XM Account Opening | How to Open XM Account

Pros

Cons

  • Various account types
  • 11 base currencies
  • Low spreads and commissions
  • Islamic account option

High minimum deposit for shares account

Introduction

XM broker has been a leading forex and CFD broker since 2009. It has over 3.5 million active users with more than 2.4 billion trades executed through it. It has been awarded with several awards since its foundation and regulated by financial authority like IFSC.

Countries Available

You can open an XM account from any country in the world except the United States of America, Canada, Israel and the Islamic Republic of Iran.

Account Types

XM provides 4 main account options for traders which are:

  • Micro
  • Standard
  • XM Ultra Low
  • Shares

Each one of these accounts has its features, specifications and disadvantages. So, let’s dig deeper into their details.

The following table shows a comparison between XM accounts along with their information

XM – Account comparison

 

Micro

Standard

XM Ultra Low

Shares

Spread

From 1 pip

From 1 pip

From 0.6 pip

0

Commissions

No

No

No

Yes

Min deposit

$5

$5

$50

$10,000

Base Currencies

USD, EUR, GBP, JPY, CHF,‎

AUD, HUF, PLN, RUB, SGD, ZAR

USD, EUR, GBP, JPY, CHF,‎

AUD, HUF, PLN, RUB, SGD, ZAR

EUR, USD, GBP, AUD, ZAR, SGD

USD

Islamic account option

Yes

Yes

Yes

Yes

XM also provides a demo account with 0 fees if you want to experience the trading platform with no risk

Notes:

  • In addition to the previous types, there’s an islamic account option for those who live in amuslim country.
  • XM also provides a demo account with 0 fees if you want to experience the trading platform with no risk.
  • There’s an option to join the XM affiliate partner program if you want as well.

Min Deposit

The minimum deposit differs from an account type to another as teh following:

  • Micro: $5
  • Standard: $5
  • XM Ultra Low: $50
  • Shares: $10,000

How to Open Account

You can open an XM account in minutes through these steps:

  1. Enter your name, email, phone number, and country of residence.
  2. Select the trading platform and the account type
  3. Enter some personal information like your city and profession.
  4. Choose the account base currency.
  5. Add your trading preferences and knowledge.
  6. Provide your funding information and your trading experience
  7. Provide a proof of your identity and the country of residence.
  8. Start trading

XM Account Opening | How to Open XM Account

XM – Account opening

Notes:

  • Due also to the requirements of the regulatory bodies that supervise <<brokerName>>, it is necessary that in order to operate with your account you send them a proof that proves your identity and another proof that proves your current address :
  • Identity document : You must send a copy of your ID, your passport or driving license . It has to be an official document that clearly shows your identity and that it is valid (the document you send cannot be expired). You can scan any of these documents and send it in PDF, JPG, GIF, or take a photo with your mobile if it is more comfortable for you. In any case, the image must have good quality and be completely readable, otherwise it may give you problems to verify it.
  • Proof of address : This is to send a document that shows your current address . You will have to send a recent utility bill (not exceeding 3 months) for electricity, water, gas, landline or Internet (many brokers do not accept, for example, mobile phone bills). You can scan and send it in PDF, JPG, GIF, or take a photo with your mobile. Like the previous document, all the data must be legible and have sufficient quality.

FAQs

  1. How long does it take to open an account?
  • It takes about 5 minutes only to open your XM account.
  1. Does XM allow bot trading?
  • Yes, you can. All our trading platforms support the use of EAs.
  1. Does XM give a bonus?
  • Yes, and you can apply to the XM bonus program.
  1. Does XM allow scalping and hedging?
  • Yes, XM does allow scalping.
  1. Where is my money held?
  • It’s held in segregate accounts in order to avoid financial disasters.

 

  1. Is my credit card information safe with XM?
  • Yes, XM uses a safe technology to make all your information safe.
  1. How do I login using the MT4 mobile platform?
  • Steps:

1. Go to ‘Settings’

2. Click on ‘Manage Accounts’ or ‘Settings’

3. Then click on the small plus sign or select ‘New Account’

4. Then select ‘Log in to an existing account’

5. Search for the broker name

6. Select the server your account was set up on

7. Enter your login credentials and password

8. Click on ‘Sign In’

  1. When trading forex, will you lose more than your initial deposit?
  • Both our MetaTrader 4 and XM platforms are set to automatically close your positions when your margin requirement reaches 100% (stop out level).
  • Please note that this process is automated and is not a guarantee that your account will not enter into a negative equity situation and you should keep a balance amount in your account above your required margin.
  1. Can I login to more than one account from the same computer?
  • Yes, you can do such a thing by using the MT4 Multi Terminal.
  1. Can I login to the same account through different devices?
  • Yes, you can login to the MetaTrader 4 platform using the same password and username through different devices.
  1. When will my demo account expire?
  • At XM, demo accounts have no expiry date. So, you can trade virtually as long as you want.

 



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