XM provides several distinctive account types that may confuse newcomers at first glance. Here's a short guide to choose the right one.

In order to choose the best trading account type, it is central to grab a deep understanding of all types available. This goes beyond merely knowing their respective name. Therefore, this article will address the basic information on how to choose the best XM account type that you may need for the best outcome.

XM Account Types

 

What are XM Account Types?

In general, XM provides the following accounts for its traders:

  • Micro, where 1 micro lot represents 1,000 units of the base currency.
  • Standard, where 1 standard lot is the equivalent of 100,000 units of the base currency.
  • Ultra Low Micro, an account to trade with micro lots and spreads as low as 0.6 pips.
  • Shares, an account specifically designed to accommodate stock trading.

For further reference, a table is provided to describe more properties of XM account types. You may customize the solution, subject to the deposit currency.

XM Account Types

In addition to the 4 account types above, trading in XM demo account is highly recommended if you are a noob in forex trading as this will help you trade with virtual money. The risk would be zero as the gains and losses are merely a simulation.

 

The Best Account Should Complement You

Following the details above, you may have recognized that each account has its own distinctive characteristics that highlight traders' various needs. For instance, XM micro account allows trading from 0.01 lots to eliminate the risk of having to trade with a standard lot. Meanwhile, the ultra low account underlines the importance of tight spreads compared to other accounts.

After knowing such key information, you may adjust XM accounts' specifications to your needs. If you're a beginner and minimizing the risks is at your top priority, XM micro account is the best choice. If you're quite experienced and looking for higher opportunities while being aware of the increased risks, XM standard account can be the right one for you. On the other hand, XM ultra low account is suitable for scalpers, day traders, or other types of traders who put low spreads at the forefront of their strategies. Lastly, XM shares account can be a good idea should you want to try a hand in investing in the stock market.

All in all, the best XM account type should not have a definite answer for all traders as it depends on the traders themselves. XM ultra low account can be the best choice for scalpers but not for beginners and vice versa.

XM Specifications

🌐 Website
www.xm.com
Leverage
1:888
💼 Regulation
💲 Min Deposit
$5
Year Established
2009

Interest rate on funds
Bonus offers
Free education
Personal manager
Trading by telephone
Segregated accounts
Affiliate program
Islamic accounts available
Requires sending documents via postal mail
CashU
FasaPay
Neteller
QIWI
Skrill
WebMoney
Wire transfer

Established in 2009, XM is a member of an online brokerage company called Trading Point of Financial Instruments Ltd. In providing clients on a global scale, the company has branched into XM Australia and XM Global, and XM Cyprus. Each member has different headquarters and licenses, with XM Australia registered under the Australian Securities and Investment Commission (reference number: 443670), XM Global under the IFSC (60/354/TS/19), and XM Cyprus under the Cyprus Securities and Exchange Commission (reference number: 120/10).

XM is one of the more experienced brokers in the world of online forex trading today. Since its founding, the broker has experienced a lot of changes, including the addition of the Ultra-Low Account and Webinar feature that is accommodated in 19 different languages with 35 native instructors for each language.

In terms of trading instruments, XM is a well-known diverse class assets provider, varying from Forex, Commodities, Equity Indices in CFDs, Precious Metals, Energies, to Shares. XM prides itself to be the ideal broker in trading execution, offering a stat of 99.35% orders to be executed in less than 1 second. Trading in XM would be also provided with a strict no requotes policy, no virtual dealer plug-in, no rejection of orders, real-time market execution, and the choice for traders to place orders online or by phone.

Spreads on all majors can reach as low as 0.6 pips in Ultra-Low Account, while spreads on other accounts usually start from 1 pip. Instead of providing maximum leverage on the scale of 1:500 or 1:1000 (round numbers), XM chooses to limit their leverage on a 1:888 scale, a unique number that is now widely recognized as XM's trademark.

To protect the client's fund in the event of extreme volatility, XM presents each account type with Negative Balance Protection. The deposit starts from $5 in Micro and Standard Account, while Ultra-Low Account requires a minimum deposit of $50. Traders who open accounts in XM are enabled a condition similar to a Cent Account environment in the Micro Account, in which the Contract Size for every lot is only 1,000 units. If it is applied with the smallest lot size in the MetaTrader platform which amounts to 0.01, it means that traders can go as small as 10 units per trade.

For the deposit, XM applies zero-fee deposits in most of its available payment methods. Traders can choose to fund or withdraw their accounts via wire transfer, credit card, as well as the most favorable e-payment choices like Skrill, Neteller, and FasaPay.

XM also provides an Islamic Account for Muslim Traders obligated to Sharia Law that prohibits the use of interest generated by overnight swaps for each currency pairs. To give their clients the best experiment in trading, XM has given access to both MT4 and MT5 platforms, each is available for more than 6 display formats (PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android, and Android Tablet).

All in all, there is no doubt that XM has gone global with its deep commitment to providing trading services in more than 15 languages around the world. Aside from easing traders' experience with mainstream trading platforms and high-quality trading execution, XM is open to various types of traders, from small capital traders to the more experienced ones with big deposits at the ready. Traders are even provided with a Cent Trading environment should they choose to register under Micro Account.

For their global approach, XM has ensured that traders from various countries could access their service easily. This results in the provision of different domains specified for traders in certain jurisdictions. For example, traders from Indonesia could access XM via this link.

 

How to Open an Account in XM

You should start by heading to XM's official website and opening the registration page for new traders. The steps that follow should be easy since you can just pay attention to the given instructions and fill out the forms accordingly.

How to oipen an XM account

Remember that after completing the process, an email will be sent to you automatically to provide you with access to the Member Area. You will be facilitated to manage the functions of your account that include:

  • Checking your open positions
  • Changing leverage
  • Accessing support
  • Accessing trading tools
  • Depositing or withdrawing funds
  • Viewing and claiming unique promotions
  • Checking your loyalty status

You will gain more autonomous actions in the future, as more functionalities are added to enrich your experiences in XM broker. Therefore, you don't have to always contact your personal account managers when you need to change or add some information to your account.

You will have transactions on the trading platform that matches your trading account login details. Therefore, should you set different options regarding deposits/withdrawals or other things from the Member Area, the trading platform will be reset accordingly.

 

Choosing Between MT4 and MT5

After opening an account and completing the verification process, you may be required to choose a platform to begin trading. XM broker offers trading with MetaTrader 4 (MT4) and MetaTrader 5 (MT5) in all of their variations. All platforms equally support micro, standard, and ultra low accounts as indicated by the table below.

XM assets and platforms

As shown above, Stock CFDs are only available on MT5. Otherwise, all assets are equally supported on both platforms. Another consideration to think about is technical features like time frames, types of pending orders, integration with Expert Advisors, and additional tools that separate MT4 from MT5. After all, MT5 is the upgraded version of MT4. MT5 may still be able to compete with more advanced platforms like cTrader, but the same thing cannot be said for MT4.

To explore the differences further, let's go to " Is cTrader Better Than MT4? Here are 4 Things to Consider "?