Singapore Dollar Forex Trading Accounts
XM Review
XM offers South Korean traders more than 1,000 instruments across platforms. South Koreans can benefit from various bonuses and promotions with XM. XM’s spreads start from a competitive 0.6 pips EUR/USD with low commissions.
- Candice Barnes
Jump to:
Overview
Regulation and Safety of Funds
Awards and Recognition
Account Types and Features
Account Registration
Broker Comparison
Trading Platforms
Range of Markets
Fees
Deposit and Withdrawals
Education and Research
Bonuses and Promotions
Affiliate Programs
Customer Support
Social Responsibility
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.8/5
Min Deposit
USD 5
Regulators
IFSC, FCA, CySEC, ASIC, CMA
Trading Platform
MT4, MT5
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Overview
XM Broker has attracted our interest recently, and it’s easy to see why they’ve become so popular in the trading market. Established in Cyprus in 2009, their global reach has grown to over 10 million clients in 196 countries.
XM distinguishes itself by personalizing the trading experience for many clients. They understand that not all traders are alike and personalize their services appropriately.
For example, in the South Korean market, they’ve concentrated on providing localized customer service, Korean-language training resources, and trading products relevant to Korean investors’ interests.
Aside from localization, XM takes pride in its extensive range of trading products, which includes forex, CFDs on stocks and commodities, stock indices, and precious metals.
Furthermore, their trading platforms are user-friendly and provide a consistent experience for new and seasoned traders.
Naturally, no broker is perfect, and XM is no different. Some traders will find that their withdrawal process can be lengthy, and their research tools should be improved.
However, in the larger bigger of things, XM remains a great option, especially for South Korean traders looking for a broker who truly understands and responds to their specific requirements.
Can South Korean traders access global markets via XM?
Yes. XM offers South Korean traders access to various global financial markets, including forex, commodities, and indices. However, XM doesn’t offer local CFDs from South Korea.
How does XM offer a user-friendly experience for South Korean traders?
XM provides a platform with user-friendly interfaces and local language support to ensure South Korean traders have a seamless experience.
XM at a Glance
| 📊 Year Founded | 2009 |
| 🏛 Local Market Regulators in South Korea | FSCA, IFSC, ASIC, CySEC, DFSA, FCA |
| 🌎 Ease of Use Rating | 5/5 |
| 💻 Bonuses | $30 no-deposit bonus, Trade and Win, Referral Program, 50% + 20% deposit bonus |
| 📱 Trading Platforms | MetaTrader 4, MetaTrader 5, XM App |
| 🛍 Account Types | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| ✔️ Base Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
| 📈 Maximum Leverage | 1:1000 |
| 📊 Starting spread | From 0.6 pips (XM Ultra-Low Account, EUR/USD) |
| 📊 Currency Pairs | 55, minor, major, and exotic pairs |
| 💳 Minimum Deposit (KRW) | 6,800 TWD ($5) |
| 💻 Languages supported on the Website | English, Malaysian, Chinese Simplified, Chinese Traditional, Russian, French, Italian, German, Polish, Spanish, Portuguese, and several others |
| ⏰ Fees and Commissions | Spreads from 0.6 pips, commissions from $1 per Share |
| ✔️ Regional Restrictions | The United States, Canada, Israel, the Islamic Republic of Iran |
| 💻 Tradable Assets | Forex, cryptocurrencies, stock CFDs, commodities, equity indices, precious metals, energies, individual shares, Turbo Stocks |
| ☪️ Islamic Account | Yes |
| ✔️ Affiliate Program | Yes |
| 📊Scalping | Yes |
| 📈Hedging | Yes |
| 💻 Inactivity Fee | Yes, $15 once-off after 12 months of inactivity, then $5 per month |
| 👉 Open Account | 👉 Open Account |
Regulation and Safety of Funds
Regulation in South Korea
South Korea’s Financial Services Commission (FSC) does not regulate XM. However, XM’s global regulations are listed in the table below.
Global Regulations
| 📱Registered Entity | 🌎Country of Registration | 🔎Regulatory Entity | 📊Tier | 💳License Number/Ref |
| XM Global Limited | Belize | – | 3 | 000261/158 |
| Key Way Financial (Pty) Ltd | South Africa | 2018/527968/07 | 2 | 49976 |
| Trading Point of Financial Instruments Pty Ltd | Australia | ABN 32 164 367 | 1 | AFSL 443670 |
| Trading Point of Financial Instruments Ltd | Cyprus | – | 2 | 120/10 |
| Trading Point MENA Limited | Dubai | – | 2 | F003484 |
| Trading Point of Financial Instruments UK Limited | United Kingdom | 09436004 | 1 | 705428 |
Protection of Client Funds
| 🔎Security Measure | 📱Information |
| Segregated Accounts | Yes |
| Compensation Fund Member | Yes |
| Compensation Amount | €20,000 or 90% of the covered investor claim, whichever is lower. |
| SSL Certificate | Yes |
| 2FA (Where Applicable) | Yes |
| Privacy Policy in Place | Yes |
| Risk Warning Provided | Yes |
| Negative Balance Protection | Yes |
| Guaranteed Stop-Loss Orders | Yes |
Is South Korean traders’ personal information secure?
