XM Review
XM is renowned for offering a 30 USD no-deposit bonus to new clients. Colombian traders can access over 1,000 instruments with XM using MetaTrader 4 and 5. XM’s spreads start from 0.6 pips on EUR/USD.
- Maryke Myburgh
Jump to:
Overview
Regulation and Safety of Funds
Awards and Recognition
Account Types and Features
Account Registration
Broker Comparison
Trading Platforms
Range of Markets
Fees
Deposit and Withdrawels
Education and Research
Bonuses and Promotions
Affiliate Programs
Customer Support
Social Responsibility
Final Verdict
Pros and Cons
FAQ
Min Deposit
USD 5
Regulators
IFSC, FCA, CySEC, ASIC, CMA
Trading Desk
MT4, MT5
Crypto
No
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Overview
We have had a variety of experiences with different brokers. XM is a company that has caught our attention and we have thoroughly analyzed it. This broker, founded by Trading Point Holdings in 2009, has been steadily gaining popularity in the trading industry.
As we started our review of this broker, we were immediately impressed by the strong regulatory framework of XM. The oversight is carried out by prominent financial authorities such as FSCA, IFSC, ASIC, CySEC, DFSA, and the FCA.
As we explored XM’s offer, we found that the broker offers a wide range of accounts from Micro to Standard ultra-low to Shares, ensuring a suitable choice for traders at any level of experience.
In addition, XM offers access to an extensive selection of instruments, with over 1,000 options available across different asset classes. They seem to have many options, including forex, stocks, indices, commodities, and even cryptocurrencies.
Furthermore, their inclusion of the highly regarded MetaTrader 4 and MetaTrader 5 platforms is certainly a valuable advantage.
Based on this, we can confidently say that XM appears to be a suitable broker for Colombian traders. Having multilingual support, including Spanish, is crucial for effective communication. XM’s educational resources are impressive – webinars, tutorials, and more.
These resources could be highly beneficial for traders seeking to enhance their skills. It’s important to highlight the various deposit methods available, all with no fees. This is definitely a convenient feature to consider.
XM also appears to be quite competitive when it comes to costs. The spreads for major currency pairs start from 0.6 pips. In addition, XM also has various loyalty programs and trading bonuses, which are attractive perks that demonstrate their commitment to their clients.
From our perspective as experienced reviewers, XM is a reliable and adaptable broker. The range of services they provide is extensive and seems to be a good fit for the varied requirements of traders in Colombia.
What is XM mostly renowned for in the Colombian internet trading community?
XM is known for providing a full range of trading tools and services tailored exclusively to the needs of Colombian traders.
Does XM provide customer service in the Colombian time zone?
Yes. XM offers customer support services tailored to several time zones even though Colombia Standard Time is not specifically mentioned on XM.
XM Review at a Glance
| 🗓Established Year | 2009 |
| 🪪Regulation and Licenses | FSCA, IFSC, ASIC, CySEC, DFSA, FCA |
| 🌟Ease of Use Rating | 5/5 |
| 💰Bonuses | $30 no-deposit bonus, Trade and Win, Referral Program, 50% + 20% deposit bonus |
| ⏰Support Hours | 24/7 |
| 📊Trading Platforms | MetaTrader 4, MetaTrader 5, XM App |
| 📈Account Types | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 💸Base Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
| 📊Spreads | From 0.6 pips (XM Ultra-Low Account, EUR/USD) |
| 📈Leverage | 1:1000 |
| 💳Currency Pairs | 55, minor, major, and exotic pairs |
| 💰Minimum Deposit | 21,000 COP ($5) |
| 💸Inactivity Fee | Yes, $15 once-off after 12 months of inactivity, then $5 per month |
| 🗣Website Languages | English, Malaysian, Chinese Simplified, Chinese Traditional, Russian, French, Italian, German, Polish, Spanish, Portuguese, and several others |
| ⚖️Fees and Commissions | Spreads from 0.6 pips, commissions from $1 per Share |
| 📚Affiliate Program | Yes |
| 🏛️Banned Countries | The United States, Canada, Israel, the Islamic Republic of Iran |
| 💻Scalping | Yes |
| 🔎Hedging | Yes |
| ✴️Trading Instruments | Forex, cryptocurrencies, stock CFDs, commodities, equity indices, precious metals, energies, individual shares, Turbo Stocks |
| 👉 Open Account | Open Account |
XM Regulation and Safety of Funds
XM’s Regulation in Colombia
XM is not regulated by Colombia’s Superintendencia Financiera de Colombia or “SFC” (Financial Superintendence of Colombia). However, XM’s global regulations are listed in the table below.
