Minimum Deposit
Maximum Leverage
Minimum Spread
8.5 TradeForexSA
  • Spreads as low as Zero
  • Low $5 Minimum Deposit
  • Mobile phone trading available
  • Frequent bonuses available, including loyalty bonuses and a first deposit bonus
  • CySEC & ASIC Regulated
  • Limited platform options with MT4 & MT5
  • Variable spreads might not be ideal for all traders
XM works hard to attract and retain traders by making the MT4 platform accessible and fun. They offer a set of different bonuses, including loyalty bonuses, to keep traders happy. This is in contrast to other brokers who become less attentive once initial deposits have been made.  With the tools provided by XM, it’s clear that this broker is invested in the success of its traders and for most investors, having a loyal, attentive broker is exactly what they are looking for. 
Account Types9
Client Support & Onboarding9
Free Services7.5
Deposit & Withdrawal8.5

Bonus Structure

XM offers good bonuses for clients at signup.  But they continue to hand out bonus options as time goes on.  This makes XM stand out amongst brokers.  At the time of writing, there was $30 of No Deposit Bonus, 50% up to $500 and 20% up to $5000.  While this is likely to change at some point, it will more likely change for the better, and we will try and keep this page updated with the latest.

Account Types

Any eligible person who registers with XM is given a demo account to play around with until they get the feel for the MT4 platform. Other than that, you will find three basic account types via this broker: A Micro account, a Standard account, and an Executive account.

Zero Account:  The zero account from XM offers spreads as low as 0 pips, leverage up to 500:1,  zero fees on deposits and withdrawals while keeping hedging and EAs allowed.  This is a quite revolutionary in this industry and it leads me to believe that XM is trying to make forex trading something more accessible to the average person.  This account requires a 100 USD minimum deposit for new customers.

The downside with the zero account is you can not keep your wallet in ZAR.  That said, I don’t think this small downside should not deter you from choosing this account.  The bottom line is – this is a great account great account option from XM with very low spreads for a small minimum deposit.

Micro Account: One of the best selling points of the micro account has a $5 minimum deposit requirement.  The max leverage with this type of account is 1:888 and you can keep your wallet in ZAR. Spreads are from 1 pip, which is extremely reasonable with this low minimum deposit.  Other brokers with this low minimum will not offer spreads this low, so this is a special account.

Standard Account: The Standard account offers more in the way of options, including different bonuses, better help from XM staff, more access to the broker’s other features, etc. The minimum amount needed to start this account is $5. The main difference between the standard and micro accounts is the contract size.  The standard account uses standard lots, while the micro account uses micro lots.  The difference is not significant, so I would rather open the standard account.

Executive Account: A huge account with XM, this Executive option takes a minimum of $100,000 to open. For this, you’ll receive the full run of the broker’s services, from advanced charting and personal account management to mobile alerts every time the slightest thing changes in the market.

Unique Selling Points

  • Tight spreads available from 0 pips
  • Up to 888:1 leverage
  • Interest rates accrue on all funds (swaps)
  • MAM accounts
  • 57 currency pairs available
  • Wide leverage options
  • No rejection policy
  • Very fast execution

Additional Pros

  • Solid support personnel
  • Hedging allowed
  • Phone trading available
  • No requotes
  • Automated trading available
  • Mobile trading on IOS and Android
  • Trading contests available
  • Training courses
  • Personal manager for accounts
  • Segregated accounts
  • Deposit using Bitcoin

The Breakdown

Since 2009, XM has been a Forex broker that is recognized for its proclivity for handing out bonuses. XM is a quality STP broker which provides a level of professoinal service way beyond what is expected by customers.  XM is regulated by CySEC and ASIC who are two of the strongest regulators in the world. XM also has segregated accounts functionality meaning that it feels comfortable, fun and safe to trade with them.