Page Summary
XM is a trustworthy online broker with a beginner-friendly account opening experience. The service is entirely online and user-friendly. The average time required for account opening is 24 hours.
Broker Comparison
| XM | FxPro | FXTM | |
|---|---|---|---|
| Rating | 5.0 stars | 5.0 stars | 5.0 stars |
| Account opening time | 1 day | 1 day | 1 day |
This article discusses the XM account opening characteristics.
Availability
The main criteria to consider when selecting a brokerage firm is whether XM is available in your country. XM is available in 15 countries, including Australia, India, and the United Kingdom.
Available in
| Country | Availability |
|---|---|
| Australia | Yes |
| Canada | No |
| China | No |
| Germany | Yes |
| Hong Kong | Yes |
| India | Yes |
| Ireland | Yes |
| Japan | No |
| Malaysia | Yes |
| Netherlands | Yes |
| Singapore | Yes |
| South Africa | Yes |
| United Arab Emirates | Yes |
| United Kingdom | Yes |
| United States | No |
Requirements
XM has straightforward account opening requirements. To create an account with this broker, you’ll have to submit proof of residency and identity. XM has a fully digital account opening process done on the company’s website.
When the registration is complete, you’ll have to transfer a minimum deposit to your new brokerage account. The minimum deposit fee at XM is $5. Remember that the initial commission varies depending on the funding methods you choose. Read our in-depth reviews to learn more about minimum deposit fees at XM.
Minimum Deposit Comparison
| XM | FxPro | FXTM | |
|---|---|---|---|
| Minimum deposit | $5 | $100 | $50 |
Accounts
A trustworthy online broker offers access to many account tiers. XM has accounts suitable for different levels of experience and trading skills. It allows you to trade in 11 base currencies. Check fees and account availability at XM in our in-depth reviews.
Base Currencies Comparison
| XM | FxPro | FXTM | |
|---|---|---|---|
| Base currencies | 11 | 8 | 4 |
Opening Accounts
The steps for opening a brokerage account at XM are simple. You have to choose an account tier, submit personal data, and upload proof of identity. After you go through these standard steps, you will review the information and sign a virtual contract. As soon as your brokerage account is approved, you will begin transferring funds. Once the transfer is complete, you’ll start trading.
Final Verdict
XM is a leading online broker because of its user-friendly account opening process. It provides a rapid service with a focus on user experience. Read our in-depth reviews to learn more about XM.
XM compared to other brokers:
XM review
Disclaimer
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Braden Chase is an investor, trading specialist, and former research specialist for Forex.com who helps aspiring investors develop the confidence and habits they need to make an income from the market. Braden has served as a registered commodity futures representative for domestic and internationally-regulated brokerages and has also spoken & moderated numerous forex and finance industry panels across the globe.