XM Broker Review

With XM, you can get low fees and excellent trading conditions. But is XM right for Kenyan traders? This XM review will help you to decide whether to trade on their paltform or not.

The Broker has been in the market since 2009 and specialises in Forex and CFD trading. The parent company of XM, Trading Point Holding, has two companies, Trading.com and XM.

They are among the most popular brokers worldwide, known for offering a wide selection of 1000+ trading instruments, bonuses up to $500, low spread accounts, and good trading conditions.

You can find our comprehensive review on XM. Broker reviews are updated regularly!


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Aside from having good trading platforms, XM has high-grade regulation, a wide range of products, including 356 CFDs. Furthermore, it provides 57 currency pairs in Forex to institutional and retail clients, 5 cryptocurrency CFDs but no ETFs product yet.

Those are all good reasons for Kenyan traders to consider XM as a broker. However, should they be your first choice?

Take a closer look at all their benefits and drawbacks.

User Experience: Use the Table of Contents table instantly to jump to sections of interest.

Is XM regulated in Kenya?

No, CMA Kenya does not regulate XM. But, here is a list of the global regulatory bodies that oversee XM.

In this article, we have covered only Tier 1 and Tier 2 regulators. Therefore, any offshore regulator was not considered:

The Australian Securities and Investment Commission (ASIC) regulated the XM and provided it with license number 443670. The Cyprus Securities and Exchange Commission also regulates this broker under license number being 120/10.

Pros / Cons
  • Low Minimum Depost
  • High Leverage
  • Fund Using M-Pesa
  • Broker Verified
  • No Demo Account
  • No Local Offices
  • No CMA Regulation


To ensure investors’ funds are kept safe by XM, the company also follows protocols. All client funds are kept separate. Money is transferred into clients’ accounts separately. There is no balance sheet for these accounts, so the Broker cannot access the funds if the company becomes insolvent.

As well, XM’s bank accounts are with big institutions with good reputations in the industry.

XM is regulated by tier 1 and tier 2 regulators to comply with financial requirements. The liquidity of the funds is sufficient to cover the fluctuations in the market and the client’s funds. A company’s financial statements are audited annually by external auditors to ensure financial compliance with requirements.

XM is therefore considered a trustworthy broker that you can trust to manage your investments. In addition, top regulators and external auditors constantly scrutinise the company and its statements.

Trading products

To meet your trading needs, XM offers a wide range of trading instruments. Let’s take a closer look:

FX Currency pairs

There are 57 different forex pairs available to trade at XM & some of the lowest spreads on the market are offered on their forex platform. In addition, live currency quotes are available on the XM platform.

Stock CFDs

In XM, one can trade CFDs on several stocks. Stocks are categorised according to their region, and their description is provided along with their symbol.

Around the globe, there are around 1150 Stock CFDs available. In addition to the normal trading spread, XM CFDs for stocks demand no extra cost and are available for Kenyan markets.

Both long-term and short-term trading strategies are possible, with speculation on upward and downward movements. CFDs also offer a quick view of global economies, and you can go long or short, depending on your preferences.


XM also offers the opportunity to trade commodities through Future CFDs. For example, you can trade cocoa, coffee, corn, cotton, copper, soybean, sugar, and wheat.

Equity indices

In addition to offering cash CFDs, XM offers futures CFDs for trading top global indices. Trading in indices at XM is available for 18 Cash Indices as well as 12 Futures Indices. Cash and future indices will receive dividends when they are received. Clients will receive the dividends as soon as they are received.

The dividend schedule for Cash and Futures Indices has been explained in great detail by XM. Thus, traders can refer to their website for the indices instruments if they wish to trade them.

Precious metals

Gold and Silver are available for trading through the Spot Metals division at XM. Platinum and palladium are other precious metals that can be traded through Future CFDs.


With XM, traders can trade futures contracts on a variety of Oil and Gas instruments. In addition, its website provides a comprehensive overview of the world’s energy sources and the general margin calculation.

