XM - What's now?
XM has updated the maximum leverage to 1:1000 in June 2022.
Leverage 1:1000 does not apply to client registered under the EU regulated entity of the Group. The maximum leverage for Trading Point of Financial Instruments is 30:1.
There are two types of documents that XM requires to its traders for verifying your accounts.
Without one of these documents, you cannot withdraw profits nor start trading with XM.
*You are strongly recommended to verify your personal information with documents before making a deposit to XM.
*For opening a corporate, you will be required different types of documents, please contact XM support team to find out.
1. Valid ID with photo
For this category, you can submit documents such as Passport, National ID card, Driving licence etc.
Please provide color copies that clearly show your photo, name, date of birth, signature, issue and/or expiry date and serial number.
The document provided must show the whole part of it, you cannot hide some part intentionally.
2. A document verifying your current address
To prove your residential address, you can submit following documents for examples.
- Utility bill (electricity/gas/water or phone bill)
- Bank statement
- Residence Certificate, issued by the government or local authority
A document to prove your residential address cannot be older than 3 months.
If you don’t have one with you at the moment, then you need to issue a new one.
ID and POA are mandatory for Online Forex Trading
All Forex brokers do require these two documents at all time, “Identification Document” and “Proof of Address”.
Just like XM, you cannot withdraw your funds or profits, or sometime even trade without verifying your personal information with these documents.
It is a process of KYC “Know your Client” in order to meet the requirement of each regulatory Authority.
If it is not a easy task for you prepare such documents, you may open and register your information with several Forex brokers which you are interested in.
For opening an individual account, all all brokers requires the same types of documents with same conditions.
The specification of the required documents for account verification can be updated by XM anytime. For more information, please contact the support team from XM Official Website.