XM KIWAMI Account Review: Spread, Swap-Free and Costs

XMTrading lists four account types: Standard, Micro, Zero and KIWAMI. KIWAMI is the one people ask about most, because its name says little and its terms sit between Standard and Zero. This review covers what KIWAMI actually offers, where the swap-free feature stops, how its trading cost compares with Zero and Standard, and how cashback works on it. For the four-way overview, see XM account types compared.

Key takeaways

• KIWAMI has no commission, spreads from 0.6 pips (XMTrading's marketing minimum), and up to 1000:1 leverage. Standard starts from 1 pip; Zero starts from 0 pips but charges a commission.
• Swap-free applies to specific instruments only, not the whole account. On gold, the KIWAMI symbol GOLD# shows swap 0/0. Always check the instrument specification in your platform before relying on it.
• KIWAMI is eligible for the 13,000 JPY account-opening bonus (terms apply) but not for the deposit bonus.
• Margin call is 50% and stop-out is 20%, the same as the other three account types. Minimum deposit is 5 USD and minimum trade size is 0.01 lot.
• Your CB-Dogs cashback per lot is set by account type, so KIWAMI's rate can differ from Standard's. Read it from the live table below, not from memory.

What KIWAMI is

KIWAMI is XMTrading's tightened-spread account. It keeps the spread-only pricing of Standard (no separate commission) but advertises a lower minimum spread, 0.6 pips against Standard's 1 pip. It is also the only one of the four account types with a swap-free option.

Two notes on that table. First, "from 0.6 pips" is a minimum, not an average. Live spreads move with the pair, the time of day and news, and they are wider than the minimum most of the time. Second, a stop-out of 20% means XMTrading begins closing positions automatically when your margin level falls to that point, so do not treat it as a safety net. Our margin call and stop-out guide explains how it plays out.

Swap-free: what it covers and what it does not

Swap is the overnight financing charge or credit on a position held past the daily rollover. On a normal account it can be a cost or a credit, depending on direction and instrument.

KIWAMI is swap-free on specific instruments only. XMTrading's help material says that traders bothered by swap can use KIWAMI for those instruments, not that every symbol is swap-free. The one example we have verified is gold: on XMTrading's precious metals page, the KIWAMI symbol GOLD# lists swap 0/0, with a minimum spread of 2 and maximum leverage of 1000:1. By comparison, the Standard GOLD symbol lists a swap of -87.87 points long and 21.97 points short, and XMTrading says those change daily.

Practical caveats:

• Do not assume a symbol is covered. Open the instrument specification in MT4, MT5 or the app and read the swap fields for the exact symbol you plan to hold.
• The list can change. Treat today's specification as the source, not an article, including this one.
• Swap-free is not cost-free. A broker that waives swap may price that into the spread, so compare total cost for your holding period instead of looking at the swap line alone. Our article on swap-free accounts covers the general mechanics.
• Day traders gain little. If you close before the rollover, swap-free changes nothing for you.

For gold specifically, see which XM account suits gold trading and XM gold spread and trading conditions.

KIWAMI vs Zero vs Standard: cost comparison

The headline spreads are not the full cost. Zero charges 10 USD commission per 100,000 USD traded, which on EURUSD works out to roughly 1 pip per lot round trip. So Zero's "from 0 pips" is only the spread half of the bill.

The table below uses hypothetical spreads on EURUSD for 1 standard lot, where 1 pip is worth about 10 USD. These are illustrative numbers, not quotes. Real spreads vary.

In this example KIWAMI is the cheapest and Zero the most expensive. That is not a rule. It depends entirely on what the spreads really are when you trade. If Zero's live spread is closer to 0 and KIWAMI's is wider than 0.6 pips, the order can flip. The honest method is to record the live spread on each account type for your pair and session, add the commission for Zero, and compare in pips or dollars. Our XM Zero account review walks through that calculation.

Beyond cost, three other differences matter:

• Leverage: KIWAMI and Standard allow up to 1000:1; Zero is capped at 500:1.
• Deposit bonus: Standard has a deposit bonus (terms apply); KIWAMI does not. If you want that bonus, KIWAMI is out. Our article on rebate vs deposit bonus helps weigh it.
• Swap: only KIWAMI has any swap-free option.

Who KIWAMI suits

• Traders who want lower pricing than Standard without a visible commission line.
• Traders who hold certain instruments overnight and have confirmed those instruments are swap-free on KIWAMI.
• Active traders and EA users who benefit from tighter minimum spreads. Using an EA is allowed; CB-Dogs does not provide EAs, signals or copy trading.

It is a weaker fit if you want a deposit bonus, if you trade a symbol not covered by the swap-free list and expect it to be free, or if your volume is high enough that Zero's commission structure comes out cheaper for your pairs.

You can try it risk-free first: XMTrading offers a KIWAMI demo account. A demo that goes unused for more than 60 days is closed automatically, and you can open another at any time.

Cashback on a KIWAMI account

CB-Dogs receives an advertising fee from XMTrading and passes 60% of the IB commission actually received back to you as cashback, calculated on the lots you trade. Profit or loss does not matter. The IB commission per lot differs by account type, so KIWAMI's per-lot cashback can be different from Standard's. We do not quote it here because it can change; use the live table:

Cashback is paid in USDT on the TRC20 network only. The minimum withdrawal is 10 USDT, withdrawals of 50 USDT or more are free, and below 50 USDT there is a 3 USDT fee. Allow about three to four weeks from trading to withdrawable cashback. See how it works for the full disclosure, including how CB-Dogs earns money.

Some promotions can be handled differently on accounts linked to an IB, so check the current bonus terms before you register.

What is the XM KIWAMI account?

It is one of XMTrading's four account types (Standard, Micro, Zero, KIWAMI). It has no commission, spreads from 0.6 pips, up to 1000:1 leverage, and swap-free trading on specific instruments.

Is the XM KIWAMI account swap-free on every instrument?

Does the KIWAMI account have a deposit bonus?

Is KIWAMI better than the Zero account?

What is the minimum deposit for KIWAMI?

Summary

KIWAMI is a spread-only account with a lower minimum spread than Standard, no deposit bonus, and swap-free pricing on specific instruments such as GOLD#. Whether it is cheaper than Zero or Standard depends on live spreads, so measure them yourself on a demo. Then check the cashback rate for your account type in the table above.