Overall, XM is considered low-risk, with an overall Trust Score of 90 out of 100. XM is licensed by one Tier-1 Regulator (high trust), three Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). XM offers four retail trading accounts: a Micro Account, a Standard Account, an XM Ultra-Low Account (Micro or Standard), and a Shares Account.
- Louis Schoeman
Updated : May 22, 2024
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Overall Rating
- 4.9/5
Min Deposit
7 SGD (5 USD)
Regulators
FSCA, IFSC, ASIC, CySEC, DFSA, FCA
Trading Desk
MetaTrader 4, MetaTrader 5, XM App
Crypto
Yes
Total Pairs
55
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Overview
XM caters especially to Singaporean traders and has distinct characteristics that complement the local trading environment. One of the standout features of XM’s products is its competitive spreads, which start as low as 8 pips for currency pairs like USD/SGD.
This appeals to traders focusing on key currency pairings since it provides a cost-effective trading experience. XM’s trading platforms are strong and user-friendly, including the widely recognized MetaTrader 4 and MetaTrader 5 platforms.
These platforms are well-known for their extensive charting features, automated trading capabilities, and configurable indicators, making them appropriate for novice and professional Singapore traders.
Singaporean traders also have access to local CFDs, such as the Singapore 30 Cash Index. This enables a more diverse trading portfolio that caters to people interested in local market trends.
Furthermore, XM’s modest minimum deposit requirement of 7 SGD makes it accessible to a diverse range of traders, regardless of investment amount. Another customized feature for Singaporean traders is the availability of an SGD account, which allows for deposits and withdrawals in the local currency.
This saves the inconvenience and potential costs of currency conversion. Finally, XM provides high-leverage options, up to 1:1000, allowing traders to amplify their trading positions while increasing risk.
At a Glance
| 🏦Headquartered | Belize |
| 🌎Global Offices | Belize, South Africa, Australia, Cyprus, Dubai |
| ➡️Local Market Regulators in Singapore | Monetary Authority of Singapore (MAS) |
| 💶Foreign Direct Investment in Singapore | 195 billion USD (2022) |
| 💷Foreign Exchange Reserves in Singapore | 461.1 billion SGD (November 2023) |
| 🫴🏻Local office in Singapore? | None |
| 👤Governor of SEC in Singapore | None, the chairman of the MAS is Lawrence Wong |
| ✔️Accepts Singapore Traders? | ✅ Yes |
| 🔢Year Founded | 2009 |
| ☎️Singapore Office Contact Number | None |
| 💻Social Media Platforms | Facebook X YouTube |
| ⌛Regulation | FSCA, IFSC, ASIC, CySEC, DFSA, FCA |
| 1️⃣Tier-1 Licenses | Australian Securities and Investments Commission (ASIC) Financial Conduct Authority (FCA) |
| 2️⃣Tier-2 Licenses | Financial Sector Conduct Authority (FSCA) Dubai Financial Services Authority (DFSA) Cyprus Securities and Exchange Commission (CySEC) |
| 3️⃣Tier-3 Licenses | International Financial Services Commission (IFSC) |
| 🔢License Number | Belize – 000261/158 South Africa – 49976 Australia – ABN 32 164 367 113, AFSL 443670 Cyprus – 120/10 Dubai – F003484 United Kingdom – 705428 |
| ⌛MAS Regulation | None |
| 🌎Regional Restrictions | The United States, Canada, Israel, the Islamic Republic of Iran |
| ☪️Islamic Account | ✅ Yes |
| 🗂️Demo Account | ✅ Yes |
| 💜Non-expiring Demo | ✅ Yes, if it remains in use |
| ⏱️Demo Duration | Unlimited, but inactive accounts expire after 90 days |
| ↘️Retail Investor Accounts | 4 |
| 🌟PAMM Accounts | None |
| 📌Liquidity Providers | Unknown |
| 🤝Affiliate Program | ✅ Yes |
| 🧑⚖️Order Execution | Market, Instant |
| 👉OCO Orders | None |
| 🖥️One-Click Trading | ✅ Yes |
| ✴️Scalping | ✅ Yes |
| 💡Hedging | ✅ Yes |
| 🗣️Expert Advisors | ✅ Yes |
| 📰News Trading | ✅ Yes |
| ✏️Trading API | None |
| 📝Starting spread | From 0.6 pips |
| ⬇️Minimum Commission per Trade | From $1 per share |
| 5️⃣Decimal Pricing | 5th Decimal after the comma |
| 🔟Margin Call | 50% to 100% (EU) |
| 🛑Stop-Out | 20% to 50% (EU) |
| ⬇️Minimum Trade Size | 0.01 lots |
| ⬆️Maximum Trade Size | 100 lots |
| 🫴🏻Crypto trading offered? | ✅ Yes |
| 🫴🏻Offers an SGD Account? | None |
| 👤Dedicated Singaporean Account Manager? | None |
| ⬆️Maximum Leverage | 1:1000 |
| ⛔Leverage Restrictions for Singaporeans? | None |
| 💵Minimum Deposit (SGD) | 7 SGD ($5) |
| 💴Deposit Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
| 💷SGD Deposits Allowed? | None |
| 💶Account Base Currency | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
| ☑️Active Singaporean Trader Stats | 50,000+ |
| ☑️Active Singapore-based XM customers | Unknown |
| 📆Singapore Daily Forex Turnover | 1.2 million SGD |
| 💳Deposit and Withdrawal Options | Credit Card Debit Card Bank Wire Transfer Local Bank Transfer Skrill Neteller WebMoney |
| ⏰Minimum Withdrawal Time | 1 working day |
| ⏱️Maximum Estimated Withdrawal Time | 5 working days |
