XM Demo Account: Opening & Key Information (2023)
The following article will explain everything you have to know about the XM demo account.
Our InvestinGoal team of experts has taken an in-depth look at the XM demo account including features, assets, and the trading environment as well as the account opening process.
Main features of the XM demo account:
- It’s unlimited
- It’s totally free
- Easy to open
- All live account markets and assets available
- Wide range of account types to try
- Free educational content included
|XM demo account||Characteristics|
|Demo platforms||MT4, MT5|
|Virtual money amount||$100.000|
(78.17% of retail CFD accounts lose money).
XM Demo Account Opening Tutorial: Step by step procedure
Here is our step-by-step tutorial on everything you need to know about opening an XM practice account.
Step 1: Visit the XM’s website
Go to the XM homepage (78.17% of retail CFD accounts lose money). The broker will automatically redirect you to the corresponding site based on your regulatory area.
The website layout will not change, and once on the homepage you will find the option to open a demo account.
In order to start the process, click the large red button in the middle of the screen entitled “Open a Demo Account”. The broker will then redirect you to the registration form page.
Step 2: Fill the registration form
After clicking the button to open your XM demo account you will have to complete the registration form with your personal details, as you can see in the image below.
Step 3: Customize the demo account
The next step is setting your demo account parameters such as the account base currency, the maximum leverage, the account type, the trading platform and the virtual money amount.
Step 4: Verify your profile
To confirm your XM demo account you will have to click the link in the email XM will send you.
Step 5: Login into the demo account
Once you have completed the signup, you should also receive an email confirming your trading platform ID number. These details are needed to login to the MetaTrader platform that the broker will ask you to download and install.
The platform ID number (blanked out above) is your username for logging into the platform and your account. This together with the password you set during registration will allow you to log in, trade, and manage your new XM demo account.
XM’s demo account features
The XM demo account has a simple opening process. A phone number and email address are all that are needed. The account itself is valid for an unlimited time and you can open up 5 demo accounts with 1000+ tradable markets.
There will be $100,000 virtual money available and MT4 and MT5 trading platforms are both provided. Educational materials are also provided by the broker to speed up learning, such as video tutorials and articles.
Our verdict on the XM demo account is absolutely positive, in fact XM has been included in our best forex demo accounts roundup.
Differences between live and demo XM accounts
The XM demo account is available for every account type facilitated by the broker. The only exception to this is the XM Shares account which is not available as a demo account.
The major difference between a live and demo is Slippage, which is the price difference between your requested order price and the real order’s execution price. This happens because in live accounts prices move fastly and as a consequence, your order can be executed at a different price than when the order was initiated.
The XM demo account period is unlimited. However there is an exception, and that is the account inactivity. If your demo account has no trading activity within a 30-day period (90-days if located outside CySEC and FCA) then XM will reserve the right to delete it.
With Live accounts, you can get charged an inactivity fee of $10 after 90 days of inactivity.
How to switch to a live account
When switching to a live account, your demo account will still remain available for you to use.
To open a live account you will need to upload proof of your identity (Passport, ID, or Driver’s License) and proof of your residence (Bill utility or bank statement) on the broker’s website.
Depending on the country, the broker may need you to fill a questionnaire about your trading knowledge.
As soon as XM verifies your account, you can fund it with your first XM minimum deposit.
How to best use your XM demo account
Here are some small tips on how to best utilize your XM demo account.
- Set up the demo as you would set up a real account in terms of platform, currency, balance, leverage and account type
- Do not open large positions if you are not planning to trade with large amounts of money
- Treat money as if it were real as you’re using a live account with XM
- Practice daily
- Use the video tutorials, articles and analysis tools offered by the broker
Pros and cons of the XM demo account
- Wide range of account types and platforms
- Great and free educational content
- The broker’s offering is not equal for all traders
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