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How to Open XM Demo & Real Account FAST (2024 Guide) + Bonus Tips!

XM, also known as XM Global Limited, is a renowned online forex broker that grants individuals access to the vast and dynamic forex market. Established in 2009, XM has garnered a reputation for its user-friendly platform, diverse trading instruments, and commitment to client satisfaction.

How to Open XM Demo & Real Account FAST (2024 Guide) + Bonus Tips!

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Why Choose XM?

In the competitive world of forex brokers, XM stands out with a compelling package of features and services. Here’s a breakdown of the key benefits that make XM an attractive choice for forex traders:

 

Diverse Trading Instruments:

  • Go Beyond Currencies: Unlike some brokers limited to forex pairs, XM offers a vast selection of tradable instruments. You can trade popular currency pairs, stocks of leading companies, commodities like oil and gold, major stock indices, precious metals like silver, and even energies like natural gas. This diversification allows you to tailor your trading strategy to different market movements and potentially hedge your positions across asset classes.
 

Flexible Account Options:

  • Catering to All Levels: XM understands that traders come with varying experience levels and financial capabilities. They address this by offering a variety of account types to suit your needs:
    • Micro Account: Ideal for beginners, the Micro account allows you to start with a low minimum deposit, often around $5, and trade with smaller contract sizes. This minimizes your initial risk while you learn the ropes of forex trading.
    • Standard Account: This is a popular choice for many traders, offering a balance between minimum deposit requirements and tradable volume. The minimum deposit for a Standard Account is typically similar to the Micro Account.
    • XM Zero Account: Designed for experienced traders with high trading volumes, the XM Zero Account offers tight spreads (the difference between the buying and selling price) but charges a small commission per trade.
 

Advanced Trading Platforms:

  • MetaTrader 4 & 5: XM utilizes the industry-leading MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms for trade execution. These platforms boast a user-friendly interface, a comprehensive suite of charting tools for technical analysis, and the ability to automate your trading strategies with Expert Advisors (EAs).
    • MT4: Renowned for its ease of use and vast selection of technical indicators, MT4 is a favorite among beginner and experienced traders alike.
    • MT5: The MT5 platform offers additional features compared to MT4, including hedging capabilities and a wider range of order types. It’s a good choice for traders who want more flexibility and advanced tools.
 

Competitive Spreads and Leverage:

  • Reduced Trading Costs: XM strives to offer competitive spreads on its instruments, which translates to lower trading costs for you. This means the difference between the buying and selling price is relatively narrow, allowing you to keep more of your profits.
  • Leverage Potential: XM provides leverage, which allows you to control a larger position size than your initial deposit. This can amplify your potential profits, but it’s crucial to remember that leverage also magnifies potential losses. Use leverage with caution and implement proper risk management strategies.
 

Exceptional Customer Support:

  • Multilingual Support: XM offers multilingual customer support 24/5, ensuring you can receive assistance whenever you need it, regardless of your location or time zone. Their support team is known for being professional and responsive, addressing your questions and concerns efficiently.
 

Extensive Educational Resources:

  • Learning Made Easy: XM recognizes the importance of education in forex trading success. They provide a wealth of educational resources to help you gain knowledge and hone your trading skills. These resources include:
    • Webinars: Attend live or recorded webinars conducted by experienced market analysts, covering various forex trading topics, fundamental and technical analysis techniques, and market updates.
    • Seminars: XM occasionally hosts in-person seminars for traders to learn directly from experts and network with other traders.
    • Market Analysis: Stay informed with XM’s market analysis reports and daily market outlooks, providing valuable insights into current market conditions and potential trading opportunities.
    • Trading Articles & Videos: Access a library of articles and video tutorials that cover forex trading basics, advanced strategies, and platform usage guides.
 

