As summarized in the separate article “How to choose the best broker for beginners” and “The story saved by negative balance protection system“, by utilizing multiple accounts, you can operate more efficiently with less risk.
For example, if you make a profit, you can transfer it to another account frequently, or set a low leverage for highly volatile currency pairs or CFDs.
You can open up to 10 accounts in XM.
You do not need to verify your identity to open the second and subsequent accounts, and you can create one in less than one minute.
In this article, I will explain not only how to create additional accounts, but also how to transfer funds and how to delete accounts that are no longer needed.
If you didn’t open XM account yet, please refer to another article and open it.
＼Just 3 minutes!!／
- Why You Need Multiple Accounts
- How to Deposit?
- Complete in 1 minute if you have verified your identity
- How to Open an XM Additional Account
- How to Switch Accounts
- Internal Transfer Funds
- How to Log In to MT4/MT5 with Additional Account ID
- Precautions for multiple account management
- You Cannot Add a Real Account to the Demo Account
- Up to 8 Accounts Can Be Created
- Cross Order with multiple accounts is prohibited
- Deposit Bonus is Shared by All Accounts
- XMP Point is Shared with All Accounts
- Account Opening Bonus is Only for the First Account
- When You Transfer Funds, the Bonus Also be Transferred
- Bonus Disappears When Funds are Transferred to ZERO Account
- XM Leverage Limit is Determined by the Total Amount of All Account Balances
- How to Delete Unnecessary Accounts
- Summary
Why You Need Multiple Accounts
By having multiple accounts, you can get the following benefits.
- Risk can be reduced by operating with multiple accounts
- Different account currencies and leverage can be selected
- You can change the trading tool
Distribute Risk to Multiple Accounts
By changing the currency pair and CFD to trade for each account, the risk itself is distributed to multiple accounts.
In addition, by setting the amount of each fund as small as possible, even if you got a loss cut, the damage can be minimized.
With negative balance protection system, which is one of the biggest features of forex brokers, you will not be in debt.
Therefore, if you make a profit, transfer funds to another account.
If you trade different currency pairs or different CFDs, it should be easier to calculate margins if you do not have the same account.
Different Currency, Different Leverage
When creating another account in XM, you can specify the account currency and leverage setting in the same way as when creating the first account.
For example, when you want to start trading USD pairs with another account, you can set the account currency to USD for easy fund management.
In addition, you can also change the maximum leverage setting for each account.
When trading products with high volatility, you can reduce the possibility of hitting a loss cut by lowering the maximum leverage setting in advance.
XM can be traded with 888x high leverage, but the minimum leverage can be set from 1:1 (that is, NO leverage).
Change Trading Tool
If a forex broker that offers multiple trading platform, such as MT4 and MT5, you can choose another trading tool when creating an additional account.
You cannot change the trading tools for existing accounts.
If you have been using MT4 before but want to switch to more sophisticated MT5, create an additional account and select MT5 as trading platform.
In addition, if you want to use an automatic trading tool (EA) that works only on MT4, you can use that EA by creating an additional account for MT4.
Please refer to separated article “XM All Account Types” to know the conditions and specs of each account type.
How to Deposit?
There are two methods.
One is to deposit money into the additionally created account as before.
The other is the transfer of funds from an existing account.
You can easily transfer funds from the website.
Moreover, unlike deposit, the reflection is completed in an instant.
Also, if the account currency is different, it will be automatically converted into another currency.
The detailed procedure will be described later.
Complete in 1 minute if you have verified your identity
If you already have a real account and have completed the verification, you do not need to verify your identity to add an account.
Creation is completed in 1 minute.
If you haven’t been verified for your main account yet, take this opportunity to do it with referring to the description in the article “How to Open XM Account“.
How to Open an XM Additional Account
The basic flow is the same as when creating a main account.
However, since you have already entered basic information such as your address and verified your identity, you only need to specify the account type, currency, leverage, and other account specifications of the account you want to add.
It’s very easy.
Log in to Member Page
Log in to member page first.
The accounts you currently have are displayed.
Click “OPEN ADDITIONAL ACCOUNT”.
Enter the Details of the Additional Account
Select the account type, leverage, account currency, etc.
You can select a platform different from the main account, account currency, etc.
After selecting and entering all, click “OPEN A REAL ACCOUNT”.
Please note that the password can be set differently from the main account.
This is used when logging in to MT4 / MT5.
You can also log in to the XM member page with your additional account ID and password.
The same member page will be displayed no matter which account ID you log in with.
One more point to note.
About account opening bonus, but you will only get the first account.
Please note that the additional account registration form also has a “Yes, I wish to receive the bonus” column, but you will not get the bonus even if you select “Yes”.
Registered
After registering, you will see a message that a confirmation email has been sent.
The email address is the same as the one you registered when you opened your first account. Please check your email.
Confirm Registration Completion Email
You have received a registration completion email.
The ID of the additional account is shown here.
Log in to MT4 / MT5 using this ID.
