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XM in South Africa: Overview of forex broker services for South African traders

MT4, MT5, WebTrader XM

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XM provides brokerage services to traders in South Africa, offering access to international financial markets. This article contains key information about XM’s operations in South Africa.

Regulation and Security

XM operates in South Africa through its local subsidiary XM ZA (Pty) Ltd.

Key aspects of regulation:

  • FSCA (Financial Sector Conduct Authority) License No. 49976
  • Status: Authorized Financial Service Provider
  • Restrictions: Can only act as an intermediary, not authorized to be a market maker
  • Products are provided through XM Global Limited (Belize)

Additional security measures:

  1. Segregation of client funds
  2. SSL data encryption
  3. Two-factor authentication
  4. Negative balance protection
  5. Regular financial audits

Trading Accounts

XM offers the following types of accounts for traders in South Africa:

  1. Micro Account
    • Minimum deposit: $5 or equivalent in ZAR
    • Lot size: 1,000 units of the base currency
    • Spread from 1.6 pips
    • Maximum leverage: 1:888
    • Minimum trade size: 0.1 lots
  2. Standard Account
    • Minimum deposit: $5 or equivalent in ZAR
    • Lot size: 100,000 units of the base currency
    • Spread from 1.6 pips
    • Maximum leverage: 1:888
    • Minimum trade size: 0.01 lots
  3. Ultra-Low Account
    • Minimum deposit: $50 or equivalent in ZAR
    • Spread from 0.8 pips
    • No commission
    • Maximum leverage: 1:888
    • Minimum trade size: 0.01 lots

Additional account features:

  • Ability to open accounts in various currencies, including ZAR
  • No inactivity fee
  • Ability to hedge positions
  • Access to analytical tools and news feeds
  • Capability to use Expert Advisors (EAs) and algorithmic trading

Trading Instruments

XM provides access to the following assets:

  1. Forex:
    1. Over 55 currency pairs
    2. Majors, minors, and exotic pairs
    3. Spreads from 0.1 pips on major pairs
  2. CFDs on Indices:
    1. Major global stock indices
    2. Including S&P 500, NASDAQ, FTSE 100, DAX
    3. Ability to trade long or short
  3. CFDs on Stocks:
    1. Over 1200 companies
    2. Stocks from the US, Europe, and Asia
    3. Ability to purchase fractional shares
  4. Commodities:
    1. Oil (Brent, WTI)
    2. Precious metals (gold, silver, platinum)
    3. Agricultural commodities (coffee, cocoa, wheat)
  5. Cryptocurrencies:
    1. Bitcoin, Ethereum, Litecoin, and others
    2. 24/7 trading availability
    3. High leverage

       

Trading features:

  • No commissions on most instruments
  • Instant order execution
  • Ability to set stop losses and take profits
  • No requotes or slippage
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Trading Platforms

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Available platforms:

MetaTrader 4

  • Web version
  • Desktop version for Windows and Mac
  • Mobile apps for iOS and Android

MT4 features:

  • User-friendly interface
  • Wide range of indicators and analytical tools
  • Ability to create and use Expert Advisors
  • Multilingual support, including Russian

MetaTrader 5

  • Web version
  • Desktop version for Windows and Mac
  • Mobile apps for iOS and Android

MT5 features:

  • Extended range of timeframes
  • Built-in economic calendar
  • Enhanced technical analysis tools
  • Support for algorithmic trading on MQL5

Additional platform features:

  • Ability to copy trades from successful traders
  • Access to historical data and strategy backtesting
  • Integration with VPS for uninterrupted trading
  • Multi-level security system

Customer Support

Ways to contact XM support:

  1. 24/7 Online Chat:
    • Quick answers to general questions
    • Document upload capability
    • Available in multiple languages
  2. Email: [email protected]
    • Detailed answers to complex questions
    • Response time: up to 24 hours
  3. Phone:
    • International numbers (no local number for South Africa)
    • Callback option available

Additional support aspects:

  • Personal manager for VIP clients
  • FAQ section with answers to popular questions
  • Social media for prompt notifications
  • Ticket system for tracking requests

     

Support hours:

  • Chat and phone: 24/5
  • Email: requests processed on business days
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Client Reviews from South Africa

Based on an analysis of reviews, the following aspects of XM’s work in South Africa were identified:
Aspect Average Rating Details
Withdrawal 3/5 Some users report delays of up to 2-3 days
Account Security 2/5 An instance of unauthorized account access was reported
Trading during News Releases 3/5 It is recommended to avoid trading during major economic events
Overall Reliability 4/5 Most clients are satisfied with the broker’s performance over time
Order Execution Quality 4/5 Fast execution, minimal slippage

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Deposit and Withdrawal Methods

XM offers the following methods for financial transactions:

Deposits:

  1. Bank transfer
  2. Credit/debit cards (Visa, MasterCard)
  3. Electronic payment systems (Skrill, Neteller)
  4. Local payment methods (EFT for South Africa)

Withdrawals:

  1. Bank transfer
  2. To card
  3. Electronic wallets
  4. EFT for South African clients

Important: XM does not charge fees for deposits and withdrawals.

Financial transaction features:

  • Minimum deposit: $5 or equivalent
  • Withdrawal processing time: 1-3 business days
  • Ability to withdraw funds in the same currency as the deposit
  • Account verification required for withdrawals
  • No withdrawal limits for verified accounts

Deposit method comparison table:

Method

Minimum Amount

Processing Time

Fee

Bank Transfer

$100

3-5 business days

0%

Cards

$5

Instant

0%

Electronic Wallets

$5

Instant

0%

EFT (South Africa)

R100

1-2 business days

0%

Reviewer

Rating

Review

Date

alexandre besnard

3/5

This is one of the best brokers. I just don’t understand the rating here, over the last 5 years I never had any issues with them, no slippage, fast deposit and withdrawal, good spread on Ultra low accounts…Reading the reviews here with one star, I can only guess somebody is running against them with fake reviews. Don’t trust fake reviews and give XM their chances, you will not regret it.

1 day ago

Marvellous Moonvalley

5/5

I have many good things to say about this broker. I tried withdrawing to my bank account in Malaysia several times and received it in less than 10 minutes. Their bonuses (welcome, referral, loyalty, celebrations etc.) up to 100% of USD500 are the highest in the industry. Their weekly real and demo competition prizes are very handsome too. Their live chat support is ready anytime. I wish them all the best. — 350074305

2 days ago

gISUS

5/5

Trustpilot is pushing an agenda against you, they are removing all nice reviews leaving only negative ones so you guys seem like total losers….

2 days ago

muhammad qasmi

2/5

XM team is a very big scammer. I have a humble request to all traders please don’t waste your money. They are not giving withdrawal and if you try to withdraw they will block your account. They are only in the market for looting Money and their platform is totally manipulated. Stay away from these scammers.

Aug 14, 2024

FAQ

Standard withdrawal time is 1-3 business days, potentially up to 5 days. Ensure account verification and use the same method as for deposits to expedite the process.

XM is FSCA-regulated. Use strong passwords, enable two-factor authentication, and monitor account activity for security.

Yes, but not recommended for inexperienced traders due to high volatility. If trading, use small trade sizes, set stop losses, and develop a specific strategy.

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Disclaimer: Forex trading can involve the risk of loss beyond your initial deposit. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.

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