- Required Documents to open FX account with XM
- What is XM? What do they offer?
- XM supports your success with positive slippage
- Open a corporate (Institutional) account with XM
- Commission Free for Deposit and Withdrawals
- XM MT4 and MT5 trading platforms
- How to open XM MT4 and MT5 account?
- What you can trade on XM MT4 and MT5 accounts?
- How to become an affiliate or IB or XM?
Required Documents to open FX account with XM
In order to start trading Forex online with licensed brokers, you will be asked to submit your documentation during the registration process:
- A copy of your passport/ID
including your photo in color showing; full name, date of birth, passport/ID expiration date and passport/ID number.
- A utility bill
showing your full name and full address.
- A copy of your credit card
with only the last 4 digits showing, clearly stating your full name and the card expiration date.
A copy of your credit/debit card is not a necessarily document that you need to submit though, in case you are looking make a deposit through your card online, then you must submit it to your online Forex & CFD brokers.
Please note that documents(ID and Proof Address) need to be issued under your name. Licensed online Forex & CFD brokers cannot accept documents issued for someone else. Even your family or legal partners cannot replace your legal documents.
These two documents are very important ones to start trading Forex and CFDs, and all regulated brokers do require them to you.
Why ID and POA are required by licensed brokers
Regulated online Forex & CFD brokers are required by law to confirm the identity of all of their traders.
For this reason online Forex & CFD brokers may ask from you to provide them with the relevant documentation.
These steps are taken to protect both the traders and the company.
All regulated brokers do require these two documents to you in order to go through required KYC(know your client) process.
Basically you can not start trading Forex and CFDs without these documents.
Some unregulated brokers offer you a trading opportunity without any documents though, there is always a reason why they are not regulated, you wouldn’t make a deposit to a broker which doesn’t follow any kind of laws.
Unaccepted documents for account verification
The documentation is uploaded during the registration process.
Afterwards, it is checked by their compliance team.
Your broker will notify you about any missing documentation.
Also, if you know that some of the required documentation are missing, you can upload them at a later stage.
Mainly a licensed broker requires you to submit two kinds of documents, which are ID and POA(Proof of Address).
Both of the documents need to have your name on it, and up-to-dated.
In case you are looking to deposit through credit/debit card, then you will also need to submit a copy of your card(but not all parts).
For more information, please contact your online Forex and CFD brokers support desk directly.
Why brokers ask my Forex experience during registration? Does that affect my trading conditions?
Generally speaking, the more they know about your level of experience, the more they can help you trade effectively.
Keep in mind that traders have different levels of trading expertise and thus, may need different tools and support to trade.
Your trading experience does not matter whether you are able to open an account or not, as long as you understand the risk of investments.
Online brokers want more clients and money of course, thus even if you have got Zero experience and knowledge of Forex, they may accept your account opening request.
So you do not need to lie about your trading experience.
What is XM? What do they offer?
XM knows that every trader has different needs, and XM provides multiple Account types to satisfy those needs.
Every trader will find the best conditions to suit their trading style.
Whether you’re a scalper, a long term trader or a trend trader you’ll find our conditions complementary to your trading style.
Head on over to XM’s accounts page and check out their Trading Conditions to find the account type that suits you best.
XM offers it’s clients the best trading platforms available on the market.
Clients can use both the multiple award winning Metatrader4 and the brand new Metatrader5 as well.
XM also offers mobile and web trading platforms for those who can’t always be at their computer.
This way you’ll never have to worry about missing a market move, even if you’re on the road.
You can learn more about XM’s platforms on the Trading Platforms page.
XM supports your success with positive slippage
Slippage is the difference in pips between the order price and the price the order is executed.
If you are trading with XM, than slippage can be actually on your side.
Slippage is part of trading and as per XM’s slippage policy you will not only receive the negative slippage but the positive too, so it can actually work in your favor.
Obviously both positive and negative slippage can occur, since all trades are executed on the best available price that can be found in the ECN.
Prices received by the liquidity providers are continuously changing as the market is moving, the faster the market movements are the faster the price changes.
That is the reason why slippage can occur even when trading with XM.
XM believes that profitable trading is the result of the seamless cooperation between trader and broker.
Both parties have to do their best when it comes to trading, be it identifying the market patterns or perfectly executing orders.
Open a corporate (Institutional) account with XM
XM may be a retail broker, but due to the extensive development of its trading infrastructure, it is more than ready to cater institutional client needs.
With XM, Institutional Services clients will have access to a comprehensive set of Bank and Non-Bank liquidity sources.
XM’s accounts are intended to serve institutional trading needs mainly, offering extremely competitive spreads and superior execution quality.
XM has been working together with a number of successful partners and provides the services for corporate clients too.
Contact XM to have a detailed discussion of your institutional-level service needs.
Commission Free for Fund Deposit and Withdrawals
With many brokers including XM, there is no fees charged regarding to fund transfers.
You can deposit and withdraw your funds from your trading account without any extra commissions.
Please note that the fees charged from the payment providers, such as Banks, Neteller etc, need to be covered by yourself.
For example, if you make a deposit/withdrawal via international wire transfer, you may get charged about more than 20 USD from the corresponding banks.
