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So, you have just created a trading account in XM Forex and completed the account opening process successfully and now you are wondering, what next? How does Xm trading work?
If this is your dilemma, don’t worry, this article will help you figure out your XM trading account.
If you read to the end you will not only learn which tools you need to trade successfully on XM Forex but also what to expect when you are just starting out.
First things first.
If you searched for how to start trading with XM Forex, then chances are you may not also be privy to what XM forex is or why it is a broker of choice to most traders.
Before we dive into the trading process in XM, let’s first learn a few useful things about XM Forex.
About XM Forex.
As of the time I was writing this article, XM Forex had Over 5,000,000 clients from over 190 countries;
Over 2,400,000,000 trades executed with zero requotes or rejections, ever.
And paid $1,000,000 to at least one single trader, all at once. Something not so common with most brokers in 2022.
In short, XM Forex is a highly reputable broker, and the fact that you have chosen to work with them is in itself a great sign that you are cautious about who you trust with your trading capital and your trades.
To learn more about XM Forex, its achievements, plans, and ambitions, visit the XM About page.
That out of the way.
If you just created a brand new trading account and you wanted to start trading with XM Forex, where should you begin? That in a moment.
If you don’t have an account though, here is where you should begin.
Step 1 – Create a trading account.
How to Open XM trading account.
a). Visit the XM website – opening an account in XM takes approximately 2 minutes. In the two minutes, you will be required to fill in your personal details (name, country, language, number); trading details (choose MT4 or MT5 platforms)
b). Submit required documents – if you register a real account on this page, you will only be required to verify your XM account with ID (scan and upload back and front). If you choose to register directly from the XM website though, you will be required to also upload proof of residence.
There really is no difference between creating an account here and elsewhere. The choice is yours.
c). Make a deposit – In order to start trading on a real account to make real profits, you will need to fund your trading account. At XM Forex, the minimum deposit is $5 for a micro account but $100 is almost always ideal if you want to start off as a serious trader.
Step 2 – Download and Install a Trading Platform { XM MT4 or MT5 Platform}.
Unlike binary options where you create an account and are able to trade and/or manage your account with the same platform, in Forex you may have to use a different platform to trade and your broker account only for the management of your funds.
Some of the most popular trading platforms that cut across all broker platforms are MT4 and MT5 platforms.
And what are these you ask?
a). XM MT4 Platform.
MetaTrader 4, also known as MT4, is an electronic trading platform widely used by online retail foreign exchange speculative traders.
The MT4 platform was developed by MetaQuotes Software and released in 2005.
While most brokers now have their own webtrader platforms and mobile apps to aid traders in speculating in the markets, MT4 is still a preferred platform for traders who need: –
1). Real-time access to market prices and liquidity.
2). Technical and fundamental analysis tools only found in Metatrader platforms.
3). Tight security and high-speed trade execution.
4). Automated trading among other benefits.
If you feel that MT4 is outdated, why not try trading with the MT5 platform?
b). XM MT5 Platform.
Just like the MT4 platform, Meta trader 5 is also a product of MetaQuotes Software and unlike MT4, it’s more advanced.
MT5 also holds the same benefits as MT4 and you can now download it from either App Store or the play store and use it on your phone.
Can you open an account on both MT4 and MT5 platforms?
Yes, XM Forex allows you to open multiple accounts using multiple platforms.
The only problem is, that you can not log in to either platform with the other’s credentials. I mean you can not access MT4 with MT5 credentials and vice versa.
Makes sense?
How to access MT4/MT5 With XM Credentials.
If you created an account in XM and did not check the email that was sent after your account was created, chances are you missed some very important details that should aid you in connecting your account to MT4 or MT5.
The most important ones are your Metertrader ID and the server where your account should be set up.
In case you don’t know what your MT4 or MT5 id is, just go back to the second mail sent to you by XM and check.
In this email, you will also find details for logging in to the XM member area and how to download your preferred trading platform.
How to Find Your Server for XM on MT4 or MT5 Platforms.