Yes. XM uses modern encryption and security techniques to protect South Korean traders’ personal and financial data.
What level of financial control does XM provide for its activities in South Korea?
To maintain compliance and transparency in South Korea, XM undergoes frequent audits and oversight by credible financial agencies.
Awards and Recognition
XM has won the following most recent awards:
- 2024: World Finance Forex Awards recognize XM as having the “Best FX Customer Service.”
- 2024: The World Finance Forex Awards named XM the “Best FX Broker, Europe.”
- 2024: World Finance Forex Awards recognized XM as the “Best FX Broker, Australasia.”
- 2024: XM received the “Best FX Broker, Latin America” award from the World Finance Forex Awards.
- 2024: World Finance Forex Awards recognize XM as the “Best FX Broker, Middle East.”
- 2023: CFI.co named XM the “Most Reliable Broker, Global.”
- co rewarded XM with the “Most Transparent Broker, Global” award in 2023.
- 2023: XM received the “Best Customer Support, Global” award from CFI.co.
- 2023: XM received the “Best Forex Education” award from FxScouts Annual Broker Awards.
XM Account Types and Features
XM’s range of trading accounts impressed us because there is an account for every type of South Korean trader based on their trading style, risk tolerance, and unique trading strategy. Join us as we explore a snapshot of each account type, followed by an in-depth discussion on the features of each.
| 💻 Live Account | 📉 Minimum Dep. | 👉 Open Account | 📊 Leverage | 💰 Commissions |
| ➡️ Micro Account | 6,800 TWD ($5) | 👉 Open Account | Account balance of $5 – $20,000 = 1:1 to 1:1000 $20,001 to $100,000 = 1:1 to 1:200 $100,001+ – 1:1 to 1:100 | None |
| ➡️ Standard Cent | 6,800 TWD ($5) | 👉 Open Account | Account balance of $5 – $20,000 = 1:1 to 1:1000 $20,001 to $100,000 = 1:1 to 1:200 $100,001+ – 1:1 to 1:100 | None |
| ➡️ Ultra-Low Account | 6,800 TWD ($5) | 👉 Open Account | Account balance of $5 – $20,000 = 1:1 to 1:1000 $20,001 to $100,000 = 1:1 to 1:200 $100,001+ – 1:1 to 1:100 | None |
| ➡️Shares Account | 13.6 million KRW ($10,000) | 👉 Open Account | None | $1 per share |
Demo Account
If you’re a South Korean trader looking for a secure place to practice your trading strategies, XM’s demo account is perfect.
In our experience, with a virtual $100,000, you can experience real market conditions and sharpen your skills without any risk.
We also found that signing up for a demo account on the XM website is extremely easy. You can easily choose your preferred account type (based on the live account options), base currency, and leverage options.
This account, available on both MetaTrader 4 and MetaTrader 5 platforms, will remain active indefinitely if you log in at least once every 90 days.
Whether you’re just getting started or have years of experience, we believe that the XM demo account remains an invaluable tool for testing and developing confidence in your trading abilities.
Micro Account
Smaller capital traders can expect accessibility and flexibility from the XM Micro Account. It enables traders to start with a little investment with a minimum deposit of just 6,800 KRW ($5).
Trading in micro-lots—1,000 units of the base currency equal to one lot—makes this account perfect for South Koreans who want to trade smaller amounts, which means they face lower risks in volatile market conditions.
There are no transaction costs and the spreads start from just 1 pip. The extremely adjustable leverage ranges from 1:1 to 1:1000 for account balances between $5 and $20,000, 1:1 to 1:100 for balances between $20,001 and $100,000, and 1:1 to 1:100 for balances beyond $100,000.
This kind of account is a strong option for South Korean novices and traders to manage risk well because it also offers hedging and negative balance protection.
Standard Account
According to our research, the XM Standard Account provides competitive conditions and a comprehensive trading experience. Trading in standard lots – where one lot equals 100,000 units of the base currency – requires a minimum deposit of 6,800 KRW ($5).
This account has no commission fees, and competitive spreads start from 1 pip. With a leverage structure identical to the Micro Account, smaller account balances can access leverage of up to 1:1000 on forex major pairs.
South Koreans who want larger positions and a more conventional trading experience will likely find this account type appropriate. It also can hedge against negative balance, guaranteeing that South Korean traders can easily handle their positions.
Ultra-Low Account
South Korean traders who value tight spreads and low trading fees will find that the XM Ultra-Low Account is an ideal option compared to other accounts. With zero trading charges and some of the narrowest spreads available, this account type starts at just 0.6 pips.
With one lot equaling 100,000 units for conventional and 1,000 units for micro lot sizes, the account accommodates various trading strategies and risk tolerance levels. Leverage can be adjusted from 1:1 to 1:1000 and will decrease with increasing account balance.
