Comprehensive Review dedicated to traders from Nigeria
XM.com Review Nigeria
Accepts Nigerian Clients
Who is XM.com?
XM.com was founded in 2009 and has grown to an established international investment firm with over 10,000,000 clients. XM.com offers access to various global financial markets and clients can trade over 1,000 instruments including CFDs on forex, equity indices, precious metals, and more.
What’s more, XM.com is regulated by several reputable organizations in the market that include the CySEC in Europe. This broker offers Nigerian clients one of the highest leverages of up to 1:1000.
The XM.com minimum deposit is $5 which is equivalent to 3,879 NGN (Nigerian Naira).
International Financial Services Commission, based in Belize, license no 000261/106.
Cyprus Securities and Exchange Commission, based in Cyprus, license no 120/10.
Australian Securities and Investments Commission, based in Australia, license number 443670.
Risk warning: Remember that forex and CFDs available at XM.com are leveraged products and can result in the loss of your entire capital.
Please ensure you fully understand the risks involved.
The more trading instruments a broker provides, the better the clients can diversify their portfolios. Positively, the clients of XM.com are spoiled for choice. Traders can invest in a variety of global markets with over 1000 instruments available to invest. These include CFDs on:
- Forex – XM.com has 50+ currency pairs for traders like AUDCAD, CADCHF, CHFJPY, and many more. Here, traders can trade majors, minors, and a plethora of exotics.
- Stocks– Various global stocks are also available on XM.com. These include stocks from the USA, the UK, France, Germany, and more.
- Equity indices – XM.com offers a variety of indices that traders can invest in. These include both cash indices and futures indices such as China50cash, EU50cash, UK100cash, and many more.
- Commodities – The commodity market on XM offers various trading opportunities on assets such as sugar, wheat, gold, silver, and many more.
- Energies – Under this asset class, investors can speculate on energy assets such as oil and natural gas.
Available Deposit & Withdrawal Methods
A look at XM supported deposit and withdrawal methods
Supported Platforms by XM.com
XM supports the following trading platforms
Trading platforms of the broker
XM.com offers a variety of trading platforms for clients to choose from. The lineup of trading platforms includes world-class software such as MetaTrader 4, MetaTrader 5, and Webtrader. The MetaTrader platforms are the most favourable platforms around the world.
The platforms are easily customisable and intuitive for all kinds of traders. In fact, MetaTrader 4 is the leading platform in the number of users in the world. Clients can access various features offered by the platform, including charting tools, 1 click trading, full expert advisor functionality, and more.
On top of providing these two world-class platforms, the company also avails its XM Trading App for mobile users.
While the MetaTrader platforms are also available on mobile, the company sees it fit to provide a proprietary application developed to meet the needs of its traders. Clients can open a demo account to see how these platforms execute and get a better feeling of which one best suits their needs.
Picture taken from the official website of XM.com
Review of XM.com Trading Fees
XM.com offers four main trading accounts with each account having its spread and commission structure. These accounts include a Micro account, a Standard account, an XM Ultra Low account, and a Shares account.
The Micro account and the Standard account both feature spreads as low as 1.0 pip for major currency pairs with no commission. On the other hand, the XM Ultra Low account has spreads as low as 0.6 pips for major currency pairs with no commission.
As seen on the three accounts, traders do not pay a commission when trading CFDs on the XM platform. Only the Shares account has a commission. The commission charged depends on the asset a client is trading and the size of the order placed. The other fee includes the swap fees charged on the micro and the standard account for holding a position overnight.
Did you know?
XM.com has over 10,000,000 clients from 190 countries.
Research and Education
XM.com is manned by 20 multilingual market professionals that help improve knowledge on investment. This broker arms its clients with educational material crucial to beginner traders as well as seasoned professionals.
The education provided here helps traders familiarise themselves with trading on XM with platform videos to get them oriented. On top of that, the company provides webinars, seminars, educational videos, and live lessons on a variety of trading topics.
The research includes a market overview, XM research, trade ideas, and technical summaries. The live news helps traders to make crucial decisions on time as they receive market updates as they develop.
What’s more, there are tools offered by XM.com to ease their operations. The trading tools include forex calculators, economic calendars, and even technical indicators.
These help clients make accurate assessments at the right time to make the most out of their trades. Moreover, the MQL5 offered is home to a massive array of trading signals from providers who have been performance-verified over a month period of time. This trading tool helps traders to copy trades automatically with no intervention required.
XM’s No-deposit Bonus and Promotions
One of the perks that Nigerian clients will enjoy from XM is its no-deposit bonus. XM offers its clients from Nigeria a $30 no-deposit bonus to get them started with trading, This bonus is available to new clients and does not require any deposit. The bonus is automatically credited to a client’s account after they complete the sign-up and verification process.
As expected, this bonus cannot be withdrawn but profits made from the bonus are eligible for withdrawal. This is a promotional program that XM uses to help clients test out its services without risking their own money.
Other than the no-deposit bonus, XM also offers a deposit bonus that is two-tiered. The first tier is a 50% bonus that applies until up to a maximum deposit of $1,000 (or up to a bonus of $500). The second tier is a 20% bonus that applies to deposits above $1,000 to $23,500. The first $1,000 receives a bonus of 50 and anything above $1,000 receives a bonus of %20 up to a total of $23,500 (or when a trader accrues a total of $5,000 in bonus money).
The no-deposit bonus only applies to the Micro account, the Standard account, and the XM Ultra Low account. It is not available on the Shares account. On the other hand, the deposit bonus only applies to the Standard account, the Micro account, and the Shares account. It is not available on the XM Ultra Low account.
Did you know?
XM hold 5 times a week online webinars for both beginner and advanced traders.
A VPS is a platform that can help traders place their orders without many interruptions. This software hosts virtual servers that are cloud-based ensuring that traders do not experience server downtime and miss out on potential trading opportunities. This mitigates physical problems such as loss of power and connectivity issues.
Luckily, XM offers its traders a VPS system to ensure fast order executions at all times.
This VPS is free for traders who have a minimum balance of $500 (or currency equivalent) that trade at least 2 standard round lots or 200 micro round lots per month. For those who do not meet the criteria for a free VPS, it is available to them at a fee of $28 per month. Traders that apply to pay for the VPS will have the fee deducted from their accounts on the first day of every calendar month.
XM’s Execution policy and Customer Support
Brokers that are considered the best must have some of the fastest execution speeds and XM.com is no exception. Nigerians can enjoy some of the fastest execution speeds in the market. With 99.35% of all trading orders executed in less than 1 second, this broker stands out.
Moreover, it executes orders with no requotes and no rejections. XM promises its clients a 100% execution rate. Moreover, a trader on XM.com has the freedom to place an order at any time during trading hours. In case a trader prefers telephone training they can speak directly to one of their dealers.
When a trader has an issue or question, XM.com offers reliable customer support through various channels. Clients can access the help center page which is the most effective way to get answers on small issues.
If a trader doesn’t find what he or she is looking for or needs further help they can contact customer support via the email email@example.com. Additionally, clients can contact XM.com through the international phone that works 24/7.
Expert’s critical opinion
from the author of this XM.com Review
Since its launch in 2009, XM has grown to be a well-established investment firm with over 10 million clients worldwide. With this broker, Nigerian clients get access to a variety of global markets instruments totalling over 1,000 instruments, including over 50 different currency pairs.
While XM is not regulated in Nigeria, it has regulations from other top-tier organizations around the world. The company is under the supervision of the ASIC in Australia and the CySEC in Cyprus. These are two of the world’s top financial regulators. Moreover, there isn’t any broker that is regulated in Nigeria by the two regulatory bodies, CBN and the Securities and Exchange Commission of Nigeria. As such, the best bet for Nigerian traders is to trade with brokers that have reliable regulations elsewhere.
To fully understand the quality of services offered by XM.com, we must stack it against other top brokers in Nigeria. Above, we have provided a quick comparison table between XM, Exness, and FP Markets. Let’s take a more in-depth look at these three brokers against each other. To start, XM stands out as it has a low entry point compared to the other two brokers. XM allows Nigerian traders to start investing with a small minimum deposit of only $5 which is approximately 3,879 NGN. However, this broker does not support the Naira as an account base currency like its counterpart, Exness.
Exness also beats out XM in the maximum leverage it supports. With Exness, traders receive leverage of up to 1:unlimited. With XM, traders get a maximum financial leverage of 1:1000. While Exness has the edge here, XM still provides a high enough leverage that most traders will find sufficient. Moreover, XM beats out Exness in the number of trading instruments available for clients to trade. On the XM broker site, traders can speculate on over 1,000 different market instruments. In comparison, Exness has only slightly over 200 trading instruments. FP Markets stands out in this category with a whopping 10,000+ different trading instruments.
Regarding spreads and fees, XM is well within industry standards. The spreads on this platform go as low as 1.0 pips on its standard account and lower at 0.6 pips on its ultra low account. Exness and FP Markets have great offerings with spreads on Exness starting from 0.3 pips on its standard account. On FP Markets, the spreads start from 1.0 pips for major currency pairs on its standard account. However, Exness and FP Markets both offer accounts whose spreads start from 0.0 pips with small commissions paid.
Peter Cook Ndungo
Editor, Senior Broker Analyst