XM offers five different types of trading accounts; Micro account, Standard account, XM Zero account, Ultra-Low account, Shares account. Also available are Demo and Islamic account options.
Unlike other brokers where the size of your deposit determines your benefits, XM has a standard minimum deposit amount of US$5 – this applies to all XM broker account types, apart for the Shares Account.
When setting up an account with XM, a trader must first select whether to have an MT4 or MT5 trading platform. A trader may have more than one single account, but the actual account classifications depend on the operating subsidiary that you are able to access.
Regulatory restrictions determine which account may service your needs. The company has offices in three jurisdictions:
It also has a registered office address in Belize City, Belize. The Micro Account and Standard Accounts are available from all locations. When it comes to which XM account type is best for you, it will depend on your country of residence and your individual needs. Traders may open more than one account, if necessary.
Accounts serviced out of Belize may also have access to the firm’s Ultra Low Account and special Shares Account, which permits direct trading in stocks in a limited portfolio. EEA traders cannot access these account types, and Australian residents are unable to access the Shares Account.
Demo accounts are also a standard issue with XM, and if you are of the Muslim faith and require a swap-free Islamic account, XM can also provide this for you. All accounts also receive Negative Balance Protection benefits.