Introducing the account types of XM.
XM is a forex broker that is popular with traders all over the world, and the various trading environments and educational contents that support traders are enriched, and its popularity does not decline.
XM offers six account types.
Actually, XM offers one more account named “Shares account”, it’s a dedicated account for copy trading, so I will explain six account types for general traders.
Each has its own characteristics, and depending on the type of trader, it may or may not be suitable.
- Micro Account
- Standard Account
- Swap free Micro Account
- Swap free Standard Account
- Ultra low Micro Account
- Ultra low Standard Account
In this article, after thoroughly comparing each account type based on specifications and trading conditions, I will clarify the characteristics and precautions for each account type and carefully explain which account is suitable for which type of trader.
- I want to know XM account types.
- I want to know specifications and conditions of each account.
- I’m not sure which account type is the best for me.
XM All Account Types
First, let’s compare the all account types offered by XM.
The color of the part that seems to be a point has been changed.
Let’s take a quick look at what kind of specifications and conditions are different.
| 0.0pips0.0pips0.0pips | Micro | Standard | Swap free Micro | Swap free Standard | Ultra low Micro | Ultra low Standard |
|---|---|---|---|---|---|---|
| Method | STP | STP | STP | STP | STP | STP |
| Platform | MT4, MT5 | MT4, MT5 | MT4, MT5 | MT4, MT5 | MT4, MT5 | MT4, MT5 |
| Base currency | USD,EUR,JPY,CHF, AUD,HUF,PLN,RUB, SGD,ZAR,THB | USD,EUR,JPY,CHF, AUD,HUF,PLN,RUB, SGD,ZAR,THB | USD, EUR, THB | USD, EUR, THB | USD,EUR,GBP,AUD, ZAR,SGD,THB | USD,EUR,GBP,AUD, ZAR,SGD,THB |
| Contract size | 1 lot = 1,000 | 1 lot = 100,000 | 1 lot = 1,000 | 1 lot = 100,000 | 1 lot = 1,000 | 1 lot = 100,000 |
| Min trade volume | 0.1 lots | 0.01 lots | 0.1 lots | 0.01 lots | 0.1 lots | 0.01 lots |
| Max leverage | 1:888 | 1:888 | 1:888 | 1:888 | 1:888 | 1:888 |
| Margin call | 50% | 50% | 50% | 50% | 50% | 50% |
| Stop out | 20% | 20% | 20% | 20% | 20% | 20% |
| NBP | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Min spread | 1.0pips~ | 1.0pips~ | 1.0pips~ | 1.0pips~ | 0.6pips~ | 0.6pips~ |
| Commission fee | X | X | X | X | X | X |
| Lot restriction per ticket | 100 lots | 50 lots | 100 lots | 50 lots | 50 lots | 50 lots |
| Max orders | 300 positions | 200 positions | 300 positions | 200 positions | 300 positions | 200 positions |
| Swaps | ✓ | ✓ | X | X | ✓ | ✓ |
| Admin fee | X | X | ✓ | ✓ | X | X |
| Non-deposit bonus | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Deposit bonus | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| XMP | ✓ | ✓ | ✓ | ✓ | X | X |
| Min deposit | $5 | $5 | $5 | $5 | $50 | $50 |
| EA | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Scalping | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Stop level | 0.0pips | 0.0pips | 0.0pips | 0.0pips | 0.0pips | 0.0pips |
Characteristics of each account type
I will briefly explain the characteristics of each account type.
XM Micro Account
XM Micro account is an account for traders who trade with a small margin.
The trading unit is set as low as 1 lot = 1,000 currencies, which is 1/100 of the general trading unit of forex brokers.
Therefore, if you trade with 0.01 lot, you can trade with 10 currencies, that is, with USDJPY, you can trade with about 10 USD even with no leverage.
The maximum leverage is 1:888, which is the same as the standard account, but even if you apply the maximum leverage, it will not cause a big loss in micro account, so it is suitable for traders who want to trade low risk with a small amount of money.
In addition, only the trading unit is different from the standard account, and other specifications and trading conditions are exactly the same.
is recommended for traders like;
- Trade with small lots or margin
XM Standard Account
XM Standard account, as the name says, is the most standard account type.
As mentioned above, the account specifications and trading conditions are exactly the same as the micro account, only the lot unit is different.
The maximum leverage is 1: 888 times, the stop out level is 20%.
is recommended for traders like;
- For the time being, a standard spec account is good
XM Swap Free Micro Account
XM Swap Free account is the above-mentioned micro account with the Swap Free option.
Swaps are points based on the interest rate difference granted to positions held for a certain period of time.
Swap-free accounts don’t get this point, but the spread is a bit narrower.
However, if the defined number of days (currently 2 days) is exceeded, an admin fee will be collected.
This account type is suitable for day traders who hold positions for only 1 to 2 days at the maximum.
The conditions are the same as XM Micro account type.
is recommended for traders like;
- Day trading trader
- Don’t need swap points
- Trade with small lots or margin
XM Swap Free Standard Account
XM Swap Free account is the above-mentioned standard account with the Swap Free option.
The conditions are the same as XM Standard account type.
is recommended for traders like;
- Day trading trader
- Don’t need swap points
XM Ultra Low Micro Account
XM Ultra Low Micro account is an account type that offers narrower spreads at the expense of slightly higher minimum deposit requirements.
That said, the minimum deposit is $50, which is not that high.
The conditions are the same as XM Micro account type.
is recommended for traders like;
- Prefer narrower spreads
- Trade with small lots or margin
XM Ultra Low Standard Account
XM Ultra Low Standard account is the standard account version of XM Ultra Low Micro Account.
The conditions are the same as XM Standard account type.
is recommended for traders like;
- Prefer narrower spreads
Common Conditions of All Account Types
In addition, I will introduce the specifications that are common to all account types.
XM Trading Platform
All account types allows both of MT4 and MT5.
Please be noted that MT4 doesn’t offer trading on stock CFDs.
XM Stop Out Level
Stop out level is 20%.
And margin call is 50%.
XM Negative Balance Protection System
Of course, NBP applies to all accounts.
Does XM allow to use EA (Expert Advisor) tool?
Yes, you can use any EA on XM.
Does XM allow scalping trading?
XM does not prohibit scalping trading.
However, the stop level is rather wide.
For example, EURUSD is 4.0 pips.
XM is not suitable for scalping.
The XM stop level is summarized in detail in the separate article “XM Stop Level | Conditions for Scalping, Stop/Limit Orders“, so please refer to that as well.
Which is the most recommended account type?
I recommend Standard account and Ultra Low account.
If cannot decide the account type to open, it’s a good idea to open a standard account.
It is the most orthodox account spec in XM.
In addition, XM allows to create up to 10 accounts, and when adding an account, you can select an account type different from the current account.
You can transfer funds between accounts even if the added account is of a different type.
So, you can open a standard account first, and if you don’t like it, you can open an additional defferent account type.
Please refer to another article for how to create additional accounts and how to use multiple accounts to reduce risk.
Summary
How was that?
In the case of XM, I think it’s best to open an account with standard account or Ultra Low account first. If you get used to trading a little and want to trade under other conditions, it is a good idea to create an additional account and try other account types.
If you haven’t opened XM account yet, please open an account by referring to the separate article “How to open XM account“.
＼Just 3 minutes!!／
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