Looking for an honest XM India review? You’re in the right place. As a beginner, I know how overwhelming it can be to choose a forex broker. That’s why I’ve put XM under the microscope, testing everything from their signup process to their trading platforms. In this review, we’ll cover:
- Services offered to Indian traders
- How to get started with XM
- Depositing and withdrawing funds
- Trading experience
- Fees and commissions
- Regulatory compliance and security
By the end of this review, you’ll have a clear picture of whether XM is the right fit for your trading journey. Let’s dive in!
What Is XM?
XM, founded in 2009, is a global forex and CFD broker that’s made quite a name for itself in India. They’re part of Trading Point Holdings Ltd, headquartered in Cyprus. What sets XM apart is their no-requotes policy and execution of over 99% of trades in under 1 second. As an Indian trader, I’ve found their platform user-friendly and their range of instruments impressive.
Services Offered to Indian Traders
XM gives us Indian traders access to a wide range of financial markets. Here’s what you can trade:
- Forex: Over 55 currency pairs
- CFDs: Stocks, indices, commodities, and cryptocurrencies
One thing I really like is that XM offers some INR-paired options, which is great for us Indian traders who want to avoid constant currency conversion.
From my experience, XM offers a good middle ground. They’re not the cheapest, but they’re more accessible than IC Markets for new traders. Octa and Exness have some advantages with INR accounts, but XM’s overall package is solid.
What I’ve found most appealing about XM is their education resources and reliable execution. But every trader’s needs are different, so it’s worth considering what matters most to you.
How to Start Using XM
To start using XM, you need create an account to start trading. How do you go about this?
Creating an Account
Opening an account with XM is pretty straightforward. Here’s how you do it:
On Computer:
- Go to XM’s website
- Click “Open an Account” in the top right corner
- Fill in your personal details
- Choose your account type
- Agree to the terms and click “Open a Real Account”
On Mobile (iOS and Android):
- Download the XM Trading app from App Store or Google Play
- Open the app and tap “Register”
- Fill in your details
- Choose your account type
- Tap “Create Account”
Now, for the KYC part. XM needs to verify your identity to comply with regulations. You’ll need to provide:
- A valid government-issued ID (passport, driver’s license, or national ID card)
- Proof of residence (recent utility bill or bank statement)
These documents are required to prevent fraud and ensure compliance with anti-money laundering laws. In my experience, verification usually takes 1-2 business days. When I opened my account, it was approved in about 24 hours.
Account Types
XM offers three main account types for Indian traders:
- Micro Account: Perfect for beginners, with a minimum deposit of $5.
- Standard Account: Suited for more experienced traders, minimum deposit $5.
- XM Ultra Low Account: For high-volume traders, minimum deposit $50.
I started with a Micro Account to get a feel for XM’s platform before moving to a Standard Account.
Depositing Funds
The minimum deposit at XM is $5, which is about 400 INR. This low entry point is great for new traders like I was when I started.
For Indian traders, XM offers several deposit methods:
- Bank Wire Transfer
- Credit/Debit Cards
- E-wallets (Skrill, Neteller)
XM occasionally runs deposit bonuses, but these change often. When I first deposited, I got a 50% bonus on my initial deposit.
Step-by-step Deposit Guide
- Log into your XM account
- Click on “Deposit Funds” in the dashboard
- Choose your preferred deposit method
- Enter the amount you want to deposit
- Follow the prompts to complete the transaction
In my experience, credit card deposits are instant, while bank transfers can take 1-3 business days.
Trading on XM
Let’s use EURUSD as an example:
- Open the XM trading platform
- Find EURUSD in the market watch window
- Click on it to open a new order window
- Choose your lot size
- Set your stop loss and take profit levels
- Click “Buy” or “Sell” to open your position
Trading Tools and Features
XM offers several useful tools:
- Economic Calendar: I use this daily to keep track of important economic events.
- Trading Central: Provides technical analysis and trading signals.
- Copy Trading: This feature allows you to copy trades from successful traders. I’ve found it helpful when exploring new markets.
Educational Resources for Indian Traders
XM really shines when it comes to education. They offer:
- Live webinars in various languages
- Video tutorials
- Daily market analysis
I’ve attended several of their webinars and found them incredibly helpful, especially when I was starting out.
