Adam Rosen - Lead financial writer
XM do offer a range of cent trading accounts for traders wishing to trade are variety of financial instruments in cents including stocks, Forex, commodities, cryptocurrency and CFDs with XM.
Within the realm of retail foreign exchange trading, XM cent accounts are a specific type of trading account in which the XM balance is reported in cents rather than dollars. The sole difference between handling XM accounts dealing in cents and handling accounts dealing in US dollars is in the nominal amounts and size of the denominations that are dealt with when XM trading. XM accounts dealing in cents are handled exactly the same way as XM accounts dealing in US dollars.
A XM foreign exchange trading account that is denominated in US cents rather than US dollars is known as a cent account. There are also cent accounts denominated in euros, though their use is significantly less common than XM accounts denominated in US dollars. FX brokers are able to use the centesimal units of other currencies as another option for the XM trading accounts.
XM cent accounts quickly became a popular feature and continue to be a permanent offer from a significant portion of brokers. These XM accounts were initially created to work around a rather obscure bug in the MetaTrader platform. Even in this day and age, cent-denominated accounts continue to show resilience.
Trading accounts that are denominated in cents are managed in the same manner as standard XM accounts denominated in USD or EUR. The size of a XM standard lot, which is typically 100,000 currency units, is reduced down to just 10,000 units. The actual profit or loss incurred from a XM trade involving one lot is also reduced proportionally.
A XM trader can operate with as little as 0.0001 standard lot in a cent account using the MetaTrader platform, which is something that would be impossible to do in a USD account without using the platform.
You have to be aware of the fact that trading forex with XM, despite having the potential to make you money, can actually cause you to lose money. Never risk money that you can't afford to lose when you trade the markets, with XM. Trading with leverage can wipe out your XM account even more quickly.
Trading in futures contracts for difference (also known as CFDs) on XM comes with a significant amount of risk and might not be suitable for all investors. It is important to keep in mind that trading in CFDs is highly leveraged, as XM CFDs are leveraged products and as a result, losses may be greater than the initial capital that was invested.
Between the XM demo account and the real money XM account have a account known as the cent account. To open a XM cent account, you may be required to make a minimum or maximum deposit, as well as satisfy any other prerequisites. You can trade with real money as soon as you reach the 0.0001 of a standard XM lot minimum position size required to open an available position.
To ensure that XM customers only make the bare minimum amount of use of their services, the vast majority of Forex brokers that provide this kind of offering place caps on the maximum account and position sizes. Additionally, the XM quote spreads for cent accounts are wider in order to compensate brokers for the higher costs associated with quoting quotes on behalf of XM customers.
A great number of people see it as an opportunity to make the leap from a practise XM trading account to a real, live XM trading account. All of these things occur without the need for traders to put a significant amount of money at risk with XM.
When you use a XM cent account, it means that you are able to evaluate the services provided by the XM broker on your own with very little financial risk. Because there are typically no restrictions placed on the amount of a XM deposit that can be made, this facilitates a smooth transition into the foreign exchange trading market with XM.
When trading Forex with XM, it is a smart move to experiment with a variety of different trading strategies. Trading strategies can also be tested using the XM cent account XM traders employ a wide variety of strategies.
Using a XM trading account denominated in cents comes with a number of advantages. XM accounts are designed for individuals who are interested in gaining some knowledge and competence in the Forex market. If you have the goal of amassing enormous profits, you should avoid using XM account until you have more experience. XM places restrictions on the maximum number of open positions and the overall XM account size.
Due to the fact that XM accounts are linked to the dollar in the United States, the spreads that are associated with it are typically greater than those that are associated with other XM account alternatives.
XM focus on providing new traders with other forms of educational resources, such as XM demo accounts and other types of resources that can assist you in becoming more knowledgeable about trading.