Day traders and scalpers who want to maximize their leverage while reducing their trading expenses will likely find this account especially appealing.
Shares Account
The XM Shares Account is intended especially for equities market participants. This account has a far larger minimum deposit of 13.6 million KRW ($10,000) compared to other account types.
The XM Shares Account charges a $1 per share commission for trading in both individual shares and share CFDs. As is typical of share trading, this account does not provide leverage. The spreads depend on the underlying exchange; one lot is the minimum trade volume.
South Korean traders who use longer-term investment methods and would rather trade real shares than CFDs will find this account type ideal.
Islamic Account
XM’s Islamic Account is designed to meet the specific requirements of South Korean traders who follow Sharia law. Offered according to Islamic finance principles, this special account type removes swap or rollover interest.
Once South Korean traders have successfully opened and verified their trading account through the Members Area, they can request swap-free status. This will enable them to enjoy an account that is free from any interest charges, spread widening, or hidden fees.
Operating under similar trading conditions as XM’s other account types, it provides leverage up to 1000:1, real-time market execution, and the ability to hold positions without restrictions.
The Swap-Free Account is also accessible on all trading platforms, including MT4 and MT5, and is supported by XM’s dedicated 24/5 customer service.
Furthermore, we found that this account provides a fair and ethical trading experience for its Islamic account holders. Unlike many other brokers, swap fees are not substituted with other charges.
Are demo accounts available at XM for South Korean traders?
Yes, the broker provides demo accounts that allow South Korean traders to practice trading in a risk-free environment.
How are the features of accounts tailored exclusively to South Korean traders?
The broker customizes account features to match traders’ demands globally, including multilingual language support and global trading instruments.
How to open an XM Account – Step-by-Step Guide
XM boasts a quick and effortless account registration. We created an account with XM to prove this by following these steps:
Step 1: Click on the “Open an Account” banner
- Go to the XM website and find the “Trading” tab in the top menu of the homepage, right between “Home” and “Platforms.”
- To access more information on what you can expect from XM’s accounts, navigate to the “Accounts” section and go to either “Trading Account Types” or “Ultra Low Standard Accounts.”
- Take a close look at the trading conditions of the different XM accounts.
- Consider features such as spreads, leverage, minimum deposit requirements, and other details to find the account type that matches your risk tolerance, trading objectives, and style.
- After you’ve made your account selection, click on the “Open an Account” banner that can be found below the account comparison tables.
Step 2: Complete the registration form
- Complete the registration form by providing your details, such as your full name, email address, country of residence (select South Korea), and phone number. Also, ensure the security of your account by creating a robust and distinctive password.
- Once you’ve completed the registration form, watch your email for a verification message from XM.
- Please click the verification link in the email to confirm your email address.
- Use your registered email and password to access the XM Members Area.
- Ensure your profile is fully updated with all the necessary personal details, including your date of birth, address, and financial information.
- For regulatory purposes, please provide a copy of your identification document (ID or passport) and proof of residence (such as a recent utility bill or bank statement). Ensure that the documents are legible to prevent any delays during the verification process.
- Select your preferred trading platform: MetaTrader 4 (MT4) or MetaTrader 5 (MT5).
- You can easily access the platform on your desktop or conveniently use the web or mobile versions.
- After verifying your account, you can deposit funds using various payment methods, including credit/debit cards, bank wire transfers, and e-wallets such as Skrill and Neteller.
- The minimum deposit amount varies depending on the type of account you have selected, usually starting from $5 up to $10,000 (for the Shares Account).
- Once your account is funded, you can start trading various global financial markets.
- Remember to use XM’s educational tools and resources to improve your trading skills and strategies.
What actions does XM take to protect personal information throughout the registration procedure for South Korean traders?
The broker uses rigorous data protection procedures, such as SSL encryption, to secure traders’ personal information during registration.
Can South Korean traders immediately set up an XM account from their mobile devices?
Yes, the broker offers a user-friendly mobile platform that allows South Korean traders to register for an account immediately from their phones or tablets.
