Rating Index
Pros
Low minimum deposit of $5, making it accessible for beginner traders.
Regulated by reputable authorities such as ASIC and CySEC, providing a level of security for traders.
Wide range of trading instruments available, including over 55 currency pairs, commodities, and CFDs on stocks and indices.
Cons
As a market maker, there may be potential conflicts of interest, as the broker takes the opposing side of trades.
High swap/rollover fees compared to other brokers, which can affect long-term trading strategies.
No local phone support in South Africa, which may be inconvenient for traders seeking immediate assistance.
XM Trade broker Accounts
XM Account Types
XM offers several distinct account types tailored to meet the needs of different traders. The available account types include:
- Micro Account:
- Minimum Deposit: $5
- Contract Size: 1 lot = 1,000 units
- Maximum Leverage: Up to 1:888
- Spreads: From 1 pip
- Negative Balance Protection: Yes
- Standard Account:
- Minimum Deposit: $5
- Contract Size: 1 lot = 100,000 units
- Maximum Leverage: Up to 1:888
- Spreads: From 1 pip
- Negative Balance Protection: Yes
- Ultra Low Account:
- Minimum Deposit: $5
- Contract Size: 1 lot = 100,000 units (standard) or 1,000 units (micro)
- Maximum Leverage: Up to 1:888
- Spreads: From 0.6 pips
- Negative Balance Protection: Yes
- Shares Account:
- Minimum Deposit: $10,000
- Contract Size: 1 share
- Leverage: No leverage provided
- Spread: Depends on the underlying exchange
- Negative Balance Protection: Yes
- Demo Account:
- Allows traders to practice with virtual funds.
- Available for all account types.
- No risk involved as it simulates real trading conditions.
Visit the XM Website: Go to the official XM website and click on the "Open an Account" button.
Fill in Basic Details: Enter your personal information, including your first name, last name, country of residence, preferred language, phone number, and email address.
Choose Your Account Type: Select the account type that best suits your trading needs (Micro, Standard, Ultra Low, or Shares).
Complete the Registration Form: Fill out additional details such as your date of birth, residential address, trading preferences, and investment knowledge.
Create a Password: Set a strong password to secure your account.
Email Confirmation: After submitting the registration form, check your email for a confirmation link and click it to verify your email address.
Account Verification: Log in to your XM account and upload required identification documents (proof of identity and proof of address) for verification.
Fund Your Account: Once your account is verified, you can deposit funds using various payment methods.
Start Trading: After funding your account, download the trading platform (MT4 or MT5) and start trading.
XM Broker Account Opening Process
Opening an account with XM is a straightforward process that can be completed in just a few minutes. Heres how to do it:
For more details, you can refer to the following sources:
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