There are several ways to fund your XM Forex Micro Account, including credit/debit card payments and e-wallet services. You can deposit up to US$200 using these methods. However, you should note that bank transfers may take two to five days to complete. To avoid delays, make sure that you keep at least a five-dollar balance in your account.
The first step in setting up your XM account is to complete a Know Your Customer (KYC) process. This will verify your identity and protect your account and funds. Once you have completed this, you will receive an email with login credentials. You can use this information to manage the features of your XM account, including depositing funds, checking open positions, changing leverage, accessing support and trading tools.
If you’re just starting out in the forex market, the XM micro account is a good option. It offers all the services of the Standard Account, but allows you to trade in smaller lots. You must deposit at least $5 to open your account. In addition, there is no starting commission. With this account, you can trade micro lots for up to $1000, with a standard leverage of one to 888.
A standard account is a good option if you’re an experienced trader. This account has a low minimum deposit and comes with everything a trader would need from a broker. The XM micro account offers micro and standard-size contracts. It has a minimum deposit of $5 USD, which is the same as the other accounts.
Micro accounts allow you to trade multiple currencies with the same leverage. A micro account has fewer spreads than a standard account, and you can trade up to ten times smaller amounts than a standard account. XM offers a variety of other account types, including an ultra-low standard account.
XM is licensed by three regulatory bodies worldwide, including the Cyprus Securities and Exchange Commission (CySEC). This license allows it to offer services to traders from all over the world. In addition, it is compliant with the financial security standards of many countries. Because of this, XM is safe to use.
There are four tiers of trading accounts available with XM. The XM Micro Account, for example, allows you to have up to 200 open positions. You can also use the XM Shares Account and a Standard account. Each of these accounts requires a minimum deposit of $5.
XM has many promotional offers and bonuses. It also offers a wide variety of account types for beginners. You can customize the type of account you choose, and there are many educational materials available for beginner traders. If you’re looking for a reliable brokerage for your first trades, XM is a good choice.
XM also offers an Islamic account option for those who are Muslim. In accordance with Islamic law, Muslims are required not to pay interest or overnight fees, so this account allows them to trade without incurring those expenses. However, you should check with your XM broker about the Islamic Account before making any trades.