XM – Account Types

XM – Account Types

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XM - Account Types

 

Overall Rating

4.8/5

Rated #68 of
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

IFSC, CySec, ASIC

📱 Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

No

📈 Total Pairs

57

☪️ Islamic Account

Yes

📊 Trading Fees

No (Just spread) 

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

XM 

 

Our XM Account Types Revealed:

 

XM Overview

XM is a well-regulated and multi-asset Market Maker broker that has been in operation since 2009, headquartered in Belize, with offices that are in Australia, Cyprus, Belize with respective and corresponding regulation and authorisation in each of these regions.

 

XM has more than 2.5 million registered traders from 196 countries in the world and it is one of the most popular CFD and forex brokers because of its competitive trading conditions, choice in flexible trading account types, and more than 1,000 tradable instruments that can be traded across several asset classes.

 

XM offers flexible funding methods that can be used, dedicated 24/5 customer support that is offered in more than 30 different languages, and more. XM has a no rejections and no re-quote policy and the broker also guarantees that 99.35% of all orders are executed within a second.

 

The business model that XM employs surrounds the belief that reliable execution is one of the most vital things in trading. Traders can expect negative balance protection on all retail accounts, comprehensive educational tools and materials, and a secure, fair, and transparent trading environment protected by strict regulation.

 

XM Account Types

XM provides traders with a choice between four flexible and versatile trading accounts. Each account has unique trading conditions that are tailor-made to suit the trading objectives, needs, and styles of different traders.

 

XM offers Muslim traders the advantage that they can convert all live trading accounts to that of an Islamic account, exempting them from incurring/earning interest. Traders also have the option of registering a demo account that can be used for several purposes.

 

XM Account Features

Micro Account

The Micro Account is the ideal entry-level account that provides beginner traders with an introduction to a live market environment. It also provides a low-risk account option to traders who want to test their trading settings in a live market without risking a significant portion of funds.

 

The features on the Micro Account are as follows:

  • A minimum deposit of $5
  • A choice between USD, GBP, EUR, JPY, CHF, AUD, HUF, PLN, RUB, SGD, and ZAR as the base account currencies
  • The contract size is 1,000 per lot
  • Leverage between 1:1 and 1:888 for account balances between $5 up to $20,000
  • Leverage between 1:1 and up to 1:200 for account balances between $20,001 up to $100,000
  • Leverage between 1:1 and up to a maximum of 1:100 for accounts with a balance from $100,001 and higher
  • Negative balance protection which is applied to the account
  • Spreads from 1 pip EUR/USD
  • Commission-free trading
  • A maximum of 300 open/pending orders
  • A minimum trade volume of 0.1 lots on MetaTrader 4 and MetaTrader 5
  • 100 lot restriction per ticket
  • The ability to use a wide variety of trading strategies and styles
  • The ability to convert to an Islamic Account

 

Standard Account

The Standard Account is a popular option that caters for most traders and their unique styles. The specifications of this account type are as follows:

  • A low minimum deposit of $5
  • A choice between USD, GBP, EUR, JPY, CHF, AUD, HUF, PLN, RUB, SGD, and ZAR as the base account currency
  • A Standard lot contract size of 100,000 units
  • Leverage between 1:1 and 1:888 for account balances between $5 up to $20,000
  • Leverage between 1:1 and up to 1:200 for account balances between $20,001 up to $100,000
  • Leverage between 1:1 and up to a maximum of 1:100 for accounts with a balance from $100,001 and higher
  • Negative balance protection which is applied to the account
  • Spreads from 1 pip EUR/USD
  • Commission-free trading
  • A maximum of 300 open/pending orders
  • A minimum trade volume of 0.01 lots on MetaTrader 4 and MetaTrader 5
  • 50 lot restriction per ticket
  • The ability to use a wide variety of trading strategies and styles
  • The ability to convert to an Islamic Account

 

XM Ultra-Low Account

This account features some of the most competitive trading conditions and is designed for algorithmic traders, scalpers, and high-frequency and high-volume traders. The features of this account are as follows:

  • A low minimum deposit of $5
  • A choice between USD, GBP, EUR, AUD, SGD, and ZAR as the base account currency
  • Standard Ultra lot contract size where 1 lot is 100,000 units and Micro Ultra lot size where 1 lot is 1,000 units
  • Leverage between 1:1 and 1:888 for account balances between $5 up to $20,000
  • Leverage between 1:1 and up to 1:200 for account balances between $20,001 up to $100,000
  • Leverage between 1:1 and up to a maximum of 1:100 for accounts with a balance from $100,001 and higher
  • Negative balance protection which is applied to the account
  • Spreads from 0.6 pips EUR/USD
  • Commission-free trading
  • A maximum of 300 open/pending orders
  • A minimum trade volume of 0.01 standard ultra and 0.1 micro ultra-lots
  • 50 standard ultra-lots and 100 micro ultra-lots restrictions per ticket
  • The ability to use a wide variety of trading strategies and styles
  • The ability to convert to an Islamic Account

 

Shares Account

The Shares Account caters specifically for traders who want to trade a wide range of stocks that are spread across several stock exchanges and indices. The features on this account are as follows:

  • A low minimum deposit of $10,000
  • USD is the base account currency
  • Contract size where 1 lot is equal to 1 share
  • Negative balance protection which is applied to the account
  • Spreads according to the underlying exchange
  • Commissions charged between $1 up to $9 according to the underlying exchange and the share
  • A maximum of 50 open/pending orders
  • A minimum trade volume of 1 lot
  • Lot restrictions according to each share
  • The ability to convert to an Islamic Account

 

XM Demo Account

The XM Demo account is a risk-free account that uses virtual funds to provide traders with a trading environment that mirrors real market conditions while their capital is safeguarded. The demo account provides traders access to all the functions, features, and markets present on live trading accounts but without the risk.

