XM Global Kenya: How to open and verify XM Global Account in Kenya

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 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 on PROCEED TO STEP 2.

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.

Choose no in the dropdown.

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.

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.

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.

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:

Bolingermt15$

Ensure the number of characters is not less than eight and does not exceed fifteen.

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.

Log in to your Email address and confirm the trading account registration.

Congratulations on opening a new XM Global trading account. Enter your password and log in to the account.

Tap the “Validate your account here” button to access the account validation page.

The Tax Identification Number (TIN) is only required if you want to trade US stocks. Otherwise, select no and submit.

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.

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.

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.