Normally, online Forex and CFD brokers do not charge for holding trading accounts. No account management fees at all.
XM MT4 and MT5 trading platforms
XM MT4 and MT5 trading platforms are the base platforms where you can perform trading activities.
The XM MetaTrader4 and MetaTrader5 trading platforms were developed by MetaQuotes Software Corp in 2000.
This sophisticated and user friendly XM MT4 and MT5 platform provides online Forex traders with a comprehensive range of useful features including:
- Instant execution of your trading orders
- Confidentiality over all your transactions
- Online tools including economic analysis
- Historical charts and other tools
- Streaming financial news in real time
- Multilingual facility
- Quotes for currency pairs in real time
1. XM MT4 and MT5 for Windows and MAC
The XM’s Desktop MT4 and MT5 are the industry-leading MT4 and MT5 trading platforms with first-class automation, charting, and order-execution capabilities.
The XM MT4 and MT5 Desktop is designed to enhance trading performance by providing a highly customizable, user-friendly and feature-rich trading environment.
For advanced traders who seek the edge.
Advanced charting technology coupled with sophisticated order-management tools help you to monitor and control your positions quickly and efficiently.
2. XM MT4 and MT5 Mobile Apps (iPhone, iPad and Android)
XM Mobile allows you to trade on the MT4 and MT5 Platforms anywhere anytime.
XM MT4 and MT5 Mobile apps provide full access to financial markets, and lets you trade globally using a feature-rich and fully-functional MT4 and MT5 trading platforms.
In addition, many financial instruments are available, with both technical analytical data and graphical visualizations.
It includes offline mode, which requires no connection to the server.
All trade actions are strictly confidential and 100% safe and secure.
You can review your history of completed trade deals at any time.
Use the innovative iOS and Android devices to fully trade on the XM MT4 and MT5.
Connect directly to your live account and trade with your fingers. Make full use of touch trading.
The mobile platform offers a convenient way to connect to your trading account and trade on the go.
3. XM MT4 Multi Terminal
The XM Multi-Terminal MT4 trading platform is designed for managing multiple trading accounts simultaneously.
It provides the practical approach for account managers and traders who handle multiple concurrent accounts.
The XM Multi-Terminal is an always-on, real-time trading platform, which enables introducers and money managers to simultaneously observe the system at the same time as their investors.
How to open XM MT4 and MT5 account?
To open XM MT4 and MT5 account to trade Forex, complete the online application form and submit it to XM.
It only takes 5 minutes and allows XM to speed up your application request.
When completing the form you will be asked to upload certain documents as proof of your identity and address.
If for any reason you are unable to do so, skip this step, as you will have the ability to provide them at a later stage by uploading scanned colour copies via the client portal service.
Want to start small? Open XM Micro account
If you are taking your first steps in Forex trading, or do not wish to invest large amounts of money, you may be interested in XM Micro Account.
XM’s Micro Account will enable you to better understand the workings of the Forex Market.
Furthermore, by using the Micro Account you can try it out yourself without risking significant sums, but trading for real.
Micro Account offers a great alternative to the Demo Account, whilst providing you with access to a real market.
Open Demo (Virtual) account of XM MT4 and MT5
To tryout, XM offers new clients a free Demo Account which includes $50.000 virtual capital.
After you open the Demo account you will be able to:
- Experience the amazing capabilities of Metatrader4 and Metatrader5 platforms without any personal risk.
- Create and develop your trading strategies by using XM’s technical analysis, charting and Expert Advice services available on the platform.
- Test your strategies before going live.
What you can trade on XM MT4 and MT5 accounts?
XM offers a wide variety of trading instruments, a one-stop-shop for the professional trader.
Access the global markets for Forex crosses and hundreds of CFDs including Commodities, Stocks, Indexes and Equities.
And this is just the start, check below for details.
XM divided the instruments into five major categories for your convenience, so you’ll have an easier time finding the information you need.
1. Forex Currency Pairs
The foreign exchange, so called forex market is the market in which currencies are traded.
It is the largest and most liquid market on the world today, with a huge trading volume and many trading instruments consisting of numerous currencies.
The foreign exchange market is opened 24 hours a day and five days a week, connecting a large number of market participants.
2. Stocks (Equities)
The Equity market is the place where shares and different kind of equities are issued and traded.
On the Equities CFD market the participants are able to speculate on the changes of the exchange rate of the underlying assets and benefit from the dividend being paid without actually owning them which makes margin trading available for investors and traders.
It is the market place where the buying and selling of various commodities like oil and precious metals can be done.
The commodities are traded as futures, so what is being traded is not a commodity itself but a contract to buy or sell it on a certain price.
This gives traders an edge since it makes it possible to get the most out of market movements without owning the assets.
How to become an affiliate or IB or XM?
Partner relations are in the forefront of the XM business.
Currently XM has multiple affiliate programs that XM offers as a basis for potential cooperation.
XM provides excellent commission rates, versatile partnership programs designed to satisfy any business model and complete overview on client activities to the Partners.
XM knows what a good partner needs, and they are ready to provide the tools to make you successful.
To become a partner of XM, go to the account opening page now.