XM s educational resources for beginning traders include a free demo account, live chat support, and educational videos. The company also offers free and fast customer support, but does not provide 24/7 help. Other positives include low minimum deposits and fees, easy and convenient access to a range of account base currencies, and free wire withdrawals. The downside is that the site lacks the most important feature of all - real-time market data.
In order to open an XM account, you must first provide proof of identity and residential address. This can be accomplished with a color copy of a passport, official ID, or other document that verifies your identity. XM s zero account requires a minimum deposit of just $5 USD. However, it is important to note that you must fund your account in order to make trades with real money.
XM has a robust suite of educational tools for beginners, including free webinars and seminars throughout the world. Its homepages feature highlights and links to subpages that offer more information about the currency market and various topics. There is also a calendar of webinars in 19 languages, and daily previews of the European open are provided. A live analysis section is also available. You can find market data and news about stocks, as well as trading signals.
XM also offers competitive swap rates and a convenient way to execute market orders. You can place orders during the market hours and the positions will remain open until the closing trade is executed. Your account balance will also be updated in real time, meaning that you won t miss a single detail. Furthermore, XM allows for up to 200 open positions simultaneously, including pending orders. In addition, it offers fractional pip pricing, making it the most accurate and efficient way to quote prices.
The XM website has plenty of information on the XM platforms. You can learn about MT4 and Expert Advisors, and even use the multi-currency tester. You can also connect with XM support through their website. You ll be glad you did. And XM s customer support is available around the clock. You ll be well-equipped to learn the ropes of forex trading.
Leverage is a powerful trading tool. However, it is important to note that the risk of using leverage is greater than the rewards it provides. XM provides a way to monitor margin, as well as the amount of free margin available for each trade. The latter fluctuates based on the amount of account equity. While free margin is always available to absorb losses, it can also be used for opening additional positions.
XM provides four types of accounts. Micro, Standard, and Advanced are all available, with unlimited access to MT4 and a range of other trading tools. You can choose a Micro Account, with a minimum deposit of $5 USD. A Micro lot is equal to 1,000 units of base currency. If you re looking to learn how to trade forex without losing your shirt, the XM platform has everything you need to get started.