People who have a XM cent account are able to trade smaller lot sizes than they would be able to with any other account type, and they can open a XM cent account with a smaller initial deposit. You will need to make an initial deposit of only 5 USD in order to open the XM cent account.
Withdrawing money from your XM cent account, can be accessed from your XM dashboard. You will only be able to withdraw to verified XM payment methods and XM cent account withdrawals are processed usually in 3 days. You can complete XM account withdrawal transactions by utilising the same method of payment that you did for the XM initial deposit. If you deposited money into the XM account using a variety of methods, you can cash out your balance using any of the same methods that you used to deposit money to XM.
You will be required to go through a XM profile verification process which will involve sending a proof of address and photo ID to XM. For the protection of both your money and your identity only register and fund cent accounts from financially regulated brokers. Once you have verified your XM account, and funded the minimum trading balance ( 5 USD ) requirements with XM, you are ready to trade using your XM cent account.
You can join XM and get started on your XM cent account trading journey as long as you are over 18, have a verified XM account and have funded the minimum balance and have educated yourself on the XM technical analysis and risk management tools. You need to have sufficient knowledge of how assets behave in the financial markets in addition to a XM brokerage account if you want to trade. To get started, sign up for an XM account and go over the fundamentals using the free educational materials they provide.
It's possible that opening a XM cent account is one of the best ways to get started trading forex. The unit of measurement for XM cent accounts is the cent rather than the dollar. A regular forex trading account and a XM cent account share a lot of similarities between the two types of accounts. However, there are a number of significant distinctions between a XM cent account and a standard account.
The number of nominal funds that are associated with a XM cent account is the primary characteristic that sets it apart from other types of XM accounts. If you start trading with five dollars, you will see the value of your initial investment displayed as half a dollar on your XM trading account.
When it comes to using XM cent accounts for foreign exchange trading, there are a lot of advantages and disadvantages to consider.
The process of opening a XM trading account for cents shouldn't be any more difficult than opening an ordinary XM trading account. On the other hand, this particular type of account is not provided by all Forex brokers like XM. It can be difficult for some people to find a trustworthy broker like XM that is well regulated that provides cent accounts.
Those who are just starting out in foreign exchange trading make up the vast majority of traders who use XM cent accounts. Because of this, they are having a difficult time deciding which broker to trust and what to focus on while looking for a broker like XM.
The majority of the time, brokers offering cent accounts like XM will use trading platforms such as MetaTrader 4 and MT5. Traders who use XM cent accounts can choose to keep their funds in US dollars or Euros on these platforms.
For newcomers to the Forex market, there are several different kinds of XM accounts to choose from. A XM demo trading account is one type of account that you could use instead of the XM cent account. However, there are some significant distinctions between these two accounts, and neither one of them is necessarily the optimal choice for novice users.
You have the opportunity to obtain virtual demo cash from when trading foreign exchange with XM, which you can then use for learning purposes. When using a XM demo account, there is absolutely no chance of losing any money. You can even use the XM demo version of the cent account, which gives you the opportunity to practise using XM trading account tool features.
In actual practise, the transition from a XM demo account to a standard account can be very challenging for certain individuals. It's possible to make the case that a XM demo account and a cent account serve essentially the same function. However, there are significant differences between the two that make switching between them extremely challenging.
Transitioning from a XM practise account to a real-money account in live trading can be challenging for some traders. The primary reason for this is that they are accustomed to dealing with emotional challenges rather than the physical risks that are associated with using a live XM account, and as a result, they have developed difficulties in overcoming these challenges.
When you open a XM cent account, you will be able to participate in real trading activities from the very first moment. Because of this, you won't have to put up a significant sum of money when you first start out in your XM trading career.
Some brokers like XM also provide something called "mini trading accounts," which enable customers to engage in financial transactions using an extremely modest sum of capital.
XM traders are able to enter the foreign exchange market with more manageable size positions thanks to XM mini trading accounts. When it comes to the lot size for XM cent accounts, XM account permits trading in micro-lots with a minimum value of 0.01 cents in the majority of instances.
