“Can my family or friends make deposits to my XM trading accounts?” The answer is…
No, XM strictly prohibits third party payment, and does not accept it at all.
As XM is a regulated Forex & CFD online broker in Cyprus, the broker needs to follow the financial rules set by the regulator(CySEC).
In case XM finds that someone else made a deposit for your account, the broker will immediately refund all the amount by following the certain procedures.
For your information, third party payment is not accepted by any regulated brokers.
Credit/debit card under your family’s name
Sometimes there are traders who use his/her family’s card to make a deposit to his/her trading account.
This is strictly prohibited also by all regulated brokers.
In this case, even you have already started trading or not, XM may have the right to close all the tradings in the tradings in the MT4 trading account and refund the original deposited amount to the original account where the deposit came from.
In case you have opened a corporate account, you will need to make a deposit from an account under the corporate name.
You can not deposit from your individual bank account or card to your corporate MT4 trading account.
The registered names need to be matched at all times.
You may have heard of this KYC procedures if you have been trading several brokers already before.
This KYC stands for Know Your Customer, and as XM is a multi-licensed broker, the broker needs to follow the steps of KYC procedures as required by these regulatory authorities.
In order to open an account for you, XM clients to
- Provide necessarily personal information
- Provide copies of required documents to verify your identity
Then you will finally have your account opened and will be given login credentials of your MT4 trading account.
XM might require more than usual comparing to other brokers, this is all to protect the clients and the brokerage firm itself from any fraudulent activities.