XM Minimum Deposit ZAR
In this article
Anyone looking to break into the forex trading industry should consider trading with a top forex broker like XM.
The XM minimum deposit ZAR review details this broker offers with extensive access to various markets. Here we will concentrate on the financial aspects.
It is essential to keep this in mind as it can affect how you trade. To ensure that we cover all traders, we will examine the minimum deposit for XM by funding method and account type.
Minimum deposits for XM
XM offers a $5 minimum deposit. These are the most common accounts among all broker entities and apply to Standard and Micro accounts.
You might have access to different account types and different minimum deposits, which can be considerably higher than the one we’ve just discussed.
|XM Minimum Deposit||Features|
|Base Currencies||EUR, USD, GBP, AUD, CHF|
Deposit requirements for XM in ZAR
We’ve already discussed that the broker offers its clients the possibility of depositing and withdrawing funds in more than ten different currencies. However, XM’s customer base most often uses the South African Rand (ZAR).
The South African national currency could not be used for trading with XM several years ago. The conversion fees would have to be paid instead. So the broker introduced ZAR as a new base currency due to South African traders making up the largest group of traders at XM.
ZAR is equivalent to around 5 US dollars, or 72 rands for XM. Micro, Standard, and Ultra-low trading accounts are all offered by that broker.
XM Micro ZAR is the most budget-friendly account since it calculates trades in micro-lots rather than standard ones. If you are working as a South African Forex trader looking for ultra-tight spreads on Forex currency pairs, then the XM Ultra-low ZAR account is the best choice.
The average spread on XM Ultra-low accounts, which require the same XM global minimum deposit, is 0.6 pips.
With an excellent value and a $5 minimum deposit on the XM Standard Account, it’s not hard to see why many traders prefer to use it. First, however, you may want to look at how XM rates in our best low minimum deposit brokers ranking.
They are easily accessible and best if you need an Islamic account.
XM’s micro accounts have a $5 minimum deposit, which is a good fit for their micro-accounts. Traders of every regulatory area can use these accounts to trade micro-lots at excellent rates. We also cater to Islamic traders.
XM Zero account
There is also an XM Zero Account. XM Global Market’s regulatory framework allows this type of account to be opened in most countries regulated by CySEC.
Despite commissions being charged on trading, one of the top zero spread accounts offers unbeatable spreads, starting at 0 pips.
This represents excellent value because you can also access your own VPS. XM’s minimum deposit for trading is still just $100. The best free VPS brokers for forex can be found here, as well as tips on how to choose the right broker for yourself.
Traders in Australia who are within the XM Global Market regulatory framework can apply for this XM Low spread account. Forex spreads are extra low on this account, and there are no commissions to worry about. This account type requires a $50 deposit.
Furthermore, the XM Shares Account, which offers to trade in shares, is only available within XM global markets regulatory jurisdiction, and the minimum deposit is $10,000.
XM minimum deposit Overview
|XM Accounts*||Minimum Deposit||Min. Spread||Commission per lot|
|XM Standard||$5||1 pip||No|
|XM Micro||$5||1 pip||No|
|XM Zero||$100||0 pips||$7/lot|
|XM Ultra Low||$50||0,6 pips||No|
Account base currency for XM
As with most top brokers, XM accounts can be opened in various base currencies. You trade with the XM base currency, depending on the type of account and regulation under which you operate.
You can choose every primary currency for your XM base currency if you have an XM Standard or Micro account. In addition to PLN, HUF, and ZAR, SGD is also included.
Using the Russian RUB would help if you were outside CySEC’s regulated area. Under global market regulations, you may use USD or EUR as your base currency if you hold an XM Zero account.
Account-holders of XM Ultra-Low can select from five base currencies. The following currencies are EUR, USD, GBP, AUD, and CHF.
For XM Shares Account holders, only USD can be traded.
Deposit and funding methods for XM
XM traders have a range of deposit options at their disposal. The requirements will differ based on the country you live in instead of the regulatory jurisdiction you reside in.
Have you ever wondered if there is a minimum deposit that you can make in ZAR? ZAR is one of the currencies that can be deposited. Then, the funds are converted into your base currency to trade on your account.
1. Wire Transfer
There is, of course, the option to deposit by wire transfer with XM. Traders can use this funding method from anywhere globally, and a minimum deposit of $60 is required.
Nevertheless, you will have to pay a fee if your wire transfer falls below $200. In such a case, not only will XM waive any fees it charges, but it will also cover any bank fees you might incur. Therefore, it’s in your best interest to deposit at least $200, although it is not explicitly required.
2. Credit Cards
Both Visa and Mastercard are accepted at XM for credit card deposits. Traders worldwide can access these services with a $5 minimum deposit.
For anything over a $200 deposit, XM will cover any fees imposed by your financial provider if a fee is imposed.
The minimum eWallet deposit for XM is $5. Depending on your country, you can use Neteller, Skrill, Perfect Money, or another payment method. At the moment, XM does not accept PayPal deposits.
Our selection of the best PayPal forex brokers can tell you about the top brokers that accept PayPal as a payment method.
