The XM broker originated in 2009 and currently works with customers in more than 196 countries and regions. The support team speaks 30 languages and is one of the most trusted regulated brokers. Leading branch is headquartered in Cyprus, regulated by CySEC. XM has some of the lowest investment requirements in the industry, CFD fees are low and the platform is very easy to use and suitable for all types of traders. Continue reading to learn more about XM demo accounts, their difference from live accounts and how to sign up!
Difference between Demo and Live account
A demo account provides traders with a chance to receive training on a practice account in a risk-free environment. It helps them familiarise themselves with the regulations and technicalities of XM broker. Demo accounts are usually suitable for beginners who need to gain trading experience, as well as experienced traders who want to test their trading strategies and see whether they are satisfied with the broker offerings before signing up for a live account.
How to setup a demo account?
To register and set up an XM demo account, the following steps should be followed:
- Go to the XM website and click the “Open a Demo Account” option on the home page.
- Users will be redirected to a new page where they will be asked to provide personal information such as name, country of residence, city or county, mobile number, email address, and language preference.
- Traders need to fill in their trading account details by choosing the type of trading platform, account type, account currency, leverage and investment amount.
- Finally, traders must create a unique password for their users and then choose whether to receive newsletters, company news and product updates before clicking “Open Demo Account”.
- A new page will load, informing the user that an XM demo account has been created and a confirmation email has been sent to the specified address.
- After receiving the email, the seller can click the root link to check the email and the trader will be redirected to the XM website.
- On this page, traders can get their username and link to their chosen trading platform.
- To use a demo account, you need to use the username provided and the password you created to download and configure the trading platform.
Features of demo account
The functionality of the XM demo account depends on the trading platform used by the trader in MetaTrader 4 or MetaTrader 5 with a demo account. This means that the demo account functionality is available through the trading platform and depends on the XM product in terms of asset classes, financial instruments, spreads, leverage, etc.
Advantages of an XM demo account
The XM demo account has many advantages, it has a fully digital sign up, so the user can sign up from wherever he wants. It is a quick and easy process. Demo account provides users with MetaTrader 4 and MetaTrader 5, which are reputed and trustworthy trading platforms.