| 🎉Instant Deposits and Instant Withdrawals? | ✅ Yes, deposits |
| 🗂️Segregated Accounts with Singaporean Banks? | None |
| 📊Trading Platforms | MetaTrader 4 MetaTrader 5 XM Mobile App |
| ⏰Trading Platform Time | UTC +03:00 |
| 🧐Observe DST Change | ✅ Yes |
| ⌚DST Change Time zone | Eastern European Time (EET) |
| 🛢️Tradable Assets | Forex Cryptocurrencies Stock CFDs Commodities Equity Indices Precious Metals Energies Individual Shares Turbo Stocks |
| 🫴🏻Offers USD/SGD currency pair? | ✅ Yes |
| 💵USD/SGD Average Spread | 20 pips |
| 🫴🏻Offers Singapore Stocks and CFDs | ✅ Yes, Singapore 30 Cash Index |
| 🗣️Languages supported on the Website | English, Malaysian, Chinese Simplified, Chinese Traditional, Russian, French, Italian, German, Polish, Spanish, Portuguese, and several others |
| 🗣️Customer Support Languages | Multilingual |
| 🫴🏻Copy Trading Support | ✅ Yes |
| ⏰Customer Service Hours | 24/7 |
| 👥Singapore-based customer support? | None |
| 🎁Bonuses and Promotions for Singaporean Traders | ✅ Yes |
| 🎓Education for Singaporean beginners | ✅ Yes |
| 💻Proprietary trading software | ✅ Yes |
| 🌟Most Successful Trader in Singapore | Chew Wei Xiang (±$70 million assets under management) |
| 🔍Is XM a safe broker for Singaporean Traders? | ✅ Yes |
| 9️⃣Rating for XM Singapore | 9/10 |
| 9️⃣Trust score for XM Singapore | 90% |
| 🚀Open an Account | 👉 Click Here |
Regulation and Safety of Funds
Regulation in Singapore
The Monetary Authority of Singapore (MAS) does not currently regulate XM. However, XM global regulations are listed in the table below.
Global Regulations
| 🔍Registered Entity | 🌎Country of Registration | 🔢Registration Number | 🌟Regulatory Entity | 📊Tier | 🔢License Number/Ref |
| 🥇XM Global Limited | Belize | N/A | IFSC | 3 | 000261/158 |
| 🥈Key Way Financial (Pty) Ltd | South Africa | 2018/527968/07 | FSCA | 2 | 49976 |
| 🥉Trading Point of Financial Instruments Pty Ltd | Australia | ABN 32 164 367 | ASIC | 1 | AFSL 443670 |
| 🥇Trading Point of Financial Instruments Ltd | Cyprus | N/A | CySEC | 2 | 120/10 |
| 🥈Trading Point MENA Limited | Dubai | N/A | DFSA | 2 | F003484 |
| 🥉Trading Point of Financial Instruments UK Limited | United Kingdom | 09436004 | FCA | 1 | 705428 |
Protection of Client Funds
| 🔍Security Measure | ℹ️ Information |
| 🗂️Segregated Accounts | ✅ Yes |
| 👤Compensation Fund Member | ✅ Yes |
| 💵Compensation Amount | €20,000 or 90% of the covered investor’s |
| claim, whichever is lower. | |
| 🎓SSL Certificate | ✅ Yes |
| 2️⃣2FA (Where Applicable) | ✅ Yes |
| ⛔Privacy Policy in Place | ✅ Yes |
| ⚠️Risk Warning Provided | ✅ Yes |
| ❌Negative Balance Protection | ✅ Yes |
| 🛑Guaranteed Stop-Loss Orders | ✅ Yes |
Security while Trading
Several essential processes demonstrate XM’s dedication to Singaporean traders’ safety and security.
✅XM is regulated by globally renowned organizations, including ASIC and the FCA, ensuring strict financial standards and ethical trading procedures. This regulatory scrutiny instills confidence and reliability.
✅XM protects clients’ cash by separating them from the company’s operational funds, which is an important step in securing traders’ capital in the case of a financial crisis.
✅The site also employs advanced security methods such as SSL encryption and two-factor authentication to protect online transactions and personal data from illegal access.
✅XM provides negative balance protection, which ensures that traders do not lose more than their initial deposit, which is especially crucial when trading with leverage.
These safeguards establish XM as a secure and dependable platform for Singaporean traders, putting their capital and personal information first.
Pros and Cons Regulation and Safety of Funds
| ✅Pros | ❌Cons |
| XM is multi-regulated and has a good reputation globally | XM is not locally regulated in Singapore |
| Singaporeans can expect several security features while they use XM’s website and trading platforms | XM’s investor protection might not be available to Singaporeans |
Are client funds segregated with XM?
Yes, to maintain financial stability, XM separates client funds from operational funds.
How does XM protect against price manipulation?
Because XM has transparent pricing and is regulated, the risk of price manipulation is reduced.
Awards and Recognition
XM received the following recent awards and recognition:
✅Best FX Customer Service in 2023, awarded by the World Finance Forex Awards.
✅Best FX Broker in Europe, awarded by the World Finance Forex Awards in 2023.
✅Best FX Broker in Australasia in 2023, awarded by the World Finance Forex Awards.
✅Best FX Broker in Latin America in 2023, awarded by the World Finance Forex Awards.
✅Best FX Broker in the Middle East in 2023, awarded by the World Finance Forex Awards.
✅Best Customer Support Globally for 2023, awarded by CFI.co (Capital Finance International Magazine).
✅Best CFD Provider in 2023, awarded by the City of London Wealth Management Awards.
✅The Best Crypto CFDs in Egypt in 2022, awarded during the Financial Expo.