4. Optional XM deposits
Depending on your location, other deposit options are available through XM, including Western Union and MoneyGram. There may be fees associated with these options, but not from the broker.
Depending on where you live, you may also have access to various local methods and local bank transfers. Each deposit is different.
XM Minimum Deposit Comparison with other Major Brokers
|Several dep. methods||6||10||9|
|Account currencies||USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR||USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD||EUR, USD, JPY|
What is a deposit bonus all about?
However, those regulated under CySEC/ESMA do not qualify for XM bonus amounts or XM deposit bonuses.
In addition, even though you can receive bonuses from XM under certain conditions, the bonuses themselves are usually not withdrawable, but any profits you generate with them usually are.
Check out our top forex brokers bonus promotions if you live outside Europe and qualify for deposit bonuses.
XM offers a no deposit bonus, unlike many other brokers. That means you don’t have to invest any money to start trading. Bonus funds cannot be withdrawn, but they can be profits from them.
You will receive a $30 welcome bonus when you join XM, or the equivalent amount according to your account type.
We also list which brokers offer the best no deposit bonuses in our no deposit forex brokers list.
Guide on XM bonus program
A bonus program is in place for XM members. You will also receive a 50% bonus on your first $500 deposit, plus an additional 20% bonus on your next $500 deposit. To redeem this bonus, you must trade with the broker. XM Ultra-Low accounts are the only exception.
Are there any fees associated with withdrawals?
There are no fees associated with our deposit/withdrawal options. You will see the total amount of USD 100 in your Skrill account if, for instance, you deposit USD 100 by Skrill and withdraw USD 100. This is because we cover all transactions both ways for you.
Credit/debit card deposits are also subject to this rule. XM covers all transfer fees imposed by our banks on deposits/withdrawals made via international bank wire transfer. This policy does not cover deposits under 200 USD (or equivalent denomination).
Getting the most out of XM’s bonuses
Consider the following scenario: you deposit $2000. In this case, you will receive a 50 percent bonus on the deposit. However, we must assume that you deposited $1000 twice. For the first $1000, you will get a 50% bonus, so $500.
A 20% bonus is given for the remaining $1000. This makes a total of $700 in bonus money.
If you wish to get the maximum bonus from XM, you will need to deposit $23,500. The deposit must also be divided into $ 22,500 and $1000.
You will also receive a 50% bonus on the $1000. In addition, you will receive a 20% bonus on the $22,500. So, in total, you will receive $500 and $4500. Therefore, you will have a total account balance of $28,500 once you deposit the initial $23,500.
You will receive approximately 70,000 ZAR, equivalent to $5000 in USD. That sounds great. The terms and conditions of using the XM deposit bonus should be reviewed before getting too excited about all the trades we can open.
XM loyalty program: what is it?
The XM Forex broker does not offer deposit bonuses for beginners or active clients. However, they also offer a loyalty program. XM points and credit bonuses can be earned through the program.
Customers are categorised into four loyalty programs based on their trading habits and tracking records: Executive, Gold, Diamond, and Elite.
You are an executive when you start trading. You get Gold status after 30 days of active trading. Once you have traded 60 times in a row for 100 days, your trading status will be upgraded to Diamond.
You gain XM points (XMP) on each standard lot traded when you are trading at each level.
You gain XMP based on the level at which you trade. XMP value is incremented on every level, such as 10 XMP for Executive level, 13 XMP for Gold level, 16 XMP for Diamond level, and 20 XMP for Elite level.
How to make a deposit?
Most Forex brokers follow the same deposit procedure as XM. Traders must open an account by;
- Accessing the XM platform
- Signing up for the service
- Information needed to be provided
Trades can be started after a trader successfully opens an account and adds funds. Adding funds;
- You need to sign in to your XM account
- The deposit funds section can be found there
- Select a currency and a deposit method
- Please enter the details of your deposit
- You should now have completed your deposit.
XM minimum deposit FAQs
1. Are there any ZAR accounts with XM?
It is possible to open an XM ZAR account. However, this account can only be accessed by South African residents.
2. With $10, can I trade forex?
$10 can be used to trade forex. Both XM Micro accounts and XM Standard accounts have low minimum deposits that begin at just $5.
3. What is an XM Zero account?
With XM Zero, spreads begin at 0 pips, with commissions charged $3.50 per lot traded. It is available to Australian traders, but the minimum deposit is just $100.
4. Are third-party deposits allowed at XM?
Third-party transactions are not allowed on XM. Consequently, the account holder must make the deposit. The trader cannot accept deposits from others. To avoid money laundering risks, XM does not allow third-party transactions.
Other brokers’ minimum deposits in ZAR are higher than XM’s. Therefore, a deposit limit is an excellent option for new traders when combined with other XM services.
Traders can receive a new account bonus after opening an account. To receive the bonus, you must verify your account details.
Jason Morgan is an experienced forex analyst and writer with a deep understanding of the financial markets. With over 13+ years of industry experience, he has honed his skills in analyzing and forecasting currency movements, providing valuable insights to traders and investors.
Forex Content Writer | Market Analyst