Broker Comparison
| 🔑Broker | 🥇XM | 🥈HFM | 🥉 Exness |
| 📈Regulation | FSCA, IFSC, ASIC, CySEC, DFSA, FCA | FSCA, CySEC, DFSA, FSA, FCA, FSC, and CMA with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA, CMA |
| 📉Trading Platform | MetaTrader 4 MetaTrader 5 XM Mobile App | MetaTrader 4 MetaTrader 5 HFM App | MetaTrader 4 MetaTrader 5 Exness App Exness Terminal |
| 💵Withdrawal Fee | No | No | No |
| 🆓 Demo Account | Yes | Yes | Yes |
| ⬇️Min Deposit | 6,800 TWD ($5) | 0 KRW ($0) | 136,000 KRW ($10) |
| ✳️Leverage | 1:1000 | 1:2000 | Unlimited |
| 🔢Spread | 0.6 pips | 0.0 pips | Variable, from 0.0 pips |
| 💴Commissions | $1 to $9 | $6 per round turn | From $0.1 per side, per lot |
| ⛔Margin Call/Stop-Out | 50%/20%, 100%/50% (EU) | 50%/20% | 60%/0% |
| 📝Order Execution | Market, Instant | Market | Market |
| 💰No-Deposit Bonus | Yes | No | No |
| 🪙Cent Accounts | Yes, Micro | No | Yes |
| 📊Account Types | Micro Account Standard Account XM Ultra-Low Account Shares Account | Cent Account Premium Account Zero Account Pro Account Pro Plus Account | Standard Account Standard Cent Account Raw Spread Account Zero Account Pro Account Social Standard Account Social Pro Account |
| 🖋️FSC Regulation | None | None | None |
| ➡️KRW Deposits | None | None | Yes |
| 💷KRW Account | No | None | Yes |
| 👥Customer Service Hours | 24/7 | 24/5 | 24/7 |
| 💳Retail Investor Accounts | 4 | 5 | 7 |
| ☪️Islamic Account | Yes | Yes | Yes |
| 📌Minimum Trade Size | 0.01 pips | 0.01 lots | 0.01 lots |
| 📍Maximum Trade Size | 100 lots | 500 lots | Unlimited |
| ⏱️Minimum Withdrawal Time | 1 working day | 10 Minutes | 24 hours |
| ⏰Maximum Estimated Withdrawal Time | 5 working days | 10 business days | 3 days |
| 💶Instant Deposits and Instant Withdrawals | Yes, deposits | No | No |
| 👉 Open Account | 👉 Open Account | 👉Open Account | 👉Open Account |
XM Trading Platforms
XM is an innovative broker that offers South Koreans some of the best trading platforms that most traders are already familiar with. Join us as we explore each platform to find the benefits for South Korean traders who use them.
MetaTrader 4
MetaTrader 4 (MT4) is a reliable option for South Korean traders who prefer a classic yet sophisticated platform. MT4’s user-friendly interface and comprehensive charting tools simplify technical analysis, which is critical in the fast-paced South Korean forex market.
We found that the extensive library of technical indicators and configurable charting tools are especially useful for identifying trends and patterns in prominent currency pairs such as USD/KRW and JPY/KRW.
MT4’s Expert Advisors (EAs) can automate trading techniques, allowing South Korean traders to capitalize on market opportunities even when they aren’t actively monitoring charts.
MetaTrader 5
MetaTrader 5 (MT5) is a more complex platform that expands on the qualities of MT4 while providing extra capabilities for expert traders.
For South Korean traders working with several asset classes, MT5’s extended instrument coverage, which includes stocks, futures, and Forex, is a significant advantage.
The platform’s extensive market analysis tools, including additional timeframes and technical indicators, allow for a more in-depth understanding of market dynamics.
Furthermore, MT5’s improved backtesting features let South Korean traders optimize their methods more precisely.
Copy Trading
For South Korean traders who are new to forex or prefer a hands-off approach, XM’s Copy Trading platform provides a unique approach and option. This tool allows you to replicate professional traders’ trades, potentially generating profits automatically.
You can browse a wide range of signal providers, filter them based on their performance and risk profile, and select those that match your trading objectives. This social trading feature promotes a sense of community and learning among South Korean traders.
XM Mobile App
The Mobile App is a powerful and innovative tool in South Korea’s mobile-first society. This software, available for iOS and Android smartphones, gives you mobile access to your trading account, allowing you to monitor positions, trade, and stay updated on current market news and analysis.
The app’s user-friendly layout and responsive design make it extremely easy to use, especially on mobiles with smaller displays. Whether commuting, vacationing, or just away from work, the XM Mobile App ensures you never miss a trading opportunity.
Does XM’s mobile trading app provide complete functionality compared to the desktop version for South Korean traders?
The mobile trading apps are designed to provide extensive functionality, mimicking the desktop experience for South Korean traders.
Can South Korean traders customize their trading environment on XM platforms?
Yes, the platforms offer substantial customization, allowing South Korean traders to personalize their trading environment to their tastes.
Range of Markets
XM’s product portfolio spans 1,000 financial instruments and the following asset classes. We also provide South Korean traders with the maximum leverage they can expect from each asset category.
| ✴️Instrument | ✅Number of Assets Offered | 📊Max Leverage Offered |
| Forex | 55 | 1:1000 |
| Precious Metals | 5 | 1:400 |
| Stock CFDs | 1,337 | 1:10 |
| Indices | 20 | 1:200 |
| Cryptocurrency | 31 | 1:10 |
| Individual Shares | 100 | 1:250 |
| Energies | 8 | 1:67 |
| Commodities | 8 | 1:50 |
| Turbo Stocks | 7 | 1:200 |
Leverage and Margin
A detailed dive into XM’s leverage and margin policies for South Korean traders reveals a sophisticated and multi-layered framework.
