6 minute read
XM Broker Review Malaysia: Is It A Legit or Scam Forex Broker?
from MEXC Exchange
by XM Blog
If you’re in Malaysia and considering online trading, you’ve probably heard of XM. The short answer is yes—XM is available to Malaysian traders and offers a regulated, reliable, and competitive trading environment. But knowing a broker exists isn’t enough; you need to understand its regulation, trading conditions, account types, deposit options, fees, and whether it’s worth your time and money.
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This review will walk you through everything you need to know about XM in Malaysia, from the basics to the finer details, so you can decide if it’s the right broker for your trading journey.
XM’s Regulatory Background – Why It Matters for Malaysians
One of the first things a trader should check before depositing money with any broker is regulation. XM operates under several respected regulatory bodies:
CySEC (Cyprus Securities and Exchange Commission) – Ensures compliance with EU trading standards.
ASIC (Australian Securities and Investments Commission) – Known for strict investor protection.
IFSC (International Financial Services Commission, Belize) – Covers international operations, including Malaysia.
While XM doesn’t have a local Malaysian license under the Securities Commission Malaysia (SC), it is still legal for Malaysians to open an account through its global entities. The benefit is you get international-level protection, including segregated client funds and transparency in operations.
Why regulation matters in Malaysia:
It ensures the broker can’t misuse client funds.
It forces compliance with fair trading practices.
It provides dispute resolution options if something goes wrong.
Account Types for Malaysian Traders – Something for Everyone
XM has designed its accounts to cater to different trader profiles, whether you’re a beginner, a casual investor, or a professional.
Micro Account – Perfect for beginners. You trade smaller lot sizes, reducing your risk.
Standard Account – Standard lot sizes with competitive spreads; suits most retail traders.
XM Ultra Low Account – Spreads starting from 0.6 pips, ideal for cost-conscious traders.
Shares Account – Allows direct share trading without leverage.
The minimum deposit is just $5, which is about RM25, making XM very accessible for Malaysians. Leverage can go as high as 1:1000, which is great for those who want to control larger positions with small capital—but high leverage also increases risk.
Islamic swap-free accounts are available for Muslim traders in Malaysia, meaning no overnight interest charges, in compliance with Shariah law.
Trading Platforms – MT4 and MT5
XM supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most widely used trading platforms globally.
Key benefits for Malaysian traders:
User-friendly – Both platforms are easy to navigate, even for beginners.
Customizable charts – Choose from multiple timeframes and technical indicators.
Automated trading – Use Expert Advisors (EAs) for algorithm-based strategies.
Mobile and desktop access – Trade anywhere with stable execution.
One standout point is XM’s order execution speed—99.35% of orders are filled in under 1 second with no re-quotes. This is crucial for day traders and scalpers in Malaysia who rely on speed.
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Spreads, Commissions, and Trading Costs
XM keeps its pricing structure simple and transparent:
Micro and Standard Accounts – Commission-free, spreads from 1 pip.
Ultra Low Account – Spreads from 0.6 pips, also commission-free.
Shares Account – Commission-based, depending on the market.
Malaysian traders who trade overnight will face swap charges, unless they choose the Islamic account. There are no deposit or withdrawal fees, and no inactivity fees until after 90 days of no trading activity.
Deposit and Withdrawal Options for Malaysia
XM’s payment flexibility is one of its strengths for Malaysian traders. You can deposit and withdraw using:
Local bank transfers – Works with Maybank, CIMB, RHB, Hong Leong, and others.
Credit/Debit cards – Visa, Mastercard.
E-wallets – Skrill, Neteller, SticPay, Perfect Money.
Deposits are usually instant, while withdrawals are processed within 24 hours. The ability to use local bank transfers means you can avoid large currency conversion fees and enjoy faster transactions.
Product Range – What You Can Trade
XM offers more than just forex. Malaysian traders get access to:
Forex – Over 50 currency pairs (major, minor, exotic).
Commodities – Gold, silver, oil, agricultural products.
Indices – Global stock market indices like S&P 500, NASDAQ, FTSE.
Stocks – Shares from major companies worldwide.
Cryptocurrencies – Bitcoin, Ethereum, and others (availability may vary).
This variety allows Malaysians to diversify their portfolios without opening multiple broker accounts.
Educational Resources – Perfect for Malaysian Beginners
XM is known for its strong education and research support, which is a huge plus if you are starting your trading journey. They provide:
Daily webinars – Covering technical analysis, market updates, and trading strategies.
Video tutorials – Step-by-step guides on MT4/MT5, indicators, and risk management.
Research tools – Market news, trading signals, and an economic calendar.
For Malaysian traders, education is available in English and Malay, making it easier to learn and apply new strategies.
Customer Support in Malaysia
XM offers 24/5 multilingual support via live chat, email, and phone. While there’s no physical office in Malaysia, their online support is quick and efficient. Live chat responses typically take under a minute, and email replies come within a few hours.
For urgent issues like account verification or withdrawal problems, the live chat is the best option.
Pros of XM for Malaysian Traders
Regulated by multiple international authorities.
Low minimum deposit ($5 / RM25).
Supports local bank transfers.
Tight spreads with no hidden fees.
Swap-free Islamic accounts available.
Fast order execution with no re-quotes.
Strong education and research tools.
Cons of XM for Malaysian Traders
No physical office in Malaysia.
Very high leverage can be risky for beginners.
Inactivity fees after 90 days.
Limited asset classes compared to large multi-asset brokers.
Who Should Use XM in Malaysia?
XM is an excellent choice if you:
Want to start trading with low capital.
Need fast execution and low spreads.
Prefer using MT4 or MT5.
Require Shariah-compliant trading.
Value strong customer support and education.
It may not be ideal if you’re looking for a huge range of physical assets like bonds or want in-person service in Malaysia.
Final Verdict – Is XM Worth It in Malaysia?
After a full review, XM stands out as a reliable, beginner-friendly, and well-regulated broker for Malaysians. It balances affordability, safety, and performance, making it a strong choice for both new and experienced traders.
With its low deposit requirement, fast execution, local payment support, and global regulation, XM offers a secure and efficient environment for trading forex, commodities, indices, and more. While it has minor drawbacks like no local office and inactivity fees, the pros far outweigh the cons for most Malaysian traders.
If you’re serious about trading and want a platform that’s easy to start with yet powerful enough to grow into, XM is worth considering.
💥 Note: To enjoy the benefits of the partner code, such as trading fee rebates, you need to register with XM through this link: Open An Account or Visit Brokers 🏆
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