 

Traders can carry out typical trading activities on their demo account, practice trading, test strategies, but the difference is that they are not using real money to trade and therefore losses are not deducted from their real account balance, and they cannot earn real profits until they use capital.

 

XM Islamic Account

The purpose of an Islamic Account is that it caters specifically for Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

 

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

 

XM offers Muslim traders the chance to convert their live trading account into that of an Islamic account, exempting them from earning/paying interests that are prohibited by Sharia Law.

 

XM Pros and Cons

PROS CONS
Well-regulated by several entities US clients are not accepted
Negative balance protection is applied to accounts, protecting traders from market volatility Fixed spreads are not offered
XM is an award-winning broker Inactivity fees are charged on dormant accounts
Offers access to several trading platforms
Offers secure and flexible funding options
Competitive trading conditions are offered
Deposit fees and withdrawal fees are not charged
Multilingual customer support is provided through several communication channels
Traders have access to personalised customer service

XM AT A GLANCE

Broker's Name XM
Headquartered Belize
Year Founded 2009
Regulating Authorities CySEC, IFSC, ASIC, FCA
Countries not accepted for trade United States, Canada, Israel, Iran
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts No
Maximum Leverage 1:888
Minimum Deposit $5
Deposit Options
  • Credit Card
  • Debit Card
  • International Bank Transfer
  • Neteller
  • Skrill
  • WebMoney
Withdrawal Options
  • Credit Card
  • Debit Card
  • International Bank Transfer
  • Neteller
  • Skrill
  • WebMoney
Platform Types
  • MetaTrader 4
  • MetaTrader 5
OS Compatibility Android, iOS, macOS, Windows, Linux, Web browsers
Tradable Assets
  • Shares
  • Forex
  • Stock CFDs
  • Commodities
  • Equity Indices
  • Metals
  • Energies
Languages supported on Website English, Malaysian, Chinese Simplified, Chinese Traditional, Russian, French, Italian, German, Polish, Spanish, Portuguese, and several others
Customer Support Languages Multilingual
Customer Service Hours 24/5

 

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Overall Rating

4.8/5

Rated #68 of
Recommended FX Brokers

💰Minimum Deposit

USD 5

🌐 Regulators

IFSC, CySec, ASIC

📱 Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

No

📈 Total Pairs

57

☪️ Islamic Account

Yes

📊 Trading Fees

No (Just spread) 

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

XM 

 

FAQ

TRADING ENVIRONMENT

How many instruments can I trade with XM?

You can trade any of the following instruments:

  • Shares
  • Forex
  • Stock CFDs
  • Commodities
  • Equity Indices
  • Metals
  • Energies

 

Which platforms are supported by XM?

XM supports the use of:

  • MetaTrader 4
  • MetaTrader 5

 

Does XM offer leverage?

Yes, XM offers leverage according to the account balance of traders as follows:

  • Account balances between $5 up to $20,000 – 1:1 up to 1:888
  • Account balances between $20,001 up to $100,000 – 1:1 up to 1:200
  • Account balances of $100,001 and higher – 1:1 up to 1:100

 

What spreads can I expect with XM?

You can expect spreads from as low as 0.6 pips EUR/USD on the XM Ultra-Low Account.

 

Does XM charge commission?

Yes, XM charges commissions between $1 to $9 on the Shares Account according to the underlying stock exchange and the individual share.

 

Are there additional charges on the Islamic account?

No, there are no additional charges on the Islamic Account.

 

Is XM regulated and by whom?

Yes, XM is well-regulated by CySEC, IFSC, ASIC, and FCA.

 

Is XM a recommended forex trading broker for experts and beginners?

Yes, XM is recommended for both experts and beginners.

 

What is the overall rating out of 10 for XM?

9/10.

 

ACCOUNTS

What is the difference between a demo and a live trading account?

A demo account is a practice account that can be used by both beginner and professional traders. Beginners can use a demo account to practice their trading while more advanced traders can use it to test their trading strategies.

 

Alternatively, traders can also use a demo account to explore what a broker has to offer. Demo accounts are known for the risk-free environment that they offer along with the virtual funds which are used to trade.

 

Does XM offer a demo account?

Yes, XM offers a demo account. Traders can have up to 5 active demo accounts per trader.

 

How long is the demo account valid?

The demo account is indefinitely available if they are in use. Demo accounts that are inactive for 90 days will be closed.

 

Which live trading accounts does XM offer?

XM offers the following:

  • Micro Account
  • Standard Account
  • XM Ultra-Low Account
  • Shares Account

 

Does XM offer an Islamic Account?

Yes, XM offers an Islamic Account on all live trading accounts.

 

What are the available deposit currencies for a live trading account?

Deposits can be made in any currency. Once a deposit is received, it will be converted into the same currency as the base account currency, which can be either of the following:

  • USD
  • EUR
  • GBP
  • JPY
  • CHF
  • AUD
  • HUF
  • PLN
  • RUB
  • SGD
  • ZAR

 

DEPOSITS AND WITHDRAWALS

What is the minimum deposit required to open an account with XM?

$5.

 

How do you make a deposit and withdraw money with XM?

  • Credit Card
  • Debit Card
  • International Bank Transfer
  • Neteller
  • Skrill
  • WebMoney

 

Does XM charge withdrawal fees?

No, XM does not charge any withdrawal fees.

 

How long does it take to make a withdrawal?

Withdrawal requests are processed within 24 hours of receipt and traders can expect their funds on the same day if they use e-wallets. Payments for bank wire transfer or debit/credit card typically reflects between two to five business days.