XM Minimum Deposit And Payment Methods
The minimum deposit at XM is $5.
From the list above, you'll need to deposit a minimum of $5 into any of the XM accounts before you can trade. However, keep in mind that the XM Ultra-low and XM Zero accounts are not accessible to everyone.
When trading forex, the ease of making a payment is one of the biggest factors traders consider when selecting their preferred broker. In this guide, we explore the XM trading platform, discussing their minimum deposit, currencies, fees, and payment methods. The goal is to help you decide whether XM is the perfect broker for your Forex trading.
What is XM Minimum Deposit?
You'll need to make a minimum deposit before you can trade, and the amount depends on the account you wish to use. The various minimum deposit amounts include:
Micro - $5
Standard - $5
XM Ultra Low - $5
XM Zero - $5
The good news is that XM provides a demo account to help you get acquainted with the platform. That way, you can try out risk free and determine the amount you’re willing to risk.
XM Minimum Deposit vs Competitors
Is your main concern the minimum deposit? Here is how XM compares to other players in the market.
| XM | IC Markets | FxPro | |
|---|---|---|---|
Minimum Deposit |
5$ |
100$ |
100$ |
As you can see from the table, XM Group requires fairly lower deposit amounts.
Low minimum deposits are ideal for new Forex traders who are just starting out and want to get their feet wet. They can practice with real money without having to commit a large amount of capital upfront. This allows them to gain experience without taking on excessive risk.
Having less money at stake may reduce stress and anxiety for some traders. This allows them to focus more on developing skills and discipline. Too much money on the line early on can lead some traders to make irrational decisions based on emotion.
XM Deposit Methods and Fees
You have three options when depositing money into your XM Group account. The deposit methods include:
Bank transfer
Credit/Debit cards
Electronic wallets
If you prefer any other deposit method, you may want to check out other forex brokers. Here is how the competitors compare to XM in deposit methods.
| XM | IC Markets | FxPro | |
|---|---|---|---|
Bank Transfer |
yes |
yes |
yes |
Debit/Credit Card |
yes |
yes |
yes |
Payment apps |
yes |
yes |
yes |
Cryptocurrencies |
no |
no |
no |
XM Deposit Fees
XM offers free depositing. As such, the only fees you’ll need to worry about are those from the financial institution you’re using (either your bank or credit card).
XM Deposit Processing Time
Depositing money into your XM account will take a while. It depends on the method of payment you choose. Below is how long each of the deposit methods takes to process to make it easier for you to plan your timetable.
Bank transfer - two to five business days
Credit/Debit cards - immediately to a few hours
Electronic wallets - two to five business days
XM Account Currencies
XM provides you with numerous currencies to make your deposit. These allow you to trade from various areas and regions around the world. The account currencies include:
USD - United States Dollar
EUR - European Euro
GBP - Great Britain Pound
JPY - Japanese Yen
CHF - Swiss Franc
AUD - Australian Dollar
HUF - Hungarian Forint
PLN - Polish Zloty
RUB - Russian Ruble
SGD - Singapore Dollar
ZAR - South African Rand
With these options, you can easily find the one that is to your liking and convenience. Since the currencies are affected by exchange rates, you want to check first to know how your deposit will be affected.
Here is a comparison between the currencies allowed in Xm and its competitors.
| XM | IC Markets | FxPro | |
|---|---|---|---|
Account Currencies |
USD, EUR, GBP, CHF, AUD, PLN, RUB, ZAR, SGD, and JPY |
USD, HKD, EUR, GBP, CHF, AUD, CAD, NZD, and JPY |
USD, EUR, GBP, CHF, AUD, PLN, ZAR, and JPY |
How to Deposit Money on XM: Step by Step Guide
If you decide to use Xm Group as your broker, you need to know how to make a deposit.
Before you make a deposit, you'll have to create an account by providing identification documents. Once your account is activated, you can proceed to deposit and trade as you wish.
Follow the following steps to deposit on XM.
Head to the deposit page by clicking on the deposit button
Choose your preferred method of deposit
input the amount you want to deposit and specify the currency
Confirm the amount and currency, then deposit
Review the transaction
Your transaction will take a while before reflecting. It will usually depend on your chosen method and when you made the deposit. You'll receive a receipt from XM to confirm the deposit once they receive the funds.
FAQs
We looked for some of the most asked questions about XM Group to help you make an informed decision. Here are four of the most frequently asked questions about XM.
Can I open multiple trading accounts?
Yes. You are allowed to open and manage up to eight XM accounts. You can trade in all of them except for reverse trading, which is not permitted across multiple accounts.
Can I deposit money from my smartphone?
XM will allow you to deposit from your smartphone. The broker's website is mobile-friendly and lets you follow the same depositing process used on a laptop.
Is depositing to XM safe?
XM is a real and regulated international broker serving users in multiple countries. Your money will be safe as long as the deposit is successful. All your gains are also safe and protected.
Are there any extra fees and commissions?
XM doesn't charge any fees and commissions. On the contrary, they cover transaction fees for bank wire transfers of above $200.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
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