According to a South African study, XM was founded in 2009 and is a global online broker based in Cyprus. Since then, XM has grown into a large and mature international investment company and a prominent icon in the industry with over 2,500,000 clients in 196 countries. XM offers over 25 secure payment methods, 16 full-featured trading platforms, and 24/7 private messaging services. Read the article to learn more about XM trading South Africa.
Is XM a Scam?
One of the best ways to assess the safety of a broker like XM Global is to determine which regulator is monitoring their behavior. XM Group is licensed by (ASIC) in Australia, XM Global Limited (IFSC) in Belize, and Trading Point of Financial Instruments Ltd (CySEC) in Cyprus.
XM has a worldwide reputation with customers in over 196 countries and employees in over 30 languages. XM’s efficient management has visited over 120 cities around the world to understand the needs of our customers and partners.
- Forex trading
XM offers 57 currency pairs, including major currency pairs, minor currency pairs, and exotics, making their currency products very broad. Some of the major currency pairs traded on XM include GBP/USD, USD/EUR, and USD/JPY. Except for variable spreads, XM no longer charges any commissions for foreign exchange transactions.
- Stock CFDs
The XM platform allows traders to trade CFDs on stocks / CFDs. They are offering 1209 shares from 17 different countries including the US, UK, Germany, and Australia.
- CFDs on commodities
XM traders can trade 8 of the most popular products, including corn, wheat, cocoa, etc. Traders can take advantage of low commissions and spreads.
- CFDs on equity indices
The XM trading platform provides trading on all major stock indices. This includes major charts such as the S&P 500, ASX200, Nasdaq, Dow Jones, FTSE100, DAX, CAC40, Nikkei225, and Euro Stoxx 50. The 18 CFD cash is among the largest stock index in the world at no additional cost.
For Mobile phones.
XM has mobile trading apps for Android and iOS.
MT4 and MT5 offer high-quality online deals. You can install both types of MT software on your Android device or Mac. Read more about usd vs rand
XM provides a Metatrader platform for desktops, including PCs or laptops. We recommend that most traders use MT5 tables. MT4 and MT5 are available for both Windows and Mac OS devices.
- The deposit can be made using VISA, VISA Electron, Mastercard, credit card, or Maestro account. You need a balance of at least $5 at no additional cost.
- Mobile payment methods include different transfer methods using different gateways such as Bitcoin, CashU, Neteller, Przelewy 24, Skrill, Sofort Banking. The minimum requirement is $5, but there is no service charge.
- Some currencies allow bank transfers, for example, the minimum amount is $200. Bank transfers take 2 to 5 business days to process.
Apart from wire bank transfer which takes a couple of days, withdrawals are processed in 24 hours. Rules for withdrawing at XM are:
- Verified account.
- Withdrawal time will depend on the procedure of your method.
- You can only withdraw from your funding source.