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XM Deposit Guide

Review By: Alan Little
Review Updated: September 6, 2022

When it comes to depositing funds to your account, XM makes the process straightforward and convenient. It supports a range of popular payment methods and charges no fees, with the exception of wire transfers of less than US$200. 

As banks can charge significant fees to originate and post receipt of wired funds, it is worth checking with them to know the deposit method that works best for you in terms of price and convenience.

XM broker deposit amounts can be as low as US$5, and the broker will accept funds in any currency. These funds will be converted by XM to your account’s base currency using the existing inter-bank conversion rate. Currently, XM supports up to 11 base currencies for your account. Your base currency and the currency of your traded asset will determine whether or not conversion fees will be applied.

What are XM deposit methods?

XM offers the convenience of several deposit methods, including bank transfers and major credit cards, as well as Skrill, PayPal, Neteller, and a variety of local banking transfer methods.

Does XM have a minimum deposit?

The minimum deposit amount at XM is US$5 or its equivalent in another currency.

Deposit fees

XM doesn’t charge fees for making a deposit, unless a bank transfer of less than $200 – or equivalent in another currency – is made. The fee will be based on the charges from the intermediary bank.

How to deposit at XM

Making a deposit into your account with XM is easy and can be done in five steps:

  1. Go to the XM website and select ‘Member Login’.
  2. Enter your login details and then select the depositing interface option.
  3. A host of deposit alternatives will be presented – choose the one that is best for you.
  4. Follow the instructions of your chosen deposit method and execute your deposit order.
  5. Follow up on your transaction until it posts to your XM account.

How XM compares to competitors

XM compares very favorably with its competitors regarding its deposit process. It has an impressive selection of deposit methods and base currencies, and offers zero fees. Its minimum deposit amount is well below standard at US$5, whereas other brokers typically require at least $50 to $100 or more.