Summary: XM Group offers a unique approach to cryptocurrency trading, focusing on derivative instruments like cryptocurrency CFDs (Contracts for Difference). This method enables traders to speculate on the price movements of major digital currencies, including Bitcoin, without owning the actual assets. To buy crypto, investors must use a digital asset exchange regulated by the Financial Conduct Authority (FCA) in the UK.
For traders interested in directly owning cryptocurrencies, we recommend eToro as it offers instant GBP deposits. eToro offers access to a diverse portfolio of over 3,000 digital currencies, stocks, ETFs, commodities, and indices. It is registered with the FCA and provides a secure trading environment for its users, with unique features like copy trading and a demo account.
- Regulated with tier-1 regulators across Europe and trusted by over 30 million users.
- Buy, sell and trade over 3,000 Cryptocurrencies, Stocks, ETFs, Commodities and Indices.
- Fast deposits in multiple European currencies through Bank Transfer, SEPA, Credit Card and more.
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Can I Buy Bitcoin with XM?
No, it is not possible to buy and hold Bitcoin or any cryptocurrency on XM. If your intention is to possess and trade digital currencies, it's essential to use a dedicated digital asset exchange in the UK. Finding a platform that is regulated by the Financial Conduct Authority (FCA) is a key step in safeguarding your investments. Once you have deposited GBP to the exchange, you can convert your funds directly for tokens like Ethereum and Polygon.
How to Buy Crypto with XM Alternative
XM clients interested in direct cryptocurrency purchases should consider regulated exchanges that support GBP deposits. A notable platform for such transactions is eToro, known for its wide range of assets and strict compliance with FCA regulations. eToro offers multiple Pound deposit options, including bank transfers, PayPal, Skrill, Neteller, and credit or debit cards, making it a convenient choice for traders in the UK.
For XM Group clients keen on exploring cryptocurrency trading via eToro, the following steps can guide you through the process:
- Account Creation: Set up your account on eToro, ensuring to complete the identity verification requirements.
- Currency Preference: Navigate to the "Deposit Funds" area on eToro and choose "GBP" as your preferred currency.
- Funding the Account: Select a payment method from the available options and deposit your funds.
- Crypto Acquisition: Use eToro’s search tool to find the cryptocurrency you wish to buy, click ‘Trade’, enter the amount you want to invest, and confirm your transaction by selecting ‘Open Trade’.
Will XM Offer Direct Cryptocurrency Trading?
At present, XM Group's strategy with digital currencies is primarily focused on providing Contracts for Difference (CFDs), rather than enabling direct acquisition of digital assets. XM Group views trading crypto CFDs as a streamlined method for clients to participate in the cryptocurrency market. However, it's crucial to acknowledge that direct ownership of digital currencies has frequently resulted in greater returns compared to indirect investment approaches like CFDs.
Digital Asset Investing Fees
For those exploring cryptocurrency investments, understanding the fee structures is crucial, as these can significantly influence your investment outcomes. Here’s an overview of typical fees associated with digital asset trading on platforms:
- Trading Charges: On platforms like eToro, you'll find transaction fees for trading digital currencies. These fees usually hover around 1%.
- Funding Fees: The cost of depositing funds varies based on the method used. Bank transfers and Faster Payments often incur lower fees, while credit or debit card deposits might come with fees up to 2%.
- Withdrawal Expenses: The fees for withdrawing digital currencies differ across platforms, with Bitcoin withdrawal fees commonly around 0.0005 BTC.
XM Group clients delving into the crypto market might find the platform’s fee structure competitive, especially for GBP deposits. XM Group adheres to regulations set by multiple international financial authorities, ensuring a secure and well-regulated trading environment.
What is XM?
XM is a global online brokerage firm that specialises in offering a wide range of trading products, including forex, stock CFDs, commodity CFDs, equity indices, precious metals, and energies. The firm stands out for its commitment to providing comprehensive educational resources and dedicated customer support.
It operates under the regulatory oversight of several financial authorities, including the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC), ensuring a secure and transparent trading environment. Additionally, XM Group is known for its competitive spreads and leverage options, making it a popular choice among traders seeking flexible and reliable trading conditions.
In conclusion, XM does not offer direct cryptocurrency purchases. For these transactions, clients are advised to utilise regulated digital asset exchanges, with eToro being a prominent recommendation for its wide range of assets and compliance with FCA regulations. eToro also supports various GBP deposit methods, enhancing its appeal to UK traders. It offers over 3,000 digital currencies, stocks, ETFs, currencies, commodities and indices to buy, sell and trade with low fees.