XM Demo Account Reviewed - Updated [year]

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.