XM

XM is fully available to Zambian traders via its internationally regulated entities, offering a secure and well‑resolved framework for trading, with no local restrictions.

Regulatory Overview: XM is authorised and regulated under several globally recognised financial authorities, including:

• Financial Services Commission (FSC) of Belize – XM Global Limited (Licence No. 000261/397)
• Australian Securities & Investments Commission (ASIC) – Trading Point of Financial Instruments Pty Ltd
• Cyprus Securities and Exchange Commission (CySEC) – Trading Point of Financial Instruments Ltd
• Dubai Financial Services Authority (DFSA) – XM MENA Limited
• Financial Sector Conduct Authority (FSCA) of South Africa – XM ZA (Pty) Ltd (Intermediary)

Regulation for Zambian Traders: XM accepts clients from Zambia, who are onboarded via XM Global Limited, regulated by FSC Belize. There are no local regulatory restrictions that prevent Zambians from using XM, and the broker is widely considered legal and accessible in the country. 

Client Protection Measures: While XM is not locally licensed in Zambia, it upholds robust client safeguards through its global regulation:

• Segregated Funds: Client funds are kept separate from company funds in top-tier banks.
• Negative Balance Protection: Ensures clients cannot lose more than their deposited amount.
• Multi-Jurisdiction Supervision: Operations are audited and regulated across multiple authorities—including ASIC, CySEC, DFSA, and FSC (Belize)—which all impose standards for transparency and client protection. However, compensation mechanisms may not apply under Belize regulation.

In summary, XM provides Zambian traders with a broadly accepted, internationally regulated trading environment—offering strong oversight and operational integrity despite the absence of local licensing.

Zambian traders using XM can access a diverse and extensive range of instruments—all available under one trading account and platform.

Instrument Categories:

• Forex: Over 55 currency pairs, including major, minor, and exotic pairs like USD/NGN and EUR/USD.
• Commodities: Trade CFDs on metals (such as gold and silver), energies (like oil), and agricultural products.
• Equity Indices: Global indices including US, UK, European, and Asian markets available via CFDs.
• Stock CFDs & Shares: CFDs on global shares across international stock exchanges—offering exposure without owning the underlying asset.
• Cryptocurrencies: Access popular digital currencies like Bitcoin and Ethereum through CFDs with 24/7 trading availability.

Access & Scope for Zambian Traders: XM provides access to over 1,000 tradable instruments spanning forex, commodities, indices, stocks, and cryptocurrency. CFD, forex, and crypto instruments are available via MT4, MT5, and WebTrader platforms.

Trading Conditions: Instruments come with competitive spreads (e.g., from 0.6 pips on forex), leverage up to 1:1,000 for eligible accounts, and fast execution. High liquidity and diverse asset classes help support multiple trading styles—from scalping to long-term strategies.

As a Zambian trader, you are eligible to open an account at XM as long as you meet the minimum deposit requirement of 5 USD (approx 120 ZMW). 

We found XM’s account opening process fast and simple. It took us about 5 minutes to open an account at XM, and once our documentation had been submitted, our accounts were ready for trading on the same day. XM’s customer support agents were very helpful and provided relevant and immediate responses.

XM provides Zambian traders with a variety of account types to suit different trading styles—each featuring clear pricing and low minimum deposits.

Micro Account: XM’s entry-level account, minimum deposits start at 5 USD on the Micro Account, and spreads average at 1.7 pips on the EUR/USD, which is wider than other similar-sized market makers.  Base currencies on the Micro account are USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, and ZAR, and one lot is the equivalent of 1,000 units (as opposed to 100,000 units), which will suit beginner traders who don’t want to risk large amounts of capital.

Standard Account: Like the Micro Account, the minimum deposit requirement is 5 USD, and spreads average at 1.7 pips on the EUR/USD, which is wider than other similar-sized market makers.  

XM Ultra-Low Account: This account also has a 5 USD minimum deposit but spreads average at 0.6 pips on the EUR/USD, which is lower than other similar-sized market makers.  Trading Bonuses are not available on this account.  

Share Account: Due to the nature of this account, traders are not offered leverage.  Contract sizes are one share, minimum trade volume is one lot, and the spread on this account is as per the underlying exchange.  Lastly, this account is only denominated in USD.

Islamic Account: XM offers Islamic accounts for traders of the Muslim faith.  We were pleased to note that XM does not apply any extra charges for Islamic accounts. This is unusual as most other brokers apply an admin fee to Islamic accounts in lieu of the swaps. 

Trading Costs Overview

• Forex & CFD Trading: Micro and Standard accounts are commission-free, with typical spreads from ~1 pip. Ultra Low Account offers reduced spreads from ~0.6 pips.
• Shares Account: Charges commissions based on trading volumes and equity markets—structured according to each share’s listing.

