Last Updated on February 17, 2022 by Patrick Mahinge
You’re reading this article because you probably searched for XM forex review in Kenya. XM Forex (also known as XM Group) is a group of regulated online brokers that include:
- Trading Point of Financial Instruments Ltd was established in 2009 and it is regulated by the Cyprus Securities and Exchange Commission (CySEC120/10)
- Trading Point of Financial Instruments Pty Ltd was established in 2015 and it is regulated by the Australian Securities and Investments Commission (ASIC 443670)
- XM Global Limited was established in 2017 and is regulated by the Financial Services Commission (000261/158) and,
- Trading Point MENA Limited was established in 2019 and is regulated by the Dubai Financial Services Authority (F003484).
XM Forex offers more than 1000 financial instruments including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs.
XM is one of the most popular forex brokers in Kenya. The account opening process is fast and easy. It will take you less than 10 minutes to register and start trading forex with XM Forex.
XM Forex is a regulated forex broker with years of experience in the industry. They offer a wide range of products and services for traders of all levels, and their customer service is highly rated.
The company offers a variety of account types and trading platforms, as well as educational resources to help traders make informed investment decisions. Additionally, their trading platforms are user-friendly and include a variety of features to help traders make informed decisions.
Overall, XM Forex is a reliable and reputable forex broker that should be considered by anyone looking to start trading currencies.
XM Forex Exclusive Offers for Traders in Kenya
Forex traders in Kenya stand to gain from a few exclusive offers at XM Forex.
- Free educational live webinars (More info)
- Daily Access to free and reliable forex signals
- $ 30 non-deposit bonus for new clients only
- Secondary 50% Deposit Bonus up to $500
Kindly note that trading bonus and Loyalty Program are not eligible for clients registered under Trading Point of Financial Instruments Ltd.
XM Forex Company Details
|Our Verdict||#1 Recommended forex broker|
|Regulation||ASIC, CySec, FCS|
|Spreads||Variable from 0.8 pips|
|Maximum Leverage||888:1 (This leverage is not available to all the entities of the Group. The maximum leverage for clients registered under the EU regulated entity of the Group is 30:1)|
|Trading Platforms||MT4 & MT5 for PC and MAC, Android App, Web Trader|
XM Group (XM Global & XM Forex) are the trading brand names for Trading Point of Financial Instruments, a company started in 2009 to offer online forex and commodities trading.
XM Forex is fully licensed and regulated by a multitude of top tier regulators including the Australian Securities and Investment Commission (ASIC), and CySec of Cyprus.
XM Forex Trading Platforms
MT4 is a widely used platform that offers traders a variety of features, including technical analysis tools, automated trading capabilities, and more. In addition to downloadable MT4 platforms for Linux, PC, and Mac, XM also offers the XM MT4 WebTrader, which allows traders to trade Forex and CFDs from their web browsers.
The XM MT4 and MT5 apps are also available for Android and iOS devices, giving traders the ability to trade on the go.
#1 Recommended Forex Broker
XM Forex is our #1 Recommended forex broker in Kenya with low minimum deposit ($5), accepts Mpesa, and is regulated in top-tier jurisdictions.
- Is XM Trading a reliable broker?
- Is XM Trading a safe broker?
- How long does it take to withdraw from XM?
- What is the minimum deposit at XM?
- Is XM broker a marker maker?
After all the pestering questions, I decided to do this XM broker review piece to share my experiences with this broker. So, here we go.
Is XM Forex Legit & Reliable?
XM Trading is one of the most popular online forex brokers in Kenya. There are a few things that endear this particular broker to Kenyans. Some of its strong points include:
- This is one of the forex brokers that accept Mpesa, making deposits and withdrawals for Kenyan forex traders a breeze
- Minimum deposit is as low as $5 on some account types
- 50% Deposit bonus (Read on to find out how to claim the XM Deposit Bonus)
- Relatively low cost of trading compared to other popular forex brokers in Kenya such as FXPesa, LiteFinance, Exness, and TemplerFX.
- Leverage as high as 1:888 (This leverage is not available to all the entities of the Group. The maximum leverage for clients registered under the EU regulated entity of the Group is 30:1)
Additionally, it is much easier to open an account at XM and get verified by just using your ID. To begin with, make sure the address you provide is as closely resemblance to what is at the back part of your ID.
You’ll then provide the front part of your ID as the proof of identity while the back part of the ID acts as the Proof of Residence.
XM Trading is a financial forex brokerage group that was founded in 2009. The group and its franchises are regulated by several financial regulatory authorities.
If you’re in Kenya, you will most likely sign up for XM Trading services using the XM Global Franchise.
XM offers more than 1000 financial instruments including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs.
The broker supports more than 25 payment methods to fund and withdraw money from your account, and luckily for Kenyan traders, Mpesa is one of those payment gateways available at XM.
Is XM Trading Safe? Can You Trust Them With Your Money?
Having been in the industry since 2009 (10+ years), XM Trading is one of the safest online financial brokers in the world today. As you will ultimately learn, most scam forex brokers do not last more than a few months. The 10+ years that XM Trading has been operational is proof enough of their legitimacy.
But there are more trust factors for XM Trading
What We Don’t Like About XM Trading?
There are several things that we don’t particularly like about XM trading that we believe the company can improve upon.
No ‘Real’ Cent Account
For starters, XM Trading does not offer a true cent account. What they have instead is a Micro Account. This means that your actual deposit is always visible as the real amount. For instance, if you deposit $100 into your trading account, your balance on the trading platform will show up as $100. This is different from other popular cent accounts where if you deposit $100, your balance on the trading platform shows up as $10,000.
XM Trading is Not a True ECN Broker
I have tried to hunt everywhere for information that XM Forex is an ECN/STP broker, but unfortunately, it seems like this particular forex broker is a market maker.
While there is nothing particularly fishy about trading with a market maker.
Is XM Forex Regulated?
XM Forex is regulated by 5 top-tier forex regulators. The broker holds licenses from ASIC, CySec of Cyprus, DFSA of Dubai. XM Forex is also regulated by the International Financial Services Commission of Belize. A broker that is widely regulated as XM Forex speaks a lot about its legitimacy and the safety of your funds.
What is the minimum deposit for XM?
The minimum deposit for XM Forex is $5. However, we do not recommend that you trade with such low amounts. To realize good trading conditions and profits, it is ideal that you have at least $250 starting capital. Also note that some funding options available at XM Forex have higher minimum deposit requirements.
Does XM Have Volatility 75 Index?
XM Forex does not have Volatility 75 Index. However, although you can’t trade Volatility 75 on XM, the forex broker offers more than 1000 other tradeable financial instruments that include:
1. Forex currencies
2. Stock CFDs
3. Commodities CFDs
4. Equity Indices CFDs
5. Precious Metals CFDs
6. Energies CFDs
For traders whose goal is to trade the Volatility Index, their best option is to open a trading account with a forex broker that offers the service.
HotForex, is our #1 recommended Volatility 75 forex broker.
Does XM Allow Mpesa Deposits?
Yes, XM allows Mpesa deposit and withdrawals. And since Mpesa is the most common means of electronic money transfer in Kenya, this makes XM one of the best forex brokers in Kenya. The Mpesa transaction on XM are instant and they do not incur any extra charges.