XM Account Types. not only diversified but also has the difference between different rates and the advantage of opening and closing orders for traders depending on each level when participating in this prestigious Forex platform. This is what most traders are interested in when they are new to the market. So in today's article we are going to help you identify XM broker account types, the pros and cons of each account type so you can build a trading strategy that's right for you.
Distinguishing types of trading accounts on XM
With the 3rd fastest growth rate in the world, XM is the choice of many investors not only because of its low spread rates, high reputation, but also because of its understanding of clients by providing a variety of accounts to meet the needs of customer transactions. Based on the professionalism and experience of traders, XM offers different types of accounts. Includes: Micro account for beginners, standard account for experienced traders and Ultra low for professional traders. In addition, this account also provides stock accounts for stock investors.
The demo account or demo account is the first choice for traders who are new to the Forex market and want to learn before investing. Upon opening this account, you will receive 1000 USD to trade and get used to capturing Forex signals. This amount cannot be withdrawn.
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When opening this account, you have the option to trade in 11 different currency pairs. The Micro account includes great support perks for beginners.
- Low Margin: Only 5 USD is needed to start trading.
- The leverage is 1:888 (maximum of 20,000 USD).
- The maximum number of open positions at the same time is 200.
- Each trade you open is equivalent to 1000 USD.
- No commissions and spreads are as low as 1 pip.
- You will lose 0.01 lot if you trade on the MT4 platform. The MT5 platform requires a minimum size of 0.1 lot per trade.
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Similar to the Micro account in order quantity, leverage rate, spread and commission, but more advanced. Standard account can apply all XM broker bonuses. Features of this account include:
- Start with 5 USD margin and you can protect hot balance accounts.
- Up to 200 trade orders can be opened at the same time.
- The minimum order size on both platforms is 0.01 lot.
- Each trade order is equivalent to 100,000 USD.
- The minimum trading volume on the MT4 and MT5 platforms is 0.01 lot.
See more: XM floor bonuses and attractive promotions for investors
ultra low account
This account limits the amount of base currencies you can trade, including: USD, EUR, GBP, AUD, SGD and ZAR. Where ZAR is the currency of South Africa. In particular, we do not encourage you to open this type of account if you really don't have a lot of trading experience. The Ultra Low account has two levels with different characteristics, Standard Ultra and Micro Ultra
- The minimum deposit for this account is 50 USD
- The volume per trade of the Standard Ultra account is 100 times that of the Micro Ultra account. 1 standard lot from this account is equivalent to 100,000 USD
- The spread is equivalent to 0.6 pips.
- The minimum order size on Standard's MT4 and MT5 platforms is 0.01 lot. Whereas Micro Ultra minimum is 0.1 lot.
This account is for stock investors with a minimum deposit of 10,000 USD. This account diversified the investment portfolio with stocks in many European countries and the US with 1184 different tickers.
Which Account Type to Choose When Trading Forex on XM
With the lowest spreads on exchanges and many bonus programs and promotions, XM is being rated very highly and investors' top choice. You need to know the characteristics of each account type so that you can choose and build a trading style that is right for you.
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- Micro Account: Suitable for anyone who is starting to get acquainted with real trading on this Forex trading floor. With low margin, small trading volume can help you train market psychology much better than Demo account.
- Standard account: When you are familiar with the Forex market and want to earn more, the standard is not a bad choice. Similar to Micro account basic trading conditions but with higher trading volume.
- Ultra Low Account: Suitable for scalpers and large daily volume with many incentives. The spread rate on this account is quite low, but you can only trade with a few base currencies and you do not receive a trading bonus.
I hope the above article has helped you to better understand the types of XM accounts and you can start your journey to make money from Forex. Don't miss the Forex market knowledge and overview in the article below to become a more successful and professional trader.
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