Account Types
| 🔍Live Account | 💵Minimum Dep. | 🚀Open an Account | 📈Average Spread | 💴Commissions |
| 🥇Micro | 7 SGD ($5) | 👉 Click Here | 1 pip | None |
| 🥈Standard | 7 SGD ($5) | 👉 Click Here | 1 pip | None |
| 🥉XM Ultra-Low | 7 SGD ($5) | 👉 Click Here | 0.6 pips | None |
| 🏆Shares | 13,300 SGD ($10,000) | 👉 Click Here | Per exchange | From $1 |
Micro Account
The XM Micro Account allows trading in micro-lots and is suitable for new Singaporean traders. With a $5 minimum deposit, it is ideal for those just getting started. Traders can use leverage of up to 1:1000 to trade various products, including Forex.
In addition, this account type is ideal for learning the ins and outs of trading without making a large financial commitment.
| 🔍Account Feature | 🌟Value |
| 💴Base Currency Options | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
| ➡️Position Size | 1,000 base currency units = 1 Lot |
| ⬆️Maximum Leverage Ratio | Depends on the Account Balance: $5 – 40,000 – 1:1 – 1:1000 $40,001 – $80,000 – 1:1 – 1:500 $80,001 – $200,000 – 1:1 – 1:200 $200,001+ – 1:1 – 1:100 |
| ❌Negative Balance Protection Applied? | ✅ Yes, to all retail accounts |
| 📌The average spread on all major forex pairs | 1 pip EUR/USD |
| 💵Commission charges | None |
| ⬆️Maximum open or pending orders per trader | 300 lots |
| ⬇️Minimum trade volume MetaTrader 4 | 0.1 lot |
| ⬇️Minimum trade volume MetaTrader 5 | 0.1 lot |
| 💡Hedging allowed? | ✅ Yes |
| ⚙️Lot Restrictions per trade | 100 lots |
| ☪️Is an Islamic Account offered? | ✅ Yes |
| 💴Minimum Deposit Requirement | 7 SGD ($5) |
| 🚀Open an Account | 👉 Click Here |
Standard Account
XM’s Standard Account is designed for experienced Singapore traders with standard lot sizes and a $5 minimum deposit.
XM’s Standard Account offers a diverse choice of trading instruments with leverage up to 1:1000. This account is appropriate for traders comfortable with regular trading volumes and looking for a good balance of risk and potential returns.
| 🔍Account Feature | 🌟Value |
| 💴Base Currency Options | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
| ➡️Position Size | 100,000 base currency units = 1 Lot |
| ⬆️Maximum Leverage Ratio | Depends on the Account Balance: $5 – 40,000 – 1:1 – 1:1000 $40,001 – $80,000 – 1:1 – 1:500 $80,001 – $200,000 – 1:1 – 1:200 $200,001+ – 1:1 – 1:100 |
| ❌Negative Balance Protection Applied? | ✅ Yes, to all retail accounts |
| 📌The average spread on all major forex pairs | 1 pip EUR/USD |
| 💵Commission charges | None |
| ⬆️Maximum open or pending orders per trader | 300 lots |
| ⬇️Minimum trade volume | 0.1 lot |
| 💡Hedging allowed? | ✅ Yes |
| ⚙️Lot Restrictions per trade | 50 lots |
| ☪️Is an Islamic Account offered? | ✅ Yes |
| 💴Minimum Deposit Requirement | 7 SGD ($5) |
| 🚀Open an Account | 👉 Click Here |
Ultra-Low Account
The XM Ultra-Low Account is designed for Singaporean traders looking for smaller spreads, with spreads as low as 0.6 pips and no commissions. Singaporeans can choose between the Ultra-Low Micro or Standard option.
It has a 7 SGD minimum deposit requirement and is appropriate for beginner and expert traders who desire tighter spreads for cost-effective trading. This account is perfect for those who trade regularly or in large amounts.
| 🔍Account Feature | 🌟Value |
| 💴Base Currency Options | EUR, USD, GBP, AUD, ZAR, SGD |
| ➡️Position Size | Standard Ultra – 100,000 = 1 lot Micro Ultra – 1,000 = 1 lot |
| ⬆️Maximum Leverage Ratio | Depends on the Account Balance: $5 – 40,000 – 1:1 – 1:1000 $40,001 – $80,000 – 1:1 – 1:500 $80,001 – $200,000 – 1:1 – 1:200 $200,001+ – 1:1 – 1:100 |
| ❌Negative Balance Protection Applied? | ✅ Yes, to all retail accounts |
| 📌The average spread on all major forex pairs | 0.6 pips EUR/USD |
| 💵Commission charges | None |
| ⬆️Maximum open or pending orders per trader | 300 lots |
| ⬇️Minimum trade volume | Standard Ultra – 0.01 lots Micro Ultra – 0.1 lots |
| 💡Hedging allowed? | ✅ Yes |
| ⚙️Lot Restrictions per trade | Standard Ultra – 50 lots Micro Ultra – 100 lots |
| ☪️Is an Islamic Account offered? | ✅ Yes |
| 💴Minimum Deposit Requirement | 7 SGD ($5) |
| 🚀Open an Account | 👉 Click Here |
Shares Account
The XM Shares Account is designed for stock traders, providing direct access to worldwide stock markets. With a larger minimum deposit of $10,000, it is better suited for more serious Singapore investors wishing to diversify into individual shares.