XM Global Regulations
| 🔎Registered Entity | 🌎Country of Registration | 📇Registration Number | ⚖️Regulatory Entity | 🔢Tier | 🪪 License Number/Ref |
| XM Global Limited | Belize | – | IFSC | 3 | 000261/158 |
| Key Way Financial (Pty) Ltd | South Africa | 2018/527968/07 | FSCA | 2 | 49976 |
| Trading Point of Financial Instruments Pty Ltd | Australia | ABN 32 164 367 | ASIC | 1 | AFSL 443670 |
| Trading Point of Financial Instruments Ltd | Cyprus | – | CySEC | 2 | 120/10 |
| Trading Point MENA Limited | Dubai | – | DFSA | 2 | F003484 |
| Trading Point of Financial Instruments UK Limited | United Kingdom | 09436004 | FCA | 1 | 705428 |
XM’s Protection of Client Funds
| 👮 Security Measure | ℹ️ Information |
| Segregated Accounts | Yes |
| Compensation Fund Member | Yes |
| Compensation Amount | €20,000 or 90% of the covered investor |
| SSL Certificate | claim, whichever is lower. |
| 2FA (Where Applicable) | Yes |
| Privacy Policy in Place | Yes |
| Risk Warning Provided | Yes |
| Negative Balance Protection | Yes |
| Guaranteed Stop-Loss Orders | Yes |
XM Trading Awards and Recognition
While exploring the XM website, we came across the following most recent awards that the broker has won:
- The World Finance Forex Awards named XM the Best FX Broker in Latin America in 2023.
- The World Finance Forex Awards recognized XM as the Best FX Broker in the Middle East in 2023.
- In 2023, the World Finance Forex Awards awarded XM for excellent FX client service.
- The World Finance Forex Awards honored XM as the best FX Broker in Australasia in 2023.
- co rated XM the world’s Most Reliable Broker in 2023.
- The World Finance Forex Awards named XM the Best Forex Broker in Europe in 2023.
XM Account Types
| Micro Account | Standard Account | XM Ultra-Low Account | Shares Account | |
| ⚖️Availability | All; ideal for beginners | All; ideal for casual traders | All; ideal for day traders, scalpers | All; ideal for longer-term strategies and investment |
| 📈Markets | All | All | All | Shares, Share CFDs |
| 💳Commissions | None | None | None | $1 per share |
| 💻Platforms | All | All | All | All |
| 📊Trade Size | 0.01 – 100 lots | 0.01 – 50 lots | 0.01 – 100 lots | 1 – 50 lots |
| 📈Leverage | Account balance of $5 – $20,000 = 1:1 to 1:1000 $20,001 to $100,000 = 1:1 to 1:200 $100,001+ – 1:1 to 1:100 | Account balance of $5 – $20,000 = 1:1 to 1:1000 $20,001 to $100,000 = 1:1 to 1:200 $100,001+ – 1:1 to 1:100 | Account balance of $5 – $20,000 = 1:1 to 1:1000 $20,001 to $100,000 = 1:1 to 1:200 $100,001+ – 1:1 to 1:100 | None |
| 💰Minimum Deposit | 21,000 COP ($5) | 21,000 COP ($5) | 21,000 COP ($5) | 41.3 million COP ($10,000) |
XM Micro Account
For Colombian traders looking for a safe and secure way to enter the markets, the Micro Account is an excellent choice to begin with. With a minimum deposit of just 21,000 COP ($5), this account allows you to start small and trade in micro-lots (0.01 lots).
This results in smaller position sizes and reduced risk exposure per trade, making it ideal for novice traders in the learning phase.
XM Standard Account
With its flexibility and versatility, the Standard Account is designed to meet the various trading styles of Colombians. This account is ideal for traders comfortable with moderate risk and looking for potentially higher rewards.
The standard lot size of 100,000 units makes it suitable for those seeking these opportunities. Experienced traders highly favor this account due to its extensive range of tradable instruments on MT4 and MT5 platforms.
XM Ultra-Low Account
With a focus on speed and efficiency, the XM Ultra-Low Account provides a secure and convenient platform for day traders and scalpers in Colombia. One of the standout features is the remarkably tight spreads, starting at just 0.6 pips for major currency pairs like EUR/USD.
In our experience, reduced spreads can greatly minimize your trading expenses. With no commissions, this account is perfect for active traders who value cost efficiency.
XM Shares Account
It is crucial to have a diversified investment portfolio, and XM’s Shares Account is an excellent option for Colombian investors looking to broaden their investment horizons beyond forex and commodities.
With this exceptional account, you can invest directly in individual shares and share CFDs, providing access to the vast global stock market.
Furthermore, we found that this account is designed for Colombians with a longer-term investment strategy and requires a minimum deposit of 41.3 million COP ($10,000).
XM Islamic Account
XM’s Islamic account is an extremely valuable option for Colombian traders who follow Islamic finance principles. They have prioritized openness by providing this account without any sly spread changes or hidden costs.
This sharply contrasts with certain brokers that attempt to hide their swap-free accounts with extra fees. Hence, we value XM’s candor.
Furthermore, while some Islamic accounts have a time limit, XM lets traders keep positions open for as long as they need to without paying rollover fees. This is a major benefit for Colombians who like long-term approaches and require the ability to hold positions overnight.
Another attractive feature is that this account doesn’t restrict your trading possibilities.
In addition, leverage of up to 1:1000, competitive spreads, and quick execution are available to you as to other XM account holders. This implies that choosing an Islamic account does not mean sacrificing your trading skills.
