XM Demo Account
Get tips on achieving the most beneficial XM demo account trading experience while avoiding the demo trap from my in-depth XM demo account review.
Main Features of the XM Demo Account
XM offers customizable MT4/MT5 demo accounts without expiry. Therefore, traders should choose leverage and demo account balance settings like those for planned live portfolios.
The XM demo account introduces traders to the trading platform and allows them to evaluate the XM trading conditions. It also enables copy traders to test signal providers and algorithmic traders to bug-fix their trading solutions.
XM Demo Account Overview at a Glance
XM Demo Account | Features |
|---|---|
Availability | Yes |
Account duration | Unlimited (XM deletes dormant XM demo accounts after 30 days) |
Demo platforms | MT4, MT5 |
Account options | Customizable |
Algorithmic trading (EAs) enabled | Yes |
Account balance | Customizable |
Number of XM demo accounts | 5 |
How to Open an XM Demo Account
Follow my step-by-step guide below on opening and logging into your XM demo account.
A Step-by-Step Guide to Opening Your XM Demo Account
1. Traders should click “Open an Account” to access the XM member area.
2. The registration only asks for the country of residence, an e-mail address, and a desired password. XM will send a confirmation e-mail.
3. Traders should log into the XM member area and download the preferred trading platform.
4. Launch the trading platform, select the demo account option, configure your account, and log into the XM demo account using the details provided by the trading platform.
How to Use the XM Demo Account
Upon registration of an XM demo account, using the XM demo account is straightforward.
1. Log into the XM member area.
2. Download MT4 or MT5.
3. Customize your XM demo account settings.
4. Use the provided credentials to log into your XM demo account.
Differences Between Live and Demo Accounts with XM
The XM demo account tries to simulate live trading conditions but cannot, as no real money is at stake. Traders should understand that no simulation will expose them to the full range of trading psychology.
The primary differences between live and demo accounts are:
- A lack of exposure to trading psychology separates up to 90% of unprofitable retail traders from profitable ones.
- No slippage, profits, and losses, as no actual trading occurs.
Noteworthy:
- Many traders face immediate live portfolio losses after profitable demo trading because they are exposed to trading psychology and how it influences trading.
How to Best Use Your XM Demo Account
Improve your XM demo trading experience and avoid shortfalls with our tips below.
Tips on Using the XM Demo Account
- Customize the XM demo account settings to reflect your planned live portfolio.
- Treat your XM demo account like a live account.
- Trade lot sizes based on expected live deposits.
- Study the relationship between risk management and leverage.
- Evaluate your strategy, tweak it, test new ones, gather trade data, and compare performances.
- Understand the impact of the lack of exposure to trading psychology on your trading results.
- Incorporate educational lessons like trading psychology and the risk management-leverage relationship.
Pros & Cons of the XM Demo Account
Beginners should approach the XM demo account cautiously and realistically, as demo trading can yield a false sense of accomplishment.
Pros of the XM Demo Account
- There are no time restrictions.
- Customizable demo account settings.
- Demo trading alongside live portfolios.
Cons of the XM Demo Account
- No exposure to trading psychology.
- False sense of security and accomplishment.
- It may promote reckless trading, unrealistic expectations, and a misguided trading mentality.
XM Demo Account Bottom Line
XM offers traders fully customizable MT4/MT5 demo accounts. Traders should choose settings for the demo account balance and leverage like those for planned live deposits for a more realistic XM demo trading experience.
There is no expiry on the XM demo account, but XM will close inactive XM demo accounts after 30 consecutive days of inactivity.
Find additional updated info. about XM here.
FAQs
Is demo trading free?
Demo trading is always free. Traders should stay away from brokers charging a demo trading fee.
Is XM good for beginners?
XM is a competitive broker with a quality trading environment, low fees, and quality research and education for beginners. The $5 minimum deposit requirement makes it one of the most accessible brokers.
Can you make money on a demo account?
Traders can only earn money in a demo account if a broker has a special promotion, like a demo trading contest with cash prizes, where demo trading does not yield money, but the reward for the competition does. Additionally, some brokers offer bonuses in demo accounts and transfer profits to a live portfolio.
How long is the XM demo account valid for?
There is no expiry on the XM demo account as long as traders keep using it.
How do you open a demo in XM?
Traders can open an XM demo account from the member area after registering for a trading account.
Does XM offer a demo account?
XM offers customizable demo accounts for the MT4/MT5 trading platforms.