The XM demo account mirrors the real-time market scenario seen in your XM trading account but uses a virtual money for users to practice in developing trading strategies. The aim of the demo account is to harness the skills and understanding of XM user traders about the ins and outs of forex and CFD trading. Signing up for an XM account allow users to switch from their real trading account to their demo account anytime.
By using the XM demo account, users will enjoy these benefits:
To open an XM Demo Account, simply follow these steps:
To open a demo account, you need to supply these personal details of information about yourself:
You can use your demo account within the same interface as your real account. Just switch to your demo account anytime you wanted. Additionally, the XM Demo Account can be accessed on the MT4 and MT5 platform — both available on both the PC and Mac computers, iPhone and Android smartphones — or log in by using the WebTrader from your browser.
The XM Demo account is seen as an encouraging feature of the trading platform as it gives users a chance to practice trading without risking any real money.
The demo account allows traders and users to vastly improve their trading strategies and skills without having to lose money since the demo account uses a virtual money.
XM demo and live accounts are almost identical. There's obviously a difference in that you're trading with virtual funds in a zero-risk environment. However, the broker's platform and trading interface operates similarly to what you would see in a live trading environment.
Demo accounts can be operated for an unlimited period of time. Each user may open up to five demo accounts. The XM demo account offers great flexibility in how and when it can be used.
The difference between the demo and the live account can only be noticed when it comes to trading on a live forex account. This is because slippage, which occurs from time, can only be replicated under live market conditions.
What is a slippage?
Slippage happens when the price of goods or services offered in a trade order varies from the price requested. These situations usually occur during periods of high volatility as well as during times when orders cannot be met at desired prices.
The XM demo account comes with a $100,000 virtual money.
In order for you to learn the proper way, it is advisable to treat the demo account virtual money as if it’s your real money. Remember that it is expected to commit trading mistakes at first, so you should start with a large enough balance to test it out.