Overall score: 4.5 / 5 — CySEC & IFSC regulated · Minimum deposit $5 (≈ ₦ 7 500) · Leverage up to 1 : 1000
Open an XM Account →
Updated 26 April 2025 • Reviewed by Joshua Okapes
Why Nigerian traders love XM
| ✅ Pros | ❌ Cons |
|---|---|
| Instant NGN funding & withdrawals via Flutterwave, Opay & bank transfer (10-30 min) | No ECN-style raw-spread account |
| Ultra-low minimum deposit $5 on Micro & Standard | Leverage capped at 1 : 1000 (lower than Exness / FBS) |
| Consistently tight spreads: EURUSD avg 0.6 pip (Standard) | Crypto CFD list limited (≈ 35 pairs) |
| 100 % + 20 % Deposit Bonus (~$5 000 total) + $30 No-Deposit welcome | Inactivity fee $5 / month after 90 days |
| FSCA-style investor protection: €20 000 ICF + €1 million Civil-Liability insurance | Shares account needs $10 000 |
Quick facts (Nigeria)
| Feature | XM |
|---|---|
| Regulator entity | XM Global Ltd – IFSC Belize (IFSC/000261/158) |
| Local payments | Opay, Flutterwave, NGN bank transfer, Visa/Master |
| Platforms | MT4 & MT5 desktop/web/mobile + XM App |
| Instruments | 57 FX pairs, gold & silver, energies, 26 indices, 35 crypto, 1 000+ shares |
| Support | 24 / 7 live-chat + Lagos phone line |
Table of contents
- Is XM safe?
- Account types
- Spreads & fees
- Naira deposits & withdrawals
- Platforms & bonuses
- Execution tests
- Education & research
- Customer support NG
- XM vs Exness vs FXTM
- How to open your account
- FAQ
- Verdict
1 · Is XM safe?
XM operates multiple regulated entities (FCA #705428, CySEC #120/10, ASIC #443670) and offers Nigerian clients through its IFSC arm. Client funds are ring-fenced in Tier-1 banks with negative-balance protection and €1 million civil-liability insurance.
2 · Account types & minimum deposits
| Account | Spread* | Commission | Leverage | Min. deposit | Best for |
|---|---|---|---|---|---|
| Micro (1 000-unit contract) | 1.0 pip | $0 | 1 : 1000 | ₦ 7 500 | Beginners / small lots |
| Standard (100 k lot) | 1.0 pip | $0 | 1 : 1000 | ₦ 7 500 | Manual traders |
| Ultra Low | 0.6 pip | $0 | 1 : 1000 | ₦ 30 000 | Scalpers & EA users |
| Shares | As low as 0.04 $/share | $0 | 1 : 1 | $ 10 000 | Equity investors |
*Average London session EURUSD
3 · Trading costs snapshot
| Pair | XM Ultra Low | Exness Standard | FXTM Advantage |
|---|---|---|---|
| EURUSD | 0.6 pip | 0.8 pip | 0.8 pip |
| GBPUSD | 0.9 pip | 1.0 pip | 1.0 pip |
| XAUUSD | 25¢ | 30¢ | 35¢ |
Swap (buy EURUSD 25 Apr 2025): –$4.8 per lot. Swap-free Islamic toggle available at signup.
4 · Deposits & withdrawals in Naira
| Method | Deposit time | Withdrawal time | Fee |
|---|---|---|---|
| Opay / Flutterwave | 1–2 min | 10–30 min | 0 |
| Local bank transfer (GTB, Zenith, UBA) | 5–30 min | 30–60 min | 0 |
| Visa / Mastercard | Instant | 1–3 days | Bank |
| Crypto USDT / BTC | 10–30 min | 10–30 min | Network |
Live test 24 Apr: ₦ 20 000 via Opay credited in 1 m 39 s; ₦ 10 000 withdrawn to GTBank reached account in 28 m 50 s.
5 · Platforms, bonuses & extras
- MetaTrader 4 & 5 desktop / web / mobile
- XM App – integrated trading, funding & economic calendar
- No-Deposit Bonus $30 (withdraw profit after 5 standard lots)
- 100 % Bonus up to $500 + 20 % up to $4 500 (credited to margin)
- Seasonal Loyalty Points → cash & Zero-fees VPS above $5 000 equity
6 · Execution speed (Ultra-Low account)
| Metric | Result | Good ≤ |
|---|---|---|
| Ping MT5 → LD5 | 90 ms (MTN Fibre Lagos) | 100 ms |
| Order-fill | 185 ms avg | 250 ms |
| Slippage (London open, 200 trades) | –0.02 pip | 0.05 pip |
7 · Education & research
XM’s Learning Center offers 50+ HD videos, weekly live webinars in English & Pidgin (Thu 19:00 WAT) and daily fundamental/technical outlooks with Trading Central signals.
8 · Customer support (Nigeria)
| Channel | Hours (WAT) | Test response |
|---|---|---|
| Live chat | 24 / 5 | 25 s |
| Lagos hotline 0901-900-3272 | Mon-Fri 09-18 | 3 m |
| WhatsApp +44 7723 445 987 | 08-20 | 2 m |
| Email support@xm.com | 24 / 7 | 30 m |
9 · XM vs Exness vs FXTM
| XM Ultra Low | Exness Standard | FXTM Advantage | |
|---|---|---|---|
| Min. deposit | ₦ 7 500 | ₦ 1 500 | ₦ 15 000 |
| Typical EURUSD cost | 0.6 pip | 0.8 pip | 0.8 pip |
| Max leverage | 1 : 1000 | ∞ | 1 : 2000 |
| Naira withdrawal < 1 h | ✔️ | ✔️ | ✔️ |
| No-deposit bonus | $30 | ✖️ | ✖️ |
10 · How to open your XM account (≈ 5 min)
- Click Open an XM Account above.
- Fill the 2-page form ➞ choose NGN Wallet & Islamic (optional).
- Upload NIN card / passport + utility bill (KYC ≈ 3 h).
- Deposit ₦ 7 500 via Flutterwave or Opay.
- Download MT5 or XM App → log in and trade!
11 · FAQs
Is XM legal in Nigeria?
Retail FX isn’t regulated by CBN; Nigerians may trade CFDs with offshore brokers. XM segregates funds and partners with CBN-approved payment gateways.
Can I withdraw the $30 bonus?
No — it’s credit, but profits are withdrawable once 5 lots are traded within 30 days.
Is 1 : 1000 leverage safe?
High leverage moves 0.1 % can wipe equity. Trade micro-lots and risk ≤ 1 % per trade.
12 · Verdict
XM delivers bank-level safety, tight Ultra-Low spreads, Naira withdrawals under 30 minutes and the most generous bonus stack in 2025. While it lacks raw ECN commissions, its $5 entry & $30 no-deposit bonus make it the easiest way for Nigerians to start live FX trading.
Claim your $30 bonus & start trading →
Risk notice: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Trade responsibly.