XM has a flexible leverage scale that conforms to account size, with up to an astonishing 1:1000 for balances under $20,000. However, leverage is gradually reduced for balances above this threshold, protecting against excessive risk as trading accounts expand.
Margin requirements are another critical component of XM’s strategy. The broker’s website includes a thorough margin calculator, which is especially useful for South Korean traders because it allows them to establish exact margin requirements for various products and account types.
This is especially important in a market where considerable currency changes might directly influence margin levels.
We examined the client agreement and found that it indicates that XM maintains the right to change margin requirements, a cautious practice that underscores the broker’s attention on risk management in the volatile and sometimes unpredictable world of forex trading.
How does XM ensure fair pricing in the markets available to South Korean traders?
The broker obtains prices from reputed liquidity providers to ensure competitive and fair pricing in the markets open to South Korean traders.
Can South Korean traders participate in pre-market and after-hours trading on XM?
Yes. Depending on the instrument and market, XM provides clients in South Korean extended trading hours, such as pre-market and after-hours trading.
Fees
XM stands out with its competitive spreads, commissions, and other fees compared to other CFD and Forex brokers. XM is extremely transparent where its fee schedule is concerned, and in the following sections, we explore these fees for South Koreans.
Spreads
South Korean traders can find some noteworthy points in our evaluation of XM’s fee structure, especially concerning spreads. The spreads charged are impressively tight, which is a major advantage for South Koreans involved in high-frequency trading.
Minimizing transaction costs is crucial in this type of trading, and these tight spreads help achieve that goal. Spreads differ according to account type and on XM Ultra-Low Account, South Koreans can expect spreads from 0.6 pips on major Forex pairs.
Commissions
XM’s commission structure is also impressive. Most accounts do not charge commissions on forex trades, which helps South Korean traders save on costs.
An exception to note is the XM Shares Account, which is specifically tailored for share investors. With a commission fee of $1 per share, this account option makes it easy for South Koreans to invest in international share CFDs and Indices while being able to calculate their exact trading costs.
Overnight Fees
South Koran traders must know that overnight fees apply to positions held after 10 PM GMT. The variations can differ based on the specific instrument and the direction of the trade.
For instance, a long EUR/USD position may result in a loss of -8.48 pips, whereas a short position could yield a gain of 1.52 pips.
South Korean traders can manage these fees by closing positions before rollover or choosing instruments with lower swap rates. In addition, XM provides swap-free Islamic accounts to avoid these fees completely.
Deposit and Withdrawal Fees
It is worth mentioning that XM does not impose any fees for deposits or withdrawals, regardless of the chosen payment method.
This is a significant benefit for South Korean traders, although it’s important to remember that third-party providers have their fees. By choosing payment methods that don’t come with extra fees, South Korean traders can optimize the efficiency and cost-effectiveness of their transactions.
Inactivity Fees
XM does charge an inactivity fee for accounts that have been inactive for more than 90 days. A one-time $15 maintenance fee will be charged after 90 days, followed by a $5 monthly fee if there is no activity.
To avoid these charges, we advise South Korean traders to participate in at least one trade, deposit, or withdrawal every 90 days. You can maximize your financial potential by avoiding fees and staying actively involved in the market and trading strategies.
XM Currency Conversion Fees
Currency conversion is important for South Koreans who trade in currencies other than the Korean Won. XM does not charge explicit conversion fees, but implicit costs might be associated with converting funds when depositing or withdrawing in KRW.
Does XM impose any account maintenance fees on traders in South Korea?
The broker’s policy on account maintenance fees varies per region. Thus, traders in South Korea should consult the account terms for particular charge details.
Can South Korean traders see a full fee report for their accounts?
Yes. they provide South Korean traders with full account reports, including a summary of any expenses incurred.
XM Deposits and Withdrawals
| 💳 Payment Method | 🌎 Country | 💴Currencies Accepted | ⏱️Processing Time |
| 💰Credit Card | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant – 5 days |
| 🪙Debit Card | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant – 5 days |
| 💳Bank Wire Transfer | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | 1 – 5 days |
| 💸Local Bank Transfer | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | 1 – 5 days |
| 💳Skrill | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant – 1 day |
| 🪙Neteller | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant – 1 day |
| 💰WebMoney | All | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR | Instant – 1 day |
Deposits
How to Deposit using Bank Wire Step by Step
✅Log in to your XM Member’s Area and select ‘Deposit’ from the menu.
✅Choose ‘Bank Wire Transfer’ as your deposit method.
✅Complete the deposit form with the required bank details and the amount you wish to deposit.
✅You will receive XM’s bank details, which you can use to deposit funds from your bank.
✅Log into your banking portal, enter the details, and confirm the transaction.
✅Keep the receipt or transaction reference number. The funds could take 1 to 5 days to reflect in your XM trading account.
How to Deposit using Credit or Debit Card Step by Step
- Access your XM Member’s Area and navigate to the ‘Deposit’ section.
