XM Sri Lanka - XM Broker Review 2024

Founded in 2009 under the name of XM Global Limited company, XM believes that all clients should receive the same quality services, the same execution, and the same level of support. Headquartered in Belize, this global brokerage company offers 1000+ trading instruments (Forex, CFDs on shares, futures, indices, metals, energies, and cryptocurrencies) and 55+ global currency pairs. Traders can enjoy fractional pip pricing with real-time market execution, 99.35% less than 1 second.

Being trusted by over 5 million clients in over 196 countries, XM Sri Lanka is regulated by ASIC of Australia, CySEC of Cyprus, FSCA of South Africa, IFSC of Belize, and DFSA. In addition, they have won several awards which prove their competencies and reliability in the financial industry: Best Trading Experience (Ultimate Fintech), Best Retail Forex Broker (Global Forex Awards 2021 — B2B), and Best FX Service Provider (City of London Wealth Management Awards).

XM Sri Lanka provides four types of accounts: Micro, Standard, Ultra Low, Swap-free, and Shares accounts. Traders can request an Islamic swap-free account after registering with the company. All strategies are welcome in all accounts, except the Shares account. All trading activities can be easily accessed via MT4, MT5, and XM WebTrader platforms. Traders can make use of leverage up to 1:1000, spread as low as 0.6 pip, with no requotes and no rejections.

Funds deposit and withdrawal can be done via various payment methods, including debit or credit cards, electronic payments, bank wire transfer, local bank transfer, and cryptocurrencies. The minimum deposit amount is 5 USD or equivalent denomination.

This company also offers various useful resources, such as seminars, webinars, trading tools, market research, market overview, news, technical summaries, economic calendar, educational videos, tutorials, Forex calculators, trading signals, free VPS, etc. In addition, XM Sri Lanka offers partnership programs such as Affiliate and IB, up to 25 USD per lot commissions, with no limit.

Last but not the least, traders do not need to worry when facing problems or difficulties in trading. They can contact the 24/5 personal customer support via live chat, email, or phone, as well as read their FAQ page. Their website is available in 25 languages, and their support team speaks in 19 languages. Unfortunately, the Hindi language is not yet available at XM Sri Lanka, but traders can still use English as an alternative.

Account types offered by XM Sri Lanka

To provide the most comprehensive experience for all traders, XM Sri Lanka offers four different account types. Traders should choose their accounts carefully after considering their financial ability, trading needs, and risk of appetite.

1. Micro Account

As the most suitable account type for new traders, in XM Micro account 1 lot is equal to 1,000, and the minimum trade volume for both MT4 and MT5 platforms is 0.1 lots. The maximum number of open or pending orders is 300 positions and the lots restriction per ticket is 100.

To start trading using this account, traders can simply deposit 5 USD and they can immediately access spread as low as 1 pip and leverage as high as 1:1000. However, different trading amounts have different leverage ranges:

1:1 to 1:1000 ($5 – $20,000)
1:1 to 1:200 ($20,001 – $100,000)
1:1 to 1:100 ($100,001+)

Another benefit of this account is traders do not need to pay any commission. This account type also accepts hedging, news trading, scalping, and EA. Traders can trade in USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, and ZAR in the XM Micro account.

2. Standard Account

The XM Standard account is typically used by more experienced traders with sufficient knowledge in Forex trading. This type of account offers trading in USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, and ZAR.

One trading lot is equal to 100,000, and the spread starts from 1 pip. Similar to the Micro account, there are several leverage ranges offered:

1:1 to 1:1000 ($5 – $20,000)
1:1 to 1:200 ($20,001 – $100,000)
1:1 to 1:100 ($100,001+)

With just 5 USD and a minimum trade of 0.1 lots, traders can start their journey using the XM Standard account with no commission. They can open orders up to 300 positions with lot per ticket is restricted to 50 lots maximum. All strategies are welcome in this account.

3. Ultra Low Account

There are two options for this type of account: Standard Ultra (1 lot = 100,000) and Micro Ultra (1 lot = 1,000). What makes XM Ultra account different from the Micro and Standard accounts is the spread, which is as low as 0.6 pip.

The minimum trade volume for Standard Ultra is 0.01 lots, while for Micro Ultra is 0.1 lots. In addition, the lots restriction per ticket for Standard Ultra is 50 lots, while for Micro Ultra is 100 lots. Traders can also use all strategies in this account, including hedging and EA.

Trading in this account is only allowed in EUR, USD, GBP, AUD, ZAR, and SGD. XM Sri Lanka does not charge any commission for the order, and traders can open orders up to 300 positions maximum. By depositing at least 5 USD, traders can enjoy the following leverage:

1:1 to 1:1000 ($5 – $20,000)
1:1 to 1:200 ($20,001 – $100,000)
1:1 to 1:100 ($100,001+)

4. Shares Account

As the name implies, this account is specifically for traders who want to trade shares in USD. There is no leverage for the XM Shares account, and the spread varies depending on the underlying exchange.

Traders can have a maximum of 50 positions for open and pending orders. To use this account, traders require a minimum deposit of $10,000. The minimum trade volume is 1 lot, while the lots restriction per ticket depends on the share. Hedging is not allowed in this account. Furthermore, make sure to check the additional fee since the XM Shares account charges a certain commission.

