You’re reading this article because you probably searched for XM forex review in Kenya. XM Forex, also known as XM trading or XM Global is a next-generation forex broker that offers forex and commodity trading.
XM is one of the most popular forex brokers in Kenya. The account opening process is fast and easy. It will take you less than 10 minutes to register and start trading forex with XM Forex.
XM Forex Exclusive Offers for Traders in Kenya
Forex traders in Kenya stand to gain from a few exclusive offers at XM Forex.
- Free educational live webinars (More info)
- Daily Access to free and reliable forex signals
- Exclusive 100% Deposit Bonus
- Secondary 50% Deposit Bonus up to $500
XM Forex Company Details
|Our Verdict||#1 Recommended forex broker|
|Regulation||ASIC, CySec, FCA, IFCS,|
|Spreads||Variable from 0.8 pips|
|Trading Platforms||MT4 & MT5 for PC and MAC, Android App, Web Trader|
XM Group (XM Global & XM Forex) are the trading brand names for Trading Point of Financial Instruments, a company started in 2009 to offer online forex and commodities trading.
XM Forex is fully licensed and regulated by a multitude of top tier regulators including the Financial Conduct Authority (UK), the Australian Securities and Investment Commission (ASIC), and CySec of Cyprus.
- Is XM Trading a reliable broker?
- Is XM Trading a safe broker?
- How long does it take to withdraw from XM?
- What is the minimum deposit at XM?
- Is XM broker a marker maker?
After all the pestering questions, I decided to do this XM broker review piece to share my experiences with this broker. So, here we go.
Is XM Forex Legit & Reliable?
XM Trading is one of the most popular online forex brokers in Kenya. There are a few things that endear this particular broker to Kenyans. Some of its strong points include:
- This is one of the forex brokers that accept Mpesa, making deposits and withdrawals for Kenyan forex traders a breeze
- Minimum deposit is as low as $5 on some account types
- 50% Deposit bonus (Read on to find out how to claim the XM Deposit Bonus)
- Relatively low cost of trading compared to other popular forex brokers in Kenya such as FXPesa, LiteForex, and TemplerFX
- Leverage as high as 1:888
Additionally, it is much easier to open an account at XM and get verified by just using your ID. To begin with, make sure the address you provide is as closely resemblance to what is at the back part of your ID.
You’ll then provide the front part of your ID as the proof of identity while the back part of the ID acts as the Proof of Residence.
XM Trading is a financial forex brokerage group that was founded in 2009. The group and its franchises are regulated by several financial regulatory authorities.
If you’re in Kenya, you will most likely sign up for XM Trading services using the XM Global Franchise. This particular franchise is regulated by the International Financial Services Commission (IFSC).
On its trading platforms, you have the choice of trading hundreds of instruments including forex pairs, CFDS, equity indices, energies, and precious metals. The broker supports more than 25 payment methods to fund and withdraw money from your account, and luckily for Kenyan traders, Mpesa is one of those payment gateways available at XM.
Is XM Trading Safe? Can You Trust Them With Your Money?
Having been in the industry since 2009 (10+ years), XM Trading is one of the safest online financial brokers in the world today. As you will ultimately learn, most scam forex brokers do not last more than a few months. The 10+ years that XM Trading has been operational is proof enough of their legitimacy.
But there are more trust factors for XM Trading
What We Don’t Like About XM Trading?
There are several things that we don’t particularly like about XM trading that we believe the company can improve upon.
No ‘Real’ Cent Account
For starters, XM Trading does not offer a true cent account. What they have instead is a Micro Account. This means that your actual deposit is always visible as the real amount. For instance, if you deposit $100 into your trading account, your balance on the trading platform will show up as $100. This is different from other popular cent accounts where if you deposit $100, your balance on the trading platform shows up as $10,000.
XM Trading is Not a True ECN Broker
I have tried to hunt everywhere for information that XM Forex is an ECN/STP broker, but unfortunately, it seems like this particular forex broker is a market maker.
While there is nothing particularly fishy about trading with a market maker.
Is XM Forex Regulated?
XM Forex is regulated by 5 top-tier forex regulators. The broker holds licenses from the Financial Conduct Authority (UK), ASIC, CySec of Cyprus, DFSA of Dubai. XM Forex is also regulated by the International Financial Services Commission of Belize. A broker that is widely regulated as XM Forex speaks a lot about its legitimacy and the safety of your funds.
What is the minimum deposit for XM?
The minimum deposit for XM Forex is $5. However, we do not recommend that you trade with such low amounts. To realize good trading conditions and profits, it is ideal that you have at least $250 starting capital. Also note that some funding options available at XM Forex have higher minimum deposit requirements.