Last updated on January 28th, 2023 at 02:35 pm
XM Global Kenya is one of the best forex brokers globally, loved by beginners and advanced Forex traders. This article explains how to open and verify an XM account in Kenya or any country in less than 24 hours.
Table of Contents
How to Open and Verify XM Global Kenya Account
Before a trader opens a real Forex trading account with a Forex broker, it is advisable to prepare Proof of Identity and Proof of Residency Documents. XM Global allows Kenyan traders to use a National ID card, Driver’s license, or Passport to verify proof of Identity. For proof of residency, Kenyan traders can use either bank statement, utility bill, or KRA PIN. Here are the simple steps to open a real account with XM and get it verified in less than 24 hours:
Approximated Time: 2 minutes
Step 1: Go to Real Account Registration Page
Go to the real trading account registration page on XM and enter your full name, country of residence, preferred language, phone number, and email address.
If you already have a real account with XM Global, you can use the email address you used to open the account to create an additional account. XM Global does not allow clients to open more than one account using different email addresses.
Choose Trading Platform and Account Type
Choose whether you want to use MT5 or MT4. The two trading platforms have almost the same features. The only difference is that MT5 has an excellent user interface because it is an upgrade of MT4.
Choose an account type. Note that you can choose any account type. After opening the first account, you can later open multiple trading accounts for different kinds.
After filling in all the blanks, click the little ‘confirmation’ box and tap onPROCEED TO STEP 2.
Step 2: Enter Your Address Details
You will find the Date of Birth field on page two. Fill in the box then enter your address details.
Ensure that the address is the same as the one displayed on your bank statement, KRA PIN, or Utility Bill that you will upload as your supporting document.
Step 3: Confirm You Are Not a US Citizen
Choose no in the dropdown.
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Step 4: Enter Your Account Trading Details
You can decide whether you want the account currency to be USD, Eur, GBP, JPY, ZAR, CHF, PLN, SGD, AUD, or HUF.
Choose the leverage you plan to use. Kenya’s Capital Markets Authority (CMA) recommends not setting more than 1:400 trading account leverage.
At XM Global, you can set leverage as low as 1:1 or as high as 1:1000. The choice is yours.
Fill in the Account Bonus box to state whether you would like to be given a trading bonus or not. With the XM broker, you can get up to a $5000 deposit bonus, depending on your deposit amount.
Step 5: Enter Your Investor Information
Select the range of amount of capital you are likely to invest per year in the dropdown.
In the Employment status, select whether you are employed, self-employed, not working or a student.
Select the highest level of education you attained in the Level of Education field.
Declare your approximated annual income in the dropdown.
Select Speculative in the Intended Purpose and Nature of Transactions field.
Sect your total approximated net worth.
Step 6: Declare Your Forex Trading Knowledge and Experience
XM Global would like to know whether you have Forex trading knowledge and experience so they can provide you with the right learning resources based on your understanding of Forex broker services.
In the first box, select whether you have a recent work experience in a financial institution, a relevant professional qualification or education, both of the above or none.
In the next box, asking whether you have traded at least 25 times, answer “yes”.
If you indicated that you have traded in the above box, do not select never in the following box asking How many times you have personally traded in over-the-counter for the past three years.
You can select more than 25 times or 10 to 25 times.
Step 7: Set Your Account Password
A real Forex trading account involves financial transactions. It is unlike a demo account where you don’t deposit or withdraw any amount.
To secure your account from fraudsters, include an uppercase letter, a number, lowercase letters and special characters. Here is an example of a secure password:
Ensure the number of characters is not less than eight and does not exceed fifteen.
Step 8: Agree With the Forex Broker’s Terms
Once you have entered all the details correctly, check the confirmation box to declare that you agree with the broker’s terms and conditions.
Now Click the Open Real Account button to submit the account opening request.
Step 9: Confirm Your Account Opening
Log in to your Email address and confirm the trading account registration.
Step 10: Log in to Your New Trading Account
Congratulations on opening a new XM Global trading account. Enter your password and log in to the account.
Step 11: Start the Account Validation Process
Tap the “Validate your account here” button to access the account validation page.
Step 12: Skip Tax Identification Number (TIN) Section
The Tax Identification Number (TIN) is only required if you want to trade US stocks. Otherwise, select no and submit.
Step 13: Upload Your Proof of Identity Document
The documents for confirming Proof of identity when verifying a Forex trading account in Kenya can be a Government-issued National ID card, passport, or driver’s license.
Take a clear picture of the document with your smartphone and upload it. Alternatively, you can scan the document and then upload it.
Step 14: Upload Your Proof of Residency Document
Download one of the documents below and upload it to verify your proof of residency:
– Bank Statement
Contact your bank physically or through email and ask them to email you a soft copy of your bank statement for the last six months.
You need to have at least Ksh 350 in the bank account. The bank deducts the amount to cover the document processing fee.
Once you receive the document, upload it to your XM Global dashboard.
– Utility Bill
If you don’t want to use a bank statement as a verification document, you can use one of your Utility Bills. It can be one you received when you paid for electricity(postpaid), gas, water, phone(postpaid), internet, cable TV, etc.
– KRA PIN
If you cannot get any of the documents above, you have the privilege to use KRA PIN, which is much easier to get in Kenya.
Log in to the email address you used to register for the PIN, then search “KRA PIN” to pull the email sent to you by KRA. Open the email and download the document.
Alternatively, you can log into your Kenya Revenue Authority(KRA) account and download the PIN.
Step 15: Wait for the Documents to Be Reviewed
After uploading verification documents, you will receive an email from XM Global notifying you of the receipt of the documents.
Wait for the review process to be complete. It’s typically done in less than 24 hours.
Once the process is complete, the broker will send you another email informing you that you are done with the Forex account verification process.
FAQs on How to Open and Verify XM Global Account in Kenya
Can I Trade Without a Validated XM Global Account?
No, you cannot. To trade with XM Global, you must have a verified account.
How Do I Verify My XM Account in Kenya?
To verify your XM account, you must visit the broker’s registration page, fill in your details and upload account verification documents.
You can follow the simple steps provided byOpWell Forex.
Does XM Accept Mpesa Payment?
Yes. XM Global accepts Mpesa payment. You can deposit and withdraw your money conveniently using your mobile phone.
What Documents Do I Need to Verify XM Account?
You need two types of documents: Proof of Identity and Proof of Residency documents. You can use your ID and KRA PIN in Kenya to verify your account.
What Is the Minimum Deposit for an Xm Standard Account?
The minimum deposit is $5 only.
What Are the XM Account Types?
XM Global has four main account types: Micro, Ultra Low, Standard, and Shares.
The minimum deposit for the Shares account is $10,000, while that of the remaining three accounts is $5.
Now that you know how to open a real trading account with XM Global Kenya, what challenges do you face when opening the account? Do you have any bad or good experiences with XM Global and would like to share them with us? Please let’s connect in the comment section.
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