There are many things to consider when choosing an XM robot forex trading system. You must look at its performance and the performance of the currency pairs it trades. Make sure the robot’s backtesting has been performed in a variety of market conditions. Some robots may perform better under certain market conditions, such as volatility, while others may not perform as well in these conditions. You should also check out its drawdown, which is the difference between the high and low points in a trading period. Different traders will have different preferences when it comes to drawdown, so you must find a robot that fits your personal drawdown preferences.
Account types: There are several account types to choose from. XM accepts clients from most countries, but does not accept U.S. residents. To sign up, you must submit your identification and proof of residency, including a passport or national identity card. You can also upload a photo of your identification for verification. The response time for verification is usually fast, and there is no minimum deposit amount. However, you must note that minimum deposit amounts may be restricted due to system restrictions. You can use Skrill, Neteller, or Moneybookers to fund your account.
If you’re a beginner, you can start small by experimenting with a demo account. Most of these forex robots offer a free trial period. Make sure to try out several software packages before deciding which one to purchase. You must also have a trading plan to help you decide which robot to use.
While it is true that trading robots are extremely efficient and can help you generate significant income, you should be sure that you’re getting a legitimate one. Some companies claim to be able to predict market movements and use profitable strategies, but in reality, they use tactics that are not profitable. You must also be cautious about the vendor of the software. Some companies are scams and don’t live up to their promises.
Another important factor to consider when choosing an XM robot forex trading robot is the platform it’s built on. This will determine how profitable the robot is and how long it will last. MetaTrader 4 and MetaTrader 5 are widely used trading platforms. XM offers support for these platforms and third-party platforms. It also offers a list of algorithmic trading tools for its clients. This includes the River and Ribbon Indicators, the Ichimoku Indicator, Bollinger Bands, and the ADX and PSAR Indicator.
The no-deposit demo account that XM offers is popular with traders, and you can keep it open for 90 days. If you want to use the system for a longer period of time, you can open a live account. There is no limit to how many demo accounts you can have per trader. The demo account offers all of the features of a real account, and you get $100,000 in virtual trading funds. Moreover, you can make use of a 24/5 support service from the XM brokerage. The brokerage also provides educational materials to help you make informed decisions.