XM Account Types
XM offers three commission-free and one commission-based accounts. Note that the XM Shares account is only provided by XM Global.
XM Account Types Features | XM Micro | XM Standard | XM Ultra Low | XM Shares |
|---|---|---|---|---|
Minimum Deposit | $5 | $5 | $5 | $10,000 |
Minimum Forex Spreads | 1.0 pips | 1.0 pips | 0.6 pips | N/A |
Commissions | Commission-free | Commission-free | Commission-free | Yes, but undisclosed |
Maximum Leverage | 1:1000 | 1:1000 | 1:1000 | 1:1 |
Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots | 1.0 lot |
Account Base Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR | EUR, USD, GBP, AUD, ZAR, SGD | USD |
How to Open an XM Account
The online application onboards new clients at XM.
A Step-by-step Guide to Opening XM Accounts
1. Click “Open an Account” or “Start with $50 Free” on the XM homepage.
2. XM asks for your country of residence, e-mail, and desired password. Click on ”Register,” and XM will send a confirmation e-mail.
3. Account verification is mandatory, which most traders complete by uploading a copy of a government-issued ID and one proof of residency document.
Restricted Countries
- XM lists the US, Canada, Israel, and Iran as restricted countries of residence.
XM Account Features
All XM account types, except the Shares account offered by XM Global, offer identical features. The difference is trading fees, which define the competitiveness of trading conditions.
All XM account types offer traders the following:
- User-friendly account application
- $5 minimum deposit requirement
- Upgraded MT4/MT5 trading platforms.
- Algorithmic trading, supported by VPS hosting.
- Copy trading, including an in-house service.
- Maximum Forex leverage of 1:1000
- Negative balance protection
- USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, and ZAR as account base currencies
- Competitive trading fees in the Ultra Low account
- Swap-free trading for everyone.
- Choice of payment processors
- Unrestricted, customizable demo accounts
- No restrictions on trading strategies
The primary difference among the XM account types is trading fees. The Shares account offered at XM Global is an option for unleveraged buy-and-hold investors, so it is excluded from the list below.
How the XM Account Types Differ
XM Account Types Features | XM Micro | XM Standard | XM Ultra Low |
|---|---|---|---|
Minimum Deposit | $5 | $5 | $5 |
Minimum Forex Spreads | 1.0 pips | 1.0 pips | 0.6 pips |
Commissions | Commission-free | Commission-free | Commission-free |
Total Fees per 1.0 standard round lot | $10.00 | $10.00 | $6.00 |
XM Account Pros & Cons
Before traders decide which XM account types to open, they should evaluate the pros and cons.
Pros of the XM Account Types
- Upgraded MT4/MT5 trading platforms.
- Algorithmic and copy trading support.
- In-house copy trading service
- Competitive, commission-free trading fees
- 1:1000 maximum leverage with negative balance protection
- Well-balanced asset selection
- Regulated and secure broker
Cons of the XM Account Types
- The Micro and Standard accounts are obsolete.
- The Shares account has a high minimum deposit requirement.
XM Account Types Bottom Line
Of the three XM account types, the Ultra Low account offers the most competitive fees, and since all XM account types have a $5 minimum deposit requirement and support micro lot trading, traders should opt for that option. Investors must deposit $10,000 with XM Global to access the Shares account.
Read our updated and thorough XM Broker Review.
FAQs
Does XM have a zero-spread account?
XM Zero stopped offering its commission-based zero spread account.
Can I have two XM accounts?
Traders can have up to eight XM account types.
What is the minimum deposit for a micro account in XM?
The XM minimum deposit requirement is $5 for all XM account types.
What is the best XM account type for beginners?
The XM Ultra Low account is the best account type for all traders.
How do I change my XM account type?
Traders cannot change XM account types but can open an additional one.
What is the XM Ultra Low account?
The XM Ultra Low account offers competitive trading fees and swap-free trading for the $5 minimum deposit requirement as the Standard account.
What is the difference between the Standard and Micro accounts at XM?
The Micro account has a lot size of 1,000 currency units and a lot size restriction per ticket of 100 lots, compared to 100,000 and 50, respectively, for the Standard account.
What is the best account type for XM?
The best XM account type is the Ultra Low account.