- Click on the three lines on the top left corner of the MT4 or an MT5 platform.
- Select manage accounts
- Click the plus button on the top right corner.
- Click login to an existing account
- Use the search bar to find XM Forex (XM Global).
- Confirm your server on the second email sent to you by XM and click on it. For example, mine is “XMGlobal-Real 13”
- Now use your login ID and password to access MT4/MT5.
If you forgot your trading ID, go back to the second email sent by XM and confirm what it is.
It’s that easy.
Step 3: Choose an Asset to Trade.
Which assets can you trade on MT4 or MT5 platforms?
XM as a platform offers more than 1,000 financial instruments spread across, currency pairs, commodities, stock, indices, crypto, metals, you name it.
With XM MT4 or MT5 platforms, it’s easier to manage trades and diversify your portfolio.
a). FX – Forex Trading With XM Metatrader platforms.
It’s no secret that Forex is the largest financial market in the work. And it is also no secret that 99% of newbie traders try Forex trading before they settle for either indices, stocks, commodities, or crypto.
It is no wonder why Xm is synonymous with Forex.
If you choose to trade Forex with XM, you can benefit from the platforms’ leverage of up to 1:888 which if you ask me, is larger than the market standard and is ideal for more profits.
Should things go south though, your account is still protected by XM negative balance protection which applies to all account types offered?
b). Commodities
These are things like – US Cocoa, Coffee, US Corn, Cotton, High-Grade Copper, US Soybeans, Sugar, and/or US Wheat.
Hard as it is to believe, these products are traded online. And you can access and trade them via the XM MT4 or MT5 platforms.
You will make money with commodities on XM if you open a short position and the price of the traded commodity ends up falling or if you open a long position and the price ends up rising.
c). Equity Indices
This is another popular form of CFD trading and there are traders who’d rather trade indices than touch commodities.
Just so you know, indices are a measurement of the price performance of a group of shares from an exchange.
If you have already created an account in XM Forex and installed either MT4 or MT5 platforms, you can instantly access these CFDs with high leverage (up to 1:888) and low cost.
Some of the most popular indices on XM MT4/MT5 platforms include EU50, FRA40, CHI50, US500, US100, US30, GER30, JP225, SING, and SWI20 among other indices.
XM LIVE Education. Monday to Friday.
d). Stock CFDs
If you don’t fancy commodity trading, Forex trading, or indices trading, you can opt to trade stocks (shares) on XM forex.
The best part is, that these assets are offered in the form of contracts for differences which makes them easy to trade and since this is XM we are talking about;
you will get: – high leverage to help maximize profits when your forecast is correct; a low trading commission, which is particularly useful if you hate processes and costs associated with trading actual stocks; and low swap fees.
Download XM MT4 or MT5 platforms.
e). Precious Metals
Gold and silver are perhaps the most popular precious metal traded worldwide. But if you compare the two, Gold is traded a lot in XM Forex and not only by newbie trades but also by intermediate and advanced traders.
If you are just starting out and you want something that’s analyzed daily and has good trading volume and enough volatility, Gold it is.
Plus, you can still leverage as much as 1:888 on gold. Anytime.
Login to your XM Forex account.
f). Energies Trading
Energies are things like Brent Crude Oil, London Gas Oil, Natural Gas, WTI Oil, and WTI Oil Mini. All of which can be accessed and traded as CFDs on XM Forex Webtrader, MT4, or MT5 platforms.
Try Energies Trading on a Demo Account.
g). Shares
Have I already mentioned that stocks (shares) can be traded in XM as CFDs?
Now I’m saying that you can also trade actual stocks (shares) through the XM shares account.
unlike stock CFD trading, trading shares on a share account requires that you have at least $10,000 in your trading account.
Summary.
You can trade any asset you want in XM.
Once you have identified an asset you wish to trade, tap on it and open a new order.
You can enter parameters such as take profit and stop loss on this window then tap either “BUY” to go long on the market or “SELL” to go short.
It’s that simple.