Finally, XM’s Islamic account is flexible and adjustable. Traders who want alternate interfaces can access it on both MT4 and MT5 platforms. It can also be tailored to your own trading style and degree of experience.
XM Demo Account
We can vouch for the usefulness of XM’s demo account for Colombian traders looking to learn the platform’s nuances.
With the realistic experience offered by virtual funds, you can experiment with different trading techniques and become acquainted with the platform’s features without feeling pressured to take financial risks.
We consider this setting especially helpful for honing trading techniques and trying out various strategies in a variety of market situations.
In our experience, before moving to a live account, the demo account will help you build confidence and understanding by reflecting on the real-world XM trading experience.
We also believe that the $100,000 in pre-loaded virtual funds are plenty to practice different trading scenarios and thoroughly grasp XM’s offers.
Can Colombian traders open swap-free accounts with XM?
Yes, XM provides swap-free Islamic accounts for traders in Colombia who desire them.
Can Colombian traders use professional trading tools with any XM account?
Yes, XM provides professional trading tools to all account types, albeit the tools available may vary depending on the account tier.
XM Account Registration
We signed up for a trading account to test XM’s services comprehensively. We found the process straightforward and fast. Here’s a step-by-step on how Colombian traders can register with XM:
Step 1 – You can start your XM trading journey by going to the website and clicking the “Trading” option on the main toolbar. To view a comprehensive comparison of the available retail accounts, click on “Trading Account Types” from that page. If you’re trying to decide which trading account is right for you, this page will provide a rundown of all the advantages each offers.
Step 2 – An account opening form will load. Please enter your full name, email address, and phone number correctly.
The next step is to choose the account’s base currency. To keep your currency conversion fees to a minimum, choose a currency that you’re comfortable with and that you’ll use for most of your trade funding. XM doesn’t support TWD as a base currency, which could subject your deposits and withdrawals to currency conversion fees.
Verifying your identification is necessary to ensure compliance with international regulatory standards and the security of your trading environment. A copy of your passport, national ID card, and other forms of identification are required to prove your identity. You’ll also need proof of your residential address in the form of a utility bill, lease agreement, credit card statement, etc.
Once complete, you can submit your application to XM. You will be notified of your approval and will receive your account login details once XM has reviewed your information and documents. Once you’ve logged in, you’ll enter the XM Members Area, the account management hub, and the trading platform.
Next, you’ll need to deposit the minimum per your account type. You can choose from several flexible payment methods.
After you’ve added funds to your account, you can start exploring the trading site.
How can Colombian traders get help if they face problems during the XM account registration process?
XM offers customer service in several languages, including Spanish so that Colombian traders can get help by phone, email, or live chat during registration.
Can Colombian traders choose their base currency during XM account registration?
Yes, while registering an account, XM allows Colombian traders to select their chosen base currency, which can be USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, or ZAR.
Broker Comparison
| 🥇 XM | 🥇 BlackBull Markets | 🥇 JustMarkets | |
| 🗺️ Regulatation | FSCA, IFSC, ASIC, CySEC, DFSA, FCA | FSA, FMA | CySEC, FSCA, FSA, FSC |
| 💻 Trading Platform | MetaTrader 4 MetaTrader 5 XM Mobile App | TradingView cTrader MetaTrader 4 MetaTrader 5 WebTrader BlackBull CopyTrader BlackBull Invest ZuluTrade Myfxbook | MetaTrader 4 MetaTrader 5 JustMarkets App |
| 💰 Withdrawal fee | None | Yes | None |
| 💳 Demo Trading Account | Yes | Yes | Yes |
| 💰 Minimum Deposit | 21,000 COP ($5) | 0 COP ($0) | 40,300 COP ($10) |
| 📊 Leverage | 1:1000 | 1:500 | 1:3000 |
| 💰 Spreads | 0.6 pips | From 0.1 pips | From 0.0 pips |
| 🚀 Commissions | $1 to $9 | From $6 per lot | $6 per lot traded |
| 📊 Margin Call/Stop out | 50%/20%, 100%/50% (EU) | 75%/50% | 40%/20% |
| 📊Order Execution | Market/Instant | Market, Instant | Market |
| ❌No-Deposit Bonus | Yes | No | Yes |
| 🪙Cent Accounts | Yes, Micro | No | Yes |
| 📒 Account Types | Micro Account Standard Account XM Ultra-Low Account Shares Account | ECN Standard ECN Prime ECN Institutional | MT4 Standard Cent Account MT4 Standard Account MT4 Pro Account MT4 Raw Spread Account MT5 Standard Account MT5 Pro Account MT5 Raw Spread Account |
| 🏛️Colombia SFC Regulation | No | No | No |
| 💰COP Deposits | No | No | Yes |
| 💻COP Account | No | No | No |
| 📞Customer Service Hours | 24/7 | 24/7 | 24/7 |
| 💳Retail Investor Accounts | 4 | 3 | 7 |
| ☪️Islamic Account | Yes | Yes | Yes |
| 💰Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
| 💸Maximum Trade Size | 100 lots | 100 lots | 100 lots |
| ⏰Minimum Withdrawal Time | 1 working day | Instant | 1 – 3 hours |
| ⏲️Maximum Estimated Withdrawal Time | 5 working days | 3 days | 6 banking days |
| 💳Instant Deposits and Instant Withdrawals? | Yes, deposits | Yes, both | Yes, deposits |
| 👉Open Account | Open Account | Open Account | Open Account |
XM Trading Platforms
Copy Trading
We have consistently had positive experiences with XM’s copy trading tool. We believe it’s especially useful for Colombian traders who may be less familiar with navigating financial markets.
