A set of frequently asked questions and answers when opening an account at XM
You can open a simple XM account within 2 minutes. XM supports English, so even Forex beginners can open account but some people can be worried before opening the account there so this article will list a set of frequently asked questions and answers.
- 1. Frequently Asked Questions for opening an account at XM
- 1.1. Account Maintenance fees and Age restriction for opening an account
- 1.2. Is English required?
- 1.3. The time it takes from opening account to trading
- 1.4. If the address is incorrectly registered, the account will not be activated
- 1.5. Which account should be good?
- 1.6. Will customers receive calls from XM?
- 1.7. Account base currency
- 1.8. The spreads and exchange rates of demo accounts and real accounts are the same
- 2. Frequently Asked Questions when uploading owner verification documents at XM
Frequently Asked Questions for opening an account at XM
Account Maintenance fees and Age restriction for opening an account
At XM, anyone above 18 years old can open an XM account.
Account opening fee is free, basic maintenance fee is also free.
However, if your account balance is positive but your account is inactive for 90 days, your account will fall into hibernation state and your account will be deducted a monthly maintenance fee of $ 5.
Also, if your account balance is no longer active for 90 days, your account will be frozen (blocked), not hibernating, from there on you will not be able to log in to that account.
Is English required?
At XM the procedures from opening accounts to withdrawing funds are available in Vietnamese.
Just enter your name or address in Latin characters when you open your account, normally, you do not need to use English at all.
In addition, customer support will be Vietnamese so FAQs should be in Vietnamese.
The time it takes from opening account to trading
Depending on the processing status, if fast it can be within 1 hour.
The whole account opening procedure is completed within about 2 minutes but it will take some time to upload and approve the account holder identification document (account activation).
Also, you can not trade until the account is activated. From uploading identification documents to account activation, it usually takes about 1 business day (Saturday, Sunday, public holidays).
If the address is incorrectly registered, the account will not be activated
After opening an account, it is necessary to post the account holder’s identification documents so you need to enter the correct address in accordance with the uploaded document..
Which account should be good?
- If you plan to invest a small amount of moneydeposit a few millions VND → MICRO account
- If you plan to make a big investment deposit 10x millions VND→ STANDARD account
Will customers receive calls from XM?
When opening an account, a phone number entry is required, but you will not receive any calls from XM because your phone number input is only for the purpose of verifying account holder
Account base currency
In the account opening form, select the base currency of your account.
When opening an account, it will be more convenient if you choose the U.S. dollar as the base currency.
The spreads and exchange rates of demo accounts and real accounts are the same
Free demo accounts reflect actual exchange rates, so you can try the same deal as the real account
Frequently Asked Questions when uploading owner verification documents at XM
What kind of documents should I upload?
Upload the following documents from my site after taking a photo or scan with a camera phone.
- Account Holder Identification Form (with a photo)
- Driver’s license
- Identity card
- Any of the above documents
- Sample Proof of residence
- Medical certificate
- Public fees/Invoice
- Electricity bill/invoice
- Invoice /credit card statement, bank statement
- Proof of registered address
- Tax related documents
- Any of the above document.
- Documents must be valid for 6 months from the date of issue.
If the current address is registered after your parent’s name
If public utility bills or invoiceshave your parent’s name , the documents will not be verified, so you can upload your bank statement, or insurance documents.
It will be difficult to capture large-size documents with your camera, so it’s easier to capture just the address and the name.
Why do you have to upload account verification documents?
Subject to regulations on trading financial instruments, the financial traderis responsible for requesting the account holder’s identification documents from the client .
(XM will receive approval from the Cyprus financial institution (Cysec), Seychelles (FSA) and financial services provider (FSP).
In contrast, it is more risky for Forex traders that is not required to upload verification documents because these Forex brokers might not be licensed.
Account holder verification documents must be uploaded to My page
It is not possible to send the account holder verification documents directly by mail or EMS, so make sure to upload from “Upload Document” on My XM page .
You can access the My XM page not just on PC but also on your smartphone.