XM forex is an internationally accredited and licensed broker that gives trading access to millions of people worldwide. The Cyprus Securities and Exchange Commission is the main regulatory body. Since its existence in 2009, it is ranked among the best trading brokers based on its trustworthy nature, efficiency, and good customer service relations. XM forex platform has provided a safe space for its customers, enabling them to make good trading deals and substantial returns. In this write-up, we discuss facts about XM forex.
Account Types for XM
XM has four accounts, each with different qualities to cater to all clients. They are Standard, Micro, Zero, and Ultra-Low accounts.
1. Standard Accounts
It requires a minimum initial deposit of 10 dollars to start trading. It allows commission-free trading and has a spread starting from 1 pip. Clients operate with standard lots, and the accounts accommodate a wide range of currencies like USD, GBP, JPY, EUR, RUB, SGD, and ZAR.
2. Micro Accounts
A deposit of 5 dollars is also required to initiate the trading process. Like the standard accounts, it features a spread starting from 1 pip, and trading is commission-free. Their base currency includes USD, EUR, CHF, JPY, GBP, and AUD.
3. Zero Accounts
A forex trader will need an initial deposit of 10 dollars to access the platform. The currencies you can use are USD, EUR, and JPY. The accounts are operated with standard lots and have a lower spread starting from 0 pips. Unlike the micro and standard accounts with commission-free trading, this one requires a commission of 3.5 dollars per 100000 dollars traded.
4. Ultra Low Accounts
You can trade with either standard or micro lots with these accounts. A minimum initial deposit if 50 dollars is needed and has a lower spread of 0.6 pips. They offer commission-free trading and uses EUR, GBP, AUD, USD, ZAR, and SGD as the base currency.
XM Forex Trading Platforms
XM has two trading platforms popular in the forex industry. They include the MetaTrader 4 and 5. As a trader, you can trade on both platforms then choose the one that suits you best. They are compatible with any device and are available for MAC OS, Android, Windows, and IOS devices. However, MT4 is the most popular due to its earlier introduction. Its tools are fewer, easy and straightforward to use than MT5. MetaTrader5 is more advanced with more options and tools like technical indicators, order types, and charting tools.
How to Start Trading on XM Forex Platform
Before trading, you need to understand the account options first, then proceed to open the account. The first step is to select the one you want to trade on, knowing the XM account types. Open the account, then submit the necessary documents, e.g., a copy of your ID and POA, within 24hours. In the client’s portal, deposit the amount needed depending on the account requirements. Install your preferred trading platform, either MT4 or MT5, and start trading.
XM has an excellent reputation in the massive forex industry. The several accounts and platforms have been the source of numerous visits and use by trading brokers to cater for all their needs. Educational materials are available to enhance your knowledge of forex and related content.