Traders can be given a great deal of assistance by making use of a XM cent account. It will provide you with unrestricted access to a live XM Forex trading account while exposing you to a minimal level of risk.
If you are interested in learning more about XM Forex trading, opening a XM cent account is a good place to get started. You should make an effort to make the most of every opportunity that XM accounts provide, become accustomed to the functioning of the XM trading platform, and stay current on all of the details of live financial markets when trading in cents.
Traders who are just beginning their careers in this market are the target demographic for the XM cent account. Trading Forex with a XM cent account is an excellent way to get started in the market. You won't have to put up a significant amount of capital in order to gain self-assurance with a XM cent account. Trading with XM cent accounts does hold trading risks, and you must make sure you understand the risks and use risk management like stop loss and negative balance protection offered by XM.
🤴 XM is Used By: 10,000,000
âš¡ XM is Regulated by: Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC)
💵 What You Can Trade with XM: Forex, Stock CFDs, Commodity CFDs, Minors, Majors, Exotics, Equity Indices CFD, Energies CFD, Precious Metals
💵 Instruments Available with XM: 1000
📈 XM Inactivity Fees: Yes
💰 XM Withdrawal Fees: No
💰 XM Payment Methods: Credit cards, Debit cards, Bank Transfer, Electronic wallets (eWallets), Moneta, ABAQOOS, PRZELEWY24, Neteller, PerfectMoney, WebMoney, UnionPay, FasaPay, CashU, Payza, QIWI, SOFORT, Giropay, Payoneer, Skrill,
💰 XM Account Base Currencies:
XM Risk warning : CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.74% of retail investor
accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford
to take the high risk of losing your money.
🤴 IC Markets is Used By: 180,000
âš¡ IC Markets is Regulated by: Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC)
💵 What You Can Trade with IC Markets: Forex, Majors, Energies, Metals, Agriculturals,
💵 Instruments Available with IC Markets: 232
📈 IC Markets Inactivity Fees: No
💰 IC Markets Withdrawal Fees: No
💰 IC Markets Payment Methods: Credit Cards, VISA, MasterCard, Debit Cards, Visa, MasterCard, Bank Transfer, PayPal, Neteller, Neteller VIP, Skrill, Poli, Cheque, BPAY, UnionPay, FasaPay, QIWI, RapidPay, Klarna, Electronic wallets (eWallets), Broker to Brokers, Thai Internet Banking, Vietnamese Internet Banking,
💰 IC Markets Account Base Currencies: USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, HKD, NZD
IC Markets Risk warning : Losses can exceed deposits
🤴 Roboforex is Used By: 10,000
âš¡ Roboforex is Regulated by: Financial Services Commission (FSC) License 000138/437
💵 What You Can Trade with Roboforex: Forex, Minors, Majors, Exotics, Indices, Metals,
💵 Instruments Available with Roboforex: 100
📈 Roboforex Inactivity Fees: No
💰 Roboforex Withdrawal Fees: Yes
💰 Roboforex Payment Methods: Credit cards, VISA, MasterCard, JCB, Debit cards, Bank Transfer, Electronic wallets (eWallets), Neteller, Skrill, Perfect Money, AdvCash, BPAY, China UnionPay, FasaPay, CashU, WeChat Pay, ecoPayZ, AstroPay, Sofort, Giropay, Poli, Wepay, iDEAL, Payoneer,
💰 Roboforex Account Base Currencies: USD, EUR, XAU
Roboforex Risk warning : Losses can exceed deposits
🤴 AvaTrade is Used By: 200,000
âš¡ AvaTrade is Regulated by: Central Bank of Ireland, Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), British Virgin Islands Financial Services Commission (BVI)
