XM is a popular forex and commodity trading platform. I've written in the past how I think it's a good choice for professional traders. Brand new traders should stick to a platform like etoro, that also offers copy trading. But if you're used to trading on MT4 and want access to zero pip spreads, then you might find XM the platform for you. I've put together this little guide on getting setup on the platform.
A little background on XM
XM is the brand name of Trading Point. They've been around since 2009 and are an EU regulated broker. There are over 1,000,000 clients on their platform with over 150,000,000 trades executed. XM prides itself on never having rejected or requoted a single trade.
Creating an Account
Practice or Real
Before opening account you need to decide whether or not you want to practice trade or use real money. For new traders, I always recommend starting with a practice forex account. This is the best way to learn about trading. Don't ever open a real forex account until you've started making consistently profitable trades in your practice account.
You can open a Demo account on etoro with $100,000 in virtual money to practice with.
Taking advantage of a $30 trading bonus
XM is one of the few forex brokers that offer a bonus when you sign up. New accounts will get $30 to trade with. A great way to get started practice trading.
Using MT4 or MT5
During your account setup, you'll need to choose which software you're gonna to trade with. XM offers MT4, MT5, or the Web Trader. MT4 is the older version of the metatrader software. The main difference between the two is the assets that can be traded. If you want to trade stock CFDs then you need to choose MT5. If you want to use the webtrader, you'll also need to choose MT5.
If you're new to trading you may as well use MT5 and I'd only recommend using MT4 if that's what you're used to.
XM Account Types and Leverage
XM offers three different account types – Micro, Standard and Zero.
The main differences between the accounts are the lot size. Although the Zero account does offer 0 pip spreads. With the Zero account you do need to pay a commission on trades though. I think most people will be best suited with a micro or standard account.
First deposit minimum
You can started trading with as little as $5. So you won't need to dish out a huge amount of capital to get trading. Just bear in mind that you won't be able to do a lot of trading with just $5. I would generally recommend starting with at least $100 if possible.
A zero account requires a $100 minimum first time deposit.
Learning about trading
XM offers extensive training materials that you should take advantage of.
Reivew the MT4 Tutorials
Metatrader can be a bit confusing for first time traders. So if you haven't used it before, make sure you review the video tutorials on offer. They walk you through step by step all the features of the platform. If you spend a day going through them, you'll be a much better trader.
Watch the weekly webinar
XM offers weekly webinars in 18 different languages. These are a great way to get trading ideas and keep on top of economic news. You can watch the webinars once you've signed up for an account.
XM also offers extensive news resources with an economic calendar, market reviews and daily outlooks. XM really tries to outdo other broker platforms with education and training.