XM account types

Apart from a Demo account, XM offers three types of accounts.

Creating a demo account allows you to practice your trading strategies and better understand how the market works with dummy money. Demo accounts possess several advantages.

You can access the MT4 & MT5 terminals and Webtrader platforms like live accounts, with similar market trends and unlimited usage.

You can register for XM Demo Accounts easily & quickly. You just need to fill out a simple form providing information about your personal and trading accounts. An individual can open a maximum of five demo accounts.

Live accounts

For a benchmark currency pair of EUR/USD, let’s check out three different live account types: Micro, Standard, and Ultra-Low. Negative balance protection is available on all the accounts.

XM currently offers 3 Live accounts:

Micro Account

There is a $5 minimum deposit requirement for Micro Accounts, and there are varying leverage levels based on the deposit amount.

Standard account

As with Micro Accounts, the Standard Account also offers the same deposit amount and leverage maximum. Spreads for EUR/USD remain at 1.6, the lowest rate among the three pairs. Likewise, there is no commission with this account.

Ultra-low account

With this account, you must deposit a minimum of $50, but leverage is the same as on micro and standard accounts. In addition, spreads on the EUR/USD pair are charged at the lowest level of 0.6 pips.

How to open a live trading account?

XM Forex requires you to validate your account before you can make a real profit. Verification/validation of your Forex account is only possible in two ways in Kenya:

Put your bank statement – which must include your residential address – on the website.

Utility bills (water and electric) can also be uploaded.

Based on our country’s history, uploading utility bills too much is not preferable. In Kenya, most people use pre-paid subscriptions. The article will demonstrate how to verify your Forex account by using bank statements or KRA receipts instead of bills.

Here is how you can validate your KRA PIN and ID card on your XM Forex account.

Register an account with KRA.

The receipts related to the KRA activities you have recently engaged in should be printed, or you should apply for a tax compliance certificate.

Your email address was used to send the acknowledgement receipt.

Sign in to XM, click on the arrow next to your name, choose Upload Documents, scan, and upload your National ID.

Requirements for opening XM trading account in Kenya

XM allows you to open a trading account to trade the instruments mentioned above online within minutes.

You must upload proof of identity (passport or identity card), address (electricity, water bills), and the application fee. After your account is ready, you can fund it using credit cards, eWallets, bank transfers, or other payment methods. If all goes well, it may take a couple of days.

Demo accounts are free to open, so you are free to open a Demo account, test their platform, and then decide whether to deposit funds or not.

If you decide to open an account in another currency, the minimum deposit with XM is only USD 5 (or the equivalent in other currencies). After that, funds are deposited and, most importantly, withdrawn smoothly with XM.

Funding an XM Broker account using Safaricom – Mpesa.

You can use Mpesa to deposit money into your XM account

  • Access your account by logging in. If you’re new to XM Forex, you may register here.
  • The top-right of your trading chart is a quick deposit button.
  • You can choose Safaricom Mpesa from the list of mobile payment methods by scrolling down and clicking it.
  • Simply enter your phone number and your deposit amount (in the currency you are using).
  • Select the DusuPay option for funding XM Forex.
  • On your computer, you will see the confirmation message:
  • Following these steps correctly will credit your account soon.
  • DusuPay will send you a notification on your phone to complete the transaction, and you will need to enter your Mpesa Pin.
  • Enjoy trading at XM Forex Kenya.

XM minimum deposit

Kenya’s minimum deposit requirement for XM is $5. XM’s live trading account can also be opened with a $5 deposit when the exchange rate between the US dollar and the Kenyan shilling is around 553.80 KES.

XM also requires the following additional deposits:

  • A minimum of $100 is required to open an XM Zero account.
  • An XM Ultra-Low account requires a minimum deposit of $50.

Deposit methods

XM does not charge a deposit fee. In addition to the bank/third-party fee, you will need to figure out all costs associated with your money deposit. As a result, you won’t have to worry about the Broker taking anything out of your deposit.

