as for Standard, but spreads reach 0 pips as this is an ECN-type account. You will be charged a commission per trade instead.
In addition to these three types, the broker offers customized accounts, which is a rare opportunity for traders. XM can provide you with a fine-tuned offer for your needs.
Minimum Deposit Comparison
Compared to the majority of brokers we have reviewed, XM has one of the best entry-level offers. Only two rivals have lower thresholds — Instaforex and FBS.
FBS, which requires $1, has a very limited asset range — only around 100 assets. Instaforex has a similar scarcity of instruments. Therefore, while you can get started with $4 less, you will have 10 times fewer options.
Read more about:eToro Minimum deposit
Withdrawal Fee Comparison
One of the strengths of XM is its zero-fee withdrawal model. The broker does not charge any commission on collecting profit. The minimum withdrawal amount is $5. The only exception is a transfer by bank wire — you will need to withdraw at least $200 or its equivalent in another currency. Nevertheless, the terms are highly attractive compared to other brokers:
|InstaForex||0.5% – 3.5%|
|BDSwiss||10 euros for bank wire of 100 EUR or less|
|Forex.com||$25 for bank wires in the US, $40 for international wires smaller than $10,000.|
XM Broker Deposit Methods
Like all popular brokers targeting a global audience, XM is focused on maximizing convenience for all users. The range of payment options is broad. You can transfer money to and from your account using:
- Credit and debit card systems (Visa, Mastercard),
- Online wallets (Skrill, Neteller),
- Bank wire transfers.
Please note that every method has a specific processing time, and bank transfers are the slowest. Depending on the date and time of transfer, you may need to wait for a few days before the funds arrive. In the EU, bank transfers take three business days on average.
Typically, payments by card and e-wallet are almost instant. However, the processing times for a minimum deposit for XM brokers can be extended due to the internal procedures of the banking institutions involved.
XM Deposit Currencies
Users can top up their accounts in any currency. When using currencies different from the base currency of the account, conversion is automatic. XM will apply the prevailing interbank price at the time of the transaction.
XM Minimum Deposit Step by Step Guide
To top up your account, you need to become a registered client of XM. The sign-up procedures are streamlined, and the broker does its best to complete identity verification ASAP. Follow the instructions below to gain access to the live market.
Please note that we recommend beginners open a demo account first. With XM, it is free and unlimited. After filling in a simple contact form, you will receive a login and password in an email. Enter them on the trading terminal to launch the simulator. On average, rookie traders spend 2-3 months trading with virtual money before switching to live mode and making an XM minimum deposit.
1. Select an account
Go to the home page of XM.com and click on the green button (“Open an account”). You will be redirected to the registration form. Completing it should take no more than 2 minutes.
Enter your contact details in the first section and choose between MT4 and MT5. Then, select the account type from the drop-down menu (Standard, Micro, FX Zero). Confirm the details and proceed to the next step.
2. Enter account details
At this stage, you need to enter your address, specify the base currency, and enter leverage for the account. Fill in the investor information, describe your prior experience and create a password. After you confirm agreement with the T&C, click on the “Open a Real Account” button.
3. Verify Identity and Address
Log in to the company’s Members Area using your credentials and upload the required documents. As a regulated broker, XM cannot register users without a copy of ID and proof of address.
4. Choose a deposit method and amount
Once verification is complete, you can transfer the money in the way most convenient for you — credit/debit card, e-wallet, or bank wire. You can access the Deposit Options via the Members Area. Enter the amount for a minimum deposit on XM broker and click on the green “Deposit” button.
5. Confirm your choice
Review the payment information, confirm, and enter the payment details. To make a payment by debit card, you need to specify the card number, cardholder’s name, expiry date, and the CVV2 code from the backside of the card. Click on “Pay Now!” to have the amount transferred instantly. You can also claim a bonus if you are eligible — check the current promotions on the XM site.
More articles about XM forex brokerread the section about XM
Now you know how to get started with the XM broker, the regulated provider of Forex services since 2009. Take advantage of its current offers to open a live account at a low cost. Considering the range of instruments, reputation, quality of software, and support, XM broker minimum deposit is a great opportunity for beginners.