This account type is appropriate for those passionate about stock market movements and long-term investment methods.
| 🔍Account Feature | 🌟Value |
| 💴Base Currency Options | USD |
| ➡️Position Size | 1 Share |
| ⬆️Maximum Leverage Ratio | None |
| ❌Negative Balance Protection Applied? | ✅ Yes, to all retail accounts |
| 📌The average spread on all major forex pairs | According to the exchange |
| 💵Commission charges | From $1 per share |
| ⬆️Maximum open or pending orders per trader | 50 lots |
| ⬇️Minimum trade volume | 1 lot |
| 💡Hedging allowed? | None |
| ⚙️Lot Restrictions per trade | It will depend on each share |
| ☪️Is an Islamic Account offered? | ✅ Yes |
| 💴Minimum Deposit Requirement | 13,300 SGD ($10,000) |
| 🚀Open an Account | 👉 Click Here |
Demo Account
With XM, traders based in Singapore are offered a highly beneficial demo account that replicates real-life trading scenarios without any financial risk involved. This feature is useful for amateurs and professionals who want to upgrade their trading strategies.
The virtual account mirrors the actual market situation with up-to-date information access across all of XM’s tradable instruments and an extensive balance facility for user experimentation.
The activation period stays indefinitely as long as it remains operational; however, it can expire after 90 days of no active utilization making this tool ideal for continuous education and expertise enhancement in forex trading.
Islamic Account
The Islamic account XM offers is designed for Singaporean traders who adhere to Sharia law. This account type ensures compliance with the ban on interest charges and swaps relating to overnight positions, per Islamic principles against Riba.
It can be accessed through different accounts such as Micro, Standard, or XM Ultra-Low, catering to differing trader preferences. The offering retains all the standard features like leverages and accessibilities in other trading instruments available under XM’s umbrella brand.
Pros and Cons XM Account Types and Features
| ✅Pros | ❌Cons |
| XM offers several account types that suit different experience levels | The demo account expires after a period of inactivity |
| XM does not restrict any trading strategies | High leverage could still result in the loss of capital despite negative balance protection |
What is the XM Ultra Low account?
The XM Ultra Low account has lower spreads than other account types and is ideal for traders searching for low-cost trading.
Are all trading instruments available in each account type?
No, while most trading instruments are available across all account types, some are account-specific.
How to open an Account Step-by-Step
To open an account with XM, Singaporeans can follow these steps:
Step 1: Go to the official website and click on the “Open an Account” Banner
Step 2: Complete the Online application form
Select the trading platform type, account type, account base currency, and leverage for your trading account.
Step 3: Wait for a confirmation email from XM
To access XM’s Customer Reviews page, click the link in the email to authenticate your email address.
How long does the XM account verification process take?
After submitting the relevant papers, account verification can take up to 24 hours.
Can I open multiple accounts with XM?
Yes, you can open several accounts; however, some conditions may apply.
Trading Platforms and Software
XM offers Singaporean traders the following Trading Platforms:
➡️MetaTrader 4
➡️MetaTrader 5
➡️XM Mobile App
MetaTrader 4
MT4 has grown in popularity among Singapore traders because of its user-friendly interface and sophisticated trading capabilities. The platform offers great customization, allowing users to customize the layout to their liking.
MetaTrader 4 supports multiple languages, making it more accessible to a wider range of clients. The advanced technical analysis tools, such as different periods, indicators, and drawing options, allow for detailed market evaluations, essential for profitable investments.
MT4 takes pride in offering enhanced security features such as two-factor authentication and encrypted data exchange, which ensures safe transactions when using the software.
Furthermore, automation techniques can be easily applied via Expert Advisors (EAs), providing an added advantage when implementing complex trading strategies or algorithms – making it even more beneficial for seasoned investors looking to maximize profits from trades executed on this innovative platform.
MetaTrader 5
MT5 is an improved version of MT4 that caters to traders in Singapore, regardless of their experience levels.
Furthermore, it boasts additional features like hedging and netting, offering greater flexibility for trading strategies. The platform’s integrated economic calendar helps users stay up-to-date with market events and news.
The advanced charting capabilities allow for more thorough market analysis using MT5 compared to other available platforms today.
Additionally, the platform facilitates multi-asset trading by enabling diversification across equities or commodities – providing better overall coverage than previous versions.
XM Mobile App
The XM mobile app is an ideal solution for traders who want to trade while on the move. This application can be installed on Android and iOS devices and has a secure login process using facial recognition or fingerprint scanning based on device compatibility.
Traders are informed about price changes or account updates via real-time notifications from this software platform. In addition, the key features of charting, analysis tools, and trading capabilities enable traders to manage their positions effectively, irrespective of location.
Pros and Cons XM Trading Platforms
| ✅Pros | ❌Cons |
| Singaporeans can choose from powerful trading platforms | XM does not have a proprietary web-based or desktop platform |
| XM offers a robust mobile platform for iOS and Android devices | XM does not offer any additional third-party software |
Is there a demo version of the XM trading platforms?
Yes, XM provides a demo account to practice trading on their platforms.
How many charts can I display simultaneously on XM's platforms?
On XM’s MetaTrader 5 platform, you can view up to 100 charts simultaneously.
Range of Markets
XM offers Singaporean traders the following Trading Instruments:
➡️Forex
➡️Cryptocurrencies
➡️Stock CFD’s
➡️Commodities
➡️Equity Indices
➡️Precious Metals
➡️Energies
➡️Individual Shares
➡️Turbo Stocks
Pros and Cons XM Range of Markets
| ✅Pros | ❌Cons |
| Singaporeans can trade local CFDs with XM, including the Singapore 30 Cash Index and SGD currency pairs | The leverage options depend on the instrument being traded and the trader’s account balance |
| Several markets can be traded, ensuring portfolio diversification | There are limited Singaporean CFDs that can be traded |
| Traders with an account balance of $5 – $40,000 can use leverage up to 1:1000 | XM focuses on only providing CFD trading options |
What financial instruments can I trade with XM?
