Evident from the name itself, the XM Demo account is a virtual account free from real funds. As a beginner, you can avail the demo account’s functionality to learn some new aspects of Forex trading. No fees or spreads are involved in a demo account.
The best thing about the XM demo account is that it allows you to trade with virtual/dummy money. This often reduces the risk of losing your money or funds in case you perform a wrong strategy.
What are the important features of the XM demo account?
After knowing the basics of a demo account, the next step is to investigate what features it performs. By learning about the features, you can have an idea about the activities of a demo account.
A demo account has the features and the working process, similar to a trading account. Still, let’s highlight a few of the essential features below:
- A demo account allows you to use dummy money for starting the process of Forex trading actively.
- Few other options such as order placement and market monitoring are also included in the XM Demo account.
- To make trading a smooth-free experience, a feature of market analysis tools is also available.
- As a beginner, you can also benefit from research and tools analysis to deeply understand the concept of trading.
- Facilitation of more than one order placement option is also available on the XM demo account.
Step by step tutorial on how to open an XM demo account
The entire process of opening an XM demo account is simple and easy to do in just a few seconds. Let’s guide you a bit, and below is the step-by-step tutorial for your convenience. Follow the steps shared below:
- Click the button “open demo account,” located at the bottom of the site page.
- As you click the account opening option, the process will start.
- The next window will pop up with some form details, which you have to fill incorrectly.
- To avail of the demo account service, you have to access the EKYC process as well. The broker will demand some documentation as proof, such as a residence or identification card. Provide them with all the details without skipping anything.
- Once the company has verified your identity and approved it, they will open your account and send you a notification on your email.
- Use the account credentials given in the email, set your strong password, and get access to the XM demo account.
Does the XM demo account have any charges?
Details about XM demo account charges are:
| Virtual Money | $5000 |
| Charges | Free |
The demo account of XM is entirely free from the charges or any additional fee which the trader has to pay before opening an account. But for opening a live trading account, many charges are involved, which you can see by visiting the official site of XM.
Unlike a live trading account, a demo account is free from funding, spread, minimum opening, or commission swap fees.
A demo account allows you to trade anything and place as many orders as you want. In case of any sort of account inactivity, the demo account will expire after 30 days.
Can you open more than one XM MT4/MT5 demo account?
There are no restricted limitations, and you are free to open multiple demo accounts with XM MT4/MT5. However, if the account is inactive for a maximum of 90 days, it will expire. Unfortunately, you cannot restore the expired account.
Who should choose the MT4 demo account?
An MT4 demo account is available for users who want to start trading on gold, stock indices, oil, or currencies. But through this platform, you cannot trade on stock CFDs. The MT4 platform is available for Standard, as well as Micro, or XM Ultra Pro.
Who should choose an MT5 demo account?
Traders choosing MT5 demo accounts are available with various instruments to start trading with. This includes gold, oil, stock indices, currencies, and CFDs. The MT4 platform is available for Standard, as well as Micro, or XM Ultra Pro.
Why choose the XM demo account?
- Quick registration process
- Beginner-friendly and risk-free environment
- No charges
- Use virtual money to start trading
What are the drawbacks of trading with the XM demo account?
1. Zero earnings
One major drawback of the XM demo account is zero earnings! You will use virtual money in a demo account, which does not grant you any profit in return. This account is just available for practising trading skills, which can negatively influence you.
2. Zero real risk
Next, we have the drawback of zero real risks! A demo account is free from all sides, which does not show any risk management coming into the way. This zero-risk will never prepare you to face real risk when opening a live trading account.
FAQs about XM demo account
1. Is XM available with a demo account?
Demo account access is available at the XM platform with no charges or using real money to start the process of trading. A demo account has the same features which you can avail of in a live account.
2. Is it free to open your XM demo account?
You don’t have to pay a single penny or any charges for opening your XM demo account. No account opening fee, fund transfer fee, spread fee or balance fee is applicable on the demo account.
3. What documentation do you need for opening an XM demo account?
When opening a demo account, you need ID proof with a few other documents of government ID proofs to verify your identity and residence.
Bottom line
The XM demo account is one such approach with which a beginner trader can learn excellent trading skills to succeed in the trading market. It is free from the set time limit. But in case of any inactivity, the account gets closed after 30 days.
It is entirely risk-free and won’t be giving your funds any loss or damage. To improve your trading skills as a beginner, create an account with an XM broker right now!