How to set up a XM Demo Account – Step by Step
To register for, and set up a demo account with XM, traders can follow these steps:
- Navigate to the XM website and click on the ‘Open a Demo Account’ banner on the homepage.
- Traders will be redirected to a new page where they will need to provide personal details such as their First and Last name, Country of residence along with city or town, mobile number, email address, and preferred language.
- Next the trader will need to complete the trading account details by selecting the trading platform type, the account type, account base currency, leverage, and virtual investment amount.
- Lastly the trader must create a user-unique password before selecting whether the trader would like to receive newsletters, company news, and product updates before clicking on ‘Open a Demo Account’.
- A new page will load, informing the trader that their XM demo account has been created and that a confirmation email has been sent to the address provided.
- Once the trader has received the email, the embedded link can be clicked to verify the email address and the trader will be redirected to the XM website.
- On this page the trader will receive their user ID and a link to the trading platform that they selected.
- In order to make use of the demo account, the trader must download and install the trading platform and log in using the user ID provided and password that the trader created.
View the XM Islamic account here.
XM Demo Account Features
In other words, the demo account features can be accessed through the trading platform and will depend on XM’s offering with regards to asset classes, financial instruments, spreads, leverage, and so on.
Both MetaTrader 4 and MetaTrader 5 are powerful, comprehensive, user-friendly, and highly customizable trading platforms that cater extensively to the trading needs and objectives of traders despite their varying levels of skill, knowledge, and experience.
The platforms offer an array of features which include, but is not limited to:
- Interactive and intuitive charting capabilities
- The ability to use analytical tools, a variety of technical tools and drawing tools to tweak charts according to the needs or objectives of the traders.
- Automated trading capabilities, more commonly known as Expert Advisors, or EAs.
- The ability to download more tools, indicators, and EAs.
- The freedom to create EAs through the sophisticated and advanced MQL5.
- The ability to conduct comprehensive and thorough technical and fundamental analysis through the tools and information readily available.
- The ability to create, test, and implement a variety of trading strategies in a risk-free environment where the trader’s own capital is not at risk.
These are but a few features available at the disposal of the trader, and it is the perfect trading platform that aligns high functionality with XM’s demo account to provide traders a mirrored version of a live account without the risk of incurring losses.
The demo account can extensively be used, given the timeframe in which it is available, by traders to test their trading strategies and the MetaTrader platforms make adequate provision for the simplest, and most sophisticated of trading strategies.
The demo account, in addition, along with the use of the MetaTrader platforms, allows for the comprehensive exploration of XM’s offering and trading conditions by using the adequate virtual funds provided without incurring any losses.
Traders will need to acknowledge that the demo account will be available for only a certain amount of time and when converting the account, there is a separate account application form that must be completed.
This application form requires personal information, financial information, residential address information, and numerous other required information along with the trader being subjected to a ‘Know Your Client’ process which is mandatory.
The ‘Know Your Client’, or more commonly known as KYC, process involves the submission of documents, such as ID and proof of residence, to validate the trader’s information and it forms part of the anti-money laundering, or AML, process as well.
These processes form part of the obligations and requirements imposed by XM’s regulatory entities and ensures that all trading activities are legal, fair, and strictly overseen, with random and frequent audits to verify compliance. View XM’s sign up bonus.
Pros and Cons
|1. Demo account sign up fully digital||1. None noted|
|2. Sign up is quick and hassle-free|
|3. Metatrader 4 and Metatrader 5 are reliable, user-friendly trading platforms|
|4. Demo Account mirrors the functionalities of the live account without any risks|
|5. MetaTrader 4 and 5 provide ample opportunity for traders to explore XM’s trading conditions and offering|
Frequently Asked Questions
What is the difference between a demo and live trading account?
A demo account provides the trader with a practice account that can be used to practice trading in a risk free environment. Demo accounts are often suited for beginners who need to build up experience with trading as well as advanced traders who would like to test their trading strategies and explore the offering of a broker before registering a live account.
Does XM offer a demo account?
Can I convert my demo account to a live trading account with XM?
Yes. All that you have to do is complete additional information along with providing proof of ID and proof of residence. This can easily be done from the Client Portal/Secure Area.
Which live trading accounts does XM offer?
Micro Account – minimum deposit of $5 / Standard Account – minimum deposit of $5 / XM Ultra Low Account – minimum deposit of $50 /Shares Account – minimum deposit of $10,000.
What are the available deposit currencies for a live trading account?
USD / EUR / GBP / JPY / AUD / ZAR and more.