Emulating the trades of seasoned investors will allow Colombian traders to gain valuable insights into various strategies and potentially generate profits while refining their skills.
We believe that Colombians will greatly value the platform’s transparency, as it provides them with the performance histories of numerous traders, which will play a vital role in the decision-making process.
XM Mobile App
The mobile app from XM will prove to be a valuable asset in the trading toolkit of all Colombian traders.
From our experience, given the dynamic nature of the Colombian markets, it is vital to always stay vigilant. Fortunately, this app enables traders to stay informed and connected no matter where they are.
We also found that this app is incredibly useful for quickly checking investments, trading, and gaining more knowledge about the market. We believe that this convenience will appeal to both beginner and professional traders in Colombia.
MetaTrader 4
MetaTrader 4 (MT4) still serves as an invaluable resource in the trading endeavors of global retail traders.
From our experience, Colombian traders will see a significant improvement in their ability to analyze the Colombian markets thanks to the extensive range of indicators and advanced charting tools offered on the platform.
In addition, MT4 remains easy to use despite its wide range of features, even for individuals who may not be particularly tech-savvy.
MetaTrader 5
Based on our own testing, we have found that MetaTrader 5 (MT5) can greatly improve the overall trading experience. Throughout its years in the market, MT5 has proven to be a versatile platform that meets diverse demands, thanks to its expanded features and ability to trade a wider range of instruments.
The platform’s backtesting feature is valuable for Colombian traders, allowing them to thoroughly test and refine strategies before investing (and possibly losing) capital.
Although it does require some time to get the hang of, the benefits are well worth the learning curve. We also believe the in-house economic calendar can be an essential tool for predicting events that could impact the Colombian market.
XM Web API
XM does not openly advertise its Web API, but it supports MetaTrader 4 and MetaTrader 5. Based on our expertise, these platforms offer robust Web APIs suitable for trading.
For example, the MetaTrader Web API allows brokers to incorporate advanced features, customize the platform, and integrate it with other systems.
Additionally, XM traders have the option to utilize third-party API providers. An exceptional option is MetaApi. The WebSocket API they provide is both robust and scalable, ensuring a high level of performance.
One of the advantages that we found with this platform is its compatibility with any MetaTrader broker, such as XM. Furthermore, we found that it offers the convenience of direct trading, access to historical market data, and real-time price updates.
XM Range of Markets
XM’s range of markets gives Colombians ideal opportunities to gain exposure to dynamic markets and trading opportunities and lower their risks through profile diversification. Let’s look at the asset classes Colombians can trade with XM.
| 🔎Instrument | ⚖️Number of Assets Offered | 📈Max Leverage Offered |
| Forex | 55 | 1:1000 |
| Precious Metals | 5 | 1:400 |
| Stock CFDs | 1,337 | 1:10 |
| Indices | 20 | 1:200 |
| Individual Shares | 100 | 1:10 |
| Cryptocurrency | 31 | 1:250 |
| Energies | 8 | 1:67 |
| Commodities | 8 | 1:50 |
| Turbo Stocks | 7 | 1:200 |
XM Leverage and Margin
Our assessment of the leverage options available to Colombian traders has revealed a rather diverse range of choices. Although increasing leverage to 1:1000 presents the opportunity for larger profits, it also comes with inherent risks.
XM’s margin requirements vary based on your account balance and the specific asset you are trading.
Overall, a higher leverage ratio allows you to invest with less initial capital. For instance, opting for a 1:1000 leverage will require a significantly smaller initial investment than a 1:100 leverage.
In our experience, traders in Colombia should always keep in mind that leverage can be a double-edged sword. It has the potential to amplify both gains and losses.
Proper safeguards such as margin calls and stop-outs are crucial to mitigate excessive losses. However, it is essential to emphasize responsible trading and effective risk management when utilizing high leverage.
Per our findings, XM provides valuable resources on leverage and margin, making it beneficial for both novice traders and those seeking to enhance their knowledge.
Does XM offer Colombian traders access to emerging markets and exotic currency pairs?
Yes. XM caters to a worldwide audience, offering emerging markets and exotic currency pairs to Colombian traders looking to diversify their portfolios.
Are there any unique or local Colombian markets available on XM?
No, XM does not currently include local markets in its asset class or instrument offering.
XM Fees
XM’s transparency is evident from the trading and non-trading fee schedules available on the website. To make it easier for Colombian traders to see what they can expect in terms of fees, we discuss each typical fee category in the sections below.
XM Spreads
XM charges floating spreads that are determined by the type of account and trading instrument. Colombian traders who opt for the Micro and Standard accounts can expect competitive spreads on major currency pairs such as EUR/USD, which usually start from just 1 pip.
