As a Forex Trader, finding the right brokerage company can be pretty challenging, especially for newcomers. Usually, beginners look for a broker who has a lower minimum deposit. Although it is easy due to a large number of brokers, certain limitations can make it difficult.
XM Minimum is popular for its affordable initial deposit amount. This has got people asking how much they charge in specific currencies, such as EUR, CHF, and the most requested, ZAR.
Here is the answer to all your questions regarding the XM Minimum Deposit in ZAR.
The XM Minimum Deposit in ZAR for All Account Types
Started in 2009, XM broker is currently operating in over 196 countries. The reason for their global reach is its linguistic support for 30 languages. In addition to that, the brokerage company is regulated by CySEC.
Working with over 1.5 Million users, XM has become one of the best choices for beginners as well as experienced traders. But, is it really that affordable? Let’s find out the XM Minimum deposit in ZAR.
- XM Minimum Deposit in ZAR for Micro Account
As the name suggests, Micro Account is the smallest type there is. But, that does not mean it lacks in any way. It has several base currencies, including ZAR, and has one pip of spread.
Its initial deposit amount is $5, which is equal to 76.33 South African Rand as of now. If you want, you can convert this account to Islamic as well. The best part is that there is zero commission on trades.
- XM Minimum Deposit in ZAR for Standard Account
Standard accounts are usually the most popular choice with brokers. And, XM broker is no exception. Similar to the previous one, it has no commission, 1 pip spread, various base currency options, with the distinction of 50 lots restriction per ticket.
The XM Minimum Deposit in ZAR for Standard account is the same as micro, which is 76.33 ZAR. And, in USD, it is $5. The option for conversion to an Islamic account is also available.
- XM Minimum Deposit in ZAR for Ultra-Low Account
This account type has a lesser variety in currencies but still has USD, ZAR, EUR, among others. Its spreads are as low as 0.5 pips, while the commission is still at zero.
You can get started here with the same 5$ or 76.33 ZAR deposit.
- XM Minimum Deposit in ZAR for Shares Account
The Shares account might not be suitable for all Forex Traders. That is because it does not have an XM Minimum Deposit in ZAR. This account type only works with USD currency and has a $10,000 initial cost.
Furthermore, It has a commission, floating spreads, and no leverage.
Although there is still a demo account left, there is no need to discuss its XM Minimum Deposit in ZAR as it is a free account type. By going through this detailed article, you can estimate the initial cost to step into the Forex World.