By Rohan Shah · · UPI Payment Rails for Trading Platforms
Updated April 2026 · 8 min read
Complete guide to upi deposit xm step by step for Indian forex traders using UPI deposits on Exness and XM. Both Exness and XM accept UPI deposits from Indian traders with instant processing and zero fees. This guide covers everything you need to know about upi deposit xm step by step in 2026.
Broker Comparison
Feature
Exness
XM
Min UPI Deposit
₹840 (~$10)
₹400 (~$5)
Deposit Speed
5-12 seconds
10-20 seconds
Deposit Fee
Free
Free
Signup Bonus
None
$30 no-deposit
EUR/USD Spread
0.6 pips (Std)
0.6 pips (Ultra Low)
Withdrawal Speed
22 seconds (e-wallet)
24 hours
Max Leverage
Unlimited
1:1000
Instruments
200+
1,000+
Regulation
FCA, CySEC
CySEC, ASIC
UPI Apps Supported
Google Pay, PhonePe, Paytm, BHIM
Google Pay, PhonePe, Paytm, BHIM
How to Deposit via UPI
Log in to your broker account (Exness Personal Area or XM Members Area)
Click Deposit and select the UPI payment method
Enter amount in INR (minimum ₹840 on Exness or ₹400 on XM)
QR code appears on screen with a payment link
Open your UPI app (Google Pay, PhonePe, Paytm, or BHIM)
Scan the QR code using your app's scanner
Verify amount and select your linked bank account
Enter UPI PIN to authorize the payment
Funds credited to your trading account in 5-20 seconds
The INR amount is automatically converted to USD at the interbank exchange rate with zero markup. Both brokers charge no fees for UPI deposits. You can start trading immediately after the deposit is credited.
XM Account Types and the $30 Bonus
Micro (₹400 min): 1,000-unit lots for absolute beginners
Standard (₹400 min): 100,000-unit lots, 1.6-pip EUR/USD spread
New XM accounts receive a $30 no-deposit bonus — claim this before making your UPI deposit for extra trading capital. Combined with a ₹400 deposit ($5), you start with $35 total. See complete XM guide.
Complete XM UPI Deposit Guide
XM accepts UPI deposits from Indian traders with instant processing and zero fees. Minimum deposit is just ₹400 (~$5), and new accounts receive a $30 no-deposit bonus. Here is the complete step-by-step process:
Step 1: Open an XM Account
Go to xm.com and click "Open an Account"
Fill in your personal details: full name, email, phone number, date of birth
Select Ultra Low account (best spreads for Indian traders) or Micro account (if you want cent-lot trading)
Set base currency to USD (recommended for Indian traders — INR is auto-converted)
Choose MT5 platform (faster execution, more features than MT4)
Set your preferred leverage (1:100 for beginners, 1:500-1:1000 for experienced)
Complete email verification by clicking the link sent to your inbox
Step 2: Verify Your Identity
Log in to XM Members Area (my.xm.com)
Upload Proof of Identity: Aadhaar card, PAN card, passport, or driving license
Upload Proof of Address: Bank statement, utility bill, or Aadhaar (if address is current)
Wait for verification — typically 1-24 hours (often within a few hours during business days)
Note: You can claim the $30 no-deposit bonus and start trading before verification is complete. However, withdrawals require verified status.
Step 3: Deposit via UPI
In XM Members Area, click "Deposit"
Select "Local Bank Transfer - India" or "UPI" from the payment methods
Enter the deposit amount in INR (minimum ₹400)
A QR code and UPI payment link will appear on screen
Open Google Pay, PhonePe, Paytm, or BHIM on your phone
Tap "Scan QR" and scan the code displayed on your screen
Verify the amount and merchant name
Select your linked bank account
Enter your UPI PIN to authorize
Payment confirmed — funds credited in 10-20 seconds
Step 4: Start Trading
Download MT5 app (Android/iOS) or MT5 desktop (Windows/Mac)
Open MT5 and select "Login to an existing account"
Search for "XM" in the broker list and select your server
Enter your login ID and password (sent to your email after registration)
You are now connected. Search for EUR/USD, XAU/USD, or any instrument
Open a chart, place your first trade
Claiming XM's $30 No-Deposit Bonus
After opening your account, go to XM Members Area
Click "Claim Your $30" in the promotions section
Verify your phone number via SMS code
The $30 bonus is credited instantly to your trading account
You can trade with this bonus immediately — no deposit required
Profits are withdrawable after meeting the minimum trading volume requirement (typically 10 lots)
The $30 bonus is perfect for testing XM's execution and spreads risk-free before committing your own UPI deposit.
Common XM UPI Deposit Issues and Solutions
Issue
Cause
Solution
QR code expired
QR codes time out after 5-10 minutes
Start a new deposit request for a fresh QR code
Payment debited but not credited
Processing delay or failed linkage
Wait 30 minutes. If still not credited, contact XM live chat with UPI reference number
"Payment declined" error
Bank blocking international merchant
Try a different bank/UPI app, or contact your bank to unblock
Amount mismatch
Entered wrong amount in UPI app
Send the correct remaining amount in a separate transaction
Account not verified
Documents pending review
You can deposit and trade, but withdrawals require verification
XM at ₹400 (~$5) plus a $30 no-deposit bonus. Exness requires ₹840 (~$10) minimum.
Are UPI forex deposits instant?
Yes, both Exness (5-12 sec) and XM (10-20 sec) process UPI deposits in real time.
Is there a fee for UPI deposits?
No, completely free. No fees from broker, bank, or UPI app. Conversion at interbank rate with zero markup.
Risk Disclaimer: Trading forex and CFDs involves significant risk. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Verify that forex trading is legal in your jurisdiction before opening an account. This article contains affiliate links.