What do you need to open an XM account? Here are details on what you should do and what to expect during the process.
If you want to become a serious trader that makes consistent profits, then you need the role of a broker. Through a broker, you can access the forex market as well as buy or sell currency pairs. For some traders, choosing the right forex broker may take a long time. You have to find the one that's not only legal but also matches your skills, trading style, and investment goals. In that case, brokers like XM can cater to almost all types of traders, whether you are a beginner, a professional, a scalper, or a day trader. This article would walk you through the registration process in XM.
Introduction to XM
Founded in 2009, XM broker is acknowledged as the next-generation broker in terms of online forex and commodity trading because it is friendly to not only beginners but also experienced traders. On top of that, traders can practice or test strategies on XM's demo platform which provides virtual currency of up to $100,000.
Today, the company has grown into a well-established international investment platform that always provides the best service for every client. It's likely that XM has managed to attract around 5 million clients in more than 190 countries, so it is unsurprising that the broker has become a favorite of many traders.
XM Group is a group of regulated brokers and it is owned by Trading Point Holdings Ltd. Entities under XM Group have significant experience as financial services providers worldwide.
Trading Point of Financial Instruments Ltd was established in 2009 with headquarters in Limassol, Cyprus, Trading Point of Financial Instruments Pty Ltd was established in 2015 with headquarters in Sydney, Australia, XM Global Limited was established in 2017 with headquarters in Belize and Trading Point MENA Limited was established in 2019 with headquarters in Dubai.
XM Group is regulated by the CySEC (Cyprus Securities and Exchange Commission) - Trading Point of Financial Instruments Ltd, FSC (Financial Services Commission) – XM Global Limited, the ASIC (Australian Securities and Investments Commission) - Trading Point of Financial Instruments Pty Ltd and DFSA (Dubai Financial Services Authority) - Trading Point MENA Limited.
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.
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 $5. 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.
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.
What to Prepare Before Registering
With a minimum deposit of $5, signing up for an account at XM broker can be done by literally anyone, beginners or professionals. However, there are a number of things you need to pay attention to and prepare for before joining:
You need to submit some documents for account verification. As a regulated company, XM broker operates in accordance with a number of compliance-related issues and procedures imposed by its regulatory authorities. These procedures involve the collection of adequate documentation from clients with regard to KYC (Know Your Client). You have to prepare 2 essential documents which can be in GIF, JPG, PNG, or PDF format with a maximum file size of 4MB. These documents are:
- Proof of Identity
A color copy of a valid passport or other official state ID (e.g. driver's license, identity card, etc). The ID must be valid and contain.
- Proof of Residency
A recent utility bill (e.g. electricity, water, telephone, oil, internet, or cable TV connections) or bank statement dated within the last 6 months confirming your registered address.
2. How to Fill out the Registration Form
Since you will have to fill out long application forms, remember that only the English alphabet is accepted. Additionally, please complete the form using your first name and surname as they are displayed in your identity.
3. Account Types
XM provides 5 types of accounts that you can choose according to your abilities and skills. The account types include:
- Standard (1 lot = 10,000)
- Micro (1 lot = 1,000)
- XM Ultra Low Standard ( 1 lot = 100,000)
- XM Ultra Lot Micro (1 lot = 1,000)
- Shares Account (Shares trading with $10,000 minimum deposit)
4. E-mail Confirmation
Since you must receive an e-mail from XM to confirm your account, please make sure that e-mails from [email protected] do not get marked as spam. XM suggests adding [email protected] to your list of contacts to avoid emails landing in the spam folder.
Guide to Sign Up for XM Account
Before installing an MT4 trading platform, you need to open a live account with the following steps:
1. Head over to the XM official website and click "Open an Account" button.
2. You will be directed to the Real Account Registration page where you need to fill out the form with your personal details, and trading account information. Afterward, click "Proceed to Step 2".
3. Besides trading account details, you must fill in investor information such as your investment amount, level of education, and so on.
4. Next, complete the Trading Knowledge and Experience page honestly.
5. Once you're ready, you may enter the password of your choice. Check the box that you've read and fully understood the terms and conditions, then click "Open a Real Account" to finalize your account opening in XM broker.
6. You have successfully opened an XM account. In this step, you need to confirm your e-mail address and install the MT4 trading platform.
7. Go to your e-mail inbox and click the "Confirm email address" button. You would have to make sure to click the button within 24 hours after the email is sent to you so you can proceed to the next step.
8. You will be directed to XM broker's Members Area. Here, you are provided with an MT4 ID unique number, which is required every time you access this page. Enter the password you've created before and click Login.
9. Shortly after, you will receive a second e-mail with your MT4 ID and server name. You may proceed to login into Members Area or download the XM MT4 platform.
10. You've logged into XM Members Area but your trading account is still pending. To start the verification, click "Validate Your Account" button.
11. To be approved, you are required to upload necessary documents like Proof of Identity and Proof of Residency.
After successfully opening an account in XM, you can enjoy a range of attractive features from the broker such as ultra-low spreads from 0.0 pips, low deposit requirements, high leverage, automated trading, and fast order execution in less than 1 second. Additionally, XM offers 1000+ trading instruments that cover more than 55 forex pairs, stocks in 600 companies, cryptocurrencies, major global indices such as the NASDAQ and DAX, and commodities like precious metals and energies.
You may find out if XM is the correct broker you're looking for by comparing its benefit and disadvantages. Read this article to understand more pros and cons of XM.