Micro Account

Minimum Deposit: $5
Leverage: 1:1000
Minimum trade size: 0.1
Spread Type: Floating from 1 pip
Commission: No
Account Currency: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR

👉 Open Micro Account

Standard Account

Minimum Deposit: $5
Leverage: 1:1000
Minimum trade size: 0.01
Spread Type: Floating from 1 pip
Commission: No
Account Currency: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR

👉 Open Standard Account

Ultra Low Account

Minimum Deposit: $5
Leverage: 1:1000
Minimum trade size: 0.01
Spread Type: Floating from 0.6 Pips
Commission: No
Account Currency: EUR, USD, GBP, AUD, ZAR, SGD

👉 Open Ultra Low Account

Shares Account

Minimum Deposit: $10,000
Leverage: No Leverage
Minimum trade size: 1 share
Spread Type: Offered as in exchange
Commission: Yes
Account Currency: USD

👉 Open Shares Account

Swap-Free Account

Minimum Deposit: $5
Leverage: 1:1000
Minimum trade size: 0.01
Spread Type: Floating from 1 Pip
Commission: No
Account Currency: USD, EUR, THB

👉 Open Swap Free Account

Aside from the Live account, traders can also practice and polish their skills using the Demo account. By using the Demo account, they do not need to worry about losing money and simply need to switch to the Live account when they are ready to enter the Forex market. Traders can open a maximum of 5 active Demo accounts. However, after more than 90 inactive days from the last login, the account will be closed.

Should traders need a swap-free account due to their beliefs, they can request an Islamic account for all account types. The XM Islamic account offers no swap or rollover interest on overnight positions, so there is no spread widening. The positions can be held with no time limit, and other trading conditions are the same.

Any XM client can open up to 10 active trading accounts and 1 Shares account. For all accounts, they will be considered inactive or dormant after 90 calendar days with no activities, such as trading, withdrawal, deposit, internal transfer, etc. Furthermore, all bonuses, credits, and XMPs (loyalty points) will be removed automatically. XM Sri Lanka will also charge a monthly fee of 5 USD, but there is no charge if your balance is zero.

How to deposit and withdraw funds at XM Sri Lanka

XM Sri Lanka offers 25+ secure payment methods for deposit and withdrawal to clients from Sri Lanka. Traders can use debit or credit cards (VISA, Mastercard), electronic payment methods (Sticpay, Neteller, Skrill, WebMoney), bank wire transfer, local Sri Lankan back transfer, and other payment methods, including cryptocurrency.

All fees are covered by XM Sri Lanka, except for bank wire deposits amounting to less than 200 USD or equivalent denomination. However, several platforms may charge additional fees. The funds will be credited instantly into the trader's account, except for the bank wire transfer. All withdrawals will be processed in 24 hours on business days, but withdrawal via credit card and bank wire transfer may take two to several working days.

There are two things you should pay attention to. First, the payment has to be made from an account registered in the same name as your XM Sri Lanka account. Otherwise, the payment will be rejected and returned. Second, traders can only withdraw funds to where the deposit was initiated from.

Is XM Sri Lanka reliable and safe?

As one of the most trusted Forex brokers, XM Sri Lanka has been serving over 5 million clients from over 196 countries since 2009. With over 2,400,000,000 trades executed, this company offers no requotes and no rejections.

Their financial activities are also regulated and audited by several regulation authorities:

ASIC in Australia under the company name Trading Point of Financial Instruments Pty Limited
CySEC in Cyprus under the company name Trading Point of Financial Instruments Ltd
FSCA in South Africa under the company name Key Way Financial (Pty) Ltd
IFSC in Belize under the company name XM Global Limited
DFSA under the company name Trading Point MENA Limited

Furthermore, XM Sri Lanka segregates the clients’ funds in reputable banks so the funds cannot be used for the company's activities. Being regulated by regulators, they are obliged to meet strict financial requirements, including maintaining sufficient capital and being audited annually by external auditors. The negative balance protection will also prevent the clients’ balance from falling below zero, providing a truly safe and secure environment for traders.

Types of spreads in XM Sri Lanka

XM Sri Lanka offers variable spreads with 5-digit quotes precision. The spreads for XM Micro and Standard accounts start from 1 pip, while the spread for XM Ultra Low account starts from 0.6 pip.

The current average spreads for most common currency pairs can be found below:

Trading platforms offered by XM Sri Lanka

At XM Sri Lanka, traders can trade using MetaTrader 4, MetaTrader 5, and XM WebTrader. These three platforms offer innovative features which will help the clients’ trading.

By using the MT4 platform, traders can enjoy one single login access to 8 platforms. They can also do one-click trading on PC, Mac, multiterminal, WebTrader, iPhone, iPad, Android, and Android Tablet. Moreover, they can make use of the complete technical analysis with over 50 indicators and charting tools, built-in and custom indicators, and different time periods. Expert Advisors are also available on this popular platform.

Meanwhile, the multi-asset MT5 trading platform can be used to trade Forex, stocks, stock indices, precious metals, and cryptocurrencies. Traders can access 7 asset classes using one single login to 7 platforms. They can also enjoy the latest price quotes and 100 charts which can be displayed simultaneously. This flexible platform is available on PC, Mac, WebTrader, iPhone, iPad, Android, and Android Tablet.

XM Sri Lanka - XM Broker Review 2024

Account types offered by XM Sri Lanka

How to deposit and withdraw funds at XM Sri Lanka

Is XM Sri Lanka reliable and safe?

Types of spreads in XM Sri Lanka

Trading platforms offered by XM Sri Lanka

Key advantages of trading with XM Sri Lanka