XM is a Forex broker that operates in many countries including Nigeria. They let clients access CFD markets, cryptocurrencies, commodities and Forex. Their accounts are simple and you can deposit with a minimum of $5.
This article reviews XM Nigeria. They offer so much experience, different tools for trading, support desk and platforms that are user friendly.
What Type Of Accounts Are Available With XM?
- Standard type of account
This account offers support to traders that have some experience with equal structure of leverage in the Micro account and they operate with $5 as a minimum. Nevertheless the maximum size of the contract is 100000.
- Micro type of account
This meets the needs of starters and this reduces the risk level. The size of this type of account is 1000 and the settings include 1.1 to 1:200 (range is $20001 to $100000), 1.1 to 1.100 (range is from $100001 up), 1.1 to 1.888 (range is from $5 to $20000). This let’s the traders to be able to move up their leverage.
- Zero Type Of Account
The account have the same features with the standard account but there is requirement of a deposit of $100 to obtain these spreads. There is charging of a commission and this happens at low cost.
- Demo Type Of Account
This category of account is always available provided that you intend to open them. However there is closing of the demo account if this does not become active after more than 120 days from previous login. The traders can get a new one. Also, the Islamic account takes care of Muslims who intend to practice Islamic trading and swapping is possible.
Opening of this account is possible with standard or micro account.
How Are Funds Secured With XM?
There is segregation of funds with the Barclays Bank PLC and the company secures funds. Also there is control that monitors activities of trading and this ensures they don’t reach balances that are negative. This prevents losing in an excessive manner.
What Fees Are Involved In XM?
Payment of fees happens as spread components and this happens to be among the standard practice. The zero account possess a commission for each trade and no spread may be there during high liquidity periods.
What Are The Trading Platforms At XM?
- XM Metratrader 4
There is support for this on iOS and Android. There is support for both automated and manual trading through EA also known as Expert Advisors. It can be downloaded.
- XM Web Trader
This trading platform is internet based and it uses a browser without a software. This enables traders to transact on the Forex market without the need of login-in into their MT4 platform. All trade activities are done solely via their web page
What Is The Regulatory Background Of XM?
XM possess a regulatory background that has licenses in many territories through Trading Point Of Financial Instruments Ltd. Also there are licenses from FIN (Finland), MiFID (EU), FIN (Finland), FI (Sweden), CONSOB (Italy), eNMV (Spain), PSZAF (Hungary), AFM (Netherland), ACP (France), CySEC (Cyprus) and ASIC (Australia). There is a license from the FSP (New Zealand) and this empowers operation in all its territories.
What Are The Registration Requirements?
- Utility Bill (gas, electricity, phone, water, internet, cable TV, bank statement) from the previous six months and address.
- Coloured copy of International passport or documents for identification (ID card, driving license etc).
How Can You Deposit And Withdraw?
a) Electronic payment
b) Credit cards
c) Local bank transfer
d) Wire transfer
What Are The Advantages Of Using XM?
- Secure your funds
- Diverse trading options
- Multiple platforms
XM is available in many languages and countries including Nigeria. They offer more trading options and multiple accounts. This article reviews XM Nigeria. Don’t forget to ask your questions.