- Regulator
- Capital Markets Authority (CMA)
- Local company
- TPXMGLOBAL Kenya Limited
- Licence number
- 233
- M-Pesa
- Reported by Kenyan sources
Broker review · Checked
XM review 2026: is XM legit in Kenya and South Africa?
XM is licensed in Kenya through TPXMGLOBAL Kenya Limited (CMA 233) and opens from $5. Kenyan sources report M-Pesa deposits. In South Africa its local company is an intermediary and the CFDs come from XM Global in Belize. Watch the $10 monthly inactivity fee after 90 days.
- Founded2009
- 🇰🇪 CMALicence 233
- 🇿🇦 FSCAFSP 49976
- Minimum deposit$5
- M-PesaReported
Is XM regulated? Licence by country
- Regulator
- Financial Sector Conduct Authority (FSCA)
- Local company
- XM ZA (Pty) Ltd
- Licence number
- FSP 49976
XM ZA is an intermediary and not the counterparty to your trades. The CFDs are issued by XM Global Limited, regulated in Belize.
Source: tradefx.co.za, not yet checked on the register
A licence means someone supervises the broker. It does not make trading safe: most retail CFD accounts lose money.
About XM
XM is a large CFD broker with more than 1,400 instruments. Its main European company, Trading Point of Financial Instruments, is regulated by CySEC (120/10). In Kenya it holds CMA licence 233 through TPXMGLOBAL Kenya Limited.
In South Africa, XM ZA (Pty) Ltd holds FSP 49976 but is not the counterparty to your trades. The CFDs are issued by XM Global Limited, regulated by the FSC of Belize.
Who XM suits, and who should look elsewhere
Good fit if you
- want to start with $5
- want MetaTrader with TradingView-based charts on the web
- can fund with M-Pesa
Look elsewhere if you
- might leave the account idle for three months or more
- are in South Africa and want a locally approved CFD issuer
XM account types and minimum deposit
| Account | Minimum deposit | Pricing |
|---|---|---|
| Micro / Standard | $5 | Spreads from 1.6 pips, no commission |
| Ultra Low | $5 | Spreads from 0.8 pips, no commission |
| Zero (some regions) | $5 | From 0.0 pips plus $7 per lot round turn |
| Shares | $10,000 | Real shares, no leverage |
Leverage: Up to 1:1000 on forex through global companies; 1:30 under CySEC.
XM fees: spreads, commission and other charges
| Spreads | From 1.6 pips on Standard, 0.8 on Ultra Low |
| Inactivity fee | $10 a month after 90 days without activity |
| Deposits | No XM fee; wires over $200 reimbursed |
| Withdrawals | No XM fee on standard methods; minimum $5; approved within 24 hours |
From FXStreet's XM review, updated 7 Oct 2026.
Work out the cost of a trade before you place it with our pip value and profit and loss calculators.
XM deposits and withdrawals in Kenya and South Africa
🇰🇪 Kenya · M-Pesa
- Licensed company: TPXMGLOBAL Kenya Limited, CMA licence 233.
- M-Pesa deposits are reported by Citizen Digital and CompareBroker; one says they take 1–2 hours.
- No XM fee on M-Pesa withdrawals, per CompareBroker.
🇿🇦 South Africa
- XM ZA (Pty) Ltd holds FSP 49976 and is not the counterparty.
- CFDs are issued by XM Global Limited (FSC Belize).
- ZAR is an accepted account currency.
M-Pesa limits, rand EFT, cards, e-wallets and the payment scams to avoid: read our deposits and withdrawals guide.
XM trading platforms
- MetaTrader 4
- MetaTrader 5
- XM WebTrader (TradingView charts)
- XM app
Is your money safe with XM?
- Negative balance protection and segregated funds, per FXStreet.
- Investor compensation (up to €20,000) applies only to the CySEC company.
- In South Africa your contract is with a Belize company.
XM pros and cons
Pros
- CMA licence in Kenya
- $5 minimum deposit
- M-Pesa reported
- Over 1,400 instruments
Cons
- Inactivity fee after 90 days
- Offshore issuer for South African clients
- Bonus terms are complex
Our real-money test of XM
Coming
We will open a XM account, deposit with M-Pesa, place a trade and withdraw, then publish the screenshots, the time each step took and every fee we paid.
XM withdrawal time: reports from traders
How long do XM withdrawals really take?
Loading reports…
Median of reports from traders. Not checked by us; our own tests are marked separately.
Withdrawal stuck or refused at XM? Get a ready complaint letter and the right regulator contact with our complaint desk →
XM: questions people ask
Is XM regulated in Kenya?
Yes. In Kenya, XM operates through TPXMGLOBAL Kenya Limited, which holds CMA licence 233. Check that this company is named on your client agreement, not an offshore company of the same brand.
Is XM regulated by the FSCA in South Africa?
Yes. In South Africa, XM operates through XM ZA (Pty) Ltd, which holds FSCA licence FSP 49976. Check that this company is named on your client agreement, not an offshore company of the same brand. XM ZA is an intermediary and not the counterparty to your trades. The CFDs are issued by XM Global Limited, regulated in Belize.
What is the XM minimum deposit?
$5 on Micro, Standard, Ultra Low and Zero accounts; $10,000 for the Shares account.
Does XM accept M-Pesa?
Kenyan sources report M-Pesa deposits. Check the methods shown in your XM members area.
Does XM charge an inactivity fee?
Yes, $10 a month after 90 days without activity.
Can I open a ZAR account with XM?
Yes, ZAR is among XM's accepted currencies, but South African accounts are issued by XM Global in Belize.
Sources for this review (checked 25 Oct 2026)
- CMA: licensed non-dealing online forex brokers
- FXStreet: XM review (Oct 2026)
- XM: account types
- Citizen Digital: Kenyan brokers with instant deposits
- TradeFX: XM review
Fees, minimums and payment methods change and can differ by the company you sign with. Confirm them on the broker's site before you deposit. Spotted something out of date? Tell us.