XM Forex Broker Review

Photo of author
Written By: Patrick Mahinge
Last Updated:
Category: Forex Brokers
XM Forex Review

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

Ad

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 no-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

XM Forex Details
Our Verdict #1 Recommended forex broker
Year Founded 2009
Regulation ASIC, CySec, FCS
Website www.xm.com
Spreads Variable from 0.8 pips
Minimum Deposit $5.00
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

XM Forex Kenya Trading Platforms

XM offers a variety of trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5.

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.

  1. Is XM Trading a reliable broker?
  2. Is XM Trading a safe broker?
  3. How long does it take to withdraw from XM?
  4. What is the minimum deposit at XM?
  5. 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:

  1. This is one of the forex brokers that accept Mpesa, making deposits and withdrawals for Kenyan forex traders a breeze
  2. Minimum deposit is as low as $5 on some account types
  3. 50% Deposit bonus (Read on to find out how to claim the XM Deposit Bonus) 
  4. Relatively low cost of trading compared to other popular forex brokers in Kenya such as FXPesa, LiteFinance, Exness, and TemplerFX.
  5. 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 Forex in Kenya?

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 Regulated in Kenya?

IS XM Forex regulated in Kenya

XM Forex is not regulated by the Capital Markets Authority of Kenya, which is the main body that regulates forex brokers in Kenya. However, 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. We have no information on whether XM are making any efforts to comply with CMA regulations. However, a forex broker that is widely regulated as XM Forex speaks a lot about its legitimacy and the safety of your funds.

What is XM Minimum Deposit in Kenya?

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 Kenya 2022

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
7. Shares

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.

Leave a Comment

9 thoughts on “XM Forex Broker Review”

  1. To whom it may concern. I have been a victim of a fraudulent investment company who was claiming to be trusted and licensed broker giving fake proofs of their company and lured me to invest my savings defraud me for over 5600,00 EUR my account with them was blocked & I have had no access to my account on their site when I requested a withdrawal & no way of getting my funds from them… I was told to seek the help of a recovery team, fortunately i found on the forex peace army website a funds recovery expert Mr.Andrew Murray and i contacted him immediately with his email address:
    [email protected] and explained my issues with my investment company to him and he told me that his going to hire a lawyer to do my job and present my case to the bank for refund on my lost investment… The process of getting my investment back lasted for 3 working days, God so kind, i was able to get my funds back including my profits made, I still can’t believe how possible it was to get my investment back, I’m so happy to get my money back and i can never trust any unregulated company… Happy to share my experience.

    Reply
  2. I found that TAGZ is a scam. Also invested on their platform ,after they kept asking me for kyc I got suspicious and did not invest more. They did not give me my investment (50,000 €) nor profits back. Luckily Patrick Mahinge helped me get my money back the right way.

    Reply
  3. After being in depression for so long trying to recover my lost funds to 24 option scam, I searched on different forums to read other victims stories and luckily one day i read a story about Patrick Mahinge the read on how some victims got their money back.This recovery expert out there legit and not all these fake recovery company lying just to scam people the more. I contacted him on his personal Gmail And i surprised by his timely response and the way he handle the recovery process after providing evidence to back up my claim. long story short. i got my $40400 back from Tor options. To everyone out there, this is real.. Give him a try

    Reply
    • Please beware there are many fake/unregulated investment platforms binary options/forex and bitcoin , I got scammed twice before I met a genius recovery who helped retrieve my bitcoin. The whole plan was so smooth I could not doubt it. Bitcoin is actually a great investment option but one thing I discovered over time is that it is not possible to mine bitcoin so don’t be deceived. I invested $35000 on a particular website(pro****market),I monitored the profit yielding but got locked out of the account before I could withdraw. I went online and met this credible person who helped me retrieve my money back in 3 working days. You saved my life and I will forever be grateful. I referred my friends whom we got scammed together right away and they got help too write him on james***[email protected]
      and I guarantee you won’t regret it

      Reply
  4. I’ve lost about $121,000 to a Greenfield Crypto Capital website and two fake ICOs as well but I am sharing my experience here so as to enlighten and educate everyone that is losing money or has lost money to a scam binary options, dating scams and fake ICOs. However, I have been able to recover all the money I lost to the scammers with the help of a recovery professional and I am pleased to inform you that it’s possible to recover lost money from scammers. If you’re a victim of stolen bitcoins or any other cryptocurrency, and you are trying to find ways to get your coins back or your lost funds, feel free to contact Mr. Patrick Mahinge and He will guide you on how you can recover your lost funds from scammers

    Reply

Not Sure How to Start Forex Trading Profitably?

Get 365 Time-Tested Forex Trading Tips When You Subscribe to Our Newsletter