Summary: The XM Broker does not directly offer cryptocurrency trading on their platform, only crypto contracts-for-difference (CFDs). This is not a secure way to buy cryptocurrencies, because you have no real ownership over the asset and cannot withdraw it to a personal wallet.
We recommend using an alternative multi asset broker like Uphold that offers over 200 crypto assets you can buy and withdraw, as well as hundreds of stocks, ETFs and other markets. They are also one of the only exchanges in the world with an audited proof-of-reserves showing that customer funds are always backed 1:1.
- Trade over 200 Cryptos with low fees & fast deposits from 120+ countries.
- Regulated and Licensed by the Financial Conduct Authority (FCA), FinCEN and has audited Proof-of-Reserves for customer funds.
- Trade multiple asset classes including Crypto (and crypto staking), Stocks, ETFs, Metals and more.
Can I buy Crypto with XM?
No, XM only facilitates interactions with cryptocurrencies via CFDs, or Contracts-for-Difference, which carry considerable risk and cost. Notably, the platform's fee structure includes spreads that can reach 2% on cryptocurrencies such as Ethereum and AAVE. This makes XM one of the more costly global platforms for cryptocurrency trading and investment.
At present, XM provides 31 distinct CFD options for various cryptocurrencies. These contracts track the associated cryptocurrency's price but don't allow for direct ownership. Hence, investors cannot withdraw the actual cryptocurrency tokens into a personal wallet, as their investment is contract-bound rather than tied to the direct ownership of the cryptocurrency.
How to Buy Crypto or Bitcoin with an XM Alternative
The best alternative to buy and sell cryptocurrencies, as well as Stocks, ETFs, Commodities, and Forex all-in-one platform is the Uphold exchange. They are a globally regulated exchange with over 10 million users in 120 countries. Uphold offers fast and cheap fiat deposits, over 200 cryptocurrencies, 24/7 customer support, and some of the lowest fees in the industry.
To get started, you can follow our simple 4 step guide:
- Sign Up: Create an account on Uphold and complete your verification (personal or company).
- Connect Account: Select the currency you want deposit on the Uphold Platform (USD, EUR, GBP, AUD + 40 others)
- Deposit Funds: Connect any Bank Account from over 120 countries to securely deposit fiat.
- Buy Crypto: The final step is to find the cryptocurrency you want to buy and execute your trade.
XM is a leading online broker offering trading in over 10,000 financial instruments including forex, CFDs, stocks, futures, and precious metals. With XM you can trade from anywhere in the world with fast and reliable execution. XM offers 24/5 customer support and is available in 30 languages. XM Group is headquartered in Limassol, Cyprus, and provides trade execution services to its clients in over 196 countries. The platform is regulated by some of the world’s most trusted financial authorities including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC).
XM offers three account types: Standard, Micro, and XM Zero. Standard and Micro accounts are available in over 30 base currencies, while XM Zero accounts are available in USD only. XM also offers Islamic (swap-free) accounts.
- Minimum deposit: $5
- Minimum trade size: 0.01 lots
- Leverage: up to 1:500
- Spreads: from 0 pips (on XM Zero accounts only)
In conclusion, XM, while a trusted platform for a variety of financial instruments, doesn't allow for the direct purchase and ownership of cryptocurrencies. Instead, it offers exposure to cryptocurrency prices via CFDs, which come with a high level of risk and cost. If direct ownership of cryptocurrencies is desired, the Uphold exchange emerges as an efficient alternative.
Uphold offers over 200 cryptocurrencies for direct purchase, along with other financial assets like Stocks, ETFs, Commodities, and Forex. Its low fees, wide geographical availability, and commendable customer support make it an attractive option for crypto enthusiasts. Therefore, while XM has its strengths in its diverse trading offerings and strong regulatory status, for crypto investors, platforms like Uphold might prove to be a better match for their needs.