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XM Deposit Methods Explained
Naturally, once you have used up XM's Account Opening Bonus, you cannot trade unless you deposit cash.
This article explains the deposit methods for XM.
XM Deposit Methods
bitwallet (Recommended)
bitwallet is a remittance service available at most overseas FX brokers.
Its weak point is that fees are charged when withdrawing from bitwallet to a bank account,
but its merit is that it is supported by many overseas FX brokers and the deposit/withdrawal speed is fast.
Cryptocurrencies / Crypto Assets
The following crypto assets can be used for deposits to XM:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Ripple (XRP)
- Litecoin (LTC)
Bitcoin and Ethereum are slow to transfer and carry the risk of price fluctuation before arrival, so normally you would use Tether (USDT).
When sending money from overseas crypto exchanges like Bybit to XM, crypto is your only option, but otherwise, you probably won't use it much.
If you really want to use something other than Tether, the following two are prioritized in terms of transfer speed and fees:
- Ripple (XRP)
- Litecoin (LTC)
Bank Transfer (Recommended)
Reliable cash payment.
The transfer speed is not fast, but unlike credit cards, there is no risk of debt or revolving payments, so I think you should usually use bank transfers.
Note that the sender's name must be in the alphabet and include your MT4/MT5 account number!
How to do a Bank Transfer
For the first time, you need to check the destination bank account.
- Tap "Deposit/Withdrawal" from the menu on My Page
- Tap "Local Bank Transfer"
- Scroll down to check the deposit destination
In the admin's case, it was the Frontier Branch of Rakuten Bank.
- Notes on Remitter Name
Quoted from the official site:
All deposits must be made from an account registered under the same name as your XMTrading account, using only English alphabets.
Very Important: When arranging the transfer, please be sure to add your MT4/MT5 account number next to your name in Roman characters (remitter name). If your name or account number is not entered in the remitter's name, the requested deposit will not be automatically reflected in your MT4/MT5 trading account.
In other words, the remitter name must be like:
- KURUMI FUKUGA 20000000
It is necessary to use your Alphabet Name + Alphabet Surname + XM Account Number.
Those who missed a credit card payment deadline might be familiar with this format as they probably deposited to the credit card company in a similar way.
Credit Card (Recommended)
In terms of deposit speed, credit cards are the fastest.
However, just as credit card deposits are prohibited in domestic FX in Japan for trader safety,
keep in mind that being able to deposit money you don't have on hand = risk of debt.
There is no point in burdening yourself with debt or revolving payments when you are using an overseas FX broker with a zero-cut system.
If your bank supports debit cards, you can send money practically instantly without the risk of debt, so if you have a debit card, use that instead.
Debit Card Return Rate
As an aside, high-return debit cards in Japan include:
- Rakuten Bank → 1%
- Suruga Bank → 0.8%
- GMO Aozora Net Bank → 0.6% - 1.2%
However, if you deposit to overseas FX with a credit card, you will first have to pay back the deposited amount to the credit card, so earning points means you lost money in FX.
Unless you use it for shopping, it doesn't make much sense to care about the credit card return rate when depositing to overseas FX.
Rakuten Bank Debit Card is NOT Recommended
Rakuten Bank's debit card has many reports of trouble during refund processing,
and in the worst case, you may be billed twice by both the overseas FX broker and Rakuten Bank.
I really think so!
My 1.15 million yen was swallowed by Rakuten Bank and will never come back.
I know for a fact that there are many other victims.
Even if I call to complain, the support is bad and they won't listen.
Seriously the worst. #RakutenBank#JCB#DebitCard https://t.co/enGOOmPNfq pic.twitter.com/ztoAUfIOKD— Self-proclaimed Takamaru @ Ultra High Leverage FX Trader @ Overseas FX Leverage 2000x (@TAKAMARU73) August 31, 2023
