Are you inspired by the popularity of XM and want to know whether South Africa’s authorization entity regulates it or not? If yes, then this article can assist you.
XM broker-An Overview
XM broker is an international broker having customers from almost more than 190 countries. They are authorized by the three top-notch regulatory bodies that include CySEC, ASIC, and IFSC. Although it is an international broker, due to its fame, it possesses a massive share of South Africa’s market.
It was established back in 2009; it shows that they are an experienced broker. Furthermore, it should be noted that it is a market maker broker, so it indicates the issue of interest between the broker and trader.
Is XM regulated in South Africa?
If you want to start trading in South Africa, then you must search whether it is regulated by the prestigious regulatory body of South Africa or not. Bear in mind that XM is regulated by the top 3 leading authorization entities such as CySEC, ASIC, and IFSC. But when it comes to regulation by South Africa then sadly, it does not own a license from the FSCA till now.
Trading Conditions of XM
We know that it is a market maker broker, so it shows that it has some merits and demerits when it comes to trading conditions. So, let’s delve into this section to learn more regarding the conditions of trading.
XM is MT4 based forex broker, and it provides demo accounts to their clients, either they are potential or current. It is pertinent to mention here that XM has one of the most convenient account setup pages, and there are no hoops to jump that make it easier to begin trading.
In addition, the account will not expire after forty days, so you get a good opportunity and you can do trading as long as you want.
If you are a European client, then the leverage is limited to only 30:1 because it is regulated by CySEC. All other customers, including those from South Africa, have the leverage of up to 500:1.
One of the good things about XM is the providence of complete control over the leverage.
XM offers an extensive range of account types, so you can easily choose an account type of your own choice. Here we’ve enlisted the account types offered by XM:
- Micro Account
- Standard Account
- XM Ultra-Low Account
All these accounts support many currency pairs, and another good thing is that all of them provide Islamic account options.
To sum up the article, we would like to say that if you are concerned about “is XM regulated in South Africa” or not; then it is worth mentioning that the regulatory body of South Africa named FSCA does not regulate XM. We are hopeful that this article must have assisted you in getting your answer. If you have any queries, let’s ask in the comments section.