XM makes a range of account types available with enough variety to ensure that there is something on offer to all types of trader with a variety of experience levels.
The very best place to start for any trader no matter the broker, is a demo account. This provides the ideal learning opportunity where you can trade in real replicated conditions but with no risk to your own funds and no commitment to deposit any funds based on your use.
XM offers an excellent and completely unlimited demo account for you to try out. The only thing that will lead to the expiry of this trial is inactivity for a period of between 30-90 days depending on your location. Aside from that, you are free to continue utilizing the XM demo accounts to get to know the broker, or further hone your skills.
The Standard account offered by XM is a very popular choice among a wide range of traders. This account is very easy to get started with. All you will need here are copies of your ID and residence proof and you should be verified to begin trading within a short time.
Through this standard account you can trade on a wide range of assets offered by XM as CFDs and with a great value minimum deposit that starts from just $5. At the same time you can continue to have and use your XM demo account to test out new strategies freely.
If you are new as a beginner in forex trading, or simply looking for another low-risk trading option, then the XM micro account may be perfect. Here also, you can get started with a minimum deposit of just $5.
Through the micro account there are still a great range of markets available to trade in. The appealing difference to many here is the fact that you can trade in nano lots. This means you can open trades for as little as $10 (down to less than $1 when using leverage). This means you can fully engage in the trading experience even with just a $5 deposit.
XM Zero Account
The XM Zero is one of the most well-known accounts provided by the broker and a hugely popular choice if you are looking for the best spreads. These start from 0 pips through the XM Zero account, and the commission on trades here is also competitive at just $3.50 per lot traded.
Again as is a hallmark of XM, the starting costs are low. A minimum deposit of only $100 is needed, and the same great range of assets are largely available for trading. This account type is available to you if you are an XM trader based in the UK or EU.
XM Ultra Low Account
Another excellent account choice if you are trading with XM is the XM Ultra Low Account. This is similar to the XM Zero account though there are no commissions on trading at all here, and the spread starts from a really great 0.6 pips.
The minimum deposit for this account type remains the same at $100, and the account is also available as a micro account where you can trade in nano lots meaning a very low and accessible trade size. The only major point to remember here is that you can only open this type of account if you are under ASIC, or IFSC regulation.
If you are interested in trading shares, then XM also has you covered. With the XM shares account you can trade in many of the top stocks worldwide. This account is made for stock brokering, though the minimum deposit remains quite high here at $10,000.
The high deposit is made essential due to the fact that you cannot buy fractional shares here, so if you want to fully enjoy the trading experience, then a substantial deposit is needed. This XM Shares account type is available only to traders who are residing in the XM Global area under the regulation of the IFSC.
When it comes to Islamic trading too, the XM swap free account is held above as one of the best on offer throughout the sector. This is largely due to the fact that XM do not charge any kind of fees in place of the spread at all for Islamic traders. They manage to offer the same markets and excellent trading conditions as the other accounts, but without any swap fees, an essential part of remaining Shariah compliant.
If you are interested in this, or other swap-free account, then check out our article on Islamic forex brokers.
One other account type is available through XM and this is available if you qualify as a professional trader. The first step here is to ensure that you meet the criteria of a professional trader. In order to do so with XM then you need to satisfy at least two of the following conditions:
- Have made an average of 10 transactions of significant size per quarter in the past year.
- Possess a financial instrument portfolio of over €500,000 in value (in your bank or into the trading account).
- Relevant experience in the financial services sector.
Once you have met 2 of these conditions then you can open this account type and avail of a much increased leverage on most markets of up to 500:1.
Account Base Currency
Your account base currency is that which you trade in. Many top brokers offer several account base currencies so you can avoid any conversion fees. XM goes above and beyond requirements here and offers a massive selection of even less common base currencies.
The availability of these will vary based on the country where you register, but USD and EUR are typically available everywhere along with all major currency pairs on both standard and micro accounts.
Less common XM base currencies that are made available in some areas include ZAR, SGD, RUB, JPY, and HUF.
Let’s now take a closer look at your deposit options and any fees when you make an XM deposit.
XM Minimum deposit
The XM minimum deposit remains very competitive in most areas and on most account types. It will vary between $5-$100 depending on the account type you open, though both the micro and standard account types are available to open for $5 minimum deposit. This increases to $100 for an XM Zero or Ultra Low account. If you are based within the IFSC regulatory area then you can also open an XM Shares account with a $10,000 minimum deposit.
XM facilitates deposits through all of the common channels you would expect. This includes deposits through wire transfer, credit/debit cards, and eWallets including Skrill, Neteller, ,and WebMoney.
As regards timing, wire transfers typically process within 2-5 days, credit card deposits are through within 24-hours max, and this is also the case with eWallet deposits.
There may also be other deposit methods available depending on your local area and this is something you can check through your account management and deposit area once you open your XM account.
In the majority of cases, XM deposit methods try to remain fee-free. The only exceptions to this are if you deposit a non-base currency you may incur a small conversion charge. Also you should double check that your bank does not charge any fees for a wire transfer. If the deposit is over $200 though, XM will also cover this fee for you.
Here is an overview of the XM withdrawal methods available and any associated fees.
XM facilitates multiple withdrawal methods which match the deposits methods available and with the same timeframes for processing. This means that wire transfer, credit/debit cards, and eWallets in the form of Skrill, Neteller, and WebMoney are all available.
As is the case with XM deposits, withdrawals are typically free of any fees. With that said, a conversion fee may apply if your base currency does not match that of your bank account, and you should check your bank policy on wire transfers for any fee there.
Spreads & Commissions
When it comes to spreads and commissions, XM offers some of the most competitive in the industry. The broker offers variable spreads that depend on the asset, but these spreads on major forex markets can start from as low as 0 pips with the XM Zero account.
If you are operating through an XM Standard, or XM Micro account, the spread will start from 1 pip, and 0.6 pips if you have an Ultra Low account. As mentioned, with the XM Zero account, the spread starts from 0 pips. This account does have a commission of $3.50 per lot traded though.
Here are some of the sample spreads on the most popular CFD traded markets with XM:
- EUR/USD – 0.00 pips
- Gold – 0.30 pips
- S&P500 – 0.70 pips
- US Stocks – generally 2 pips
These assets are all traded on a commission-free basis with the exception of when you are trading through the XM Zero account.
Here are a couple of other fees to keep in mind if you are trading through XM:
The overnight fee is one that every broker in the sector applies. This is a small fee for holding an asset overnight and it depends on the asset itself. You will find more details on the exact fee here through your trading platform, though since XM is a CFDs trading broker, the fee is almost unavoidable.
The exception here is as an Islamic account holder, you will not get charged this fee at all, though you must qualify for this account that is available on request.
XM does charge an inactivity fee. This will only be applied on your real trading account after 90 days of inactivity. The fee is $10 for this inactive period and the amount will be deducted from your balance. If you do not have sufficient balance to cover this, then the broker reserves the right and may close your account.
The inactivity fee does not apply to XM demo accounts.