Unlike other broker-provided demo accounts, the XM one is free. This means you can get started right away. The demo account features a variety of order placement options and provides you with full access to the XM trading platform. With the funds in your demo account, you can try your hand at trading, learn financial decisions, and devise winning strategies.
To start the process of opening your XM demo account, you first need to visit the XM website and click the "Open Demo Account" button. Once you"re there, you"ll need to complete some basic personal and financial information. For example, you"ll need to provide your email address and your mobile phone number.
After you have filled out this information, you"ll need to select the platform you want to use. If you aren"t sure which one is best for you, the XM website will tell you.
Next, you"ll need to select a base currency. XM supports the currencies of most countries in the world. In addition, you"ll need to select a leverage level. Some brokers will require you to deposit a large amount of cash in your account before you can begin using the demo. But, you can use a credit card, wire transfer service, or local bank transfer services to add to your XM account.
Once you"ve completed these steps, you"ll receive an email from XM with your username and password. Using these credentials, you"ll log in to your account. Fortunately, this isn"t a complicated process.
In order to make the most of your XM demo account, you"ll need to understand its key features. Specifically, you"ll need to pick a base currency and a leverage level. By selecting these features, you"ll have a much more enjoyable experience.
Another XM feature you"ll want to check out is the account table. On the account table, you"ll see a table of all of your account properties. Whether you"re trading stocks, Forex, CFDs, or other markets, you"ll be able to find what you need. Plus, if you"re an EU resident, you"ll be able to open an account with negative balance protection.
Lastly, you"ll need to choose a trading platform. Fortunately, XM offers several options, including MT4 and WebTrader. Once you"ve chosen a platform, you"ll need to install it. And, you"ll also need to set your own virtual investment amount.
The XM Demo account is a good option for beginner traders, especially those interested in forex. Not only does it give you a hands-on experience with the XM platform, but it also allows you to explore the various MetaTrader platforms available. While this may sound like a lot of work, it"s actually a quick and easy process that can help you discover the platform you"re most comfortable with.