Frequently Asked Questions (FAQs) and Answers of XM
A set of frequently asked questions and answers related to XM.
Alternatively, you can refer to the FAQ page on the XM official website for more specific FAQs.
- 1. About account holder’s identification documents
- 2. About Account
- 2.1. Can I open demo account for practice?
- 2.2. How long does it take for you to be able to trade after registering a real account?
- 2.3. What type of account can I open?
- 2.4. What is the minimum deposit for a trading account?
- 2.5. Are there any additional deposits?
- 2.6. Does XM allow placing a reverse order or Scalping?
- 2.7. Can I open multiple trading accounts?
- 2.8. What should I do if I forgot my password?
- 3. Deposit/Withdrawal
- 4. Trading software
About account holder’s identification documents
Do I need to provide any proof of residence?
Since client’s account must be fully authenticated at the time of withdrawal, you will need to provide the most recent utility bill with a date in the past 6 months (invoices with date and time such as electricity bills, water bills, internet or cable TV, etc.) to verify your registered address.
Can I open an account without a passport?
You can send any identification document in lieu of your passport such as your insurance card, driver’s license, or identity card.
Can I open demo account for practice?
You can open a demo account in just one minute by clicking the Open a demo account button on XM official website
Related posts: How to open a free trading account
How long does it take for you to be able to trade after registering a real account?
If you correctly fill out all the information and are fully prepared before the identification, you can trade within 24 hours (except Saturdays, Sundays and public holidays).
What type of account can I open?
XM offers the following account types:
- MICRO Account: 1 micro lot is 1,000 currency units.
- STANDARD account: 1 standard lot is 100,000 currency units.
- ZERO Account: 1 standard lot is 100,000 currency units (Spread 0 ~).
Related posts: Comparing XM accounts
What is the minimum deposit for a trading account?
You can deposit from $5. ($100 only for ZERO accounts)
Are there any additional deposits?
You will never risk losing more than your investment because XM has Zero Cut support with no additional deposits (Stop Loss level at 20%).
If the balance becomes negative because stop out order is not placed in a timely manner due to strong market price fluctuations, negative balance protection will be applied automatically within minutes.
Does XM allow placing a reverse order or Scalping?
Yes, but only on the same account.
Reverse trading is not allowed between multiple Forex companies or between multiple accounts.
Can I open multiple trading accounts?
One customer can own up to 8 accounts.
What should I do if I forgot my password?
If you forgot your password, contact XM customer support.
Related posts: If you forget your account password, what should you do?
Deposit/WithdrawalWhat are the methods of deposit /withdrawal on XM?
XM allows many payment methods.
You can use credit cards of all kinds, electronic payment methods or bank transfer.
You can check the deposit/withdrawal methods from the deposit/withdrawalmenu on my page XM
Can I choose the withdrawal method I want?
Yes but subject to conditions. Prioritize withdrawal with the method used for deposit.
For example, if you want to deposit a total of $1000 and withdraw $2000 with a credit card, $1000 will be refunded to your credit card and the $1000 remaining can be withdrawn with the method of you choice.
Can I withdraw money at any time?
Except for bank transfer, at XM, you can complete the withdrawal process within 24 business hours (except Saturdays, Sundays and public holidays because it will not be processed during these days).
Withdrawal (refund) to credit or debit card, from the time of execution to the actual refund will take approximately a few weeks to 1 month depending on the card company. Therefore, you should carry out procedures to facilitate the transaction.
Does it cost any fees to deposit or withdraw funds?
No, it’s free.
At XM, there is no charge for deposit/withdrawal.
※ For foreign bank transfers, the recipient will be charged approximately $35.
Can I trade on a smartphone?
You can trade with your iPhone, iPad or Android. To trade with a smartphone, you install the MT4 application from “Trading Software” at the top menu of the XM official site.
The MT4 in Vietnamese is not displayed completely correctly.
The Vietnamese display has some places that are not displayed correctly but will not have any problems during the transaction.
Can I trade MT4 on the Web without installing MT4 on my PC?
You can use the MT4 software on the web just by selecting “Trading Software” in the menu at the top of the official XM website. “MT4 Web Trader”.
(Smartphone can not use “MT4 Web Trader”)
Does XM allow the use of EA (Expert Adviser)?
Yes, XM allows.
XM provides a dedicated VPS service suitable for automated transactions. You can use VPS for free if you meet certain conditions.
Can I change the MT4 timezone?
The XM transaction server’s time zone is GMT + 2 (Greenwich Mean Time).
The reason for using GMT time is because you can perform a backtest or technical analysis more smoothly and clearly, preventing shortened candlestick charts on Sunday ( Small price fluctuations.).
I can not place orders from the MICRO account.
You need to display a dedicated chart for your MICRO account.
At XM, there are two different charts, MICRO account chart and STANDARD account. (1 lot in STANDARD account=100,000 currency units, 1 lot in MICRO account=1,000 currency units).
So, you need to look for the symbol Micro that follows the currency pair (Example: Currency pair showing MICRO account will not be EUR /USD but will be EUR /USDmicro) by right clicking on the price list window, select all currency pairs.
If you would like to see more Frequently Asked Questions and Answers visit the FAQ page of the XM official website.