Regulated and Secure Environment:

  • Peace of Mind Trading: XM prioritizes client security and operates under the regulations of multiple financial authorities, including:
    • Australian Securities and Investments Commission (ASIC)
    • Cyprus Securities and Exchange Commission (CySEC)
    • International Financial Services Commission (IFSC) of Belize (for clients outside the EU) These regulations ensure XM adheres to strict financial standards and client protection measures, giving you peace of mind while trading.
 

By considering these key benefits, you can see why XM has become a trusted choice for forex traders worldwide. Their diverse trading options, advanced platforms, competitive fees, educational resources, and commitment to security create a comprehensive and supportive environment for your forex trading journey.

Demo vs. Real Account: Choosing the Right Path for You

Before diving headfirst into the live forex market, XM offers you a valuable tool to hone your skills and test your strategies – the Demo Account. Let’s explore the key differences between Demo and Real Accounts to help you pick the one that best suits your current stage in forex trading.

 

Demo Account: Risk-Free Practice Arena

The XM Demo Account is your gateway to practicing forex trading in a simulated environment. Here’s what you can expect:

  • Virtual Funds: XM equips you with a virtual balance, typically around $100,000 in demo funds. This allows you to experiment with different trading strategies, place orders, and experience the real-time dynamics of the market without risking your own capital.
  • Real Market Conditions: The Demo Account operates on the same real-time market feed as XM’s live accounts. This ensures you experience the actual bid and ask prices, spreads, and order execution speeds you’ll encounter when trading with real money.
  • Risk-Free Exploration: Since you’re using virtual funds, any losses incurred in your Demo Account won’t affect your real finances. This provides a safe space to learn from your mistakes and refine your trading approach without financial consequences.
  • Test Trading Strategies: The Demo Account allows you to test different trading strategies and technical indicators to see how they perform in various market conditions. This experimentation helps you develop a personalized trading style that aligns with your risk tolerance and trading goals.
  • Platform Familiarization: Use the Demo Account to become comfortable with the MetaTrader 4 or 5 platforms offered by XM. Explore the platform’s features, practice placing orders, and navigate the charting tools to gain confidence before venturing into live trading.
 

Real Account: Trading for Real Profits (and Losses)

Once you’ve gained a solid understanding of forex trading principles, practiced your strategies in the Demo Account, and feel confident in your abilities, you can graduate to a Real Account. Here’s what to expect:

  • Trading with Real Money: You’ll be using your own deposited funds to trade currencies and other instruments. Any profits you generate are yours to keep, but remember, real money also exposes you to the potential for real losses.
  • Live Market Participation: You’ll be actively participating in the live forex market, executing trades that directly impact your account balance. This adds a layer of excitement and potential reward, but also underscores the importance of disciplined risk management.
  • Access to Full Account Features: The Real Account unlocks all the features offered by XM, including advanced order types, margin trading (using leverage), and potential bonus programs.
 

Choosing the Right Account: Demo First, Real Second

XM strongly recommends starting with a Demo Account. It’s a fantastic risk-free way to learn the ropes of forex trading, develop your skills, and test your strategies before risking your capital. Once you feel comfortable navigating the platform, understanding market dynamics, and implementing your trading approach with consistent results in the Demo environment, you can consider transitioning to a Real Account to experience the thrill and potential rewards of live trading.

 

Remember, forex trading involves inherent risks. It’s crucial to manage your risk effectively, never invest more than you can afford to lose, and continue your education throughout your trading journey.

How to Open an XM Demo Account (FAST) – 2024 Guide

Excited to embark on your forex trading journey with XM? The first step is to create a free Demo Account, allowing you to practice and refine your skills in a risk-free environment. Here’s a quick and easy guide to opening your XM Demo Account in 2024:

Step 1: Visit the XM Website

 

Step 2: Start Your Demo Account

  • Locate the “Open an Account” button on the XM homepage.
  • Click on “Open an Account” and choose the “Demo” option.
 

