Question: How to start trading Forex with XM? What are the requirements and steps?
How to open XM’s Forex trading account on MT4 and MT5?
How to open XM trading account
Here are the 5 steps to start trading on XM MT4 or MT5 platforms.
- Open an account with XM (takes 1 – 3 minutes)
- Submit required documents (takes up to 24 hours)
- Copy of ID and POA is required.
- Make a deposit (instant deposit is also available)
- Login to the XM’s Client Portal to deposit.
- Install the trading platform (MT4 or MT5)
- Go to XM Official Website to install the platforms for free.
- Start trading
The required documents for each broker are almost same.
You may want open up several accounts in other brokers at once, if you are planning to eventually.
For more information, contact XM support team. Their support is available for 24/5.
- How to open XM trading account
- Comparison of Trading Account Types of XM
- What do you need to open XM trading account?
- What you can trade on XM MT4 and MT5?
- Choose from MT4 and MT5 trading platforms
- How to claim XM’s bonuses?
Comparison of Trading Account Types of XM
XM offers various account types for its traders. Here is the comparison table of XM’s all account types.
| Account Types | Micro | Standard | XM Zero | XM Ultra Low Spread | Shares |
|---|---|---|---|---|---|
| Available Base Currency | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD and ZAR | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD and ZAR | USD, EUR and JPY | EUR, USD, GBP, AUD, ZAR and SGD | USD |
| 1 lot size (volume) | 1,000 units | 100,000 units | 100,000 units | 100,000 units | 1 Share |
| Required Minimum Deposit | $5 | $5 | $100 | $50 | $10000 |
| Minimum Spread | 1.0 pip | 1.0 pip | 0.0 pips | 0.6 pips | Depends |
| Extra Commission | None | None | Charged | None | Charged |
| No Deposit Bonus | Available | Available | Available | Available | Unavailable |
| Trading Bonus | Available | Available | Unavailable | Unavailable | Unavailable |
The availability of account types and some conditions maybe different depending on the XM brand you trade with.
For more information, please contact XM support team from the official website.
What do you need to open XM trading account?
The account opening with XM is free and there is no fees for holding accounts.
Although the XM account opening is free and can be completed all online, there are several things that you are required to start trading Forex with XM.
1. A copy of ID and Proof of Address
XM is regulated and licensed by multiple financial authorities in the world.
To protect clients’ funds and prevent money laundering activities, XM is required to complete KYC (Know Your Customer) steps with all clients.
The KYC is done by XM, and to complete the process, you must submit a copy of your identification document and proof of address.
The format and the required conditions for the documents, you can find out in XM’s members are which you can login from XM Official Website.
By completing the KYC process, you will validate your account and the full options in XM’s members area will be expanded for you.
2. Fund to invest online
With XM Demo MT4 or MT5 account, you can trade without making a deposit and risk-free, as demo account is deposited with virtual money.
If you opened a live / real trading account with XM, you must make a deposit to start trading.
To start trading with XM, login to XM’s members are from XM Official Website and choose the preferable payment method.
You can transfer your investment fund via various methods such as bank wire transfer, credit or debit cards and online wallets.
Depending on the account type you have chosen with XM, the required minimum deposit amount varies from $5 to $10,000.
3. MT4 or MT5 trading platforms installation
When you open a Forex trading account with XM, you can choose from either MT4 and MT5.
XM’s MT4 and MT5 will be the base platforms where you can perform trading activities, manage orders and monitor the markets.
If you have opened a XM MT4 account, then you need to install XM MT4 platform from XM Official Website.
If you have opened a XM MT5 account, then you need to install XM MT5 platform from XM Official Website.
You can open multiple trading accounts with different account types with XM.
The differences of MT4 and MT5 trading platforms, you can find more details in the article below.
MT4 vs MT5 – Trading Platforms Comparison
What you can trade on XM MT4 and MT5?
Just by opening one XM account, you can access and trade over 1000 financial instruments all together.
All financial assets in one account and one platform.
With XM, you can easily manage orders and diversify investment portfolio.
1. Forex Currency Pairs
Forex market is the largest financial market in the world, and it is the most popular market for trading among XM traders.
XM MT4 and MT5 offers traders all kinds of Forex currency pairs including majors, minors and exotics.
For Forex trading, you can also benefit from the high leverage of 1:1000.
XM’s leverage 1:1000 is much higher than the industry average and is the popular option by its traders.
While offering the high leverage, XM supports NBP (Negative Balance Protection) for all traders’ accounts.
With XM’s NBP condition, the maximum trading loss is always limited to the total invested amount.
Invest in Forex currency pairs with XM
2. Stock CFDs
Not only Forex, but you can also invest in hundreds of Stock CFDs with XM.
These stocks (shares) are offered in a form of CFD (Contract for Difference), thus you won’t be exchanging the actual stocks by trading the products with XM.
As the stocks are offered as CFD, you can benefit from the following factors.
- Low trading commissions
Eliminating unnecessary processes and costs as everything is done online with XM. - High Leverage
As stocks are offered in a form of CFDs, you can benefit from the high leverage. You don’t need the full amount to invest in stocks with XM. - Swaps paid and charged just like stocks
Instead of the dividend payments, you will get credited or charged as swaps when holding positions of stocks overnight.
The list of Stock CFDs available with XM covers all major players in the market such as Amazon, Facebook, Alibaba, Google and Tesla.
3. Commodities
On XM MT4 and MT5, you can invest in agricultural commodities together with Forex and other CFDs.
As commodities are offered in a form of CFDs, you can speculate on future uptrend and downtrend market price movements.
With the commodity CFDs, you can make profit from both rising and falling market prices.
