The online brokerage firm XM.com requires a capital deposit from the trader owning the brokerage account to activate the CFD and Retail foreign exchange (Forex) trading platform.
The minimum amount required with XM.com is $5, which can be deposited via various methods, including wire transfer, credit/debit card and ewallet. It should be noted that the minimum deposit with XM may vary depending on the type of trading account chosen.
XM generally does not charge commissions on deposits, but conversion fees may apply if depositing in a currency different from the account base currency.
What is the XM minimum deposit?
The XM minimum deposit is $5.
XM minimum deposit changes depending on which account you choose:
- Standard: $5
- Micro: $5
- Zero: $5
- Ultra Low: $5
- Shares: $10000
As you can see, XM offers several choices for traders. This includes also the payment methods and base currencies accepted.
The XM minimum deposit features are listed in this table below:
| XM DEPOSIT FEATURES | characteristics |
|---|---|
| XM Standard Account | $5 minimum deposit |
| XM Micro Account | $5 minimum deposit |
| XM Zero Account | $5 minimum deposit |
| XM Ultra Low Account | $5 minimum deposit |
| XM Shares Account | $10.000 minimum deposit |
| XM Islamic Account | Variable |
| Deposit Fees | No |
| Withdrawal Fees | No |
| Base Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN |
72,82% of retail CFD accounts lose money
Not all of these accounts are not available in all countries. To find out which ones you can open in your country, please give a look at the XM account type guide.
What are the XM account base currencies?
The XM account base currencies include USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN.
The list may vary depending on the account type and the XM Group entity you are trading with.
- If you have an XM Standard or Micro account, you can look forward to choosing every major currency as your XM base currency. Also included are PLN and HUF as other options as well as ZAR and SGD.
- Russian RUB is available only if you are located outside of the CySEC regulatory area.
- If you are an XM Zero account holder, you can access USD or EUR as base currencies with JPY available under global market regulation.
- XM Ultra-Low account holders can select between six base currencies. These are EUR, USD, GBP under CySEC AUD, ZAR and SGD in other areas.
- If you are an XM Shares Account holder, USD only is available for trading with.
What are the XM funding and deposit methods?
The XM deposit methods features and fees are listed below.
- Wire Transfer: XM deposit by wire transfer is, of course, available and widely used. This funding method is available to traders worldwide and there is a minimum deposit of $5 in place here. You will incur a fee if the wire transfer you make falls below $200. If the deposit is above this amount, then not only will XM waive any fees they charge, they will also cover any fee you would usually incur from your own bank side. Therefore, although it is not explicitly required, it is in your best interest to deposit more than $200.
- Credit/Debit Cards: Credit card deposits are available through both Visa and Mastercard at XM. These are accessible to traders around the world with a minimum deposit amount of just $5. There are no fees from the broker side, but again if your financial provider does levy a fee, this will be covered for anything over a $200 deposit by XM.
- eWallet: Again, the minimum XM deposit through an eWallet is only $5. This can be made through Neteller, Skrill, Perfect Money, or a host of others dependent upon your country. At this time XM PayPal deposits are not available.
- Other Methods: Other XM deposit options available include both Western Union and MoneyGram although these will depend on your location and fees may be applied for these services although not from the broker side. Various local methods and local bank transfer deposits may also be open to you depending on your area. These minimum deposits will vary.
What are the steps to fund your XM account?
Here, you will learn how to fund your trading account.
1. Create a XM account:
A great place to start if you are a beginner, is to opt for a demo account. This can help you get to know both the industry and the broker, all with no risks. Visit the XM website if you wish to open a demo account.
2. Fund your XM account:
Otherwise you can start right away with a live account to start trading. Since money is real, you have to make your first deposit, keep in mind the minimum deposit required for the account type you have chosen.
3. Verify the XM account:
When opening a live trading account with XM you will be asked to upload a couple of basic documents like a proof of ID and address to verify your account. This can be done very quickly online. After that wait for the broker to accept and process your deposit.
4. Wait for the XM approval:
Once your deposit has been processed you can start your XM account and trade.
How does the XM minimum deposit compare with other major brokers?
The comparison between XM’s minimum deposit and those of other brokers can be found in this table below:
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
| FEATURES | XM | IC MARKETS | FBS |
|---|---|---|---|
| Minimum deposit | $5 | $200 | $1 |
| Bank wires | Yes | Yes | Yes |
| Credit/Debit cards | Yes | Yes | Yes |
| PayPal | No | Yes | No |
| Skrill | Yes | Yes | Yes |
| Neteller | Yes | Yes | Yes |
| Number of deposit methods | 6 | 10 | 9 |
| Account currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN | USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD | EUR, USD, JPY |
Does XM offer deposit bonuses?
XM bonus amounts and XM deposit bonuses are available though not to those regulated under CySEC/ESMA. Also, although you can receive bonuses under certain circumstances with XM, the bonus amounts themselves are typically not eligible to withdraw, though any profits derived from them usually are.
If you are outside Europe and are eligible for deposit bonuses then you may also want to check our top forex brokers bonus promotions.
No Deposit Bonus
Unlike many brokers, an XM no deposit bonus is available. This means you can effectively start trading without any real money. While you cannot withdraw the bonus funds, you can withdraw any profits made from them.
This XM bonus amount is in the form of a $30 welcome bonus or the equivalent amount based on your account.
You can also view which broker have the best no deposit bonus in our selection of the best no deposit bonus forex brokers.
XM Bonus Program
An XM bonus program is in place. This program provides for a 50% deposit bonus up to $500 and then a further 20% deposit bonus on amounts up to $4500. This can be redeemed through trading with the broker. The only exception with this is that it is not available with XM Ultra-Low Accounts.