Step 3: Fill Out the Registration Form

  • A registration form will appear. Enter your personal details accurately, including:
    • First Name
    • Last Name
    • Email Address (This will be your login credential)
    • Country of Residence
    • Phone Number (Optional)
  • Select your preferred language for account communication.
 

Step 4: Choose Your Trading Account Details

  • Trading Platform: Select MetaTrader 5 as the trading platform. While XM offers both MT4 and MT5, MT5 is the latest version and provides access to a wider range of tradable instruments.
  • Account Type: Choose between “Standard Account” or “Micro Account.”
    • Standard Account: Ideal for most traders with a minimum deposit of $5 (or equivalent in your base currency).
    • Micro Account: Perfect for beginners, allowing you to start with a lower minimum deposit (often around $5) and trade with smaller contract sizes.
 

Step 5: Leverage (Optional)

  • XM will suggest a leverage option. It’s recommended for beginners to leave this at the default setting or choose a lower leverage ratio to minimize risk while practicing in the Demo Account. You can always adjust leverage later if needed.
 

Step 6: Investor Information

  • Answer the questions about your trading experience and investment knowledge honestly. This helps XM tailor educational resources to your level.
 

Step 7: Review and Accept Terms

  • Carefully review the terms and conditions before proceeding.
  • Once you’re satisfied, tick the checkbox to indicate agreement with the terms and conditions.
 

Step 8: Open Your Demo Account

  • Click the button labeled “Open Real Account” (note: even though it says “Real Account,” you’re actually opening a Demo Account at this stage).
 

Step 9: Verify Your Email Address

  • XM will send a verification email to the address you provided. Open your email and click the verification link to activate your Demo Account.
 

Congratulations! You’ve successfully opened your XM Demo Account.

Additional Notes:

  • The entire signup process typically takes less than 10 minutes.
  • You can access your Demo Account dashboard and explore the MetaTrader 5 platform features with your virtual funds.
  • XM offers a wealth of educational resources within their platform and website to help you learn more about forex trading before venturing into live markets.
 

By following these steps, you’ll be well on your way to practicing your forex trading skills and building your confidence in a risk-free environment with XM’s Demo Account. Remember, forex trading involves inherent risks, so utilize the Demo Account to its full potential before transitioning to real money trading.

Benefits of Using a Demo Account

The XM Demo Account serves as your training ground in the world of forex trading. Here’s a breakdown of the key advantages it offers:

  • Risk-Free Practice: The most significant benefit of a Demo Account is the absence of financial risk. You’ll be equipped with virtual funds, typically around $100,000, allowing you to experiment with placing trades and testing your strategies without jeopardizing your own capital. This provides a safe space to learn from your mistakes and refine your trading approach without real-world consequences.
  • Develop Trading Strategies: The Demo Account empowers you to explore and develop personalized trading strategies. You can try different technical indicators, backtest your strategies on historical data, and see how they perform in various market conditions. This experimentation helps you identify approaches that align with your risk tolerance and trading goals.
  • Master the Platform: XM utilizes the MetaTrader 4 and 5 platforms. The Demo Account allows you to get comfortable with the platform’s interface and features. Explore the charting tools, practice placing different order types, and navigate the platform functionalities with ease before venturing into live trading.
  • Experience Real Market Dynamics: The Demo Account operates on the same real-time market feed as XM’s live accounts. This means you’ll experience the actual bid and ask prices, spreads, and order execution speeds you’ll encounter when trading with real money. This provides valuable insights into market movements and helps you develop a sense of market timing.
  • Build Confidence: The Demo Account allows you to gain practical experience in forex trading and build confidence in your abilities. As you master the platform, execute successful trades in the Demo environment, and see your strategies working, you’ll feel more prepared to transition to live trading with real capital.
  • Learn from Mistakes: Forex trading involves making decisions, and sometimes those decisions lead to losses. The beauty of the Demo Account is that these losses don’t impact your real finances. You can learn from your mistakes in a risk-free environment, identify areas for improvement, and refine your approach before putting your real money on the line.
 

