The XM demo account allows you to test the broker’s trading platform and trading conditions without putting your money at risk. It is the best way to get started for both beginners and traders who have already worked with another online broker and want to assess whether XM is the right broker for their trading operation.
If you are new to trading, with the XM demo account you can learn how to invest, familiarise yourself with the platform, open, manage and close positions, analyse the market situation, make your trading decisions properly, improve your strategy and test your potential before moving to a real money account. When trading with virtual money, both profits and losses are simulated. You will not put your capital at risk in this learning phase and when you feel comfortable you can move to a real account with a much better chance of success.
We believe that XM is recommended for all types of traders because it is a regulated broker, with a wide range of financial instruments to invest in (Forex currency pairs, commodities, energy and stock indices), it offers fairly tight spreads, order execution is fast and without requotes and any trading strategy is allowed without restriction.
What are the main features of the XM demo account?
– The XM demo account is completely free of charge. You do not have to deposit any money to use it, nor do you have to provide any bank details, nor do you make any commitments to the broker.
– It has the advantage of being a demo account unlimited in time. Other brokers usually limit the use of demo accounts to 30 days, for example, to force you to switch to the real account as soon as possible. This is not the case with XM as you can test the account for as long as you like without any limitation of any kind. It will only be closed if it is inactive for more than 120 days, in which case you can re-open a new one if you need.
– Something very interesting is that you can select the balance of virtual money you want to choose from 1,000 to 5 million of the currency you manage in your account (EUR, USD,…). Many demo accounts of other online brokers do not allow this. Our recommendation is that you choose a configuration more or less similar to what you would do on a live account. For a correct learning process, it is important that you treat this demo account as if it were real money. Even so, it is easy to make some mistakes at the beginning and it is advisable that you have a large enough balance to be able to test it.
– The XM demo account gives you full access to the trading platform, both the popular MetaTrader 4 or MetaTrader 5 for PC or MAC and the specific versions for iOS or Android smartphones and tablets.
– The trading operation is virtually the same as you would have on a live account. It offers the same instruments and very similar trading conditions as a real money account.
As we said before, if you really want to learn, you should treat this demo account as if it were a real account. If you take decisions lightly and trade without control it will be of little use to you. The psychological factor will always have a greater impact on a real account as it is your money that is at stake and you will have to face and control both fear and greed. Even if your demo account balance is virtual, try to trade with caution and discipline as if it were your own money.
How to open an XM demo account?
Opening a demo account with XM is easy and will only take a minute to set up:
1- Go to the XM demo registration page by CLICKING HERE.
2- Fill in the form with your name, surname, country, city, telephone number and e-mail address. Select the currency you want to work with (for example EUR or USD), the trading platform (MT4 or MT5), the leverage level and the virtual balance to trade. Finally, set a password to access your trading account. Then click on the “Open Demo Account” button.
3- The next step is to confirm the email account you indicated in the previous step. You must access your inbox and click on the validation link of the e-mail you have received from XM.
4- Once you have confirmed your e-mail address, you will receive your login details and you can download the trading platform. All that remains is install the platform and you will be able to start managing your XM demo account.
We hope you found this information useful. If you want to know more about this broker, you can check out this other article about XM broker commissions. You can also send us your questions or experiences with the XM demo in the comments form below.