XM Demo Account: Opening & Key Information (2023)

filippo ucchino Filippo Ucchino calendar Last Updated: December 2022 timer 6 Min Read

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
Table of Content

Round-up

XM demo account Characteristics
Demo available Yes
Trial duration Unlimited
Demo platforms MT4, MT5
Virtual money amount $100.000
Customizable features Yes

Visit XM
(73.57% 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 (73.57% 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.

Open your XM demo account from the homepage

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.

The XM registration form

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.

Confirm your XM demo account

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.

Download the platform for your XM demo account

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

Pros

  • Unlimited
  • Wide range of account types and platforms
  • Great and free educational content

Cons

  • The broker’s offering is not equal for all traders

Open Account
73.57% of retail investor accounts lose money

About The Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

Leave a Reply

Your email address will not be published. Required fields are marked *

Better Informed

Find and Compare The Best
Online Broker For You

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
ADVERTISER DISCLOSURE: InvestinGoal is completely free to use for all. Though we may receive a commission from brokers we feature, this does not impact the results of our reviews or rankings which are conducted with complete independence and objectivity, following our own impartial methodology. Help us continue to provide the best free broker reviews by opening your account with our links. Please read our Advertiser Disclosure to learn more.
Copyright © 2023 InvestinGoal.com – All rights reserved. / Privacy and Cookie Policy / Basic Terms of Use / Risk Warning / Sitemap