XM offers three distinct types of commission-free accounts, each with a different set of features. Withdrawals can be made through bank wire transfers, debit and credit cards, and e-wallets. XM processes withdrawal requests within 24 hours of the request. However, it can take up to five business days to receive the funds.
Traders who wish to open an XM account must provide personal information and financial details. This includes an identity verification and an address verification. In addition to these requirements, traders are required to answer a series of questions about their financial knowledge. Once they have provided the necessary information, XM will transfer the funds to the user"s specified bank account. Depending on the type of account that is opened, the user can then trade in a variety of asset classes, including forex, precious metals, stocks, and commodities.
When opening an XM account, the minimum deposit is $5. XM also offers Micro and Standard Accounts. Although the Micro and Standard Accounts have rock-bottom minimum deposits, they have more leverage than the other two.
XM clients can trade seven different asset classes, including forex, stocks, precious metals and commodities. The broker also offers a number of Expert Advisors that are available for free. Furthermore, XM offers intra-day market updates and a free demo account.
XM is a popular broker because of its commission-free accounts and the fact that it allows its clients to use micro lots. To trade with a Micro Account, the minimum deposit is only $5. On the other hand, the Standard Account"s minimum deposit is $5 as well, but traders have access to a leverage of 1:888. Moreover, there is a limit of 200 open positions in an XM account. Traders can hedge these positions.
Choosing the best XM account type depends on the preferences and needs of individual traders. While the standard account is suitable for experienced traders, the Micro account is a good choice for beginners. Additionally, the XM Ultra-Low Account can be the ideal option for beginners.
Whether you are a beginner or a seasoned trader, XM has an account for you. With their low minimum deposits, zero commissions, and low spreads, XM is the perfect broker for you. By using a XM account, you can trade currencies and commodities with ease. As you grow your knowledge of the markets, you will gain access to more trading tools.
XM also offers a demo account that is available for all users. A simulated live trading environment is provided, so that you can practice your skills before risking real money. You can access the demo account from web browsers or mobile devices. XM"s Customer Care Company is available to address any questions that you may have.