Fees and Commissions
XM’s fee structure is pretty straightforward. Here’s what you need to know:
- No commissions on standard accounts
- Spreads from 0.6 pips on major pairs
- $5 inactivity fee after 12 months of no trading
- No deposit fees
One thing I really appreciate is that XM doesn’t charge for deposits or withdrawals on their end, though your bank might.
Here’s how XM compares to other popular brokers in India:
Broker |
Spread (EURUSD) |
Commission |
Inactivity Fee |
|---|---|---|---|
XM |
From 0.6 pips |
$0 |
$5 after 12 months |
Octa |
From 0.4 pips |
$0 |
$0 |
Exness |
From 0.3 pips |
$0 |
$0 |
IC Markets |
From 0.0 pips |
$3.5 per lot |
$0 |
While XM isn’t the cheapest, I find their overall package, including education and tools, makes up for slightly higher spreads.
Withdrawing Funds
Withdrawing from XM is generally hassle-free. They offer these methods for Indian traders:
- Bank Wire Transfer
- Credit/Debit Cards
- E-wallets (Skrill, Neteller)
In my experience, e-wallet withdrawals are the fastest, usually processed within 24 hours. Bank transfers can take 3-5 business days.
Step-by-step Withdrawal Guide
- Log into your XM account
- Click on “Withdraw Funds” in the dashboard
- Choose your withdrawal method
- Enter the amount you want to withdraw
- Confirm your request
Remember, XM follows a “first in, first out” policy. This means you need to withdraw to the same method you used for depositing, up to the deposited amount.
Regulatory Compliance and Security
XM takes regulation seriously, which is crucial for us Indian traders. They’re regulated by:
- CySEC (Cyprus)
- ASIC (Australia)
- IFSC (Belize)
While they’re not directly regulated in India, these international regulations provide a good level of protection.
For security, XM uses:
- 256-bit SSL encryption
- Segregated client funds
- Negative balance protection
Compared to some Indian brokers, XM’s international regulation can be both a pro and a con. It’s more stringent in some ways, but local brokers might have more familiarity with Indian laws.
Here’s a quick comparison:
Broker |
Regulation |
Fund Protection |
Encryption |
|---|---|---|---|
XM |
CySEC, ASIC, IFSC |
Segregated accounts |
256-bit SSL |
Octa |
CySEC, FSC |
Segregated accounts |
256-bit SSL |
Exness |
FCA, CySEC, FSCA |
Segregated accounts |
256-bit SSL |
IC Markets |
ASIC, CySEC, FSC |
Segregated accounts |
256-bit SSL |
In my experience, XM’s security measures have been robust. I’ve never had issues with fund safety or data breaches. However, always remember that trading carries inherent risks, regardless of the broker’s security measures.
Customer Support
XM’s customer support is pretty solid for Indian traders. Here’s what they offer:
- 24/5 support via live chat, email, and phone
- Support in Hindi and English
- Dedicated Indian phone number
I’ve used their live chat several times, and typically got a response within a minute or two. The support team is knowledgeable and patient, which I really appreciate as a trader.
One downside is that they don’t offer support in other Indian languages. But if you’re comfortable with Hindi or English, you’ll be fine.
Response times in my experience:
- Live chat: 1-2 minutes
- Email: 2-4 hours
- Phone: Usually answered within 30 seconds
Pros and Cons
Pros:
- Low minimum deposit ($5)
- Robust educational resources
- Multiple trading platforms (MT4, MT5, XM WebTrader)
- No-requotes policy
- Negative balance protection
Cons:
- Slightly higher spreads compared to some competitors
- No INR-based accounts
- Limited cryptocurrency offerings
- Inactivity fee after 12 months
For me, the excellent educational resources and reliable execution outweigh the slightly higher spreads. But if you’re a high-volume trader, those extra pips might matter more to you.
Why XM is Reliable for Indian Traders
I’ve found XM to be quite reliable for several reasons:
- Long track record: They’ve been around since 2009 and have a solid reputation.
- Strict regulation: Oversight by multiple international regulators adds a layer of security.
- Fast execution: Over 99% of trades executed in under 1 second.
- Transparent pricing: What you see is what you get, no hidden fees.
