To sign up for our daily email newsletter, CLICK HERE
Some novice traders do not pay decent attention to this aspect when exploring the market in search of a perfect broker. Nevertheless, it is as important as a stellar reputation or affordable fees. A flexible depositing policy makes the use of the brokerage platform much more comfortable. Hence, in this review, we would like to familiarize you with the most critical depositing conditions and limitations that are implemented by XM.
First, we must clarify that a minimum deposit is a minimum sum a user is required to transfer to his balance to get access to the trading functionality. Sure, if one wishes, one can freely deposit a much bigger sum. Yet, for many traders that are on a limited budget, it is essential to work with brokers with a low threshold.
As for the XM minimum deposit, it is extremely low and will definitely fit into anyone’s budget — $5. For comparison, let us inform you about minimum deposit requirements imposed by other well-known platforms: IC Markets — $100, FxPro — $100. Sure, there are also other brokers that attract clients with low deposit minimum limits, however, XM is decidedly among the leaders in terms of this aspect.
Now, let us proceed with depositing methods. Compared to the two other brokers we’ve mentioned earlier, XM offers an identical selection of payment options: bank transfers, cards, and online apps. Yet, what is crucial — this broker charges no fees for replenishing the balance (although there is a risk that the third-party service you use for transmitting funds will request an additional commission).
Besides, when topping up your account, you should take into consideration that the procession of this operation takes some time:
- bank transactions — 2–5 days;
- cards — instantly or up to several hours;
- online wallets — 2–5 days.
One more exciting piece of news is that, as an XM user, you will be allowed to choose from 10 account currencies. For information, IC Markets offers 9, FxPro — 8.
Now, let us give quick instructions to new and potential users:
- Register with the broker.
- Pass ID verification (that is a standard demand of all regulated brokers).
- Press the “Deposit” button.
- Select the payment method, currency, and sum.
- Confirm the operation and wait for the notification.
- If you still have some hesitations about this broker, try its demo account first without investing any real money.
In sum, we can say that XM is one of our favorites in terms of comfortable conditions for making deposits. Compared to other brokers, it offers much more favorable terms to its users. Furthermore, its minimum deposit demands are unbelievably low, thus, they will suit absolutely every trader.