On the other hand, the Ultra Low account provides even tighter spreads, typically starting from 0.6 pips on these currency pairs. Colombian traders focused on reducing trading costs, particularly scalpers and high-frequency traders, can find this quite beneficial.
However, just remember that spreads can widen drastically when market conditions become volatile, so always set your stop-loss and take-profit orders.
XM Commissions
Most XM accounts do not charge any commissions for forex trading. However, Colombian traders who opt for the XM Shares Account will be charged a commission of $1 per share when trading individual stocks and share CFDs.
We urge traders to realize the potential impact of this commission on their trading strategies, especially when they use this account type and engage in high-volume trading.
XM Overnight Fees
XM charges overnight fees, much like other forex and CFD Brokers. The difference in interest rates of the currencies in the trading pair determines the fees. However, XM offers a swap-free account to Colombians who are prohibited from earning/paying swaps.
In addition, XM offers a convenient swap calculator on their website, allowing traders to easily estimate the fees associated with opening a position.
XM Deposit and Withdrawal Fees
There are no deposit or withdrawal fees for most payment methods with XM. However, we found that various payment providers can charge processing fees not covered by XM.
XM Inactivity Fees
XM charges a $15 once-off after 12 months of inactivity, followed by a monthly fee of $5 if your account remains inactive. This could be an issue for Colombian traders who take trading breaks that last longer than a year or those who use long-term strategies that exceed this timeframe.
XM Currency Conversion Fees
If you deposit or withdraw funds in a currency different from your account base currency, XM might apply a currency conversion fee. From what we can see, the fee can fluctuate based on the currencies used and the current exchange rates.
Are there any hidden fees Colombian traders should know about while trading with XM?
No. XM has a policy against hidden fees, which ensures that all potential charges are clearly stated in their terms and conditions for Colombian traders.
How do CFD trading fees on stocks compare to forex trading fees for Colombian traders on XM?
The fees for trading CFDs on stocks differ from those for trading forex, and XM offers a complete fee schedule for Colombian traders to analyze.
XM Deposit & Withdrawal Options
XM stands out from other brokers because of the versatile and multi-currency payment methods traders can use for deposits and withdrawals. Even though COP is not supported, Colombian traders can still use their local bank accounts for deposits and withdrawals.
Let’s explore the payment methods and the steps to use each payment category to either deposit or withdraw funds.
| 💳Payment Method | 🌎Country | 🪙Currencies Accepted | ⏰Processing Time |
| Credit Card | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant – 5 days |
| Debit Card | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant – 5 days |
| Bank Wire Transfer | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | 1 – 5 days |
| Local Bank Transfer | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | 1 – 5 days |
| Skrill | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant – 1 day |
| Neteller | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant – 1 day |
| WebMoney | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant – 1 day |
XM Deposits
How to Deposit using Bank Wire Step by Step
- Go to the “Deposit Funds” area after logging onto your XM account.
- Choose the “Bank Wire Transfer” option.
- Enter the amount you wish to deposit and select the currency you prefer.
- You will receive the details of XM’s bank account. Use the information to transfer the deposit from your Colombian bank account to XM. Remember that any costs your bank charges for a transfer will be your responsibility.
How to Deposit using Credit or Debit Card Step by Step
- Navigate to the “Deposit Funds” area of your XM account.
- To deposit funds, choose “Credit/Debit Card.”
- Type in your credit card information (number, expiration date, CVV code, etc.).
- Provide the amount you want to deposit and in which currency.
- Ensure everything is correct and approve the transaction. You should expect the money to show up in your XM account either right away or, depending on your bank, within a few days.
How to Deposit using Cryptocurrency Step by Step
- Go to your XM account and the “Deposit Funds” area.
- Choose the cryptocurrency (Bitcoin, Ethereum, etc.) you want to use for the deposit.
- XM will generate a unique wallet address.
- Send your deposit to this address using your own digital wallet. It often takes a few minutes to a few hours for the blockchain to confirm the transaction, after which the transaction will be executed.
How to Deposit using e-Wallets or Payment Gateways Step by Step
- Go to your XM account and the “Deposit Funds” section.
- Choose an e-wallet or payment gateway from the list available.
- Enter the amount of the deposit and choose a deposit currency.
- Wait to be redirected to your e-wallet or payment gateway.
- To authorize the deposit, follow the platform’s instructions. You can expect the money to show your XM account within a few minutes.
XM Withdrawals
How to Withdraw using Bank Wire Step by Step
- To access the “Withdraw Funds” feature, log in to your XM account.
- Choose “Bank Wire Transfer” as the withdrawal method.
- Enter the account number, name of the bank, and SWIFT code.
- Indicate how much you want to withdraw and in which currency.
- Review the information and submit the withdrawal request. You can expect the funds to appear in your bank account within 1–5 business days after XM processes your request.
How to Withdraw using Credit or Debit Cards Step by Step
- Log in and go to the “Withdraw Funds” part of your XM account menu.
- Choose “Credit/Debit Card” as your withdrawal method.
- Provide the withdrawal amount and choose the last used card to make a deposit.