XM provides forex trading and CFDs on stocks, indices, commodities, and cryptocurrencies.
Are there any market-specific promotions with XM?
No, there are none. However, while XM does not normally give market-specific promos, it offers generic bonuses and promotions that can be applied to various markets.
XM vs XTB vs Octa – Broker Comparison
| 🔍Broker | 🥇XM | 🥈XTB | 🥉Octa |
| ⌛Regulation | FSCA, IFSC, ASIC, CySEC, DFSA, FCA | FCA, ACPR, BaFin, DFSA, KNP, FSCA, CySEC, IFSC | CySEC, SVG FSA |
| 📊Trading Platform | MetaTrader 4 MetaTrader 5 XM Mobile App | xStation 5 xStation Mobile | MetaTrader 4 MetaTrader 5 OctaTrader Octa App |
| 💴Withdrawal Fee | None | ✅ Yes, <$50 withdrawals | None |
| 🗂️Demo Account | ✅ Yes | ✅ Yes | ✅ Yes |
| 💵Min Deposit | 7 SGD | 0 SGD | 33 SGD |
| ➡️Leverage | 1:1000 | 1:500 | 1:500 |
| 📝Spread | 0.7 pips | From 0.5 pips | 0.6 pips |
| 💷Commissions | $1 to $9 | None on most instruments | None |
| 🛑Margin Call/Stop-Out | 50%/20%, 100%/50% (EU) | 100%/50% | 25%/15% |
| 🧑⚖️Order Execution | Market, Instant | Market | Market |
| ❌No-Deposit Bonus | None | None | None |
| 💰Cent Accounts | None | None | None |
| 🗂️Account Types | Micro Account Standard Account XM Ultra-Low Account Shares Account | Standard Account Swap-Free Account | OctaTrader Account Octa MetaTrader 4 Octa MetaTrader 5 |
| ⌛MAS Regulation | None | None | None |
| 💶SGD Deposits | ✅ Yes | None | None |
| 🗂️SGD Account | ✅ Yes | None | None |
| ⏰Customer Service Hours | 24/7 | 24/5 | 24/7 |
| 🗂️Retail Investor Accounts | 4 | 2 | 3 |
| ☪️Islamic Account | ✅ Yes | ✅ Yes | ✅ Yes |
| ⬇️Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
| ⬆️Maximum Trade Size | 100 lots | Not indicated | 500 lots |
| ⬇️Minimum Withdrawal Time | 1 working day | 1 Working Day | 1 – 3 hours |
| ⬆️Maximum Estimated Withdrawal Time | 5 working days | 7 Working Days | 1 – 3 hours |
| 💳Instant Deposits and Instant Withdrawals? | ✅ Yes, deposits | None | ✅ Yes, Deposits |
| 🚀Open an Account | 👉 Click Here | 👉 Click Here | 👉 Click Here |
10 Best Forex Brokers in Singapore
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Fees, Spreads and Commissions
| 🔍Instrument | 🥇Standard | 🥈Micro | 🥉Ultra-Low Micro | 🏆Ultra-Low Standard |
| ➡️EUR/USD | 1.6 pips | 1.6 pips | 0.7 pips | 0.7 pips |
| ➡️USD/SGD | 20 pips | 20 pips | 8 pips | 8 pips |
| ➡️Cotton | 0.0030 pips | 0.0030 pips | N/A | 0.0030 pips |
| ➡️US100 Cash | N/A | N/A | 1.10 pips | N/A |
| ➡️XAU/EUR | 3.5 pips | 3.5 pips | N/A | 1.5 pips |
| ➡️NGAS Cash | N/A | N/A | 0.005 pips | N/A |
| ➡️BTC/USD | 35.5 pips | 35.5 pips | N/A | 26.5 pips |
| ➡️Singapore 30 Cash Index | 0.22 pips | 0.22 pips | 0.22 pips | 0.22 pips |
| ➡️Apple Turbo Stock | N/A | N/A | 0.1 pips | N/A |
| ➡️Apple Stock CFD | N/A | N/A | 0.4 pips | N/A |
Spreads
XM is noted for providing competitive spreads across all account types. Spreads start as low as 0.6 pips for traders utilizing the Ultra-Low account, which is especially beneficial for frequent traders or those dealing in high volumes.
Spreads on Micro and Standard accounts typically start at 1 pip. These spreads are changeable and can change depending on market conditions and the type of financial instrument being traded, allowing traders to benefit from tighter spreads during periods of high liquidity.
Overnight Fees
Overnight fees are imposed by XM when positions are held open overnight. The amount of these fees depends on several criteria, including the type of financial instrument, the size of the position, and whether the position is long or short.
Deposit and Withdrawal Fees
XM is unique because it does not charge fees for deposits or withdrawals, which is a huge benefit for Singaporean traders. This approach contributes to lower total trading costs, making it more cost-effective for traders to transfer funds in and out of their trading accounts.
Inactivity Fees
Traders should be mindful of XM’s inactivity fees. If a live trading account goes inactive after 12 months, it is subject to a maintenance fee, followed by a monthly inactivity fee. This fee structure highlights the need for traders to remain active or close their accounts if they no longer intend to trade.
Currency Conversion Fees
Currency conversion fees apply to Singaporean traders when they deposit or withdraw funds in currencies other than their account’s base currency.
Pros and Cons XM Trading and Non-Trading Fees
| ✅Pros | ❌Cons |
| XM’s trading fee schedule is transparent and straightforward | XM charges an inactivity fee |
| Commission-free trading is available on most account types | The spreads on commission-free accounts are high |
Are XM’s spreads variable or fixed?
XM typically charges variable spreads.
Do XM’s spreads differ between forex pairs?
Yes, spreads can differ based on the currency pair being traded.
