In order to open an XM account, you need to provide your residential address and identity. This is done by submitting official identification documents. Next, you need to fund your account. XM offers bonuses to its clients from time to time. These bonuses help XM attract new clients. Before you start trading, make sure you understand how the system works.
There are four types of XM accounts, each with its own features and benefits. All XM accounts offer excellent trading conditions, high-quality execution, and a low minimum deposit. Each account type offers different pricing options, base currencies, and contract size. While XM offers a wide variety of account types, the Micro, Standard, and VIP accounts have distinct advantages. Micro accounts can be opened with either a USD or EUR base currency and include negative balance protection. Standard accounts offer trading bonuses, no deposit bonuses, and personal account managers.
XM also offers a range of Islamic accounts. Traders with this faith can invest in a diversified portfolio of currencies. These accounts also feature swap-free status, which means there are no extra fees for Islamic accounts. However, traders should know that XM can revoke swap-free status if they feel their accounts have been abused.
XM offers over 1,230 CFDs and 57 forex pairs. Its automated trading systems, Trading Central and Autochartist, complement its research. If you’re interested in trading in non-CFD exchange-traded securities, an XM Shares account is also available. This account requires a $10,000 deposit to open. In addition, XM has a broadcasting service that offers live and TV-quality video content. It also offers a wide range of tools and services for traders, including a full MetaTrader suite, signals market, and Analyzzer algorithm. However, its spreads are not competitive with those of industry leaders.
Withdrawal options vary, but XM generally processes withdrawal requests within 24 hours. Depending on the country in which you live, you can use a credit card, e-wallet, or bank wire to make your withdrawal. Bank transfers take about two to five business days to process. Other methods take up to 24 hours.
XM also offers a margin call policy. This is designed to ensure that maximum risk never exceeds your account’s equity. If your account starts to exceed your free margin, you’ll receive a margin call warning, and you should deposit additional funds or close your positions. You should also consider your stop-out level before using your margin. XM has a 20 percent stop-out level for retail clients.
XM accepts most major credit cards and debit cards. In addition, it also offers a local bank transfer option, which eliminates any currency conversion charges. You can fund your XM account by depositing five dollars for a Micro Account or up to 100$ for a Standard Account. Your minimum deposit amount will depend on the payment method you choose, as well as the status of your trading account.