Table of contents:
- 1 Favorable payment methods in comparison
- 1.1 Three accounts, low minimum deposit at XM.com
- 1.2 XM.com deposit or withdrawal without fees
- 1.3 XM.com deposit to trading account
- 1.4 Fast and reliable credit card payments
- 1.5 The classic bank transfer
- 1.6 Skrill, Neteller, Instant, and many more…
- 1.7 Transactions between two trading accounts
- 1.8 Legal requirements for the payment process
- 2 XM.com Payout: Everything Traders Need to Know
XM.com is the trading name of a brokerage platform operated by Trading Point Holdings Ltd. based in Limassol, Cyprus. The Forex and CFD broker XM.com is regulated by the Cypriot CySEC, but also operates internationally outside the EU as XM Global and in Australia with its own branch.
The market maker, founded in 2009, enables trading in numerous underlyings with favorable spreads, and in forex trading even with ECN character. The XM.com payment methods are accommodating: customers who deposit money at XM.com only need to make a small XM minimum deposit of 5 Euros, which is possible via many different channels.
Facts about the deposit and withdrawal options available with XM:
- XM.com minimum deposit as low as 5 Euro / US Dollar
- Payments by credit card, bank transfer, IMMEDIATE, Neteller, Skrill, and regional payment solutions
- Immediate processing of deposits
- Xm.com will pay any applicable fees
Favorable payment methods in comparison
The choice of deposit and withdrawal methods offered by a Forex and CFD broker is an essential part of customer service and should be considered when choosing a provider. While traders used to be more or less committed to bank transfers and credit card payments, both of which often involve high costs, there are no other convenient and inexpensive payment solutions available. Electronic wallets in particular can compete with credit cards in terms of speed and are sometimes even cheaper in terms of fees.
- Payment methods offered depend on the choice of the broker
- Electronic wallets become standard
- Costs for transactions are often low or do not occur
- Keep your eyes open for processing deadlines!
However, not all brokers have recognized the trend and include popular new payment platforms in their offers. And not only that – sometimes a lot of time passes until deposits are credited, withdrawals are only processed after two or three days, and fees reduce the return from trading. Dissatisfaction with payment methods is one of the most common reasons for switching brokers.
However, more and more providers are accommodating their customers, which is already ensured by the competition among Forex and CFD brokers. How accommodating the payment options at a broker are depends on the respective provider, but some of them even include regional payment solutions. Fortunately, traders can also deposit and withdraw funds from XM.com through a variety of payment methods.
Three accounts, low minimum deposit at XM.com
Traders can also test this broker first with a free, unlimited demo account. Once the decision is made to opt for a real money account, XM.com offers three different account models, the Micro, Standard, and XM Ultra-Low accounts. With the Micro and Standard accounts, the broker makes his profit via spreads, while commissions are charged for the Ultra Low account. According to ESMA regulations within the EU, the maximum leverage is 1:30 for private traders trading on the CySEC regulated platform.
Traders opening a micro account can trade micro-lots, while standard lots are available for the standard account. For both accounts, the minimum deposit is only 5 Euro or US Dollar. For the Zero-Spread-Account, the minimum deposit is 100 Euro / US Dollar, but spreads are offered from 0 pips. The setup of the trading account is done very quickly in a few steps:
- Specification of personal data and contact information
- Selection of account type, information on trading experience and financial situation
- Receipt of access data by e-mail
- Verification by uploading the required documents. If all details are correct and matched with the identification document and proof of address, the new client can directly dispose of his trading account.
XM.com deposit or withdrawal without fees
It is very gratifying for traders when a broker has a high level of transparency regarding the cost structure. XM.com leaves nothing to be desired. The provider provides a tabular overview of the trading costs and fees for all account models, both for XM.com Cyprus and for the international or Australian broker. Further information can be found in the footer of the website and is available in English.
- Full coverage of costs for all electronic payment services
- Cost absorption for credit card payments
- Wire transfers: Cost absorption by XM.com for payments over 200 US dollars
- Immediate value date
As it turns out, XM.com covers the transaction fees for all deposits and withdrawals by credit card or via an electronic payment service provider. Fees that may be incurred for a bank transfer are borne by the broker, provided the transfer amount is at least 200 US dollars or the equivalent in another currency. The same applies to withdrawals.