Here are the commodity markets that you can trade with XM.
- US Cocoa
- US Coffee
- US Corn
- US Cotton
- High Grade Copper
- US Soybeans
- US Sugar
- US Wheat
4. Equity Indices
Stock Index CFD is the most popular form of CFD and is very cost effective way to investing in world’s financial markets.
With XM, you will have instant and direct access to stock indices worldwide with high leverage and low cost.
Indices can be used as a measurement of the world’s economy’s health, while you can speculate on both rising and falling prices at anytime you want.
With XM, you can invest in the following stock index CFDs on MT4 and MT5.
- CHI50
- EU50
- FRA40
- GER30
- JP225
- SING
- SWI20
- US100
- US500
- UK100
- US30
- USDX
Invest in Stock Index CFDs with XM
5. Precious Metals
The safe haven financial markets, Gold and Silver are also available on XM MT4 and MT5.
Gold and Silver are a part pf the commodity markets, and they are highly liquidated comparing to others.
When trading Gold and Silver, you can apply the highest leverage available with XM, 1:1000 and take advantage of both raising and falling market prices.
XM guarantees that there is no re-quotes when trading on XM MT4 and MT5.
With XM, you can securely and stably invest in precious metals, Gold and Silver together with over 1000 financial markets.
6. Energies
XM has listed up all the energy CFDs on MT4 and MT5.
The available energy CFDs on XM MT4 and MT5 are the followings.
- Brent Crude Oil
- London Gas Oil
- Natural Gas
- WTI Oil
- WTI Oil Mini
All types of oils, gas and sizes are available for trading without extra fees.
By utilizing XM’s high leverage, you can trade from 5 USD of minimal margin.
7. Shares
In XM’s Shares account, you can invest in actual stocks (shares) through XM’s platforms.
XM’s Shares account requires $10,000 as the minimum deposit amount.
You can invest in international and popular shares from USA, UK and Germany.
When trading in XM’s Shares account, XM will provide you with the all the necessary information such as Dividends, Earning Announcements and Corporate Actions.
Find out more about XM’s Shares Account
Choose from MT4 and MT5 trading platforms
XM provides its traders with 2 of the most popular trading platforms in the world, MT4 (MetaTrader4) and MT5 (Metatrader5).
Both XM’s MT4 and MT5 are developed by the same company, MetaQuotes, while MT5 is the new version of the MetaTrader with more advanced options.
With XM, you can use and trade on both trading platforms, and compare which one is more suited for you.
Both XM’s MT4 and MT5 are compatible with any types of devices and browsers.
XM’s MT4 and MT5 apps are available for Windows, MAC OS, Android and iOS devices.
XM’s MT4 and MT5 Web Traders can be run on any popular web browsers.
Find out more about XM’s MT4 and MT5
Why choose XM MT4 (MetaTrader4)?
MT4 is the most traditional and popular trading platform in the world.
Many traders find MT4 easier and simpler to use than MT5, due to its traditionally available tools and options.
There are many developed EAs (Expert Advisers) and customer indicators based on the MQL4 language.
If you are already an online investor, then you may already have used the MT4 and may continue to use it as you prefer.
Why choose XM MT5 (MetaTrader5)?
Comparing to the traditional MT4, XM MT5 has more expanded options, added tools and capabilities.
The user interface is almost the same between MT4 and MT5.
But if you look into more details, you will see that MT5 has more options in terms of many aspects.
To be precise, MT5 has more order types, charting tools, technical indicators.
MT5 also has built-in market depth which shows traders the available market liquidity at each prices.
The market depth will make the market fully transparent in real-time.
How to claim XM’s bonuses?
XM runs various bonus promotions for its traders.
The types of promotions include No Deposit Bonus, Deposit Bonus and Loyalty Program.
XM occasionally run trading contests and lucky lottery too.
To find the currently running bonus promotions, please visit XM Official Website.
Check out XM’s all Bonus Promotions
1. XM 30 USD No Deposit Bonus
For all new traders, XM’s $30 No Deposit Bonus would be the first promotion.
XM’s $30 No Deposit Bonus is the most popular among the promotions available with XM.
The promotion gives new traders free 30 USD to start trading Forex and CFDs with XM.
The requirement to get XM’s $30 No Deposit Bonus is only the account opening and account validation.
You do not need to make a deposit to get XM’s $30 No Deposit Bonus, thus through the promotion, you can invest online without risking your own funds.
Details of XM $30 No Deposit Bonus
2. XM 50% and 20% Deposit Bonus
If you opened an account and make a deposit, then you may want to get XM’s 50% and 20% Deposit Bonus.
The XM’s 50% and 20% Deposit Bonus is available for the first and subsequent deposits you make to live trading accounts.
Through the promotion, you can get up to 5,000 USD bonus which support your trading with extra margin.
The bonus amount cannot be withdrawn, but can be used for trading to maximize the potential of your accounts.
For more details about XM’s 50% and 20% Deposit Bonus, please visit the page below.
Details of XM 50% and 20% Deposit Bonus
3. XM Loyalty Program
XM’s Loyalty Program is a promotion which rewards traders with longer trading period and higher trading volume.
By participating in XM’s Loyalty Program, you will get XMP (XM Points) for every trade according to the trading volume.
The XMP will be accumulated in XM’s client portal.
The accumulated XMP can be exchanged for extra trading bonus in your live / real trading accounts.
XM’s Loyalty Program rewards higher rate of XMP per low if you trade longer period with XM.
There is no additional cost to participate in XM’s Loyalty Program, but you will only gain more bonus with the promotion.
For more information about the XM’s Loyalty Program, please visit the page below.
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Official Site
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