A forex XM beginner account has a few advantages for new traders, and is a great place to start. This type of account offers a low minimum deposit and is popular with beginners. This type of account allows the trader to make small profits without having to worry about risking large amounts of money. This type of account has two variations, the standard account and the micro account. The standard account has a contract size of one lot, which is equal to 100,000 units of currency, while the micro account is limited to a minimum deposit of $5.
The standard account offers low leverage, which can help the beginner trade for a longer period of time. This type of account is best for beginners as it allows the trader to start trading with very little money and grow their trading experience. XM also offers a demo account that allows the trader to practice trading with no money and can be used unlimited times. It also has the same trading conditions as a standard account, so it can be used as a learning tool as well.
Another benefit of using XM is that it offers zero commission accounts and ultra-fast execution speeds. As a CySEC-regulated company, XM has 3.5 million clients from 196 countries. It is a good idea to look into the company’s regulatory status and see if it is legitimate or not. If you’re unsure about whether to use XM as a broker, you can contact their customer support team. They offer 24-hour support in 17 languages and are highly rated for customer service.
XM also offers a no-deposit bonus for new clients and two-tier deposit bonuses for active traders. In addition, they have an active loyalty program that rewards clients who trade with them. Each lot they trade earns XMP, which can be redeemed for an extra bonus. Opening an account with XM is a fairly simple process. A client must choose an account type and navigate through a few web screens.
XM has numerous educational resources, including webinars and live training. Beginners can take advantage of these tools to learn forex trading. The company also offers a wide range of account types. It’s a good idea to start small and invest only a small amount of money. However, it’s important to remember that XM is not a perfect brokerage for US traders. It’s better to stick with a trustworthy broker that offers a low minimum deposit and educational resources.
XM requires a certain level of identification before opening an account. This documentation may include a utility bill from the past three months. In addition, a user must provide their name, email address, and contact number. Then, the user must provide financial information and identify their country of residence. The user is then given a choice of trading platforms and leverage size.