In terms of recognition, XM has won several awards, including:
- Best Forex Education Provider 2023 by Global Forex Awards
- Most Trusted Broker 2022 by Global Brands Magazine
While these aren’t India-specific, they do speak to XM’s global reputation.
As for Indian user testimonials, I’ve seen mixed but generally positive reviews on forums like Quora and TradingView. Many Indian traders praise XM’s educational resources and reliable platform, while some complain about the lack of INR accounts.
In my personal experience, I’ve found XM to be consistently reliable. Their platform is stable, withdrawals are processed without hassle, and their educational resources have genuinely helped me improve my trading skills. While they might not be perfect for every Indian trader, they’re definitely a solid choice for many of us.
Comparing XM vs Octa vs IC Markets vs Exness
Let’s see how XM stacks up against other brokers popular among Indian traders:
Feature |
XM |
Octa |
IC Markets |
Exness |
|---|---|---|---|---|
Min. Deposit |
$5 |
$100 |
$200 |
$1 |
Spreads (EURUSD) |
From 0.6 pips |
From 0.4 pips |
From 0.0 pips |
From 0.3 pips |
Max. Leverage |
1:888 |
1:500 |
1:500 |
1:2000 |
INR Account |
No |
Yes |
No |
Yes |
Indian Phone Support |
Yes |
Yes |
No |
Yes |
Education Resources |
Excellent |
Good |
Good |
Very Good |
In my experience, XM shines in education and accessibility for new traders. Their $5 minimum deposit is a big plus. However, Exness and Octa have an edge with INR accounts, which can be convenient for us Indians.
IC Markets might appeal more to advanced traders with their tight spreads, but their higher minimum deposit could be a barrier for beginners.
Overall, I find XM to be a solid all-rounder, especially if you’re just starting out or value comprehensive educational resources.
Tax Implications for Indian Traders
Trading forex and CFDs in India can be a bit tricky when it comes to taxes. Here’s what you need to know:
- Forex trading profits are generally taxed as ‘Income from Other Sources’ or ‘Business Income’, depending on the scale of your trading.
- The tax rate depends on your total income and which tax bracket you fall into.
- Short-term capital gains tax may apply to some CFD trades.
Now, XM doesn’t offer specific tax assistance for Indian traders. This is actually pretty common among international brokers. However, they do provide detailed transaction reports that can be helpful when filing your taxes.
From my experience, I’d strongly recommend keeping detailed records of all your trades. XM’s reports are good, but having your own records is crucial.
Also, consider consulting with a tax professional who understands forex trading. Indian tax laws can be complex, and it’s better to be safe than sorry.
Remember, while XM or any broker can provide trading records, the responsibility for correct tax reporting lies with us as traders. I learned this the hard way in my first year of trading, so I’m passing on the advice to save you some headaches!
Conclusion
Trading always comes with risks, but choosing a broker shouldn’t be one of them. With XM, you’re in good hands. After spending a good chunk of time trading with them, I can confidently say XM is a solid choice for Indian traders. Sure, they’re not perfect – no broker is – but they’ve proven themselves reliable and trustworthy.
So if you’re on the fence about giving XM a shot, I’d say go for it. Don’t let the fact that they’re not based in India scare you off. Their global reputation and strict regulations have got your back.
So, give them a try, stay smart with your trades, and here’s hoping you find success in the forex world. Good luck and happy trading!
FAQs
- Is XM legal in India?
Yes, XM is legal for Indian traders to use. While they’re not based in India, international brokers like XM can legally offer services to Indian residents.
- Is XM registered with SEBI?
No, XM is not registered with SEBI (Securities and Exchange Board of India). They operate under international regulations rather than Indian ones.
- Is XM a regulated broker?
Absolutely. XM is regulated by several major financial authorities, including CySEC (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission), and IFSC (International Financial Services Commission of Belize).
- What is the minimum deposit in XM?
The minimum deposit at XM is just $5. This low entry point makes it easy for new traders to get started without risking a lot of money.
- Is XM better than Octa?
Both XM and Octa have their strengths. XM offers a lower minimum deposit and excellent educational resources, while Octa provides INR accounts. Which is “better” depends on your specific needs as a trader. For a detailed comparison between Octa and another popular broker, check out our Octa vs XM review.
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