XM Review for traders in Singapore: Forex & CFD Trading with Tight Spreads

Is XM available in Singapore?

First, many locals ask about XM's availability to clients residing in the country, and the answer is yes: XM opens trading accounts to clients who live in Singapore.

In this article, we will review this popular Broker and its instruments and answer the very relevant question at the end: Is XM trustworthy?

About XM

XM is an Online Broker focused on FX and CFD trading. It has one of the most extensive customer bases globally since it offers many currency pairs and CFDs of international financial instruments at a squeezed cost. Investors can trade FX, Cryptocurrencies, Turbo Stocks, Stock CFDs, Commodities, Equity Indices, Precious Metals, and Energies. Among XM's platform offerings, MetaTrader 4 and 5 are choosable, two of the most popular trading platforms. The Broker has over 10 million accounts from clients in 196 countries, both for beginner and professional investor accounts.

Financial Instruments offered by XM

• Forex: +55 CFDs on currency pairs – Majors, minors, and exotics.

• Cryptocurrencies: 24/7 trade, Zero Swap, Trade with up to 1:500 Leverage

• Stocks: +1,000 CFDs on global Stocks, Instant access to global economies.

• Commodities: CFDs on 15 commodities.

• Indices: XM offers CFDs on 14 major stock exchange indices.

• Precious Metals: Trade gold and silver online with no-requotes

• Energies: Trade oil – the most actively traded commodity worldwide

•  Turbo Stocks: Benefit from lower spreads & trade with no extra fees

XM: Welcome Bonus available to Clients in Singapore

For clients with residence in Singapore, XM offers a Welcome Bonus of USD50 for new users, which has the following characteristics:

• No deposit is required

• Automatically credited when opening an account

• Gained Benefits can be withdrawn; the Bonus is non-withdrawable

• Available for NEW clients only

XM's FX and CFD Trading Webinars

As mentioned previously, XM offers regular educational Forex and CFD Trading webinars. You may check out pics and comments from these events on XM's site. Remember that reserving a seat on future events through this website is free; it's usually a full-day event, and a complimentary meal is included.

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.