This article introduces how to open a demo account with XM and what you should know to use it.
Demo account is suitable for those who want to experience the trade with the trading platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5) without using real money. I hope this article will be able to encourage such people.
[Summary]
- XM's demo account outmatches others in terms of the trading environment and the number of available accounts.
- Traders can have up to five demo accounts.
- The account becomes dormant after no activity is confirmed for 90 days.
XM's free-of-charge demo account is better than that of other brokers because of the simple procedure to open an account, the number of available accounts, and the availability period.
Contents
Why XM's Demo Account Is Best
Most brokers offer free demo account services. The following is a list of reasons you should choose XM among them.
- You can use the same currency pair as in the real account, giving a near-realistic environment.
- You can use the same trading platform as in the real account.
- You can open up to five demo accounts with one email address.
- No account maintenance fee is charged.
- XM offers excellent real account services.
Other brokers offer fewer trading currency pairs for demo accounts than XM. Also, XM allows traders to open more demo accounts than other brokers. Moreover, as long as a certain activity for the account is confirmed within every 90 days, the account can remain active. This availability period is longer than with other brokers.
How to Open Demo Account
- Go to the official website and enter the required information.
- Check the confirmation email.
- Download the trading platform and input the information (server name, ID, password) provided in the email.
- Log in to the platform and start trading
(1) Go to the official website and enter the required information.
Go to the below website in accordance with your region of residence.
XM Demo Accounts (Outside Europe)
Enter personal information
- Use only one-byte alphabetic characters for all entries.
- Up to five demo accounts can be created.
Enter trading account details
[ Trading Platform Type ]
MT4 and MT5 are available. MT4 is recommended.
Related article: 【MT4 MT5】 What are MT4 and MT5?
[ Account Type ]
Standard type and Low-lot type are available. The former is recommended.
[ Account Base Currency ]
Choose the currency of your country or choose USD if not listed.
[ Leverage ]
Some countries set the threshold of leverage. For example, the maximum leverage in Europe is 1:30 (check your country's regulations for details). XM uses the IP address to provide you with the available leverage in your country of residence. You can choose the highest leverage value in the selectable range.
[ Investment Amount ]
You can choose from USD 10.00 to USD 5 million. Choose the amount you will start the investment with if you have a real account.
[ Enter Account Password ]
Passwords must include lowercase letters, uppercase letters, and numbers.
(2) Check the confirmation email.
The following information is included
- ID of MT4 and MT5
- Server names of MT4 and MT5
- Password
(3) Download the trading platform and input the information provided in the email.
Actual trades will be made on the platform selected above. Both MT4 and MT5 are available for free download at XM's official website.
After downloading MT4 (MT5), select the server indicated in the email and enter your ID and Password. Once you have logged into the platform, you can start trading.
For details on downloading the platform and starting trading with it, refer to the below article.
Related Article: How to Install and Log in to MT4 in XM
If You Cannot Log in to Demo Account
If you cannot log in to a demo account with the platform, check the below cases. If you still have difficulty logging in, contact the support center.
- Use MT4 downloaded before November 26, 2015
- Input incorrect password
- Use the wrong trading platform
- No account activity in the last 90 days
Notes on Demo Account
(1) Execution Rate and Spread Are for Reference.
Since the trading environment differs between a demo account and a real account due to the difference in servers, the execution rate and currency rates on a demo account should be considered only as a reference.
Also, orders placed by a demo account are not executed in the actual market. So, all orders are to be executed regardless of the market environment. In reality, execution may be delayed, or spreads may widen due to major indicators such as employment statistics.
(2) Demo Account Is Practice Environment without Using Real Money
Beginner FX traders tend to react nervously to the increase or decrease of the account balance (once you start earning consistently, such an increase or decrease will no longer be a concern). If a state of mental stress negatively affects trading, it is safe to say that the trader is still immature.
Thankfully, even if you continue to lose through a demo account, you don't get nervous about the decrease in money. However, if you want to make the most of a demo account, you should have a proactive attitude to find a way to succeed in FX trading.
Advance Knowledge of Demo Account
(1) Investment Amount and Leverage Cannot Be Changed
Investment amount and leverage you set during a demo-account-opening procedure cannot be changed later. If you want to change them, you need to create a new demo account.
(2) Multiple Demo Accounts Can Be Opened
XM allows traders to open up to five demo accounts with one email address.
(3) Demo Account Has No Expiration Date
Unlike other traders' demo accounts, XM demo accounts do not expire as long as a position has been held and certain trading activity has been done within the last 90 days. Otherwise, the account turns dormant. The dormancy can be lifted by the support center. Or you can open another demo account.
(4) No Need to Pay Maintenance Fees and Withdrawal Process
Demo account holders don't have to pay account maintenance fees. Also, there is no cancellation or withdrawal process to halt the use of the demo account. If you want to stop receiving emails, ask the support center to delete your entire personal information.
Conclusion
- XM's demo account outmatches others in terms of the trading environment and the number of available accounts.
- Traders can have up to five demo accounts.
- The account becomes dormant after no activity is confirmed for 90 days.
XM's free-of-charge demo account is better than that of other brokers because of the simple procedure to open an account, the number of available accounts, and the availability period.
About XM
Thanks to its high leverage and secured trading environment, XM Group is a leading broker worldwide with high popularity among traders. If you have an interest in XM through this article, it is worth a try.
XM official website (Outside Europe)
As finance license differs depending on the country of the trader's residence, XM has multiple official sites.
XM Group is a leading broker worldwide with high popularity among traders thanks to its high leverage and secured trading environment.
[ XM (Europe) ]
Highly secured environment is offered under CySec's regulations.
[ XM (Outside Europe) ]
Various bonuses are available, allowing traders to increase money and do aggressive transactions.
Thank you for sparing your time to read this article.
