How to open an FX Trading Account with XM in Singapore

Opening a trading account to trade the abovementioned instruments with XM is an online process that takes a few minutes and requires uploading an identity document (Passport or ID Card) and proof of address (electricity, water bills, etc.) through XM's website.

Should everything be in order, your account may be ready in a couple of days, when you should fund your account via Credit Cards, eWallets, or Bank Transfers.

Opening a free demo account is essential so you may open a Demo account, test the platform, and decide whether to deposit funds. In any case, XM's minimum deposit is only USD 5 (or the equivalent in other currencies if you choose to open the account based on another one. Furthermore, depositing and, most importantly, withdrawing funds with XM is a smooth and quick process (It takes a few hours).

XM's Account Types

XM offers four types of accounts:

1. Micro Account

2. Standard Account

3. XM Ultra-Low

4. Shares Account

The differences between them lie in the following:

• The size of the minimum traded lot,

• The spread in the main currency pairs,

• The minimum trading volume, and (d) the minimum deposit, which changes for XM Ultra-Low accounts (where the minimum deposit is USD 50 instead of USD 5).

Accounts can be opened in USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, SGD, and ZAR as the base currency (The Zero Account is available in EUR, USD, GBP, AUD, ZAR, SGD or JPY). In addition, you can open an account with other currencies as the base, depending on the account type. Before trading, please choose the correct base currency when registering since changing it at a later stage could create issues.

Is XM a trustworthy broker?

The most relevant question is, is it a reliable firm, and can I trust my money to XM?

A way to understand if a Broker is reliable is through the strictness of the public entities regulating its operations. In other words, if a top-tier government entity controls a Broker, it would be an excellent indicator to demonstrate that the broker is safe to deposit funds and operate with the platform. XM is regulated in 3 different jurisdictions:

• In Cyprus, by CySec (Cyprus Stock Market Commission): Trading Point of Financial Instruments Ltd is licensed by CySEC under license number 120/10

• In Australia, by the ASIC (Australian Securities and Investment Commission): Trading Point of Financial Instruments Pty Ltd has obtained the Australian Financial Services License by ASIC (number 443670)

• In Belize, by the IFSC (Belize International Financial Services Commission), XM Global Limited is licensed by IFSC under license number IFSC / 60/354 / TS / 19.

Considering that very strict government entities regulate XM, we can confidently say it's a  trustworthy firm, given that it complies with strict regulations.

Bottomline on XM

XM is a reliable, popular, low-cost, multi-awarded broker regulated by top-tier government entities. So, if you are starting to trade or are a pro trader, it is suited for you based on the different account types it offers. An important aspect is that the client service is best available.