Deposit and Withdrawal Options
XM offers Singaporean traders the following deposit and withdrawal methods:
✅Credit Card
✅Debit Card
✅Bank Wire Transfer
✅Local Bank Transfer
✅Skrill
✅Neteller
✅WebMoney
Deposit Currencies, Deposit and Withdrawal Processing Times
| 🔍Payment Method | 💵Deposit Currencies | ⏱️Deposit Processing | 📆Withdrawal Processing |
| 💳Credit Card | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant | 2 to 5 working days |
| 💳Debit Card | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant | 2 to 5 working days |
| 🖥️Bank Wire Transfer | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | 1 working day | 3 to 5 working days |
| 🏦Local Bank Transfer | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | 1 working day | 3 to 5 working days |
| 🌟Skrill | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant | 1 working day |
| 📌Neteller | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant | 1 working day |
| 💴WebMoney | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant | 1 working day |
Pros and Cons XM Deposits and Withdrawals
| ✅Pros | ❌Cons |
| XM offers free deposits and withdrawals | XM does not offer instant withdrawals |
| Singaporeans can deposit and withdraw in SGD | XM does not support local payment methods for Singaporean deposits or withdrawals |
Are there any fees for depositing with XM?
No, there are no fees associated with depositing with XM.
How long does it take to process a withdrawal from an XM Account?
While withdrawal processing timeframes vary, they are usually completed within five days.
How to make a Deposit with XM
To deposit funds to an account with XM, Singaporean traders can follow these steps:
✅Traders can log into their XM Members Area.
✅Select from the available deposit options, which include online wallets, credit/debit cards, and bank transfers.
✅For example, to use a credit card, go to the deposit section in the Members Area, enter the deposit amount, and then follow the steps to complete the transaction.
✅After depositing, traders can check their deposit history in the Members Area to confirm the transaction.
How long do XM Deposits take?
XM deposits are typically processed instantly, or they could take 1 working day.
Are there any deposit bonuses?
Yes, XM offers a 50% deposit bonus with a 20% and 100% additional deposit bonus.
Can I make a deposit using multiple payment methods?
Yes, you can fund your XM account using multiple payment methods.
How to Withdraw from XM
To withdraw funds from an account with XM, Singaporean traders can follow these steps:
✅Log in to the XM platform’s Members Area.
✅Navigate to the section on withdrawal.
✅Select your desired withdrawal method, such as credit/debit card, bank transfer, or e-wallet.
✅Provide the appropriate withdrawal information for the selected method, such as the withdrawal amount and account information.
✅Complete the withdrawal form.
✅Your withdrawal request will be processed within 24 hours by XM.
✅Your funds will be transferred to the nominated account once processed. Singaporeans must remember that the processing time varies based on the withdrawal method chosen, with bank transfers often taking the longest.
How long do XM Withdrawals take?
Withdrawals with XM can take 1 to 5 working days, depending on the withdrawal method.
Is it possible to withdraw in different currencies with XM?
Yes, you can withdraw in different currencies, though conversion costs may apply if withdrawals are not in SGD.
Can I make a withdrawal via mobile with XM?
Yes, withdrawals can be initiated through the XM mobile app.
Educational Resources
Education
XM offers the following Educational Materials to Singaporean traders:
✅XM Live
✅Live Education
✅Live Education Schedule
✅Educational Videos
✅Forex Webinars
✅Platform Tutorials
✅Forex Seminars
✅Offline Trading Courses
Research and Trading Tool Comparison
| 🔍Broker | 🥇XM | 🥈XTB | 🥉Octa |
| 📆Economic Calendar | ✅ Yes | ✅ Yes | ✅ Yes |
| 💻VPS | ✅ Yes | None | ✅ Yes |
| 🌟AutoChartist | None | None | ✅ Yes |
| 🧐Trading View | None | None | None |
| 📌Trading Central | ✅ Yes | None | None |
| 📰Market Analysis | ✅ Yes | ✅ Yes | ✅ Yes |
| 🗞️News Feed | ✅ Yes | ✅ Yes | ✅ Yes |
| 🖥️Blog | ✅ Yes | ✅ Yes | ✅Yes |
XM also offers Singaporean traders the following additional Research and Trading Tools:
✅Trading Tools
✅MQL5
✅Forex Calculators
✅Markets Overview
✅News Feed
✅XM Research
✅Trade-Ideas
✅Technical Summaries
✅Economic Calendar
✅XM TV
✅Podcasts
✅XM Discover
Pros and Cons XM Education and Research
| ✅Pros | ❌Cons |
| XM has a comprehensive collection of educational materials ideal for beginners | XM does not currently offer AutoChartist or other popular trading tools |
| Singaporeans can access free VPS with XM | XM’s demo account expires after 90 days of inactivity |
Is XM's educational content free?
Yes, XM provides free instructional content such as courses and live training events.
Does XM provide any tools for market research?
Yes, XM has received recognition for its market research and educational content, albeit specific tools are not specified.
Bonuses and Promotions
XM offers Singaporean traders the following bonuses and promotions:
✅$30 No-Deposit Bonus
✅Deposit Bonuses
✅Social Competition
✅XM Loyalty Program
✅Free VPS
✅Free Deposits and Withdrawals
✅Referral Bonus
$30 No-Deposit Bonus
XM provides attractive bonuses and promotions for Singaporean traders, all aimed at improving their trading experience and possible benefits. New clients are greeted with a $30 trading incentive promptly deposited to their account with no investment required.
This bonus, equal to 40 SGD, among other currencies, allows traders to begin trading immediately and take all gains gained even though the bonus is non-withdrawable.