By leveraging the benefits of a Demo Account, you can approach live forex trading with a strong foundation of knowledge, experience, and confidence. Remember, forex trading carries inherent risks. Use the Demo Account to its full potential to mitigate risk and maximize your success when you transition to live markets.

Bonus Tip: Demo Account Duration

While XM doesn’t explicitly state a time limit on their Demo Accounts based on our research and user reviews, there are a few things to keep in mind:

  • Inactivity Clause: Some online brokers close inactive demo accounts after a period of inactivity, which can range from 30-90 days. While XM doesn’t explicitly state an inactivity clause on their website, it’s a good practice to log in to your Demo Account periodically to avoid potential closure.
  • Unlimited Use with Activity: As long as you maintain some level of activity on your Demo Account, you can continue using it for an extended period, or even indefinitely. This activity could include logging in, placing demo trades, or modifying your strategies.
  • Replenishing Demo Funds: If you experience significant losses in your Demo Account and deplete your virtual funds, you can easily restore your account balance by contacting XM support or simply opening a new Demo Account. This allows you to start fresh with a new pool of virtual funds and continue practicing your trading skills without limitations.

Overall, XM’s Demo Account offers a flexible and long-lasting practice environment, as long as you maintain some activity on the account. This provides ample time to develop your trading skills and experiment with strategies before risking real capital in the live market.

How to Open a Real XM Account (FAST) – 2024 Guide

Upgrading from Demo to Real (Quick & Easy):

Once you’ve mastered the XM Demo Account and feel confident in your forex trading abilities, you can seamlessly upgrade to a Real Account and start trading with real money. Here’s a simplified guide to transitioning your account:

Step 1: Access Your XM Demo Account Dashboard

Step 2: Navigate to Account Upgrade

  • Within your Demo Account dashboard, locate the option to upgrade to a Real Account. This might be labeled as “Open Live Account” or similar wording.

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Step 3: Choose Your Real Account Type

  • XM offers various Real Account types to suit your trading needs and preferences. Consider factors like minimum deposit and leverage options when making your selection. Here’s a quick overview of some popular choices:

    • Standard Account: A popular option for many traders, offering a balance between minimum deposit requirements and tradable volume.

    • Micro Account: Ideal for beginners, allowing you to start with a lower minimum deposit (often around $5) and trade with smaller contract sizes.

    • XM Zero Account: Designed for experienced traders with high trading volumes, this account offers tight spreads but charges a small commission per trade.

Step 4: Fund Your Real Account

  • Select your preferred deposit method from the available options offered by XM. This might include bank transfers, credit cards, e-wallets, and more.

  • Follow the on-screen instructions to complete your initial deposit, fulfilling the minimum deposit requirement for your chosen Real Account type.

Step 5: Verify Your Identity

  • To comply with financial regulations, XM will require you to verify your identity and address. This typically involves submitting copies of a government-issued ID (passport, driver’s license) and proof of address (utility bill, bank statement).

  • The verification process is usually swift, and XM will notify you once your documents are approved.

Step 6: Start Trading!

  • Once your account is funded and verified, you’re ready to begin live trading on the XM platform. Remember, forex trading involves inherent risks. Always prioritize risk management strategies, utilize the educational resources offered by XM, and continue to learn and refine your trading approach.
 