You may be interested in XM’s deposit methods even though it does not charge a deposit fee.

In Kenya, the most preferred payment method is M-Pesa. The details of payment using M-Pesa will be discussed later. In addition to accepting a wide range of payment methods, XM also accepts the following:

  • M-Pesa
  • Bank wire transfer
  • Neteller
  • Credit/debit card
  • Skrill
  • Local bank transfer

Most transfers take a certain amount of time-based on the method

  • Wire transfers take between 2 and 3 business days
  • Instant, or within an hour, transfers can be made with online wallets, credit cards, and debit cards

XM’s deposit process isn’t as user-friendly as those at other brokers. For example, inefficient user interfaces or complicated user interfaces can make it difficult to transfer files.

XM bonus

A Kenyan trader who opens a real account with XM gets a welcome bonus almost as big as a no-deposit bonus.

A trader can get a $30 welcome bonus right away when he signs up for the platform because he is not required to make any initial deposits. Although the signup bonus cannot be withdrawn, it is important to keep it in mind.

Any trader in Kenya who succeeds in making any profit from the bonus amount may withdraw those profits at any time. Thus, the bonus can be regarded as an incentive to begin trading before investing real money.

However, they should maintain those margin requirements, and conditions may be lower in some cases.

XM Trading Spreads

In comparison to the other brokers, XM charges the lowest average/typical spread.

Accordingly, if your account type is Ultra Low Standard Account, you will typically be charged 0.8 pips per standard lot for a currency pair such as EURUSD on a Premium account.

Using the same EURUSD pair with another broker as a comparison, they charge 1.2 pips per standard lot with their comparable “Premium account” type.

Average Standard Account Spreads on Majors

  • EUR/USD: 1.7
  • GBP/USD: 2.2
  • USD/JPY: 1.7
  • AUD/USD: 1.9


If a deposit amount is between $5 and $20,000, leverage is provided up to 1:888.

Maximum leverage of 1:200 and 1:100 respectively are offered for deposit amounts between US$20,000 and US$100,000. In the EUR/USD pair, the spread is as low as 1.6 pips per standard lot. You will not be charged a commission on this account.


XM brokers do not charge commissions on any account since they only charge for spreads.

XM Rollover fees

Brokers usually impose a rollover fee on their clients. A contract charges interest on open positions held overnight (that is, positions that remain open). The interest rate difference between the two currencies is calculated. The rollover fee is normally charged if you sell the lower interest rate currency and buy the higher interest rate currency.

Deposit and withdrawal fees

XM usually does not charge any deposit or withdrawal fees from Kenyan traders.

Inactivity charges

After six months, the account is deemed inactive by XM. The absence of activity indicates that there has been no trading, no deposits, no withdrawals, no internal transfers, and no new trading accounts.

Any credits or benefits on these accounts would be replaced. There will be a $5 monthly fee. Any balance remaining in the account would be used to cover the fee. A fee would not be charged if there was no free balance.

XM’s overall trading fees within the five items above are competitive & fair when examined in detail.

XM Trading platforms

With XM, clients have access to trading platforms such as MT4 and MT5. Users can access both platforms via desktop terminals, web terminals, and Android and iOS smartphones.

Aside from that, MT4 Multiterminal allows users to work with multiple accounts at once. Its trading platforms are average for a broker specialising in Metatrader.

Trading hours

XM is open 24 hours a day according to the worldwide Forex market hours. For phone trading, we offer XM trading hours from Sunday 22:00 GMT through Friday 21:50 GMT.

Customer service

On XM’s website, the easiest method of contacting them is through their live chat option.

Contact XM by email at: support@xm.com, or you can call ‎+357 25029933.

The customer service of XM is excellent, and you can get a reply to your queries in a few hours, mostly or maximum. It will take 1-2 days.

XM Safety and security

The website is not vulnerable to obvious security threats. For example, demo accounts do not require users to sign up for email updates, but they require them to confirm their email addresses. In addition, identification documents are required for trading accounts.