Deposit Bonuses
XM offers a deposit incentive of 50% up to $500 and an extra 20% up to $4,500 on consecutive deposits, increasing Singaporean clients’ trading capital. XM also runs special deals for a limited time, such as the Africa DB Promo, which offers a 100% bonus of up to $500 at specified periods.
Social Competition
Another interesting initiative is XM’s social competitions, where traders can win cash prizes and other perks. These tournaments are only available to XM Real account users and are accessible to traders of all levels of experience.
XM Loyalty Program
The XM Loyalty Program provides additional benefits by providing special seasonal bonuses and exclusive, invitation-only perks. These promos are intended to provide additional incentives all year.
Free VPS
XM provides free virtual private server (VPS) services to improve trading efficiency, which is suitable for using Expert Advisors and assuring speedier trade execution. This service is available 24 hours a day, seven days a week, and is useful for traders who want to reduce downtime and boost the pace of their deals.
Free Deposits and Withdrawals
XM assures affordability by charging no fees on deposits and withdrawals from all e-wallets and major credit cards, as well as wire transactions exceeding $200. Because there are no hidden costs or commissions, trading with XM is more cost-effective for Singaporean traders.
Referral Bonus
The ‘Refer a Friend’ program pays existing clients up to $35 for each new trader they suggest to XM, rewarding them for spreading the word about their great trading experiences.
Are the XM bonuses withdrawable?
Yes, they are. However, Singaporeans must read each bonus with specific withdrawal terms and conditions.
Do XM bonuses expire?
Yes, some XM bonuses expire. Furthermore, expiry terms for bonuses are usually specified in the promotional details.
Affiliate Program
The XM Affiliate program is geared to Singaporean affiliates’ needs, allowing them to earn money by recommending new clients to XM’s diverse range of trading services. This program’s key features include:
✅Access to a wide range of marketing tools, including banners, landing pages, and links, allowing for effective advertising of XM’s services in Singapore.
✅A shortened integration process enables speedy account set up, allowing for the instant start of commission-generating operations.
✅The option to serve as a local XM agent in Singapore, earning commissions from clients who actively trade or deposit particular amounts, potentially increasing earnings.
✅A 10% commission on second-tier referrals provides an extra revenue stream from clients promoting people to XM.
✅Multilingual service in over 25 languages, allowing effective communication with a broad client base and access to necessary support while catering to Singapore’s multilingual terrain.
✅A comprehensive reporting system from XM Partners that provides real-time insights into earnings and performance, allowing affiliates to track their progress and fine-tune their marketing strategies.
✅A commission revenue share model with the ability to earn up to $25 per lot traded and no limit on commissions per client or total earnings.
✅Regular promotions for new and existing traders, which affiliates in Singapore can use to improve their commission possibilities and attract more clients.
✅The ability to create contests and competitions, which can extend the affiliate’s audience and market presence.
What is the role of an XM Personal Account Manager?
A Personal Account Manager will work with you to optimize your affiliate activities.
Are there any ongoing XM incentives and rewards for affiliates?
Yes, XM organizes contests regularly and provides ongoing incentives and awards.
How to Register an Affiliate Account Step-by-Step
To register an Affiliate Account, Singaporean traders can follow these steps:
Step 1: Go to the Official website and click on the “Partnerships” tab
Step 2: Click on the ” Register A Partner Account” banner
Step 3: Complete the online registration form
After activating their account, affiliates can earn commissions by recommending new clients to XM. Affiliates can earn up to $25 per lot as part of the commission system.
XM Partners offers a variety of resources, tools, and real-time reporting to assist affiliates in tracking their earnings and success.
Are there any fees for opening an XM affiliate account?
No, there are no fees for opening an affiliate account.
What is the commission structure for XM affiliates?
Commission rates for clients recommended by affiliates can reach up to $25 per lot.
Customer Support
| 🫴🏻Customer Support | 🌟XM Customer Support |
| ⏰Operating Hours | 24/5 |
| 🫴🏻Support Languages | English, Chinese, Russian, French, Italian, Spanish, Portuguese, Polish, Arabic, and more |
| 🗣️Live Chat | ✅ Yes |
| 💻Email Address | ✅ Yes |
| ☎️Telephonic Support | ✅ Yes |
| 5️⃣The overall quality of XM Support | 5/5 |
Response Time
| 🫴🏻Support Channel | ⏰Average Response Time | ⏱️User-based Response Time |
| ☎️Phone | N/A | N/A |
| 1 working day | Same-day | |
| 🗣️Live Chat | 5 minutes | 2 minutes |
| 📱Social Media | 1 working day | 10 minutes |
| 🤝Affiliate | 1 working day | Same-day |
Pros and Cons XM Customer Support
| ✅Pros | ❌Cons |
| XM is available across several communication channels, including social media and live chat | XM does not have customer support operating 24/7 |
| XM offers multilingual customer support to Singaporeans | XM does not have a local office in Singapore |
Can I get support in multiple languages with XM?
Yes, to serve its global customers, XM provides customer service in several languages.
Can I contact XM customer support for technical issues with the trading platform?
Yes, XM’s customer service can help with technical issues with the trading platform.
Social Responsibility
Whether beginners or seasoned investors, Singaporean traders can benefit from XM’s copy trading platform.
This approach enables users to easily duplicate the strategies of professional traders, allowing them to earn equal amounts of money without substantial market knowledge or continual monitoring.
Sharing successful trading methods with the community can be profitable, possibly earning up to 50% profit share from follower earnings.
Traders can rapidly start following strategies across numerous markets such as Forex, indices, crypto, and commodities by joining XM’s enormous community of over 10 million subscribers. The procedure is simple and accessible via web, iOS, or Android platforms, making it suitable for all users.
