The XM forex broker demo account is free and offers a real-time market simulation, using virtual money. It is designed to increase user confidence and enhance their knowledge of forex and CFD trading. The demo account can be opened and closed as needed, allowing users to practice trading without risking real money.
In order to open a demo account, XM requires clients to confirm their email addresses. However, signing up for updates is not mandatory. In addition, you must provide identification documents before opening a demo account. XM also offers a range of flexible options for every trader, with competitive fees and comprehensive resources.
Retail clients can choose between two retail Forex trading platforms: MetaTrader 4 and MetaTrader 5. Both of these platforms are popular and easy-to-understand, and XM provides both platforms. Retail traders can choose between the two, so it is a good idea to try both out. XM’s retail clients can choose from five different types of accounts.
XM also offers low commissions. Their Ultra-Low Standard Accounts have spreads as low as 0.6 pips, or $6.00 per 1.0 standard lot. In comparison, the average spread is 0.8 pips. Traders should note that EUR/USD/JPY are exempted from these commission-free accounts. Other currency pairs require a higher markup.
The deposit and withdrawal processes at XM are quick and easy. Deposits can be made through credit/debit cards, bank transfers, or via moneybookers. However, customers must ensure that they are depositing from accounts in their name. Deposits can be made from anywhere in the world using multiple currencies. Moreover, there are no fees for withdrawals. Withdrawal amounts can’t exceed the amount deposited.
XM offers four levels of user accounts. The Micro Account allows a client to hold 200 positions. It requires a minimum deposit of $5 USD. The XM Ultra Account supports USD, EUR, and GBP. It is a market maker account. It has higher leverage than the standard account. However, it is not available to all the XM Group entities.
XM has a reputation as an excellent trading platform. The company has won more than 30 industry awards. It also offers support in multiple languages. Its website opens quickly and is user-friendly. The fees are average for forex trading. XM does charge an inactivity fee if an account sits idle for 90 days.
To trade with XM, you can use a MetaTrader 5 platform. Once you open an account on the trading platform, click on the Signals tab. On this screen, you can find a list of XM traders. If you want to copy their trades, click on the copy button and enter the relevant data.
XM is a highly-regulated online brokerage company. It is headquartered in the Republic of Cyprus and regulated by three securities commissions around the world. It has subsidiaries in Australia and the United Kingdom. The Australian Securities and Investments Commission and Cyprus Securities and Exchange Commission regulate the company’s operations.