- Ensure all details are correct and send in your request. The money will be deposited to your card after XM processes the withdrawal, which should take a few days.
How to Withdraw using Cryptocurrency Step by Step
- Select “Withdraw Funds” from the menu after logging into your XM account.
- Choose your cryptocurrency and enter the amount you want to withdraw
- Enter the address of your cryptocurrency wallet.
- Ensure everything is correct and send in your withdrawal request. After blockchain confirmation, XM will process the withdrawal, and the money will be deposited into your wallet.
How to Withdraw using e-Wallets or Payment Gateways Step by Step
- Log into your XM account.
- Choose an electronic wallet or payment processor (like Skrill or Neteller, for example) for the withdrawal.
- Enter the amount to be withdrawn and choose a withdrawal currency from the options available.
- The e-wallet or gateway will redirect you to complete the transaction.
- To confirm the withdrawal, follow the on-screen instructions.
How long do withdrawals usually take for XM clients in Colombia?
Withdrawal timings vary. However, under normal conditions, XM strives to execute withdrawals for Colombian traders within 24 to 48 hours. However, while XM’s processing is fast, it could take traders’ banks longer to release the funds.
Does XM accept COP withdrawals for Colombian clients?
No. XM accepts various currencies to withdraw funds, but COP is not among them.
XM Educational Resources
| 📅Economic Calendar | Yes |
| ➡️VPS | Yes |
| 📊AutoChartist | No |
| 📈Trading View | No |
| 📉Trading Central | Yes |
| 📜Market Analysis | Yes |
| 🖺News Feed | Yes |
| 📹Blog | Yes |
| 📕eBooks | No |
| 🎥Educational Videos | Yes |
| 🗣️Platform Tutorials | Yes |
| 🤳🏻Webinars | Yes |
| 💻Seminars | Yes |
| 🗣️Live Support | Yes |
In addition to the resources mentioned above, Colombian traders can also access the following with XM:
- XM TV
- Technical Summaries
- XM Live
- Live Education
- XM Podcasts
- Trade Ideas
- Offline Trading Courses
- XM “Discover”
XM Trading Reports
XM provides a wide range of trading reports that equip traders with valuable insights and analysis.
The reports encompass a diverse array of subjects, such as market updates, technical analysis, in-depth analyses of particular events or instruments, and an economic calendar outlining upcoming significant market events.
To access these valuable resources, you can easily find them by going to the “Research & Education” section on the XM website.
We also found that XM offers a range of reports beyond general ones. You can easily generate personalized reports on your trading history within the MT4 or MT5 platform.
To generate a personalized report, right-click “Account History” and choose “Custom Period” to specify the timeframe you want to analyze.
This feature allows you to easily monitor your trading performance, spot trends, and make well-informed choices by analyzing your past data.
Does XM offer a dictionary of trading words for Colombian traders?
Yes. XM usually offers a complete glossary or dictionary of trading words that Colombian traders can use to improve their comprehension of trading concepts.
Does XM offer trading reports to Colombian traders?
Yes. Colombian traders can retrieve detailed trading reports from the MetaTrader 4 and 5 platforms. XM also offers additional reports under its Research and Education section on the website.
XM Bonuses and Promotions
$30 No-Deposit Bonus
In our view, XM’s $30 No Deposit Bonus is unique in the trading landscape of Colombia. Newcomers get a real chance to investigate the features and trading instruments of the platform without having to make the typical cash commitment.
Any profits you make after meeting the trading volume requirements are yours; the bonus cannot be withdrawn. This bonus makes building confidence and maybe starting to earn without taking money out of your pocket much easier.
$150 Refer a Friend bonus
XM has a “Refer a Friend” bonus program that provides rewards to both existing and new clients from time to time. Colombian traders can participate, although the terms and conditions might differ.
Usually, XM clients are eligible for a bonus (usually around $150) when their referred friend opens an XM trading account and fulfills certain trading volume requirements.
XM Loyalty Program
While XM’s program is indeed rewarding, our experience with loyalty programs has shown that they can sometimes come across as gimmicky. However, with XM’s loyalty program, Colombians can successfully navigate various market levels and achieve profitable results as active traders.
We found that XM Points (XMPs) are an additional reward that enhances earnings with every trade. These points can also be converted into credit bonuses and other perks that enhance the overall trading experience.
$120,000 Real and Demo Contest
XM offers the $120,000 Real and Demo Contest to reward and acknowledge trading expertise. Both experienced traders and those new to the market can participate in this thrilling tournament, whether they have years of experience or are just starting on sample accounts.
A unique challenge arises when both genuine and demo traders have an equal opportunity, requiring a high level of strategy and expertise.
100% and 20% Deposit Bonuses
XM offers deposit bonuses to boost your trading capital. You can choose between a 100% bonus up to $500 or a 20% bonus up to $10,000. In our experience, these bonuses can prove highly advantageous, especially when paired with XM’s extensive range of trading instruments.
However, we urge traders to note that these bonuses come with specific trading volume requirements that must be met before withdrawing them, even though they can significantly enhance your trading potential.
Does XM offer referral bonuses to Colombian traders who introduce new clients?
