Forex & CFD Trading with XM from Kenya
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.
LISTED AT THE STOCK EXCHANGE: NO
OFFERS BANKING SERVICES: NO
MINIMUM DEPOSIT: USD5
WELCOME BONUS FOR NEW CLIENTS: USD30 (NOT AVAILABLE FOR RESIDENTS IN THE EU)
XM: Online Broker in Forex and CFDs
The online trading platforms provided by XM are a good choice for investing in international stock exchanges. XM has been classified by many analysts as one of the best online brokers for Forex and CFDs.
XM is an online foreign exchange and CFD broker for clients living in Kenya. Because it provides a large number of currency pairs and CFDs on international financial instruments, it has one of the largest market penetration rates. 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 faster-expanding brokers in Africa, leveraged by it's Live Seminars and other Marketing activities in the continent.
Is XM a reliable 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 controlled 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 in Africa
As mentioned earlier, XM is currently focused on expanding its influence in the African market, which is why during 2019, XM held regular Forex educational webinars in Tanzania, Egypt, Côte d’ Ivoire, Tunisia, Kenya, Uganda, Morocco and Mozambique. Click here to see pictures and comments from these events. Please keep in mind that booking seats for future events through this website is free, usually for a full-day event, and includes a free meal.
Forex & CFDs provided by XM
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
For customers residing outside the UK and the EU, a very interesting fact is that XM offers new users a welcome bonus of $ 30, 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 Fees 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 transaction costs, it can be concluded that XM is a broker recommended for foreign exchange and CFD traders seeking to negotiate with the MetaTrader platform, with a relatively low total cost. One advantage is that XM does not charge any commission for opening and closing trades. On the contrary, the financing cost (overnight cost of maintaining open trades) is medium.
XM's Forex and CFD trading accounts... Can I open one in Kenya?
Yes, and the good news is that opening a Forex and CFD trading account with XM is Kenya is a process that is carried out online and takes only a few minutes and requires: (a) a Valid ID and (b) a proof of address (electricity, water bills, etc.), which are scanned through the platform. Deposit and withdrawal methods are:
International Bank Transfer
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.