- Select ‘Credit or Debit Card’ from the available options.
- Enter your card details, including the card number, expiration date, CVV code, and deposit amount.
- You might be asked for additional verification by your card provider (such as a one-time password).
- Confirm the payment, and the funds should be credited to your account instantly or within a few hours.
How to Deposit using Cryptocurrency Step by Step
✅Sign in to your XM Member’s Area and click ‘Deposit.’
✅Choose the cryptocurrency you wish to use for the deposit.
✅Enter the deposit amount in the designated cryptocurrency or the equivalent in your account currency.
✅You will receive a unique wallet address for XM, to which you can transfer your crypto funds.
✅Complete the transfer from your crypto wallet to your provided XM wallet address.
✅Once confirmed on the blockchain network, the deposit will be processed and converted to your account currency.
How to Deposit using e-Wallets or Payment Gateways Step by Step
✅Log into your XM Member’s Area and select ‘Deposit.’
✅Choose your preferred e-wallet (such as Skrill, Neteller, or WebMoney) from the deposit options.
✅Specify the amount you wish to deposit and complete any required e-wallet information.
✅You will be redirected to your e-Wallet’s website to log in and confirm the payment.
✅Once confirmed, the deposit is usually processed instantly and will be available in your XM trading account.
Withdrawals
How to Withdraw using Bank Wire Step by Step
✅Enter your XM Member’s Area and click on ‘Withdrawal.’
✅Select ‘Bank Wire Transfer’ from the withdrawal options.
✅Complete the withdrawal form with your bank details and the amount you wish to withdraw.
✅Review and confirm the withdrawal details.
✅XM will process the withdrawal, and funds should reach your bank account within 1 to 5 days
How to Withdraw using Credit or Debit Cards Step by Step
✅Log in to your XM Member’s Area and choose ‘Withdrawal.’
✅Choose ‘Credit or Debit Card’ as your withdrawal method.
✅Complete the required information, including the amount you wish to withdraw.
✅Confirm the withdrawal details.
✅XM will process the transaction, and the funds should be credited back to the same card used for the deposit, typically within 3 to 5 business days.
How to Withdraw using Cryptocurrency Step by Step
✅Access your XM Member’s Area and navigate to ‘Withdrawal.’
✅Select the cryptocurrency option for withdrawal.
✅Enter the withdrawal amount and provide your crypto wallet address.
✅Confirm the withdrawal details.
✅XM will send the cryptocurrency to your provided wallet address, usually within 24 hours.
How to Withdraw using e-Wallets or Payment Gateways Step by Step
✅Sign in to your XM Member’s Area and select ‘Withdrawal.’
✅Choose the e-wallet you used to deposit as your withdrawal method.
✅Specify the withdrawal amount and provide any necessary e-wallet information.
✅Confirm the withdrawal.
✅XM will process the withdrawal, and the funds should appear in your e-wallet within 24 hours.
Are there any costs for South Korean traders while depositing or withdrawing funds from XM?
While XM aims to provide fee-free deposits and withdrawals, South Korean traders should be aware of any potential charges from payment processors and their banks.
What security precautions does XM have in place for financial transactions involving traders in South Korea?
The broker uses secure and encrypted financial transaction methods to protect South Korean traders’ deposits and withdrawals.
10 Best Forex Brokers in South Korea
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Educational Resources
In addition to the above-mentioned tools and resources, XM also offers South Koreans the following:
✅TV
✅Technical Summaries
✅XM Research
✅Live
✅Live Education
✅Live Education Schedule
✅“Discover”
✅Podcasts
✅Markets Overview
✅Trade Ideas
✅Offline Trading Courses
Does XM provide market analysis and research tools specific to the South Korean market?
Yes. the broker offers market analysis and research tools, which might include insights into the South Korean market and global financial events.
Can South Korean traders attend live educational sessions hosted by XM?
Yes. the broker routinely organizes live instructional seminars and workshops that South Korean traders are invited to join.
XM Bonuses and Promotions
$120,000 Real and Demo Contest
South Korean traders can participate in XM’s $120,000 Real and Demo Contest, offering cash rewards without risking personal savings.
The contest takes place in stages with a separate reward pool. To participate, register on the XM website and choose between the genuine contest or the free demo contest. The tournament enables traders to test strategies and develop skills in a live setting.
$30 No-Deposit Bonus
XM offers a $30 No-Deposit Bonus for new traders, providing a risk-free starting point for real-time trading on the platform. Traders receive $30 in trading credit after opening an account and completing verification.
However, this offer is only available for a short time and requires a minimum trading volume before withdrawing profits.
100% Deposit Bonus up to $500 plus 20% bonus up to $10,000
XM provides traders with a 100% deposit bonus of up to $500 and a 20% bonus of up to $10,000 to significantly increase their trading capital.
The first deposit doubles the initial investment, while subsequent deposits earn a 20% bonus up to $10,000. However, this incentive cannot be withdrawn and has specific restrictions.