Yes. XM has a referral program that rewards Colombian traders for referring new clients, with the terms outlined on the XM website.
Are XM bonus payments quickly paid into Colombian traders' accounts?
Yes, bonus funds are typically credited to traders’ accounts shortly after the qualifying criteria are met.
XM Affiliate Programs
Features
Having extensive experience with XM in Colombia, we can confidently say that their affiliate program is a reliable choice, particularly for individuals already engaged in the local forex industry.
The commission structure allows individuals to earn a competitive income, especially if they have a wide network or excel at attracting new traders.
We believe Colombian affiliates will be grateful for the flexibility provided by XM. Whether you prefer face-to-face client interactions as an IB or a more digital approach, there is a suitable path for you.
The multi-tier structure is quite fascinating. It goes beyond just the traders you bring in, extending to the ones they refer. This creates a snowball effect on your potential earnings, amplifying your financial gains.
Transparency is crucial in every affiliate program; we’ve discovered that XM excels in this aspect. The dashboard provides a comprehensive and user-friendly interface, allowing you to track and assess your performance in real time.
While our experience with their affiliate support team has been minimal, we’ve seen from previous customer reviews that things typically run extremely smoothly. It’ll be reassuring for prospective Colombian affiliates to know that support is available in multiple languages if needed.
If you’re based in Colombia and deeply involved in the forex market, we suggest taking a closer look at XM’s affiliate program. It could be worth your consideration. We found the earning potential attractive, and the program itself is thoughtfully designed and provides excellent support.
How to Register an Affiliate Account with XM Step-by-Step
Step 1 – When you visit the XM website, locate the “Partnerships” option next to the “About Us” area on the top menu.
Click “Partnerships” to go to the partnership page. You can examine what XM provides to its affiliates, including support, marketing resources, and commission plans, in this section of the website.
Step 2 – You’ll be prompted to enter your personal information on a registration form, including the following:
- To guarantee consistency and simplify subsequent verification procedures, start by entering your first and last names exactly as they appear on your official documents.
- Enter your phone number and email address exactly. XM requires this to contact you about your affiliate account.
- Choose your country of residence from the dropdown menu to ensure you get the assistance and information in a language you understand.
- Set up a special affiliate account username and password. Your key to the affiliate dashboard, make sure these are safe and memorable.
Peruse the XM affiliate program’s terms and conditions. This is essential as knowing the operational rules and legal framework guarantees compliance and prevents misunderstandings.
If you have a promotional code, enter it here. This can provide additional privileges or introductory deals.
Complete the Captcha or any comparable security check to help guard the website and your future account from fraudulent activity.
Please double-check the information you have provided before submitting your application by clicking the “Register” or “Submit” button at the bottom of the form.
Keep an eye on your email inbox after submission for an XM confirmation message. Usually, there will be extra steps or a verification link in this email to activate your affiliate account.
To validate your email address and launch your account, click the verification link in the email. Please carefully follow any extra instructions in the email to finish the setup.
After activating your account, log into the XM affiliate dashboard with your generated credentials. Here, you can check your profits, track your referrals, and access marketing materials.
Take your time to become comfortable with all the features and tools available in the XM affiliate dashboard to optimize the potential of your affiliate account. These will help you to put XM in front of your network.
How does XM track clients referred by affiliates in Colombia?
XM has advanced tracking technologies that assign unique identifiers to affiliates throughout Colombia, ensuring precise tracking of recommended clients.
Can affiliates in Colombia promote XM to a global audience?
Yes, XM’s affiliate program enables promotion to both local and foreign audiences, increasing affiliates’ potential reach in Colombia.
XM Customer Support
| 📞Customer Support | 🗣️Customer Support |
| ⏰Operating Hours | 24/7 |
| 🗣️Support Languages | English, Chinese, Russian, French, Italian, Spanish, Portuguese, Polish, Arabic, and more |
| 🗨️Live Chat | Yes |
| 📧Email Address | Yes |
| 📞Telephonic Support | Yes |
| 🌟The overall quality of their Support | 5/5 |
Response Time
| Support Channel | Average Response Time | User-based Response Time |
| 📞Phone | – | – |
| 1 working day | Same-day | |
| 🗨️Live Chat | 5 minutes | 2 minutes |
| #️⃣Social Media | 1 working day | 10 minutes |
| 🗣️Affiliate | 1 working day | Same-day |
What customer support channels does XM provide to Colombian traders?
XM offers Colombian traders a variety of customer care methods in many languages, including live chat, email, and phone.
Can XM customer service provide Spanish support to Colombian traders?
Yes. XM provides customer service in several languages, including Spanish for traders in Colombia.
XM Social Responsibility
Our reviewers have carefully reviewed XM’s website to determine their approach to corporate social responsibility (CSR).
XM tackles various humanitarian and developmental issues in its extensive commitment to corporate social responsibility (CSR). To learn more about XM’s CSR programs, go to their website, go to the “About Us” section on the main menu, and choose “Corporate Social Responsibility” from the dropdown menu.
Regardless of one’s background, XM’s CSR concept is based on giving everyone a fair shot. They provide resources to help people get into school and get vocational training, and they back initiatives that improve people’s skills and knowledge.
