Our XM broker withdrawal review revealed that they compare favourably with its competitors in this category.
XM offers several withdrawal payment methods, with an easy-to-use process. There are strict withdrawal guidelines in place to prevent fraudulent activities, so it is important to ensure that your personal identity information is up to date with XM before you attempt to withdraw funds. There are no special fees, but if using a bank transfer and the amount is less than US$200, then there may be a slight charge.
There are five easy steps to follow in order to withdraw funds from your XM account:
Submitting a withdrawal request is straightforward, but global regulations put constraints on all brokers. For example, names should match on all accounts used in the process. Also, funds must be returned to the original source of the deposit – i.e., if Skrill was used for the deposit, then the withdrawal will be sent to that Skrill account.
XM offers several of the most popular payment methods for withdrawals. Bank transfer and credit/debit cards are standard, but the broker also supports various electronic wallets and payment services such as Skrill and Neteller. There are also some local and regional payment methods available.
Be sure to check with your bank to determine the most appropriate service, preferably before you set up your XM account.
There is no withdrawal limit, providing you have satisfied any bonus program trading commitments. The minimum withdrawal amount is US$5, but withdrawals for less than US$200 or its equivalent may be subject to a fee if using a bank transfer. A bonus withdrawal is not permitted and are intended for trading purposes only.
XM withdrawal requests are processed within 24 hours unless more time is required to verify the account documentation. However, your chosen method and its payment processor may impact your XM withdrawal time by adding additional delays for moving funds to your chosen account. Several methods may deliver the funds within 48 hours, but wire transfers may take longer, if there is any problem with the information provided.
XM does not charge a fee to process your withdrawal request, but if you use a bank transfer and the amount is less than US$200 – or its equivalent in another currency – then XM will pass along bank charges from its intermediary. There may be other fees from banking intermediaries to cover their costs, which are outside of XM’s control. XM compares favorably with its global competitors regarding its XM withdrawal policies.