New to XM? No Problem (Follow These Steps):

If you’re new to XM, you can still open a Real Account directly. The process is very similar to opening a Demo Account:

  1. Visit the XM Website: Head over to the official XM website (https://www.xm.com/) and click the prominent “Open an Account” button.
  2. Choose “Open a Real Account”: Unlike the Demo Account process, select the “Open a Real Account” option on the registration page.
  3. Fill in Your Personal Information: Provide your basic details, including your name, email address, country of residence, and phone number. Create a strong and unique password for your account security.
  4. Account Verification – Essential Step: XM, like all regulated brokers, requires account verification to comply with anti-money laundering (AML) regulations. Be prepared to upload clear copies of the following documents:
    • Proof of Identity (POI): A government-issued ID card (passport, national ID) displaying your full name, date of birth, photo, and ID number (ensure it’s not expired).
    • Proof of Residence (POR): A recent utility bill (electricity, water, gas), bank statement, or municipal tax receipt issued within the last 3 months, showing your full name and residential address.
  5. Choose Your Trading Platform: Select your preferred trading platform, either the popular MetaTrader 4 (MT4) or MetaTrader 5 (MT5). Both offer advanced functionalities for executing trades.
  6. Fund Your Account: Once your account is verified, it’s time to fuel your trading journey! XM offers a variety of deposit methods to suit your preference, including credit/debit cards, bank wire transfers, and e-wallets like Skrill and Neteller. Remember, the minimum deposit amount varies depending on your chosen account type (refer to step 2).
 

Congratulations! You’ve successfully opened your XM Real Account and are now equipped to trade the financial markets with real money. 

 

Additional Notes:

  • Upgrading from a Demo to a Real Account is a quick and straightforward process within the XM platform.
  • XM provides clear instructions and support throughout the account upgrade process.
  • Before transitioning to a Real Account, ensure you have a solid understanding of forex trading concepts, risk management techniques, and have developed a personalized trading strategy.
 

By following these steps, you’ll be well on your way to transitioning from your XM Demo Account to a Real Account and embarking on your live forex trading journey. Remember, success in forex trading requires dedication, knowledge, and responsible risk management

When to Consider Switching to a Real Account

The allure of live trading with real profits (and potential losses) can be strong. However, transitioning from your XM Demo Account to a Real Account should be a well-considered decision. Here are some key indicators that you might be ready to take the plunge:

  • Consistent Demo Account Performance: This is a crucial factor. Have you been able to consistently generate profits in your Demo Account over a sustained period? There’s no magic formula, but achieving profitability in your Demo environment for a period of time, like 3-6 months, demonstrates a grasp of market dynamics and the effectiveness of your trading strategy.
  • Developed and Tested Trading Strategy: Do you have a well-defined trading strategy that you’ve backtested on historical data and refined in your Demo Account? This strategy should encompass entry and exit points, risk management techniques, and align with your risk tolerance and trading goals.
  • Platform Mastery: Are you comfortable navigating the XM platform, including placing different order types, utilizing charting tools, and managing your account settings? A seamless understanding of the platform functionalities fosters efficient trade execution and informed decision-making.
  • Confident Risk Management: Forex trading involves inherent risks. Do you understand and consistently implement proper risk management techniques, such as stop-loss orders and position sizing, to minimize potential losses in your Demo Account?
  • Emotional Control: Trading can be emotionally charged, especially when real money is on the line. Have you been able to maintain discipline and control your emotions while trading in the Demo environment? This emotional control is crucial for success in live markets.
  • Realistic Expectations: It’s important to have realistic expectations about live trading. While profits are possible, losses are also a reality. Don’t expect immediate riches or get discouraged by setbacks. Consistent learning and adaptation are key to long-term success.

Remember, even if you meet these criteria, transitioning to a Real Account is a personal decision. Start small when you begin live trading, prioritize risk management, and continue to educate yourself to refine your trading skills.

 

A Final Word on Demo Accounts:

XM’s Demo Account serves as an invaluable tool. Don’t rush to switch to a Real Account. Use the Demo to its full potential. Experiment, learn from your mistakes, refine your strategies, and build your confidence before venturing into the live market with real capital.