💵 What You Can Trade with AvaTrade: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals, Agriculturals, ETFs, IPO, Bonds,
💵 Instruments Available with AvaTrade: 1000
📈 AvaTrade Inactivity Fees: No
💰 AvaTrade Withdrawal Fees: No
💰 AvaTrade Payment Methods: Credit cards, VISA, MasterCard, Bank Transfer, Electronic wallets (eWallets), PayPal, Neteller, WebMoney, Payoneer,
💰 AvaTrade Account Base Currencies: USD, GBP, EUR, JPY, AUD
AvaTrade Risk warning : 71% of retail CFD accounts lose money
🤴 FP Markets is Used By: 10,000
âš¡ FP Markets is Regulated by: Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Financial Services Authority (St. Vincent and the Grenadines)
💵 What You Can Trade with FP Markets: Forex, Minors, Majors, Exotics, Indices, Metals,
💵 Instruments Available with FP Markets: 100
📈 FP Markets Inactivity Fees: No
💰 FP Markets Withdrawal Fees: No
💰 FP Markets Payment Methods: Credit cards, VISA, MasterCard, Debit cards, Bank Transfer, Electronic wallets (eWallets), Neteller, BPAY, POLi, PayPal, Neteller, Skrill, PayTrust, NganLuong VN, Fasapay, Broker to Broker, OnlinePay China, Directa24, Klarna, PayTrust88, Payoneer,
💰 FP Markets Account Base Currencies: USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, HKD, NZD
FP Markets Risk warning : Losses can exceed deposits
🤴 NordFX is Used By: 10,000
âš¡ NordFX is Regulated by: Cyprus Securities and Exchange Commission (CySEC), License No: 209/13
💵 What You Can Trade with NordFX: Forex, Majors, Metals,
💵 Instruments Available with NordFX: 50
📈 NordFX Inactivity Fees: No
💰 NordFX Withdrawal Fees: No
💰 NordFX Payment Methods: Bank Transfer, Neteller, PerfectMoney, WebMoney, FasaPay, CashU, Payza, QIWI,
💰 NordFX Account Base Currencies: USD, EUR
NordFX Risk warning : Losses can exceed deposits
🤴 XTB is Used By: 250,000
âš¡ XTB is Regulated by: Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comision Nacional del Mercado de Valores, Komisja Nadzoru Finansowego, Belize International Financial Services Commission (IFSC) under license number IFSC/60/413/TS/19, Polish Securities and Exchange Commission (KPWiG), Dubai Financial Services Authority (DFSA), Dubai International Financial Center (DIFC),Financial Sector Conduct Authority (FSCA), XTB AFRICA (PTY) LTD licensed to operate in South Africa
💵 What You Can Trade with XTB: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Pennystocks, Energies, Metals, Agriculturals, ETFs,
💵 Instruments Available with XTB: 4000
📈 XTB Inactivity Fees: Yes
💰 XTB Withdrawal Fees: No
💰 XTB Payment Methods: Credit cards, MasterCard, Maestro, Visa, Debit cards, Bank Transfer, Electronic wallets (eWallets), PayPal, Neteller, Skrill, Poli, Paysafe, Payoneer,
💰 XTB Account Base Currencies: USD, GBP, EUR
XTB Risk warning : 76% - 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
🤴 Pepperstone is Used By: 89,000
âš¡ Pepperstone is Regulated by: Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217
💵 What You Can Trade with Pepperstone: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, Energies, Metals,
💵 Instruments Available with Pepperstone: 100
📈 Pepperstone Inactivity Fees: Yes
💰 Pepperstone Withdrawal Fees: No
💰 Pepperstone Payment Methods: Credit cards, VISA, MasterCard, Debit cards, Bank Transfer, Electronic wallets (eWallets), PayPal, Neteller, BPAY, POLi, UnionPay, FasaPay, QIWI, Payoneer,
💰 Pepperstone Account Base Currencies: USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, NZD, HKD
Pepperstone Risk warning : CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89 % of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money
🤴 FXPrimus is Used By: 10,000
