XM offers bonuses, promotions and loyalty programs, subject to specific terms and conditions. These programs may only be available in certain jurisdictions due to regulatory restrictions. XM also conducts trading contests from time to time.
Additional promotional programs include ‘Refer a Friend’, a free VPS service, and zero fees on deposits and withdrawals as long as the use of a wire transfer exceeds US$200. The ‘Refer a Friend’ program pays $25 for the first 15 friends referred, afterwards increasing to $30, and then $35 after 29 referrals.
Over the past few years, major Tier-1 regulators have expressed concern over any bonus or promotional marketing programs that might encourage consumers to trade highly leveraged products such as CFDs. Restrictions were soon put into place, which means that all global brokers have had to revise their respective programs.
Due to regulatory issues in the UK, EEA and Australia, the XM forex broker bonus programs are limited to a single sign-up bonus of US$30. This amount is intended for new clients to trade in real time, although only the profits may be withdrawn. From time to time, XM also offers exclusive promotions on a seasonal basis or by personal invitation.
XM offers a sign-up bonus of US$30, which can only be claimed after your account documentation has been verified.
Here are the details for how to claim bonus funds.
After you have claimed the bonus, the funds will be credited to the ‘MyWallet’ maintained for you by XM. As the offer can expire, this digital wallet allows you to keep track of any bonus, promotional funds or loyalty points earned.
From this wallet in the ‘Member Area’, you may transfer amounts to your trading account at any time.
There is no deposit bonus at XM, but the broker does have a loyalty program, which commences at the ‘Executive’ level. As XM points accumulate, your account can be upgraded to Gold, Diamond and Elite, subject to XM terms and conditions.
As you are awarded XM points (XMP) in the ‘Member Area’, you can redeem them for funds that will be added to your ‘MyWallet’.
Unfortunately, you can’t withdraw bonus amounts, but any profits earned on these bonuses can be withdrawn. When taken, a proportionate amount of your bonus funds will be removed from your trading account.
Opening an account with XM is an easy process, but it can seem tedious when you’re required to send personal identity information to the broker. Current laws require this submission and brokers must follow these Know Your Customer (KYC) rules to remain in compliance. Once verified and funded, your account will be opened for trading in real time.
The steps are as follows:
XM will send you two emails: one to confirm your email address and the second to provide your eight-digit account number, which will be required to log in.
At this point, you will need to submit your ID documentation to make the account active and then fund the account to trade. If there is an issue with your verification process, it might take another day for approval.
Once this process has been completed, you can claim your sign-up bonus of US$30.