Again and again, there are references to the fact that you can also deposit money at XM.com via Western Union, but in this case, the broker does not bear the costs. For the Cypriot XM.com, this payment method could not be confirmed. In addition, one searches in vain for PayPal at XM.com. The popular payment service provider charges the recipient not inconsiderable costs and is therefore ignored by many brokers.
XM.com deposit to trading account
Once the trading account is set up at XM.com, money must of course be transferred before the first trading activities. The initial deposit is extremely low with the Micro and Standard accounts at only 5 USD, but micro lots can also be traded with the Micro account. Most traders will probably want to start with higher amounts. No matter how much you want to deposit, at XM.com customers can choose from a wide range of payment methods. Those who want to be able to access their funds immediately will find a wide range of credit cards and eWallets to choose from, but secure bank transfers are also available.
Overview of the payment methods:
- Payment by credit card using Visa, Visa Electron, or Mastercard
- Bank transfer, also international
- Neteller and Skrill
- UnionPay China and other regional payment solutions
- Transactions from another trading account
XM.com also allows payments from a trading account with another broker and allegedly also deposits through Western Union, a fast, though costly, method. Regional payment solutions are also offered, for example for customers in Poland or China.
Everything you need to know about depositing money can be found in the following table:
|Bank transfer||None||Minimum 2 working days|
|Neteller, Skrill etc.||Variable||Instant|
|Other national services||Variable||Variable|
Fast and reliable credit card payments
Credit cards are a standard payment method used by most brokers, and this will probably remain so. This is because the practical cards, which used to be an additional service provided by banks and often entailed considerable costs, are now often part of every current account at the direct banks and are often offered at no charge.
This means that customers can use their credit cards to capitalize on their trading account at no extra cost. The processing by the broker is usually done immediately and you can trade directly – very important if you want to take advantage of a promising trend.
Since Forex and CFD brokers usually take good security precautions in their own interest as well and the data transfer is encrypted by SSL, the customer data is usually secure. However, some providers insist on a scan of the credit card before this payment method can be used. As long as the customer can blackout some digits on the card, there are no security concerns. Only when the front and back of the credit card are fully visible, including the security number, may not every user want to use this payment method after all.
The classic bank transfer
Very secure, and not at all cumbersome, is the conventional bank transfer. Particularly in the eurozone or Single Euro Payment Area, so-called SEPA transfers are booked within one working day. In addition, however, there is the processing by the broker, so that a value date is usually after 48 hours at the earliest. If you make your bank transfer on a Friday, you must of course consider Monday as the following working day and expect longer deadlines. It can take longer for international bank transfers.
One of the advantages of SEPA credit transfers is that they are not only very secure but also free of charge, at least if they are made via your own online banking. Users may have to expect costs if the transfer is made at a bank counter or by telephone. And for international transfers, interbank commissions and exchange fees are usually payable. Here eWallets offer a viable alternative.
Skrill, Neteller, Instant, and many more…
More and more electronic payment solutions offer convenient transactions at favorable conditions. PayPal is regarded as a pioneer of such platforms. The eBay subsidiary owes its origins to the endeavor to develop secure, fast payment procedures for international online trade.
The principle was taken up by other providers so that users all over the world can now choose from a variety of electronic payment service providers. Either one opens an account on the platform, which is capitalized and then used for payment transactions, or one links the eWallet to one’s own current account, from which the paid amounts are then debited.
The security measures are generally good and the fees are low. Authorizing payments is usually uncomplicated, customer-friendly and also possible via mobile devices. It is therefore not surprising that more and more brokers are enabling their traders to pay via Neteller, Skrill, GiroPay, but also Trustly or IMMEDIATELY. The speed of the transaction is comparable to a credit card payment, and even the possible maximum amounts meet the requirements of even very active traders with large trading volumes.
