Thinking of getting started with an XM demo account?
Great news. This is one of the many XM account types available to you as a new or existing trader.
Of course, a forex demo account is an excellent place to get started for risk-free trading and getting to know the platform (the other best place to start is actually our detailed XM review).
You may not be quite sure how the process works.
If that is the case, then here is a helpful guide to keep you on track throughout the XM demo account opening process.
Here you will find a step-by-step XM demo account opening guide complete with images to assist you at every point.
Let’s get started:
XM Demo Account Opening Tutorial
Opening an XM demo account is actually a very fast and efficient process, even more if you have just finished reading our XM trading review.
Nevertheless, here are a few steps to make sure that everything runs smoothly and allows you to experience the best which the broker has to offer:
Step 1 – Getting Started With Your XM Demo Account
The very first step is always the easiest. To complete this, simply head on over to the XM homepage. Here you will be automatically directed to the corresponding site based on your regulatory area. Once you are there you will see the image below.
Getting started with a demo account, click the large red button in the middle of the screen entitled “Open a Demo Account”, and you are already on the way to getting started with your own XM demo account.
Step 2 – XM Demo Account – What Documents/Information do you Need?
Getting your XM demo account off the ground requires almost no verification whatsoever. This makes the process a very expedient one. With that being said, it is always helpful to prepare a few documents in advance that can help when you get to the stage of opening a live account.
The only things that you will really need to get your account started though are an email address that you can verify, and some of your most basic personal information.
Step 3 – Fill in registration form
After clicking the button to open your XM demo account, this is the next screen you will be greeted with:
As you can see, only personal information is required. You will also need to select which trading platform you wish to avail of from those available and choose your base currency at this point.
Once you have completed this form, the next screen you see will look just like the one below:
As you can see from the image above, there are still a few steps to follow, and this is exactly what we will move into explaining next.
Step 4 – Confirm the account via email/telephone
The next step in the process is to confirm your XM demo account via email verification. There will be a link in the email you receive which should look just like the one below:
Once you have clicked this link, your account will be verified and you can then proceed to the next step of downloading your demo account trading platform to take advantage of the $100,000 risk-free virtual currency within your account.
Step 5 – First login into the demo account
Once you have completed the signup, you should also receive an email confirming your trading platform ID number from the chosen platform. The email should look like the one displayed below, and typically accompanies the demo account confirmation email.
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.
Step 6 – Choosing Your XM Demo Account Platform
Typically, this would be the last selection in the opening of a demo account that you would have to make. Here though, with the XM demo account, this is one of the first details taken care of at the initial registration.
It is important therefore to provide some though early on in the process about which XM trading platform you would prefer to utilize.
And that concludes what should be a very simple and quick process of opening your XM demo account.
XM Demo Account Review
With the details taken care of, let’s take a look at how the XM demo account functions and what you can expect from the account once you are set up.
What Types of XM Demo Account are Available?
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 does not allow for a demo account to be opened.
Again, the account types which are available to you will vary and depend upon the area in which you are regulated.
XM Demo Account Features, Restrictions and Differences with Live Account
There are almost no differences at all between XM demo and XM live accounts. Of course, the natural difference is that you are trading with virtual funds in a risk-free environment, but the way in which the broker and trading platform function are exactly as you would expect from a live trading account.
The period which you can operate you demo account for is unlimited, and you are able to open as many as 5 demo accounts per user. This gives the XM demo account great flexibility in how and when you can use it.
The only difference when it comes to trading on a live forex account is that you may occasionally incur slippage. This is something that can only be replicated under live conditions.
Advantages of Trading with an XM Demo Account
The chief advantage which it can offer is the fact that you can trade completely risk-free. This, together with the real-life conditions and the fact your demo account can function indefinitely give you great flexibility to test out some forex trading strategies and see what works for you.
This is in addition to perfecting your knowledge of the trading platform you choose.
More advantages come in the shape of the knowledge and education you can pick up along the way. XM offers an educational infrastructure that can be really helpful in your development and includes free webinars and guides on all things trading.
For those outside the European purvue of certain regulatory bodies, there are also bonuses to be had. The XM bonus of $30 is available as a no deposit welcome bonus to all traders who qualify. You cannot withdraw it right away, but once you have followed the trading conditions, you can withdraw profits made from this bonus.
XM Demo Account Management
Once you are in and set up, there are a few points that may come up during the running of your XM demo account. Here is a quick rundown on how to handle any of these possible areas:
The XM demo account period is unlimited. This means that you can take your time and you do not have to worry at all about your demo account expiring (check out our list for some more forex demo account unlimited time).
The only point to mention here is that if your demo account has no trading activity within a 30-day period (90-days if located outside CySEC and FCA) then it is canceled. This means you have no chance to restore your demo account, but you can open a new one.
Restoring expired demo accounts
As mentioned, you will have no opportunity to restore expired demo accounts. This is because they are automatically and completely canceled if you have not been active. If you are active though, your XM demo account can remain open indefinitely. It is also worth remembering because you can open up to 5 XM demo accounts, if one is closed, you can simply open another.
If in any event, you lose your password or XM log in credentials, you should make contact with the XM support team for assistance.