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XM broker is one of the oldest Forex brokers in the Kenyan financial market. It was founded in 2009 and it has since grown to be a globally recognized brand with millions of traders registered in over 196 countries.
The platform offers 1,000+ trading instruments spread across 6 financial assets: – Forex, indices, commodities, stocks, metals and energies.
And, it also features spreads as low as 0.6 pips, a leverage as high as 888:1 with up to $5,000 bonus.
Other benefits in XM Forex include: –
- Personal account managers for account holders.
- Free access to Forex market research.
- Free access to daily Forex webinars.
- Unlimited access to video tutorials.
- Daily access to Forex trading signals.
- 16 platforms to choose from. Any device, Anywhere.
- Free daily technical analysis.
- Daily Forex market outlook.
- 24/5 hour live help.
Enjoy Exclusive Offers in Kenya With Joon Online & XM Forex.
- Get Whatsapp updates of Free educational Seminars – Register Here .
- Watch Nairobi, Kempinski Seminar Here.
- Get Free VPS services for seamless trading.
- 50% deposit bonus of up to $500 or currency equivalent.
How to Trade With XM Forex in Kenya.
Trading is easy. At least if in the past you have tried exchanging one currency for another with the aim of making profits.
But if this is your first time reading about Forex, then perhaps I’ll excuse you more time to learn before I can advise you to trade.
Or better, take some time and go through the steps involved in Forex trading as outlined in the guide below.
Step 1 – Define Currency Pairs.
Do you know the difference between base and quote currency in currency pairs?
As Money Control puts it, the first currency in the pair is the base currency.
The base currency is the currency against which exchange rates are quoted in a given country. Examples: USD/JPY, the US Dollar is the base currency; in EUR/USD, the EURO is the base currency.
Quote currency on the other hand is the second currency in a currency pair.
It is the currency you are paying with.
For example, in the EUR/USD pair; the quote currency is the USD.
Note: – The base currency is always equal to one unit. And the price of a currency pair determines how much of the quote currency is needed to buy 1 base currency.
Example: – If a currency pair (EUR/USD) has a bid price for 1.04372, it means you will buy USD 1.04372 for every EUR you sell.
Step 2 – When is the best time to Buy or Sell a Currency?
You should buy a currency if you believe the base currency will become more expensive.
On the flip side, you should sell that currency pair if you think the price of the currency will fall.
Trading With Metatrader 5 Android Mobile App.
Trading with XM Forex is easy. After creating an account and validating it, the next step is to download either an MT4 (Metatrader 4) or a Metatrader 5 (MT5) trading software.
These are electronic trading platforms widely used by traders – globally. While MT4 is popularly used, its successor MT5 is better and this is why: –
- MT5 is a multi-asset platform for over 1000 instruments.
- You can view 100 charts simultaneously in MT5.
- MT5 supports all order types, including market, pending, stop orders, and trailing stop.
- Has over 80 Technical Indicators and over 40 Analytical Objects.
- You can use it to trade on Android & IOS phones.
- Allows web trading for Windows, Mac, Linux operating systems.
How to Trade in XM With Metatrader 5 Android Mobile App.
- First you need to login to your XM trader account or register here if you are new to trading. You can either register for a demo or a real account.
- Next, download the MT5 trading software in playstore and add your XM trading account by clicking on the plus sign on the menu bar.
- Now that you are logged in to your Metatrader 5 account for android, start trading.
- To open the list of pairs available to trade, click on the two arrows at the bottom left in your trading app. Or click on the menu and select t the quotes tab to open the list.
- Now click on your currency pair of choice then on new order to access the trade execution options (BUY or SELL),
Trading on a Real XM Trader Account.
In order to trade on a real account and make real profits in XM Forex, you’ll first need to validate your account then fund it. If you are in Kenya, there are only two viable ways to verify/validate your Forex account: –
- By uploading your Bank statements – should have your residential address in it.
- By uploading your utility bills (Water/electricity bills).
Knowing our country, I wouldn’t put too much emphases on uploading utility bills. The majority of Kenyans are on prepaid subscriptions. Rather, I will show you how to validate your Forex account with bank statements or KRA receipt in place of bills.
How to Validate Your XM Forex Account With KRA PIN/ID Card.
- Login to your KRA account.
- Print either of the receipts that resonates with your recent KRA activities or apply for a tax compliance certificate.
- Download the acknowledgement receipt sent to your email address.
- Login to your XM account, click on the arrow next to your name, navigate to upload documents, scan and upload National ID. That’s it.
Check out this video to see how I mean.
How to Fund Your XM Broker Account With Safaricom – Mpesa.
To deposit money to your XM account with Mpesa,
- Login to your account. Or register here if you are new to XM Forex.
- Click on the quick deposit button on top of your trading chart.
- You can fund XM with VISA, MasterCard, Skrill, Neteller, AstroPay, Bitcoin, Webmoney and DusuPay. But for the purpose of this blog, click on DusuPay.
- Scroll down to Mobile payment method and click on Safaricom Mpesa.
- Enter your phone number and the amount you wish to deposit (in your base currency).
- Confirm that you want to fund XM Forex via DusuPay.
You will see this message on your computer –
If you have followed the steps correctly, your account will be credited soon.
8. Check your phone for a push notification from DusuPay and enter your Mpesa Pin to complete transaction.
Happy Trading with XM Forex Kenya.