Transactions between two trading accounts
Occasionally, brokers offer the possibility of transferring funds from one trading account to another. If the trader has two different trading accounts with the same broker, such a transaction can be made in the personal client area without any problems. If the other account is held with a different broker, a transfer usually requires a form to be filled out and sent to both brokers. These two brokers will then jointly take care of the transaction. XM.com also offers this payment method, as is common practice, conversions are made if there are different account currencies.
Legal requirements for the payment process
Regardless of the choice of payment method, there are not only costs to be considered, but also legal requirements that restrict the possibilities for payments a little. As a rule, the payout must be made via the method chosen for the deposit and cannot exceed the highest deposit amount. Furthermore, no transactions can be made via third parties. The holder of the reference account and the holder of the trading account must be identical. And if you set up a live account as a private trader, you cannot use a corporate or business account for payments, so you cannot use a business credit card.
XM.com Payout: Everything Traders Need to Know
Before making the first XM.com withdrawal, the trading account holder must be verified, i.e. have uploaded or submitted a scan of a valid identification document and a current utility bill as proof of address. The verification department will confirm successful verification. Afterward, the customer can initiate the payout of credits via the “Payout” tab in the member area.
As the Broker informs, XM.com is also subject to internationally binding procedures against money laundering and the financing of international crime. Anyone wishing to withdraw money at XM.com must do so through the same channel through which the deposit was made.
Similarly, all payout orders – regardless of the method chosen – up to the total amount deposited with this method will be executed via the same payment method. Amounts in excess thereof shall be paid out via other payment methods, such as eWallet, or thereafter by bank transfer. The priority procedure for disbursements is also applied if an incorrect disbursement method is selected.
Withdrawal requests are processed within 24 working hours, i.e. within three working days. However, when a withdrawal request is made, it is immediately visible in the personal customer dashboard. However, all submitted payout requests are immediately visible in the customer’s trading account as pending payouts. Furthermore, the broker will make payouts in the currency of the previous deposit. If this is not identical to the currency of the trading account, a conversion will be carried out, which may be associated with exchange fees under certain circumstances.
All information that you have to consider for withdrawals is given in the following table:
|Credit card||According to deposit||Within 3 working days|
|Bank transfer||According to deposit||Within 3 working days|
|eWallet||According to deposit||Within 3 working days|
|Other local services||According to deposit||Within 3 working days|
XM.com also has to be given credit for the fact that there are no hidden fees with this broker. Traders can already find out on the website about the costs they will have to pay – including inactivity. At XM.com, the time threshold is ninety calendar days – if a trader has not logged in during this period, for example, all remaining bonuses, promotional credits, and XMPs are automatically removed from inactive accounts. For an inactive account, XM.com charges a monthly fee of 5 Euros or US Dollars. If the remaining balance on the account is less, the entire balance will be withdrawn.
Once the trading account is zero, no fees are charged. Such accounts without funds will be archived by the broker after 90 calendar days and cannot be reopened. In this case, the user must create a new live account if trading is to be resumed on XM.com. All these conditions are clearly communicated on the Broker’s website and should not surprise customers who carefully read the available information later.
Conclusion: Many payment methods, no fees at XM.com
XM.com is a long-established broker with an international clientele and has won numerous awards for services and products. As the test shows, the Forex and CFD broker facilitates access to trading with its account models, conditions and educational offers, especially for beginners, but also experienced traders get their money’s worth thanks to the good trading offer and the favorable conditions of the Ultra-Low account.
All conditions and costs are explained on the XM.com website, which is also available in German. Although the layout of the pages and the findability of some information takes getting used to, the broker’s FAQ answers the most important initial questions. You can also get information about the payment methods, but if you want to find out more details, you have to consult the English version of the website.
It is very pleasant that besides bank transfer and payment by credit card, there are also IMMEDIATELY and eWallets like Skrill or Neteller available. The minimum deposit at XM.com is extremely low, only 5 Euros or US Dollars, only for a bank transfer the threshold is 200 USD. Likewise, the broker also takes over the fees incurred – for deposits and withdrawals.
If you pay by a card or with a wallet, you can immediately dispose of the credit and trade. For a non-binding first impression of all services, you can use the demo account at XM, which is free of charge and unlimited in time. Even if a live account is subsequently opened and capitalized, the demo can still be used to test and optimize your own strategies.
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