Forex & CFD Trading with XM from Benin

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.31% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.



HQ: Cyprus

YEAR: 2009



CLIENTS: +2,500,000



XM: Online Broker in Forex and CFDs

A good alternative to investing at the local Stock Exchange (where you can only access instruments that are traded locally), is through the online trading platforms offered by XM, which has been classified by many analysts as one the best online trading platforms for Forex and CFDs.

XM is an Online Forex and CFD Broker available for clients residing in Benin, with has one of the largest penetrations in the market, since it offers a large number of currency pairs and CFDs of international financial instruments. Among their offering, a trader is able to invest in stocks, indices, metals and energies. Among the platforms that the broker offers, one may find MetaTrader 4 and 5, two of the most popular trading platforms. XM has over 2.5 million accounts from clients based around the world, both for beginner and professional investors. XM is one of the brokers expanding at a faster rate in Africa, leveraged by it's Live Seminars and other Marketing activities in the continent.

Is XM a trustworthy broker?

A way to understand if a Broker is reliable is through the strictness of the public entities that regulate it's operations. In other words, if a Broker is regulated by a government entity considered as Top Tier worldwide, it would be a good indicator to demonstrate that it is safe to deposit funds and operate with the platform. XM is regulated in 3 different jurisdictions:

  • In Cyprus, by the 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.

Bearing in mind that XM is regulated by very strict government entities, we can say with certainty that it is a serious firm, given that they comply with strict regulations.

XM's Forex Seminars


As mentioned previously, XM is currently focused on expanding it's presence in the African markets, reason why during 2019 along it's regular educational Forex webinars, it has held Live Seminars in Tanzania, Egypt, Cote d'Ivoire, Tunisia, Kenya, Uganda, Morocco and Mozambique. offers the possibility of attending to forex seminars worldwide. Click here to check out pics and comments from these events. Remember that reserving a seat on future events through this website is free of charge, it's usually a full day event and a complementary meal is included.

Forex & CFD instruments offered by XM

XM's platform offers the following trading instruments:

  • Forex: 55 currency pairs – Majors, minors y exotics.

  • Stocks: XM offers CFDs on Stocks from 17 major Stock Exchanges, among which there are the New York Stock Exchange and Nasdaq, two of the most popular among investors.

  • Commodities: XM offers CFDs on 16 commodities, being Gold and Oil the most popular among traders.

  • Indices: XM offers CFDs on 12 major stock exchanges indices.

XM: Welcome Bonus available to International Clients

A very interesting fact for clients with residence outside of the UK and the EU, is that XM offers a Welcome Bonus of USD30 for new users, which has the following characteristics:

  • No deposit is required

  • Automatically credited when opening an account

  • Gained Benefits can be withdrawn, Bonus is non-withdrawable

  • Available for NEW clients

XM's Costs and Spreads

XM stands out because it does not charge commissions to negotiate, but instead charges its commissions through the spread (spread = differential of the purchase and sale price of the instrument). Since it has no commissions to negotiate, XM is one of the most accessible Forex and CFD brokers available.

In terms of its total cost of trading, it can be summarized that XM is a broker recommended for Forex and CFD traders seeking to negotiate with MetaTrader platforms, at a relatively low total cost. A plus is that XM does not charge commissions for opening and closing positions, the counterpoint is that the financing costs (overnight cost of maintaining an open position) are of medium range.

XM's Forex & CFD Trading Accounts


Can I open a Forex and CFD account with XM from Benin?


Yes, and the good news is that opening a Forex and CFD trading account with XM from Benin is a process that is carried out online and takes only a few minutes: The process is simple and requires: (a) a Valid ID and (b) a proof of address (electricity, water bills, etc.), which are scanned through the platform. The methods of depositing and withdrawing money are:


  • Credit Card

  • Skrill

  • Neteller

  • International Bank Transfer

  • MuchBetter

  • Klarna

  • Trustly

It is important to emphasize that the Opening of the Demo Account is totally Free, that is, you can open a Demo account, test the platform and then decide whether you will deposit or not. And remember a very interesting fact: To open an account with Real Money, only USD5 is required.


XM's Account Types

XM offers 3 types of accounts: (1) Micro Account, (2) Standard Account and (3) XM Ultra Low Account. The differences between them lie in: (a) the size of the lot, (b) the spread in the main currency pairs, (c) the minimum trading volume and (d) the minimum deposit, which changes for XM Ultra Low accounts (where the minimum deposit is USD50 instead of USD5).

Accounts can be opened in US Dollars (USD), Euros (EUR), British Pounds (GBP), Swiss Francs (CHF) or Australian Dollars (AUD) as the base currency. You can open an account with other currencies as the base but these varies depending on the type of account. Before starting to trade, when opening the account, it is very important to choose the correct base currency and the type of account correctly, since changing it at a later stage could create issues.

Stock Exchange


Risk Warning: Contracts for Difference ("CFDs") are leveraged products and carry a high level of risk to your capital as prices may move rapidly against you. Losses can exceed your deposits and you may be required to make further payments. 74 - 89% of retail clients lose money when trading CFDs. You should consider whether you can afford the high risk of losing your money. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. The information on this website may be accessed worldwide. This information and the products and services referred to on this website are only intended for recipients located in jurisdictions where use of or access to the information, products or services does not constitute a breach of any law or regulation.

Copyright 2021 Alexon Capital Ltd.