The XM demo account provides a risk-free trading environment with virtual funds to allow users to practice strategies and explore market conditions without financial loss. XM offers this demo platform to help traders familiarize themselves with its trading systems and tools. Users can set up an account with their preferred currency, leverage, and platform choice, ensuring a customized experience. The account registration process involves visiting XM’s website, completing a form, verifying details, and accessing the platform through MetaTrader 4 (MT4) or MetaTrader 5 (MT5).
The XM demo account includes all tradable instruments available on XM’s live platform, including forex pairs, commodities, indices, and cryptocurrencies. Users receive real-time market data, access to educational materials, and the ability to test trading strategies. The demo account offers customizable leverage, an adjustable balance, and full market access. Users can reset their account settings as needed to refine strategies and trading techniques. Customer support is available for inquiries regarding account setup, platform features, and market navigation.
The XM demo account remains active indefinitely, provided users log in and trade within a 30-day period. If inactive for 30 days, XM may delete the account. Traders outside CySEC and FCA regulations have up to 90 days before automatic removal. There are no fees or charges associated with maintaining a demo account. Users can switch to a live account by verifying their identity, completing registration, and making an initial deposit. The demo account remains accessible even after transitioning to a live account, allowing traders to continue practicing strategies alongside real-market trading.
How to open a XM demo account?
There are five steps to open a XM demo account. These are to visit XM’s website, fill the registration form, customize the demo account, verify your profile and login into the demo account. The different steps to open a XM demo account are listed below.
First, visit XM’s website. Go to the XM homepage. 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.
Second, fill the XM 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.
Third, 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.
Fourth, verify your profile. To confirm your XM demo account you will have to click the link in the email XM will send you.
Last step, 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.
What are the features of the XM demo account?
The features of the XM demo account are listed below.
- Trading Platforms: The XM demo account provides access to two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
- Virtual Funds: In the XM demo account, traders are provided with virtual funds that can be customized according to their preferences. This means that users can set their demo account balance to any amount they choose, which allows for a more tailored trading experience.
- Tradable Instruments: The XM demo account offers access to all tradable instruments available on the XM platform. This includes a wide range of forex pairs, commodities, indices, and cryptocurrencies, enabling users to explore various markets and trading strategies.
- Leverage: Leverage is indeed available in the XM demo account. Users can customize their leverage settings during the account setup process.
- Real-Time Market Data: The XM demo account includes real-time market data. This feature allows traders to analyze price movements and market trends as they would in a live trading environment to provide a realistic trading experience.
- Account Duration: There is no time limit on using the XM demo account as long as it remains active. If the account is inactive for 30 consecutive days, it may be deleted by XM.
- Account Reset: Users can reset their XM demo accounts at any time. This allows traders to start fresh with a new balance or different settings, which can be particularly useful for testing new strategies or approaches.
- Educational Resources: The XM demo account does include educational resources. These resources are designed to help traders improve their skills and knowledge about trading strategies, market analysis, and risk management.
- Strategy Testing: Traders can practice various trading strategies on the XM demo account without any financial risk. This feature is essential for both beginners learning the ropes and experienced traders testing new techniques before applying them in live markets.
- Customer Support: Customer support is available for users of the XM demo account. Traders can access assistance through various channels provided by XM, ensuring they receive help with any queries or issues they may encounter while using the demo platform.
The XM demo account main features and characteristics are detailed in the table below.
| XM demo account | Characteristics |
|---|---|
| Demo available | Yes |
| Trial duration | Unlimited |
| Demo platforms | MT4, MT5 |
| Virtual money amount | $100.000 |
| Customizable features | Yes |
72,82% of retail CFD accounts lose money.
What is the difference between a live and demo XM account?
The differences between XM demo and live accounts involve real vs. virtual funds. A XM demo account provides simulated trading without risking money, while a XM live account involves real investments with potential gains or losses. The demo account lacks trading psychology exposure and slippage, which are present in live 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.
As for market execution, the main difference between demo and live trading 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.
In live accounts, traders encounter costs, such as commissions, spread and other transaction costs, which affect traders’ earnings, while in the demo account there are no transaction costs and commissions are low or equal to zero. For Live accounts, there is a $10/month fee after 90 days of inactivity, while the demo accounts are unlimited without any costs. 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.
How to switch from a XM demo to a XM live account?
There are three steps to switch from a XM demo to a XM live account. These are to provide proof of your identity, verify your account and make the first deposit. The different steps to switch from a XM demo to a XM live account are listed below.
First, upload proof of your identity (Passport, ID or Driver License) and proof of your residence (Bill utility or bank statement) to get verified. Depending on the country, XM may need to fill a questionnaire about your trading knowledge.
Second, XM will verify your account. This step confirms that your identity and residence have been authenticated.
Finally, make your first deposit and start trading. When switching to a live account, your demo account will still remain available for you to use.
How to best use a XM demo account?
To best use a XM demo account you have to set up the demo account as you would set up a real account, avoid opening large positions, treat money as if it were real, practice daily and use the learning materials offered by XM.
Set up the demo account just as you would a real one. Choose the same platform, currency, balance, leverage, and account type that you plan to use when trading live. This ensures a realistic trading experience.
Avoid opening large positions unless you intend to trade with significant amounts of money in a real account. Keeping your trade sizes consistent with your actual plans helps develop proper risk management habits.
Treat the virtual funds as if they were real money. By maintaining a serious approach, you will learn to manage risk and emotions effectively, just like in live trading with XM.
Make it a habit to practice daily. Regular trading allows you to familiarize yourself with the platform, refine strategies, and improve decision-making under different market conditions.
Take advantage of the educational resources provided by XM. Use video tutorials, articles, and analysis tools to enhance your knowledge and stay informed about market trends.
What are the advantages of a XM demo account?
The advantages of a XM demo account are listed below.
- Trial duration: the XM demo accounts are unlimited
- Educational Resources: The XM demo account does include educational resources. These resources are designed to help traders improve their skills and knowledge about trading strategies, market analysis, and risk management
- Risk-Free Environment: allows traders to practice trading techniques and strategies without risking real money
- Knowing the platform: allows traders to learn and familiarize themselves with the platform offered by broker
What are the disadvantages of a XM demo account?
The disadvantages of a XM demo account are listed below.
- XM Shares account: the XM Shares account is not available as a demo account
- Ignoring risk management: traders use virtual money and may not fully understand the importance of risk management
- Lack of the psychological factor: it can lead to a false sense of security