Xm.com broker review
XM is one of the leading foreign exchange (forex) brokers in the world, and millions of traders worldwide are using XM for forex trading. Many of these forex traders are investing large amounts of money for forex trading and would like to find out the XM deposit and withdrawal methods so that they can make a decision accordingly. One of the factors affecting the choice of the deposit or withdrawal method is the country in which the trader is residing. In each country, some payment/withdrawal methods are popular due to a number of factors, and the trader will usually use that method since the fees will be less. Unless specified the currencies for the deposit and withdrawal methods are USD, EUR, GBP, CHF, HUF, PLN, AUD. Some of the deposit/withdrawal methods for XM are discussed below.
XM Deposit and Withdrawal Methods are online payment methods that XM forex broker allows for traders. XM.com deposit and withdrawal methods are Credit card, debit card, Neteller, Skrill, UnionPay, Bank Wire.
XM deposit methods
XM accepts deposits using credit and debit cards from Visa, Visa Electron, Mastercard, Maestro. The minimum deposit amount is $5, and the amount is immediately credited to the forex account of the user. There are no fees for using this deposit method. Since most people have a debit or credit card, this deposit method is widely preferred. However, most credit and debit cards have a limit, so the amount which can be deposited is also limited.
All the electronic payment methods have no fees and a minimum deposit of $5. Neteller, Skrill, and Unionpay are some of the electronic payment methods. For Neteller and Skrill, the amount is credited to the forex account immediately, while for Union pay, the deposit will be processed within 24 hours. Cash only accepts USD deposits and Przelewy24 accepts PLN deposits, and the amount is instantly credited to the forex account. For Bitcoin, deposits in only three currencies USD, EUR, JPY are accepted, and it may take up to one hour for the payment to get processed.
For Sofort Banking, deposits are only accepted in Eur & GBP. Though the minimum amount is $5, and there are no fees, the processing time for the deposit will vary depending on the country. For conventional Bank transfer of deposit amount in the forex account, at least two hundred USD or equivalent will have to be deposited in the forex account at a time. The fees depend on the bank which is used. The amount deposited in the bank account will be credited to the forex account within two to five business days.
If a user wishes to withdraw his money from the XM account, they will have to provide the Know Your Customer (KYC) documents which are specified. These documents are necessary to prevent money laundering according to the requirement of the various regulatory bodies in different countries. XM has an online and offline form where personal information and background details of the customer have to be provided. This information will help XM in providing better service to their customers.
Compared to deposits, there are fewer withdrawal methods which are discussed below. Unless specified the XM user will have to withdraw at least five USD at a time and there are no fees for withdrawal. The processing time for the withdrawal request is usually 24 hours on working days if the customer has completed the KYC requirements and submitted the documents required. These documents are the identity proof and proof of address of the trader. However, the amount will be credited to the linked bank account usually only after three to five business working days.
Credit cards and electronic payment
Visa, Visa electron credit and debit cards, Maestro and Mastercard credit cards can be used for withdrawing funds. Unionpay is another option for fund withdrawal. Similarly, Skrill ( earlier called Moneybookers) and Neteller are electronic payment methods used for fund withdrawal. Bitcoin can also be used for withdrawing the money in the XM account, though funds can be only withdrawn in USD, EUR, and JPY. Usually, credit/debit card withdrawals are given top priority by XM, followed by Bitcoin withdrawals and Neteller/Skrill (e-wallet) withdrawals.
Bank wire transfer
Many of the forex traders are trading in large amounts, and they prefer to make bank wire transfers to withdraw their profit.
The smallest amount permitted for making a withdrawal to a bank account is two hundred dollars. The fees for withdrawal will vary based on the bank selected by the trader. The amount is usually credited to the bank account two to five business days after the withdrawal request is made. XM may process the bank withdrawal requests more slowly.
To keep the funds of their clients the forex traders safe, XM is taking all measures to prevent unauthorized access of their information systems. All the funds of their clients are segregated and kept with the most reputed banks worldwide. Additionally, XM is also offering negative balance protection to their clients. XM has a risk management system implemented which will ensure that the loss of the trader will be limited to the amount deposited with XM only.
Forex trading without any deposit
Many people are interested in forex trading, yet do not have the money to take the risk. However, it is still possible to get some experience in forex trading without making a deposit
No deposit bonus
To encourage people who are curious about forex trading, XM is offering a $30 no deposit bonus to all those who create a new account with XM. This allows the new trader to take the risk of trading without risking his own money. The amount is directly credited to the live trading account and helps the trader understand market conditions
XM also allows new traders to create a demo or virtual account to trade in forex with virtual money. For each account that has been created, the trader will be given $50,000 in virtual money, which he can use for trading, becoming familiar with the features, and testing strategies. A trader can create any number of demo accounts, to practice trading. If the demo account is inactive for a long period, it will be deleted immediately.