To ensure that personal information is secure, XM has enacted policies and put in place organisational measures.


Online Forex and CFD broker XM specialises in trading Forex and CFDs. With its many currency pairs and CFDs on international financial instruments and squeezed rates, it has one of the largest customer bases worldwide.

Investors have access to international stocks, indices, metals, and energies through their services. The most popular trading platforms on XM are MetaTrader 4 and 5. Client accounts include beginner and professional accounts from 196 countries, and the Broker maintains over 3.5 million accounts worldwide.

XM is considered one of the most renowned and widely recognised international investment companies with more than fifty million clients. However, it came into being in 2009 and is known as one of the world’s most prestigious and highly reputable organisations.

Moreover, in the financial market, XM’s team comprises more than six thousand professionals with a combined average of more than thirty years of experience.

In addition, XM’s strict policy of no requotes and rejections makes trading reliable and hassle-free. Also, more than 99.35% of transactions, orders, and trades execute immediately.

XM’s business model is built around the conviction that execution is everything in the Forex market. That’s why XM’s model reflects their belief in this.

Moreover, to comply with the rules and regulations of XM, brokers must keep separating the client’s funds from the Broker’s account. And traders can only use clients’ funds for trading purposes.


Thinking of Trading with XM?


What is the minimum deposit at XM?

The minimum deposit at XM is $5, almost equal to 553.97 KES for Micro and Standard account types. But for Ultra-low accounts providing low spreads requires a $50 minimum deposit.

Is XM a safe and regulated broker

Yes, 2- top tiers regulate XM, so it is among the most reputable brokers in Kenya. The Australian Securities and Investment Commission (ASIC) regulates the XM and provides it with license number 443670. The Cyprus Securities and Exchange Commission also regulates XM under license number being 120/10. But, XM is not regulated by CMA in Kenya

How can you withdraw at XM?

The Kenyan residents mostly use M-Pesa to deposit and withdraw. While XM also offers e-wallets, Neteller, wire transfer. It takes only a few hours to get a withdrawal from XM. But the wire transfer can take more time.

Does XM offer Volatility 55 Index?

No, XM doesn’t offer VIX 75. In comparison, XM provides 7 tradable financial instruments that include

  • FX currencies
  • Stock CFDs
  • Equity indices
  • Commodities
  • Shares
  • ENergies
  • Precious metals

Bottom line

Since XM is an established forex broker in Kenya, we recommend it for traders.

Based on the daily volume of its retail forex trading business, they have maintained a significant share of the global retail forex trading market since 2009.

Since they are regulated by top regulators ASIC & CySEC, we recommend them. A demo account is available, no commissions are charged, spreads are low, deposits and withdrawals are easy and flexible leverage settings.

Aside from all that, the organisation engages in education and research as well.

A marketplace, news, technical analysis, and market suggestions can be found online. Also, the economic calendar and videos are a plus.

In addition to these resources, XM also offers customers a variety of ways to learn. Live Education, Education videos, webinars, platform tutorials, and seminars in trading make up part of the indispensable list.

Five demo accounts per client offer new traders the opportunity to practice trading & learn about the market fluctuations on a demo platform. Traders also have access to a large selection of trading instruments.

In addition, they offer exciting promotions. With XM, you get a $30 welcome bonus, a lucky draw for their 10th anniversary, loyalty programs, free services, and no fees on deposits or withdrawals.

Likewise, their support is satisfactory, with extremely friendly and helpful chat operators without much hold time.

Cons include no Kenyan phone number for support. Also, they do not accept KES as a deposit or withdrawal.

Further, CMA doesn’t regulate them and costs inactivity fees in case of no access for some time. Similarly, XM is not offering ECN accounts to Kenyan traders, so you cannot get maximum trading volumes with lower costs.

Besides these drawbacks, this broker is among the best brokers that allow Kenyan traders to have safe investments.

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Is XM right for Kenyan traders? Can you fund with M-Pesa? This XM review will help you to decide whether to trade on XM or not?

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