XM is a fairly popular Forex broker in South Africa. Every review and expert ranks XM in the top 10 brokers. XM is considered a premium-end broker.
One of the most attractive features of XM is XM minimum deposit. In this article, we will review XM minimum deposit in ZAR.
XM minimum deposit in ZAR – XM history
XM is a well-known and established broker in South Africa. XM started business in 2009. Hence, we can say that this broker has been in the market for long enough.
XM aims to offer premium and institutional-grade services to retail traders. XM’s ideology reflects in their XM minimum deposit in ZAR.
The minimum deposit limit of an XM broker is 10 USD. 10 dollars is on the lower end of the spectrum. Most premium brokers cost around 100 bucks for deposit limitations.
XM delivers high-end trading services at lower prices. The minimum deposit limit is the least amount that a trader can deposit in their account. Lower limits allow new traders to trade easily. Professional traders don’t mind high deposit rates since they usually trade in higher amounts.
10 USD is equal to 150 ZAR. Many premium brokers like Tickmill require 1500 ZAR.
XM offers a wide range of deposit methods for traders. People can deposit money from all around the world into their XM accounts. Major deposit ways include;
- Bank Wire Transfer
- Local Bank Transfer
- Credit/Debit Cards
Unfortunately, XM doesn’t support transfers from PayPal. PayPal is a great and anonymous way to transfer funds anywhere.
XM doesn’t charge any fees if you transfer money into your account.
Bank transfers take a while to show up in your account. Wire transfers can sometimes take a long time to complete. However, online payments through Skrill and Credit cards show up almost instantly.
You can deposit money into an XM account in the following currencies;
- GBP etc.
However, traders must deposit and withdraw money in the same currency.
XM doesn’t allow transactions from third parties. Meaning, the deposit must be made by the account holder. No third person can deposit money into the trader’s account. XM doesn’t offer third-party transactions to avoid the risks of money laundering.
The XM deposit procedure is identical to most Forex brokers. A trader needs to open their account by;
- Connecting to the XM platform
- Opening the Sign-up option
- Providing the required information
After successfully opening an account, a trader can add funds and start trading. To deposit money;
- Sign in to your XM account
- Go to the deposit funds section
- Select a deposit method and currency
- Enter your deposit details
This should complete your deposit.
After opening a new account, traders can get a new account bonus. Make sure that you verify your details to achieve the bonus.
XM’s minimum deposit in ZAR is lower than what other brokers offer. Combined with other services that XM offers, a deposit limit is a solid option for new traders.