XM accounts and the striking differences you need to know

If you have not had many opportunities to experience the XM real trading market. Surely choosing a suitable XM account type for yourself is extremely difficult. However, today MForex will help you make the best decisions in opening an account. So don’t leave the screen, but quickly write down the most useful information.

What types of XM accounts are there for traders? What are the characteristics of XM account types?

Currently, the exchange offers users a total of 5 different account types. It will be divided into 2 main types of accounts, each of which has extremely different properties. So let’s learn about XM account types and their characteristics.

XM Demo Account

The first group of accounts is Demo XM. It is also known by traders by another name “Demo account”. When registering to open a Demo account, traders will receive 1000 USD in the account (However, this is only virtual money). Thanks to this, you can participate in transactions or start testing strategies and get acquainted with the real forex environment. 

Demo accounts play an extremely important role. Not only does it help new investors acquire more basic knowledge and skills. It also preserves capital in a maximized way, giving users certain confidence.

>>>See more: Explore the XM Demo account: The first step in trading

Real account

The second group of accounts, including 4 types, is the XM account real account.

XM Micro account

This is one of the popular account types and is used by many traders. Because here, you have the freedom to choose and trade with 11 different currency pairs. At the same time, the XM exchange microphone also possesses a few outstanding features such as:

• Low minimum deposit, starting from only $5.
• Provides account leverage up to 1:1000
• Micro accounts do not charge commissions and spreads start from just 1 pip.
• There is protection every time the Micro account balance becomes negative.

Standard account

XM Standard is quite similar to the Micro account type. Leverage rates, commissions, and spreads are all the same. However, the Standard type is considered a more upgraded version of Micro XM. Because it can be applied to all preferential policies that XM has offered.

Ultra Low broker account

For XM Ultra Low, the number of currency pairs traded will be limited. You can only conduct transactions with certain currencies such as USD, ZAR, AUD, EUR, SGD, and GBP. 

Furthermore, this type of account possesses many characteristics suitable for experienced traders, because it has a fairly high level of risk. In addition, this type of account also supports users with 2 versions: Standard Ultra and Micro Ultra. Specifically, the characteristics of this type of XM account  are as follows:

• The minimum deposit is up to $50 (Quite high).
• Spreads start from 0.6 pips.
• The trading volume of the Standard Ultra version will be 100 times larger than that of the Micro Ultra version. 
• 1 standard lot of the Ultra Low account type will correspond to $100,000.
• The minimum order size of the Micro Ultra is 0.1 lot and the Standard Ultra version is 0.01 lot.

XM Share account

The last type in the XM real account group is the Share account. This account mainly focuses on stock trading products. With more than 1,184 stock codes from many countries in the region. The minimum required deposit must be from 10,000 USD.

Detailed comparison table of XM account types

To be able to choose for yourself a type of XM account that best suits each need and purpose of use. You need to understand the characteristics of each different account type. Therefore, MForex has provided an extremely detailed comparison table of account types for readers to refer to. 

Which type of XM account should I choose for trading?

If through the comparison table of data about MForex accounts above, you still cannot choose a suitable type for yourself. Then you can refer to our suggestions below.

For new traders joining the XM exchange

For new traders participating in foreign exchange trading in general or the XM platform in particular. Choosing a safe account will help you manage risks most effectively. So Micro account is one of the perfect choices for you. 

XM account is for experienced traders

Once you get familiar with how the real foreign exchange market works. Your new goal is to find a better source of profit, then the Standard account is an extremely stable start. Because the trading conditions are quite similar to Micro accounts, you will not encounter any difficulties during the trading process. However, the trading volume of this type of account is larger, which means the profit earned will also be larger.

Account types suitable for Scalping strategy

Scalping strategy, also known as scalping trading strategy in an extremely short time. It is this factor that makes it suitable for Ultra Low. Comes with many outstanding features and attractive incentives. Helps investors create the most convenient trading advantages on the XM exchange. 

Stock investors on XM

Traders love finding profits from XM stocks. Surely it will be impossible to ignore the Share account type. More than 1184 stock codes with a minimum deposit of 10,000 USD, will bring you many interesting things.

Instructions to open an XM account and receive a $30 bonus immediately

If you have chosen for yourself a suitable type of XM account. Then quickly open an account and receive a $30 bonus immediately in the following way.

• Step 1: Click “Open an account” to register at XM’s main website.

  

• Step 2: Provide the information XM requires regarding content such as Country of residence, full name, date of birth, city, address, postal code, and phone number => Continue to click “Add financial details”.

  

• Step 3: Select the account type you want => Click the “Continue” box to proceed.

  

• Step 4: Set up a password to ensure safety for your XM account  => Click on the “Complete” box to finish.

>>>See more: The most detailed way to XM login account on your phone.

Summary

We can see that each type of XM account has its characteristics and serves different needs and strategies. If you are not flexible in choosing the right account, your investing and trading will face many difficulties. So hopefully the information that MForex has compiled in the above article will help you make a decision more easily.

FAQ

Is opening an account to receive $30 from XM true or a scam?

Registering for XM to receive $30 per day is a new customer appreciation program of XM. The program has been running extremely successfully, so hurry up and open a real account to receive the bonus.

When will an XM account be temporarily closed?

If your account is inactive for 90 days. At that time, the account will be temporarily closed and it will be impossible to log in to the customer area.

How many types of accounts can a trader open?

Trading participants can open many different types of accounts.