As an example of their dedication to sustainable and forward-thinking methods, XM’s R&D efforts support programs that promote innovation for the greater good.
The business is heavily involved in humanitarian work worldwide, partnering with large and small groups.
They show their dedication to human growth as a whole by taking part in healthcare and wellness programs all over the globe. Furthermore, XM’s endeavors to preserve nature and encourage healthy environmental habits demonstrate that environmental sustainability is one of their key priorities.
A few recent examples of XM’s corporate social responsibility initiatives include the following:
Working with the Peduli Anak Foundation in Indonesia to help disadvantaged kids.
Partnering with the ‘Rizq’ charity in Pakistan to provide Ramadan food.
Supporting students with disabilities through Charity Right Malaysia.
By contributing books and supplying technology to schools in distant places, they have also helped with children’s education in Vietnam and collaborated with the Singapore Red Cross to boost humanitarian initiatives.
All of these things show that XM is serious about making a difference in the world. In addition to their dedication to the financial markets, XM’s CSR programs highlight their concern for the welfare of communities across the globe.
Overall, it is clear that they are deeply committed to making a positive impact in different areas of social development and humanitarian relief through their efforts.
Min Deposit
USD 5
Regulators
IFSC, FCA, CySEC, ASIC, CMA
Trading Desk
MT4, MT5
Crypto
No
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Conclusion
Overall, we can conclude that XM is a competitive choice for Colombian traders. All skill levels of traders are accommodated by XM’s wide selection of trading instruments, educational materials, and multilingual support.
We found that both novice and seasoned traders can benefit from the flexibility and alluring trading conditions offered by their various account types, especially the Micro and ultra-low accounts.
We also found that the 30 USD No-deposit bonus, competitions, deposit bonuses, and the XM loyalty program provide real advantages to both new and existing clients.
Although XM is an excellent option for Colombians in many ways, it can still improve in some areas. Firstly, XM can improve its localized research and analysis capabilities for Colombians.
In addition, XM can expand its account-based currency options to include COP and other South American currencies. Furthermore, XM could expand its deposit and withdrawal options to cover more countries and currencies.
Despite the need for some improvements, we found that XM offers an alluring package overall, especially for those who value diversity, flexibility, and robust trading technology.
Although XM could improve its research tools and provide more localized solutions, its advantages exceed its disadvantages, establishing it as a competitive player in the Colombian forex market.
Our Recommendations on XM
XM is a CFD and Forex broker that caters to all types of traders globally. However, while there are many benefits for Colombians in dealing with XM, our review highlights a few areas where the broker can improve its offering, including the following:
- While XM provides multilingual support, developing a specialized Colombian customer service team fluent in Spanish and knowledgeable about local regulations can improve the user experience for Colombian traders considerably.
- XM can review its account types and the base currencies that can be used to register a trading account. Including COP and other minor and emerging currencies can help traders save money on currency conversion fees.
- Expanding the spectrum of research and analytical tools may meet the needs of sophisticated Colombian traders. This can incorporate more technical indicators, advanced charting tools, and in-depth market research tailored to the Colombian economy and financial markets.
- Collaborating with Colombian banks or financial institutions can provide extra benefits such as specialized banking services, access to local market information, and maybe lower transaction fees for Colombian traders.
Our Insight
XM.com can be summarily described as a worthwhile company for potential traders, retail traders, experienced traders, or professional traders, knowing that they approach your needs with openness to cultural, national, ethnic, and religious diversity.
Their advanced trading platforms and flexible trading conditions suit a diverse global clientele. Their expertise is due to extensive experience and knowledge of the global financial markets
XM Pros and Cons
| ✅Pros | ❌Cons |
| XM is a popular broker with a client base of over 10 million traders | XM is not regulated in Colombia |
| There is a stable and efficient trading environment | There are expensive inactivity fees that apply |
| Traders can access a wealth of educational materials and resources | Colombians cannot register COP-denominated accounts or use local payment methods |
| The platforms feature user-friendly and intuitive interfaces | There is no proprietary trading platform |
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Frequently Asked Questions
What makes XM an appropriate choice for Colombian traders?
XM provides a diverse range of trading instruments and a user-friendly interface, making it an attractive option for Colombian traders.
Are there any unique rules Colombian traders should know when trading on XM?
Yes. While XM is internationally regulated, Colombian traders must comprehend local tax rules and regulations regarding forex trading.
Can I use my Colombian bank account to make deposits and withdrawals with XM?
Yes, you can use your Colombian bank account for deposits and withdrawals via bank wire transfer. However, there are currency conversion fees because XM does not allow COP deposits and withdrawals and doesn’t offer a COP-denominated account.
Can I trade Colombian stocks or ETFs directly using the XM platform?
No, you can’t. However, XM’s Shares Account lets you trade international share CFDs, which track the price of the underlying stocks of companies listed on several global exchanges.
What are the drawbacks of XM's withdrawal procedure for Colombian traders?
From what we found while reading customer reviews and comments on XM, some Colombian traders might find XM’s withdrawal process somewhat lengthy.
