There are a number of factors you should keep in mind when opening an account with XM. Some of these include its minimum deposit requirements, withdrawal options, and market coverage. Fortunately, XM offers a demo account to help you test out its platforms and learn more about the industry before opening a real account.
The XM brokerage services demo account allows you to access the platform under actual market conditions. This is ideal for novice traders who are just starting out. It also does not limit the length of time you can use the account. However, the trial period does not include the opportunity to trade.
You can open an account with XM in a matter of minutes. To begin, you will need to provide your personal information and select the appropriate account type. Next, you will need to create a password. Your password should contain upper and lower case letters, and at least two numbers. Once you create your password, you can log in to your XM account.
The XM Group has an excellent customer support service. Its live chat service keeps new traders from getting lost in the shuffle. Additionally, XM provides quality educational material and trading signals. Clients can also expect a comprehensive set of tools for technical analysis, stop orders, trailing orders, and more.
The XM Group has multiple entities in different countries. In addition to a Cyprus Securities and Exchange Commission license, XM Global Limited is authorized by the IFSC, Trading Point of Financial Instruments Pty Ltd is licensed by the ASIC in Australia, and XM Europe is regulated by the CySEC. Moreover, XM is a member of the Australian Securities & Investment Commission and the Financial Conduct Authority.
XM does not offer binary options or futures trading. Instead, it provides advanced trading solutions for both beginners and experienced traders. Besides its diverse product portfolio, XM"s software is powerful and compatible with various devices.
The XM MetaTrader 4 and MetaTrader 5 trading platforms give you the tools you need to monitor and trade a variety of markets and currencies. They offer more than 30 technical indicators, three chart types, and a trading history journal. Users can download the MT4 and MT5 mobile apps from Google Play or the App Store, giving them access to their accounts from anywhere.
XM provides a wide range of payment options, including e-wallets, credit/debit cards, and wire transfers. However, you will need to fund your account before you can start trading. The minimum amount you can deposit is $5 for the Micro Account, $10 for the Standard Account, and $100 for the Zero Account. All deposits are non-refundable.
XM has an Investor Compensation Scheme that pays clients for losses when the brokerage firm ceases operations. While XM does not charge a commission on the accounts it manages, there are some fees associated with the accounts themselves.