$150 Refer a Friend bonus
XM’s $150 Refer a Friend Bonus allows you and your referral to earn up to $150 each when they open and deposit funds into a new XM account. It provides an easy way to earn additional money and introduce your connections to trading.
Loyalty Program
The XM Loyalty Program rewards traders with XM Points (XMP), which can be exchanged for trading bonuses and cash.
The program has multiple tiers, with higher levels offering more benefits. The XM Members Area allows easy tracking of progress and XMP balance, motivating traders to stay active and maximize their trading experience.
Does XM provide a no-deposit incentive to new traders in South Korea?
Yes. The broker provides a $30 no-deposit bonus to new traders, including those from South Korea, subject to specific restrictions and availability.
Does XM offer any time-sensitive bonuses to South Korean traders?
Yes. XM often runs time-sensitive specials, which South Korean traders can learn about via the XM website or newsletter.
How to Register an Affiliate Account with XM Step-by-Step
Step 1: website and look for the “Partnerships”
- Go to the XM website and look for the “Partnerships” option in the top menu on the homepage, close to “About Us.”
- Select the “Partnerships” option.
Step 2: “Register a Partner Account” banner
- Once the page loads, scroll down for more details about the affiliate program. Examine the descriptions of the affiliate program’s perks, such as earning up to $25 per lot, zero commission caps, and a 10% commission on second-tier referrals.
- Familiarize yourself with the services available, such as multilingual support, personal account managers, and prompt payments from XM.
- When you’ve finished reviewing the information and are ready to sign up, look for the “Register a Partner Account” banner on the affiliate program page, which will start the registration procedure.
- Complete the required personal information, including your full name, email, and phone number. Next, create a secure, unique password for your affiliate account.
- Provide any additional information requested, including your website URL (if appropriate) and any specifics about your marketing approach.
- Carefully examine the affiliate program’s terms and conditions. Check the appropriate box if you agree to the terms and conditions.
- Review all of the information you’ve entered to check it’s correct. Click the “Submit” button to finish the registration procedure.
- Check your email for a verification message from XM, and click the verification link in the email to validate your email address.
- After your email has been validated, log in to your affiliate account using your registered email address and password.
- Next, familiarize yourself with the affiliate dashboard and accessible tools before you begin managing your affiliate operations.
Affiliate Programs
Joining the XM Affiliate program not only holds benefits for South Koreans but also the clients that they refer. Keep reading to learn more about what South Korean affiliates can expect and how they can join one of the most popular partnership programs globally.
Features
For South Korean traders and marketers who want to optimize their earnings in the forex market, XM’s affiliate program is a valuable resource. This partnership opportunity is profitable and incredibly easy to get into.
The program is designed to provide maximum flexibility, enabling affiliates to quickly register online and manage their earnings through a user-friendly partner portal.
With this efficient approach, account management becomes effortless, allowing for quick and smooth transfers of funds between IB and client accounts. We also found that XM is committed to ensuring punctual payouts, crucial for building successful, long-term collaborations.
XM’s dedication to affiliates goes beyond just offering financial incentives. The program provides individuals with extensive support, offering personalized assistance from dedicated account managers.
XM offers multilingual support in 25 languages, including Korean, which is especially beneficial for South Korean affiliates. This guarantees smooth communication and efficient support whenever needed.
One of the standout features of XM’s affiliate program is its ability to generate substantial returns.
Affiliates have the opportunity to earn a generous $25 per lot traded by their referrals, and there is no limit to the commissions they can receive. In addition, a 10% commission on second-tier referrals enhances earnings, resulting in a lucrative multi-level structure.
XM is dedicated to creating a favorable trading environment that benefits both affiliates and their clients. The XM platform’s commitment to fair trading practices ensures a seamless and secure trading experience for all users, both affiliates and their referrals.
With no requotes, rejections, and negative balance protection, South Korean clients can trade confidently. This not only boosts the affiliate’s standing but also fosters customer loyalty.
How do individuals or businesses in South Korea join the affiliate program?
South Korean individuals or businesses can join XM’s affiliate program by signing up through the affiliate page and awaiting approval.
How frequently does XM send out affiliate commissions in South Korea?
The broker normally handles affiliate commission payments weekly, but the timetable can change. Therefore, affiliates in South Korea should check.
Customer Support
| 🔑Customer Support | 🥇XM Customer Support |
| ⏰Operating Hours | 24/7 |
| 🔊Support Languages | English, Chinese, Russian, French, Italian, Spanish, Portuguese, Polish, Arabic, and more |
| 👥Email Address | ✅Yes |
| ☎️Telephonic Support | ✅Yes |
| 🏆The overall quality of XM Support | 5/5 |
Is XM customer service available around the clock for South Korean traders?
XM usually provides 24/7 customer support to meet the needs of South Korean traders who trade after market hours while aligning with global trading hours during the week.
Can XM’s customer service assist South Korean traders with account verification issues?
Yes, XM’s customer service is ready to assist South Korean traders with any account verification questions.
