If you want to deposit from a forex trading account, then XM is a suitable option as its minimum deposit requirement is just $100.
The term minimum deposit refers to the lowest requirements that an account refers to deposit funds. There are five different types of accounts in XM, and the deposit amount is also different. The deposit amount also depends on currency and nationalities. There are different currency options in XM. These are USD, EUR, PLN GBP, JPY, AUD, RUB, and HUF. Now the XM minimum deposit introduced a new feature that is ZAR and SGD currency, and it is specially introduced for South Africa and Singapore.
XM deposit requirements in ZAR
There are almost ten currencies in XM, and these are mentioned above. The newly introduced currency is now gaining popularity that is ZAR. ZAR was introduced for customers in South Africa. Before ZAR, South African customers could not use their base currency in XM, and they spent a lot of fees for conversion in any other currency. But there were a number of South African customers who were trading on XM. So XM introduced ZAR currency.
In ZAR, XM’sXM’s minimum deposit is 72 rands that are equal to 5 USD. Micro, standard, and Ultra-low accounts offer ZAR 72 as their minimum deposit. One of the popular accounts of XM, Micro account, is budget-friendly because it uses micro-lot rather than standard trading. Ultra-account offers ultra-tight spread for trading, and it is the most convenient option for South African. On ultra-low accounts, the spread starts at 0.6 pips.
Here is the list of the XM requirements for minimum deposit in supported base currencies:
- Global – 5 USD
- Europe – 5 EUR
- South Africa – 72 ZAR
- Singapore – 6 SGD
- United Kingdom – 5 GBP
- Asia – 550 JPY
- Australia – 6 AUD
- Russia – 370 RUB
- Hungary – 1517 HUF
- Poland – 19 PLN
Account Types of XM and their deposit requirements
There are four accounts in XM, and each account has its own deposit requirements. This trading account, i.e., Micro account, standard account, Ultra-low account, and share account, can be tested on a demo account. However, there is a bit of difference in their minimum requirements.
Three popular accounts have the same deposit requirements that are $5, and these accounts are micro account, standard account, and XM ultra-low account. But share trading account has 10,000 USD as their XM minimum deposit requirement.
The other name of the micro account is cent account, and it is a budget-friendly option for traders. Because it uses micro-lot rather than standard trading, the other account in XM that is a standard account is the same as a micro account, but the main difference between a standard account and a micro account is it uses standard lots. The Ultra-low account type is a low-spread account with spreads starting at 0.6 pips, which is at least 0.4 pips lower than the market average on most popular currency pairings such as EUR/USD.
XM doesn’t charge any commission fee on withdrawing or depositing. But the team of XM requires their service fee, which is between 1-3%, but this fee is refundable by the XM. Now XM is a great option for trading due to XM minimum deposit.