Bonus Tip: Account Verification Documents

To comply with financial regulations and ensure the security of your funds, XM requires all users to verify their identity and address before transitioning from a Demo Account to a Real Account and making deposits. Here’s what you’ll need to have on hand for a smooth verification process:

 

Proof of Identity (POI):

  • XM accepts various government-issued documents for identity verification. Choose one from the following options:
    • Passport: A clear copy of your passport’s photo page, including your full name, date of birth, passport number, and expiry date.
    • National ID Card: A clear copy of your government-issued national identification card, displaying your full name, date of birth, ID number, and photo.
    • Driver’s License: A clear copy of your valid driver’s license, showing your full name, date of birth, photo, and license number (ensure it hasn’t expired).
 

Proof of Residence (POR):

  • XM requires a document to verify your residential address. Here are some acceptable options:
    • Bank Statement: A recent bank statement (within the last 3 months) displaying your full name and residential address.
    • Utility Bill: A recent utility bill (electricity, water, gas, etc.) issued within the last 3 months, showing your full name and residential address.
    • Municipal Tax Receipt: A recent tax receipt issued by your local municipality that include your full name.
 

Additional Notes:

  • Ensure all submitted documents are clear, legible copies and include all necessary information.
  • The documents should be in a format accepted by XM, such as JPG, PNG, or PDF.
  • You can upload your verification documents directly through your XM account dashboard.
  • I recommend you use the mobile phone for this because it has a camera and its easier to upload the image for submission on their app. Get XM app here.
 

By having the necessary documents readily available, you can expedite the verification process and transition to live trading on your XM Real Account more quickly.

LAST WORDS

The exciting world of forex trading awaits! This guide has equipped you with the knowledge to navigate XM, a leading forex broker, and explore the possibilities of trading currencies and other instruments. Here’s a quick recap to get you started:

Open Your XM Demo Account (Fast and Risk-Free):

  • Visit the official XM website (https://www.xm.com/) and locate the “Open an Account” button.
  • Choose the “Demo” option and fill out the registration form with your basic information.
  • Select your preferred trading platform (MT5 is recommended) and account type (Standard or Micro).
  • Answer the investor information questions honestly.
  • Review and agree to the terms and conditions, then click “Open Real Account” (to open your Demo Account).
  • Verify your email address using the link sent by XM.

Congratulations! You’ve now opened your XM Demo Account with virtual funds to practice trading in a risk-free environment. Utilize this account to:

  • Develop and test your trading strategies.
  • Master the XM platform functionalities.
  • Gain experience with real-time market movements.
  • Build your confidence before transitioning to live trading.

Upgrading to a Real XM Account (Simple Process):

Once you’re comfortable with forex trading concepts and your strategy is performing well in the Demo Account, you can seamlessly upgrade to a Real Account:

  • Access your XM Demo Account dashboard (https://www.xm.com/) and locate the option to upgrade (often labeled “Open Live Account”).
  • Choose your preferred Real Account type (Standard, Micro, or XM Zero) based on your trading needs.
  • Fund your Real Account using a variety of deposit methods offered by XM.
  • Verify your identity and address by submitting clear copies of the required documents (government ID and proof of residence).

After successful verification, you’ll be ready to start live trading on the XM platform. Remember:

  • Forex trading carries inherent risks. Prioritize risk management and utilize educational resources.
  • Start small when transitioning to a Real Account.
  • Maintain realistic expectations and continuously learn to refine your trading approach.

By following these steps, you can open your XM Demo Account quickly, gain valuable experience, and then confidently transition to a Real Account to embark on your forex trading journey.

Remember, XM offers a user-friendly platform, diverse trading instruments, and educational resources to support your trading endeavors. So, what are you waiting for? Open your XM accounts today and start exploring the exciting world of forex trading!

Also check out the Best Forex Brokers for Zambians.

Mulima Mubita

Mulima Mubita

Mulima is a savvy entrepreneur who has earned through trading, dropshipping and afiliate marketing. As the website owner, he's constantly researching money-making strategies through YouTube, courses, and blogs. When he's not optimizing his business, Mulima enjoys reading, running and weightlifting for personal fitness and inspiration.

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