Check the MT4 / MT5 server name carefully.
XM offers multiple servers for load balancing, but the server name may be different from the first account.
Log in to Member Page Again
When you log in to the member page, the account you just added is already displayed.
I used Japanese Yen as my main account, so I created it in USD.
Not surprisingly, the balance is zero.
How to Switch Accounts
You can switch the currently selected account on the XM membership page.
The currently selected account is displayed at the top.
Deposits and withdrawals to and from your account can be done from the “Actions” in each account line, so you don’t really need to reselect your account.
You only need to select an account when transferring funds between accounts. However, since you can also select the transfer of funds from “Action”, there is not much need to reselect the account, but I will explain it for the time being.
To select an account, click the relevant account line and the “Log In” button will be displayed along with the account details. Click it.
You will not be asked to enter the password again.
If you change the selected account, the selected account will be displayed at the top.
This completes the creation of an additional account.
You don’t need to verify my identity, so I think it was very easy.
Next, I will explain how to transfer funds.
Internal Transfer Funds
Selection of Transfer Source Account
With the transfer source account selected (the transfer source account is displayed at the top), click “INTERNAL TRANSFER”, or select “Internal Transfer” from “Actions” of the transfer source account.
Deposit Account ID, Deposit Amount
Select the account ID to which you want to transfer the funds and enter the amount to transfer the funds.
Enter the amount in the currency of the transfer source account.
If the transfer destination account currency is different, XM will automatically exchange it.
It will show how much it will be exchanged.
Review your entries and click “SEND REQUEST”.
Transferred
A message is displayed and the transfer of funds is complete. When you return to the main screen, you will see that the funds have been transferred.
How to Log In to MT4/MT5 with Additional Account ID
Same as the first account.
Open MT4 or MT5 and log in with your additional account ID and password.
Please note that the MT4 / MT5 server name of the additional account may be different from the main account, so be careful not to make a mistake when logging in.
Please refer to another article for how to use MT4 / MT5.
Precautions for multiple account management
There are some points to note when operating with multiple accounts.
You Cannot Add a Real Account to the Demo Account
You cannot add a real account to the demo account.
First of all, please open a real account, verify your identity, and then add the account.
Up to 8 Accounts Can Be Created
Up to 8 accounts can be created with XM.
I think 8 accounts is enough, but please be careful.
Cross Order with multiple accounts is prohibited
Cross order of the same currency pair in multiple accounts is strictly prohibited.
It is considered to be an act of misusing the negative balance protection system.
Please be aware that there is a possibility of account freeze or forced withdrawal.
In addition, cross order in the same account are allowed.
This is because negative balance protection system is done on an account-by-account basis.
Deposit Bonus is Shared by All Accounts
The deposit bonus is shared by all accounts.
The maximum amount is one management for all accounts.
No matter which account you deposit, the balance of your deposit bonus will decrease.
XMP Point is Shared with All Accounts
XMP point is also shared by all accounts.
You can earn points no matter which account you trade.
If you are already an ELITE member, points will be accumulated for additional accounts as an ELITE member.
Account Opening Bonus is Only for the First Account
As mentioned above, you will only receive the account opening bonus the first time.
There is a field in the application form for additional accounts where you can select to get bonus, but I can’t get it.
XM is using the same form as the first account application, so only the fields remain.
It’s confusing….
When You Transfer Funds, the Bonus Also be Transferred
When you transfer funds between accounts, the bonuses you have already received will also be transferred.
For example, if you have a balance of $ 100 and the first 50% deposit bonus is $ 50 as credit, and you transfer the balance of $ 50, the same 50% of $ 25 will move with you.
Bonus Disappears When Funds are Transferred to ZERO Account
ZERO accounts are not eligible for the bonus.
You can create a ZERO account as an additional account, but be aware that if you transfer funds to your ZERO account, the bonus will disappear rather than not transfer.
XM Leverage Limit is Determined by the Total Amount of All Account Balances
XM allows you to set a high leverage of 1: 888, but is limited to 1: 200 when your account balance exceeds $ 20,000 and 1: 100 when your account balance exceeds $ 100,000.
The account balance at this time is not the balance of one account, but the total balance of all accounts if you have multiple accounts.
Since the balance is the amount including the profit, there are cases the leverage become be limited when the unrealized profit increased, so please be careful when managing the funds in a diversified manner.
How to Delete Unnecessary Accounts
It’s easy to create additional accounts, but if you overcreate or have an account that you no longer use, you can easily delete it.
Remember to close all your positions and transfer your balance to another account before deleting.
Select Delete Account
Select “Close Account” from “Actions” of the account you want to delete.
Receive Confirmation Email
You will receive an email, click “Close Trading Account”.
Do Delete
Jump to the member page and the final confirmation message for deleting the account will be displayed. Click “CLOSE TRADING ACCOUNT”.
Summary
That’s all.
XM makes it easy to add and manage multiple accounts.
There are some points to note, but please make good use of multiple account and operate with less risk.
＼Just 1 minute!!／
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