Guide

XM UPI Deposit Guide — Step-by-Step

Updated March 2026 · 6 min read

XM accepts UPI deposits from Indian traders with instant processing, zero fees, and a minimum of just ₹400. This guide walks you through the entire process, from opening your XM account to seeing funds in your trading balance. We also cover how to claim the $30 no-deposit bonus on top of your UPI deposit.

XM UPI Deposit Summary

• Minimum deposit: ₹400 (approximately $5 USD)
• Maximum per transaction: ₹100,000 (NPCI limit)
• Daily limit: ₹100,000 (varies by bank)
• Deposit fee: ₹0 (XM absorbs all fees)
• Processing time: Instant (usually under 30 seconds)
• UPI apps supported: Google Pay, PhonePe, Paytm, BHIM, any UPI app
• Currency conversion: Automatic (INR to your account currency at market rate)

Step 1: Open Your XM Account

If you do not have an XM account yet, registration takes under 2 minutes:

1. Click the link below to go to XM's registration page
2. Enter your name, email, and phone number
3. Select MT5 as your platform and Ultra Low as your account type
4. Verify your email and set a password
5. Upload your PAN card and Aadhaar for KYC verification

Step 2: Go to the Deposit Page

After logging into the XM Members Area:

1. Click "Deposit" in the top menu
2. Look for "India Local Payment" or "UPI" in the payment methods
3. Select UPI as your deposit method

Step 3: Enter Amount and Pay

1. Enter the deposit amount in INR (minimum ₹400)
2. Confirm the deposit request
3. You will see a QR code or be asked for your UPI ID
4. Open your UPI app (Google Pay, PhonePe, Paytm, etc.)
5. Scan the QR code or enter the provided UPI address
6. Approve the payment with your UPI PIN

The funds appear in your XM trading account within seconds of payment approval. The INR amount is automatically converted to your account's base currency (usually USD) at the current exchange rate.

Step 4: Claim the $30 Bonus

The $30 no-deposit bonus is separate from your UPI deposit. After your account is verified (PAN + Aadhaar), the bonus appears automatically in your trading account. You will see it added to your balance alongside your UPI deposit.

With a ₹400 UPI deposit (approximately $5) plus the $30 bonus, your total trading balance will be approximately $35 — enough to place multiple micro-lot trades.

UPI Deposit Limits by Bank

NPCI (National Payments Corporation of India) sets the base UPI transaction limit at ₹1,00,000 per transaction. However, individual banks may have lower limits:

• SBI: ₹1,00,000 per transaction
• HDFC: ₹1,00,000 per transaction
• ICICI: ₹1,00,000 per transaction
• Axis: ₹1,00,000 per transaction
• Kotak: ₹1,00,000 per transaction

If you need to deposit more than ₹1,00,000, simply make multiple UPI transactions. XM has no limit on the number of deposits per day.

Troubleshooting Common Issues

• Payment declined: Check your bank's UPI daily limit. Some banks have lower per-day limits than the per-transaction limit.
• QR code expired: QR codes typically expire after 5-10 minutes. Request a new deposit if the code expires.
• Funds not appearing: Wait 5 minutes. If funds still do not appear, contact XM support with your UPI transaction reference number.
• Wrong amount converted: Exchange rates fluctuate. The rate is locked at the moment of payment, not when you initiated the deposit.

Withdrawals from XM to India

XM supports withdrawals back to your Indian bank account. Key details:

• Method: Bank wire transfer to your Indian bank account
• Processing time: 24-48 hours (business days)
• Fee: Free for withdrawals above $200. $15 bank fee for smaller amounts.
• Minimum withdrawal: $5

Note: XM does not currently support UPI for withdrawals — only bank wire. Exness offers faster withdrawal options if withdrawal speed is your priority.

Risk Disclaimer: Trading forex and CFDs involves significant risk. 74.12% of retail investor accounts lose money when trading CFDs with XM. Do not invest more than you can afford to lose. This article contains affiliate links.