Forex & CFD Trading with XM from UAE
USD50
Is XM available in UAE?
First things 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 UAE.
XM is one of the brokers expanding faster in the Middle East, leveraged by its Live Seminars and other Marketing activities.
In this article, we will review this popular Broker, the instruments that it offers, and we will 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. Among their offering, an investor can trade global stocks, indices, metals and energies. Among XM's platform offering, 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.
Stocks: +1,290 CFDs on Stocks that trade in the US, UK and European Stock Exchanges.
Commodities: CFDs on 15 commodities, including Gold and Oil, the most popular among traders.
Indices: XM offers CFDs on 14 major stock exchanges indices.
XM: Welcome Bonus available to Clients in UAE
For clients with residence in UAE, 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Gained Benefits can be withdrawn, Bonus is non-withdrawable
Available for NEW clients only
XM's Forex Seminars
As mentioned previously, XM regular educational Forex webinars. 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 complimentary meal is included.
XM's Trading platforms
How to open an FX Trading Account with XM in UAE
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 Emirates ID) 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, the time when you should fund your account via Credit Cards, eWallets, or Bank Transfers.
It is essential to mention that opening a demo account free, so you may open a Demo account, test the platform, and then decide whether to deposit funds or not. 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. 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 3 types of accounts:
Micro Account
Standard Account
XM Zero Account (Ultra-Low Spreads)
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 USD 50 instead of USD5).
Accounts can be opened in USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, and ZAR as the base currency (The Zero Account is available in EUR, USD or JPY only). You can open an account with other currencies as the base, but this varies depending on the account type. Before trading, choose the correct base currency when registering since changing it at a later stage could create issues.
Is XM a trustworthy broker?
Now the most relevant question, 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 Broker is controlled by a government entity considered as Top Tier worldwide, it would be an excellent 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 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's a trustworthy firm, given that they comply with strict regulations.
Does XM offer Islamic accounts? Am I allowed to Trade if I am Muslim?
Yes - XM offers Islamic accounts. And how do they work? An Islamic account is a halal trading account available to clients who respect the Quran and wish to invest while following Islamic finance principles. Islamic trading accounts differ in several ways from regular Forex accounts.
As Sharia law prohibits the accumulation of interest, traders with Islamic accounts do not pay or receive interest rates. Also, transactions in Islamic accounts must be completed without delays, so currencies must be transferred from one account to another immediately, and transaction costs have to be paid simultaneously. Islamic accounts are also known as swap-free accounts because of this, and they follow four basic principles to be considered Halal:
Prohibition of payment and receipt of any interest rate (Riba)
Immediate exchanges in the context of trading operations
Prohibition of gambling
Distribution of risks and benefits
Bottomline on XM
XM is a reliable, popular, regulated by top tier government entities, low-cost and multi-awarded broker. If you are just starting to trade or you are a pro trader, it is suited for you based on the different account types that it offers. Oh, and an important aspect worth mentioning: the client service is one of the best ones available.