For experienced traders, becoming a Strategy Manager is an opportunity to share knowledge and make extra money. They can gain followers and earn a part of the profits generated by their trades by developing and sharing techniques.
Copy trading on XM is especially advantageous for beginning traders. It provides an easy-to-use, intuitive platform for individuals to participate in the markets while completing their studies and developing their own strategies.
This trading technique provides a hands-on learning experience for beginning traders, who may witness and learn from the decisions and strategies of more experienced traders.
Can I follow other traders with XM?
Yes, you can easily follow other traders using XM’s copy trading platform.
Are there any social trading promotions or bonuses?
Yes, XM has recently introduced a social trading competition.
User Comments and Reviews
🥇“As an online trading educator, I’ve found XM to be an important tool for both beginner and seasoned traders’ instructional needs. The variety of available markets on XM is a huge advantage for teaching across multiple asset classes.” – Chloe Phua (August 2023)
🥈“I was thrilled to receive a $30 bonus from XM, which I expertly converted into $100, and the withdrawal process was quite simple. My heartfelt thanks to XM.” – Evelyn Miller (February 2023)
🥉“Despite hearing unfavorable things about XM, my own experience has been nothing but great. They provide a wide range of activities for traders, proving their dedication to trader pleasure. I appreciate the opportunities XM provides to further my trading career.” – Rui Yeo (February 2023)
In Conclusion
In conclusion, XM offers a stable and adaptable trading environment that is ideal for the various demands of Singapore’s trading community.
XM’s educational materials and customer service are excellent; they give traders of all skill levels insightful information and support.
Furthermore, XM is an appealing choice for individuals who want to optimize their trading potential because of the cashback rebates and different bonus programs that offer even more allure.
Our Insight
In my opinion, XM is a good option for Indonesian traders. Both new and seasoned traders can benefit from XM’s wide selection of financial instruments, which includes indices, commodities, and forex, as well as its customizable account options.
Our Recommendations
✅Organizing local events, seminars, and workshops would give Singaporean traders with great learning opportunities and networking platforms.
✅Given Singapore’s strong mobile usage rates, furthering the mobile trading platform’s accessibility and adding new features would appeal to traders who favor mobile trading.
✅Local traders would benefit greatly from tailoring training content to incorporate more Singapore-specific market research, trading tactics, and regulatory rules.
✅More Singapore-specific payment methods, such as PayNow or local bank transfers, will make the deposit and withdrawal procedure easier for Singaporean customers.
✅Changing support hours or establishing a specific Singaporean customer care team will ensure timely help per the Singapore time zone.
✅A local presence will allow Singaporean traders to receive more direct and customized assistance, establishing trust and a sense of community.
✅Collaboration with local banks and financial institutions to provide seamless transactions and investment options could boost XM’s appeal in Singapore.
Pros & Cons
| ✅Pros | ❌Cons |
| With leverage up to 1:1000 for Forex, XM lets experienced traders manage large positions with modest capital | XM offers stock CFDs but not direct stock trading |
| Negative Balance Protection protects traders against market volatility | The MAS does not locally regulate XM in Singapore |
| XM offers Sharia-compliant accounts for Muslim traders | While useful, high leverage increases the risk of big losses |
| Singaporean traders can use XM’s SGD account to avoid currency conversion fees | Dormant accounts at XM incur a maintenance fee after 12 months |
| XM serves Singaporean traders’ trading goals with Forex, cryptocurrencies, stock CFDs, commodities, equity indices, and more. | XM lacks a local office in Singapore |
| XM does not charge Singaporean traders for deposits or withdrawals, lowering trading costs | XM offers SGD accounts, but traders depositing or withdrawing other currencies may suffer conversion fees |
| Singapore’s bilingual populace benefits from XM’s multilingual customer care | Swap fees can reduce profitability for overnight traders, especially in long-term strategies |
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Frequently Asked Questions
Is XM available in Singapore?
Yes, Singaporeans can open an account with XM.
Withdrawals from CMTrading normally take 1 to 3 business days, depending on the withdrawal method and the client’s bank processing times.
What is the minimum deposit for XM in Singapore?
In Singapore, the minimum deposit for XM is 7 SGD ($5), making it accessible to a wide variety of traders.
Is XM regulated?
Yes, XM might not be regulated by the MAS in Singapore but is regulated by ASIC, IFSC, CySEC, FSC, DFSA, and FSCA.
Is XM Safe or a Scam?
XM is an extremely trustworthy and secure broker for Singaporeans, boasting a trust score of 90%.
What trading platforms does XM offer?
XM offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms and XM App. These platforms are appropriate for both novice and expert traders.
Is XM regulated and safe for Singaporean traders?
Yes, XM is controlled by several renowned regulatory agencies, including ASIC and CySEC, ensuring customer money’s safety and fair trading procedures.
How long does it take to withdraw from XM?
The withdrawal process typically takes between 1 to 5 business days. Nevertheless, some customers have expressed grievances about experiencing longer wait periods exceeding those specified by XM.
Can traders in Singapore access leverage with XM?
Yes, Singapore traders can use leverage of up to 1:1000 on the MT5 platform with XM.
Does XM have VIX 75?
No, VIX 75 is not offered by XM. However, various other indices are available for trade on their platform, including the Singapore 30 Cash Index.
Does XM provide any educational resources?
Yes, XM provides a wide range of educational materials for traders, including seminars, educational films, platform tutorials, and XM Live podcast-style resources.
Does XM have Nasdaq 100?
Yes, you can access the cash index of Nasdaq as US100 with competitive spreads starting from only 1.10 pips through XM.
Does XM offer a demo account?
Yes, XM offers a demo account for traders to practice and become acquainted with the platform before trading with real money.
