XM Forex has different types of account for its clients. To open an account, you must provide the account details. These include your personal information and your financial background. The company will also ask you to answer questions about your financial knowledge. The company will also verify your residency and identity. In addition, there are times when XM will offer bonuses to attract clients.
The XM Standard Account offers commission-free Forex services. This account type offers spreads as low as 0.6 pips, which equals $6.00 for a 1.0 standard lot. In comparison, the average spread is 0.8 pips. The only exceptions to commission-free Forex fees are the USD/JPY and EUR/USD currency pairs. Other currency pairs will require higher markups and commissions.
XM has many different account types that are tailored to different needs and preferences. The Standard and Micro accounts are similar in most respects, while the XM Ultra-Low account is more flexible in terms of the leverage. In addition, they provide the same features, such as free technical analysis and intra-day market updates. These accounts have 24 hour customer support.
Before opening an XM account, you need to fill out the ‘Open an Account’ form on their website. You will need to provide your name, email address, preferred language, and the type of account you want. After you have submitted the form, you will receive an automated email with your login details. The XM Members Area is where you can manage all the functions of your XM account, including depositing funds, viewing unique promotions, checking open positions, changing leverage, and accessing trading tools and support.
The XM Ultra Low Account is the best option for beginners. This account type offers low spreads, a low initial deposit, and the opportunity to make small profits. XM offers two variants of this account: the Ultra Low Standard Account and the XM Ultra Low Micro Account. In standard account, you can trade up to 100,000 contracts. In this type of account, you can also choose a base currency and leverage between 0.6 and one hundred pips.
XM also has a Micro account type, which is perfect for traders who are new to trading. This account requires a minimum deposit of $5. However, it is important to understand that all of the XM account types have different features. You can switch between them, depending on your needs.
XM has over five million clients in 190 countries. The company also claims to have processed 2.4 billion trades without rejections. With its unique partnership with global liquidity providers, XM is able to offer its clients the best prices available in the market. As an added benefit, XM is regulated by a number of international financial bodies. The company also holds client monies in a segregated trust account with leading banks.
XM accepts customers from most countries. There are some exceptions, but most customers are accepted regardless of their location. XM’s digital registration process takes 20 minutes. To open an account, you will need to provide your name, country of residence, email address, and phone number.