Additional Cost Notes: A minimum deposit of $5 applies to entry-level accounts. XM provides negative balance protection and makes no charges for deposits or withdrawals. Swap-free options are available, though swap rates and inactivity rules (like dormant account fees) still apply.

XM offers Zambian traders access to both its own dedicated mobile app and the MetaTrader mobile platforms, providing flexibility and full control while on the go.

XM Official Mobile App

The proprietary XM app is available on iOS and Android and offers a streamlined mobile trading experience. Traders can open and manage positions, access 1,000+ instruments, receive daily trading signals, view interactive charts, and use copy trading—all within a single app. The XM app also includes market news, an economic calendar, and account management tools.

MetaTrader Mobile Apps (MT4 & MT5)

XM also supports the MetaTrader 4 and MetaTrader 5 mobile apps for both Android and iOS. These platforms include real-time quotes, technical charting tools, multiple order types, one-click trading, and push notifications for price alerts and trade updates. Ideal for traders already familiar with MT4/MT5.

XM’s desktop and web-based trading platforms provide powerful tools for technical analysis, automation, and multi-asset trading—all backed by globally trusted infrastructure.

MetaTrader 4 (MT4)

MT4 remains a favourite for forex and CFD traders due to its fast execution, ease of use, and customisation. It supports Expert Advisors (EAs), hundreds of indicators, and real-time price feeds. Suitable for both beginner and advanced traders.

MetaTrader 5 (MT5)

MT5 is a more advanced multi-asset platform, featuring more timeframes, more order types, an integrated economic calendar, and expanded charting tools. It’s ideal for traders needing broader asset class support and detailed analytics.

WebTrader

WebTrader allows users to trade via MT4 and MT5 directly in their browser, with no software download required. It mirrors the core desktop functionality, including technical analysis tools, multiple chart types, and full trade management.

Key Trading Tools

• XM Copy Trading: Built into XM’s mobile app and client area, this feature lets users automatically replicate trades from professional strategy providers.
• Expert Advisors (EAs): Available on MT4 and MT5 for algorithmic, automated trading strategies.
• Advanced Charting: Includes multiple chart types, over 50 indicators, drawing tools, and template saving.
• One-Click Trading: Speeds up execution directly from charts or the order window—ideal for fast-moving markets.
• Economic Calendar & News: Integrated into MT5 and also available via the XM app, offering timely macroeconomic updates and events.
• Multi-Device Syncing: Traders can manage their accounts seamlessly across mobile, desktop, and web platforms using a single login.

Platform Access for Zambian Traders: Zambian clients have unrestricted access to all XM platforms—MT4, MT5, WebTrader, the XM app, and all associated tools—through XM Global (Belize).

Trading Tools Comparison

Broker

Economic Calendar

Autochartist

Trading Central

Trading View

Free VPS

VPS services are usually offered free with a minimum trade volume, otherwise a monthly subscription fee will apply. VPS services are usually hosted by third-party companies.

XM

Yes

No

Yes

No

Yes

HFM

Yes

Yes

No

No

Yes

IC Markets

Yes

Yes

Yes

Yes

Yes

In line with Anti-Money Laundering policies, XM operates a “return to source policy,” meaning that withdrawals can only be returned to the original funding source.

Base Currencies: When we opened our account, we noticed that the client portal allows traders to deposit funds in 11 base currencies, including EUR, USD, GBP, AUD, CHF, JPY, RUB, HUF, PLN, ZAR, and SGD.

Fees: The account funding process is open 24 hours a day and is fully automated. We were very pleased to note that XM covers all transfer fees and does not include any hidden fees or commissions on deposits or withdrawals. However, fees are charged on deposits and withdrawals made by wire transfer under 200 USD or currency equivalent. 

Once your account has been verified by customer service, you can deposit funds through the client portal.

XM offers Zambian traders a wide range of educational resources—online and interactive—to help develop trading skills across all experience levels.

Live Education Rooms & Webinars

XM runs free daily live sessions, such as “Forex Power Hour”, “US Market Open Hour”, “Indicators Masterclass”, and “Let’s Talk Fundamentals”, presented by trading experts in multiple languages.

Video Tutorials, Articles & E‑Books

Traders have access to video tutorials, insightful articles, and downloadable e‑books covering forex basics, trading strategies, technical and fundamental analysis, risk management, and trading psychology.

Global Seminars & Workshops

Although XM does not currently operate a physical education centre in Zambia, it periodically hosts international seminars and regional events—including in Africa—that Zambian clients can attend or register for online sessions delivered by Tradepedia-certified educators.

XM’s customer support is available 24/5 in over 30 languages via email, phone, and live chat.

For the purposes of the review, we tested the live chat service and email. Our email was answered within a day, and the answer was relevant and to the point. The live chat agents were able to answer all our questions quickly and to our satisfaction. They also provided links and extra reading material where appropriate.

After logging into the live chat, we were connected to an agent who replied to our message within a matter of seconds.