âš¡ FXPrimus is Regulated by: Cyprus Securities and Exchange Commission (CySEC), Markets In Financial Instruments Directive (MiFID), Vanuatu Financial Services Commission (VFSC)
💵 What You Can Trade with FXPrimus: Forex, Minors, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals,
💵 Instruments Available with FXPrimus: 130
📈 FXPrimus Inactivity Fees: No
💰 FXPrimus Withdrawal Fees: Varies
💰 FXPrimus Payment Methods: Credit cards, VISA, MasterCard, Debit cards, Bank Transfer, Electronic wallets (eWallets), Neteller, Skrill, Payoneer, SafeCharge, TrustPay, EmerchantPay, Bitcoin, UnionPay, FasaPay, Giropay,
💰 FXPrimus Account Base Currencies: USD, GBP, EUR, SGD, PLN
FXPrimus Risk warning : Losses can exceed deposits
🤴 easyMarkets is Used By: 142,500
âš¡ easyMarkets is Regulated by: Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI)
💵 What You Can Trade with easyMarkets: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, Energies, Metals, Agriculturals, Options,
💵 Instruments Available with easyMarkets: 200
📈 easyMarkets Inactivity Fees: No
💰 easyMarkets Withdrawal Fees: No
💰 easyMarkets Payment Methods: Credit cards, MasterCard, Maestro, American Express, JCB, Astropay, Debit cards, Bank Transfer, SOFORT, GiroPay, iDeal, Bpay, Electronic wallets (eWallets), Skrill, Neteller, WebMoney, UnionPay, WeChatPay, FasaPay, STICPAY,
💰 easyMarkets Account Base Currencies: USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, CNY, CZK, HKD, ILS, MXN, NOK, NZD, PLN, SEK, TRY, ZAR
easyMarkets Risk warning : Your capital is at risk
🤴 Markets.com is Used By: 4,000,000
âš¡ Markets.com is Regulated by: Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), BVI Financial Services Commission (BVI FSC)
💵 What You Can Trade with Markets.com: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, UK Stocks, US Stocks, Energies, Metals, Agriculturals, ETFs, Bonds,
💵 Instruments Available with Markets.com: 2200
📈 Markets.com Inactivity Fees: Yes
💰 Markets.com Withdrawal Fees: No
💰 Markets.com Payment Methods: Credit cards, Debit cards, Bank Transfer, Electronic wallets (eWallets), Skrill, Neteller, PayPal,
💰 Markets.com Account Base Currencies: USD, GBP, EUR, JPY
Markets.com Risk warning : 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
🤴 ThinkMarkets is Used By: 500,000
âš¡ ThinkMarkets is Regulated by: Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Financial Sector Conduct Authority (FSCA), Financial Services Authority Seychelles (FSA), TF Global Markets (UK) Limited is authorised and regulated by the Financial Conduct Authority FRN 629628, TF Global Markets (AUST) Limited is the holder of Australian Financial Services License number 424700, TF Global Markets (South Africa)(Pty) Ltd is an Authorised Financial Services Provider (FSP No 49835),TF Global Markets Int Limited Is authorised and regulated by the Financial Services Authority Firm Reference Number SD060
💵 What You Can Trade with ThinkMarkets: Forex, Minors, Cryptocurrencies, Majors, Exotics, Indices, Energies, Metals,
💵 Instruments Available with ThinkMarkets: 1500
📈 ThinkMarkets Inactivity Fees: Yes
💰 ThinkMarkets Withdrawal Fees: No
💰 ThinkMarkets Payment Methods: Credit cards, Debit cards, Bank Transfer, Electronic wallets (eWallets), Neteller, Skrill, BitPay,
💰 ThinkMarkets Account Base Currencies: USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, NZD, CNH
ThinkMarkets Risk warning : CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money
If XM isn't quite what you are looking for you can check out some of the best XM alternatives below.
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