Question:Why I need to provide ID documents to XM? Is it really necessary?
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.
Answer:
You will need to validate your XM account to withdraw profit. To validate your account, you need to provide two types of documents which is Identification Document and Proof of Address.
Since XM is a regulated by multiple regulatory authorities, it is mandatory for XM to collect documents from clients to KYC(Know Your Clients).
You can still start trading without validating your account though, you cannot withdraw without validating it.
Almost all the FX & CFD brokers’ required documents are same, so if you are going to prepare the copy of the documents, you may want to open accounts of several brokers at once.
For the types of documents and other conditions for the verification can be found in the official website.
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