XM Social Responsibility
XM’s dedication to corporate social responsibility is reflected in its several initiatives, which can be seen on its website by clicking “About Us” and “Corporate Social Responsibility.” We were struck by their commitment to empowering communities and driving positive change.
- In conjunction with the Red Cross Singapore, XM Singapore has arranged a sports enrichment expedition for migrant domestic workers (MDWs), emphasizing the significance of mental health and well-being for these vital community members.
- In Indonesia, XM collaborated with the Peduli Anak Foundation to give essential care, education, and assistance to disadvantaged children in Lombok, West Nusa Tenggara, to break the poverty cycle.
- XM’s visit to the Singapore Red Cross office demonstrates their commitment to cultivating long-term relationships and partnering on various humanitarian activities to optimize their impact.
- XM worked with the Human Initiative group to offer supplies and hot meals to flood victims in Demak, showcasing their quick responsiveness to calamities and commitment to humanitarian help.
- XM bridged the technology gap by donating computers to a school in Son La, Vietnam, and providing computer literacy training to children, recognizing the importance of technology in education and empowering young minds.
- XM supported the “Haya Karima” initiative in Cairo, which provided educational programs and facilities to improve the quality of life for less fortunate youngsters.
Our Recommendations on XM
- Create marketing strategies and promotions that appeal to South Korean traders, emphasizing the benefits of trading with XM and addressing their requirements and preferences.
Create a section on the XM website for South Korean traders that includes localized material, - news, and updates about the South Korean market.
- Create a community of South Korean XM traders by hosting localized webinars, seminars, or online forums that promote information exchange and networking among local traders.
Pros & Cons
| ✅Pros | ❌Cons |
| There is an account type for every type of trader according to their budgets and risk tolerance | XM does not support KRW-denominated accounts, deposits or withdrawals |
| XM offers multi-currency accounts, deposit and withdrawal methods | There are third-party payment processor fees on deposits and withdrawals, especially for international transactions |
| South Koreans can participate in Social Trading with XM, where they can mimic the strategies of more professional traders | South Koreans can participate in Social Trading with XM, where they can mimic the strategies of more professional traders There are limited localized educational materials and research tools specifically for South Korea |
| XM offers various trading tools and educational materials | XM does not provide domestic CFDs from South Korea, like indices and stocks |
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Final Verdict
Our detailed analysis shows that XM is a formidable option for South Korean Forex and CFD traders.
The platform’s extensive selection of over 55 currency pairings and numerous trading opportunities in stocks, commodities, and indices creates an ideal environment for diversified portfolios and strategic trading.
XM appeals to South Korean’s budget-conscious traders, with low minimum deposit requirements and tight spreads starting at 0.6 pips with zero commissions on most accounts.
In our experience, choosing the MetaTrader 4 and MetaTrader 5 platforms ensures South Korean traders access to powerful, user-friendly analytical and execution capabilities.
However, we must mention that several factors must be considered. Firstly, while XM’s spreads are typically competitive, they can expand during periods of strong volatility, causing overnight costs to accumulate.
Furthermore, we also found that the unavailability of KRW as a base currency can increase conversion expenses for some users. While the educational materials are comprehensive, XM could improve the learning experience for traders in the country by including more specialized insights into the South Korean market.
Finally, we urge South Korean traders to consider XM’s policy regarding an inactivity fee after 90 days of dormancy, especially if they are not actively trading or holding long-term positions.
However, despite these drawbacks, XM is still a viable option for both newbies and seasoned pros in South Korea, given the broker aligns with their risk tolerance, trading strategies, and overall objectives in Forex and CFD trading.
Our Insight
Having conducted some investigation, I have established that XM keeps in place wide customer support that ensures that traders get quick and efficient help. Therefore, based on my research, XM should be considered the most reliable platform in South Korea for anyone willing to trade freely without fear of losing money or being stolen from due to its transparent charges and strict compliance with all regulatory requirements.
Frequently Asked Questions
Is XM regulated in South Korea?
No. However, while South Korean authorities do not directly control XM, it is overseen by respected international financial institutions.
How do South Korean traders withdraw funds from XM?
South Korean traders can withdraw their profits using various methods, including bank wire transfers and e-wallets. Plus, the process is simple and user-friendly.
Are the XM trading platforms available in Korea?
XM’s trading platforms, including MT4 and MT5, allow several languages, and while the interface might be available in Korean, full compatibility is contingent on the most recent updates.
Can I use trading robots or expert advisors (EAs) on the XM platforms?
Yes, XM lets South Koreans use EAs on its MetaTrader platforms, which lets South Korean traders automate their trading techniques.
Does XM provide personal account managers for South Korean traders?
Yes. XM offers personal account managers. However, the availability of Korean-speaking managers might vary and must be confirmed with the broker.
XM User Comments and Reviews
XM has more than 10 million clients and we had no issue finding the latest user comments on this multi-regulated global broker. Here’s what we found: