XM review Featured
XM is a beginner-friendly choice for South Africans: $5 to start, ZAR accounts, instant EFT through Ozow and plenty of free webinars. Its Standard spreads are wider than the leaders and it has no tier-1 licence beyond CySEC, which holds its score back.
#5 of 10
Score breakdown
Calculated automatically from the facts on this page. How we score.
Pros and cons
What we like
- $5 minimum
- ZAR accounts and instant EFT
- No commission on main accounts
- Lots of free webinars
Watch out for
- Standard spreads wider than Exness or Pepperstone
- SA entity is an intermediary; trades are with XM Global (Belize)
- No local Kenyan or Nigerian licence
Licences — verify them yourself
| Regulator | Entity | Licence | |
|---|---|---|---|
| FSCA South Africa | XM ZA (Pty) Ltd | FSP 49976 | Verify on register ↗ |
| CySEC Cyprus | Trading Point of Financial Instruments Ltd | See register | Verify on register ↗ |
| DFSA Dubai | Trading Point MENA Ltd | See register | Verify on register ↗ |
| FSC Belize | XM Global Ltd | See register | Verify on register ↗ |
Search the entity name or licence number on the regulator's own site. If they don't match exactly, don't deposit.
Accounts and costs
| Account | Min deposit | EUR/USD spread | Commission |
|---|---|---|---|
| Micro | $5 | From 1.6 pips | None |
| Standard | $5 | From 1.6 pips | None |
| Ultra Low | $5 | From 0.8 pips | None |
| Shares | $10,000 | Exchange | Yes |
Micro, Standard and Ultra Low accounts on MT4/MT5 and the XM App. Shares account for real stock trading from $10,000. Free webinars and education for clients.
Deposits and withdrawals
- Payment methods
- Instant EFT via Ozow (SA) · Capitec & SA bank deposits · Visa / Mastercard · Skrill · Neteller · Bank wire
- Withdrawals
- E-wallets within 24h · cards & bank 2–5 days
- Deposit currencies
- USD, EUR, GBP, ZAR
- African-currency accounts
- ZAR
Platforms and markets
- Platforms
- MT4, MT5, XM App
- Execution
- Market execution · no requotes
- Instruments
- 1,400+ — FX, metals, indices, energies, shares, crypto
- Currency pairs
- 55+ currency pairs incl. USD/ZAR
- Copy trading
- Yes
- Islamic accounts
- Yes
Support
24/5 · live chat, email, phone · 20+ languages
FAQ
Is XM regulated in South Africa?
Yes. XM ZA (Pty) Ltd is authorised by the FSCA (FSP 49976). Check the number yourself on the FSCA register.
Is XM regulated in Kenya?
No. XM is not on the CMA's list of licensed online forex brokers.
Is XM regulated in Nigeria?
No broker is licensed for online forex by SEC Nigeria yet. The SEC published draft rules in September 2026; until they take effect, Nigerians trade with offshore entities.
What is the minimum deposit at XM?
$5. Payment methods can set their own minimums.
Can I deposit with M-Pesa?
Not that we could confirm. Supported methods: Instant EFT via Ozow (SA), Capitec & SA bank deposits, Visa / Mastercard, Skrill, Neteller, Bank wire.
Which platforms does XM offer?
MT4, MT5, XM App.
How is the 7.0/10 score calculated?
From five weighted factors — regulation 30%, costs 20%, funding in Africa 20%, platforms 15%, support 15% — applied to the facts on this page. See "How we score" on our About page.
Sources: investingLive ↗Traders Union (ZAR) ↗Safe Forex Brokers SA ↗ · Last checked Oct 2026