XM Demo Account

Yes, XM does offer a demo account. The Demo account interface is ideal for traders who want to learn to trade without incurring any trading risks or losses. XM is currently one of the top-rated platforms with a Trust Score of 89% out of 100.

Updated : May 23, 2023

Overall Rating

Min Deposit

USD 5 / 2 075 NGN

Regulators

IFSC, CySec, ASIC

Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

No

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread

Account Activation Time

24 Hours

XM at a glance

🏛️ HeadquarteredBelize
🏛️ Nigerian Based OfficeNo
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2009
📱 Nigerian Office Contact NumberNone
⚖️ RegulationFSCA, IFSC, ASIC/AFSL, CySEC, DFSA
🔎License NumberBelize – 000261/158
South Africa – 49976
Australia – 443670
Cyprus – 120/10
Dubai – F003484
⚖️ CBN RegulationNone
✴️ Regional RestrictionsThe United States, Canada, Israel, the Islamic Republic of Iran
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts4
🚀 Offers a Nigerian Account?No
💻 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:888
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)2,000 Nigerian Naira (equivalent to $5)

💳 Nigerian Naira Deposits Allowed?Yes
💰 Active Nigerian Trader Stats1.3 million
Active Nigerian-based XM customers100,000+

💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal OptionsCredit Card
Debit Card
Bank Wire Transfer
Local Bank Transfer
Skrill
Neteller
WebMoney
💰 Segregated Accounts with ities
CFDsNigerian Banks?
No
💻 Trading PlatformsMetaTrader 4, MetaTrader 5

💰 Tradable AssetsForex
Stock CFDs
Commodities
Equity Indices
Precious Metals
Energies
Shares
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNo
👨‍💼 Languages supported on WebsiteEnglish, Malaysian, Chinese Simplified, Chinese Traditional, Russian, French, Italian, German, Polish, Spanish, Portuguese, and several others

👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/5
👥 Nigerian-based customer support?No
💰 Bonuses and Promotions for NigeriansYes
✴️Education for Nigerian beginnersYes
📊 Proprietary trading softwareNo
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️Is XM a safe broker for Nigerians?Yes
✔️Rating for XM Nigeria9/10
✔️Trust score for XM Nigeria84%

How to set up a Demo Account – Step by Step for Nigerians

To create a demo account with XM, Nigerian traders can follow these steps: 

 

Step 1 – Register an account.

First, visit the official XM website and locate the option to register for a demo account. 

XM - open a demo account - step 1

 

Step 2 – Complete the form

Fill in the online registration form with details such as first and last name, country of residence, city/town, contact information, and preferred language. 

XM Demo account - personal details

 

Step 3 – Select the trading account

Select the desired trading platform, MetaTrader 4 or MetaTrader 5, and choose the account type for the practice account. Specify the preferred base account currency, leverage ratio, and the desired amount of virtual funds. 

XM - demo account - select trading account

 

Step 4 – Account Confirmation

Enter a password of your choice before submitting the form.  A verification email will be sent to the provided email address for confirmation. Click on the embedded link to receive your login credentials and access to download/use the chosen trading platform. 

XM demo account password

XM Demo Account Features

XM Review Demo Account

 

A demo account with XM offers the following key features for Nigerian traders: 

  • Real market trading experience: Traders can engage in trading activities on the live market, gaining practical experience in a simulated environment. 
  • Free and unlimited usage: The practice account is available at no cost and can be utilized for as long as desired, allowing traders to practice and refine their skills. 
  • Risk-free trading: While the demo account replicates real trading conditions, it eliminates the risk of losing real money as traders operate with virtual currency. 
  • Testing trading strategies: Traders can explore and test various trading strategies multiple times, evaluating their effectiveness without incurring any financial losses. 
  • Learning trading platforms: The demo account enables traders to become familiar with trading platforms at their own pace, including tasks such as chart analysis, order execution, and market trend observation. 

Overall Rating

Min Deposit

USD 5 / 2 075 NGN

Regulators

IFSC, CySec, ASIC

Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

No

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread) 

Account Activation Time

24 Hours

XM Pros and Cons

✔️ Pros❌ Cons
The XM demo offers Nigerians real market experience without financial riskThere is limited emotional involvement due to the virtual trading environment
Nigerian traders have free and unlimited usage of the demo account, given the account does not go dormant for more than 90 daysThe demo account lacks real emotional engagement and risk management experience
Nigerians can evaluate and refine trading strategies
The XM demo helps Nigerians learn how to use trading platforms effectively
The XM demo simulates trading conditions and allows Nigerians to observe market trends

Frequently Asked Questions

How can I open a demo account with XM as a Nigerian trader? 

To open a practice account with XM, visit the official XM website, locate the option to register for a demo account, and follow the instructions to complete the registration process. 

 

Is there any cost associated with using the XM demo account for Nigerians? 

No, the XM demo account is free for beginners and professional traders. There are no charges or fees to use the demo account. 

 

Can I trade real money in the XM demo account for Nigerians? 

No, the XM demo account is specifically designed for virtual currency trading. It provides a risk-free environment where you can practice and learn without the involvement of real money. 

 

How long can I use the XM demo account as a Nigerian trader? 

The XM demo account can be used unlimitedly as long as it remains active. This allows Nigerian traders to continue practising and refining their trading skills without time limitations. 

 

Can I switch from the XM demo account to a real trading account as a Nigerian trader? 

Yes, as a Nigerian trader, you can switch from the XM demo account to a real trading account anytime. Then, once you feel confident and ready, you can open a real trading account with XM and start trading with real money. 

 

Addendum/Disclosure: 

No matter how diligently we strive to maintain accuracy, the forex market is volatile and may change anytime, even if the information supplied is correct when going live. 

10/10 - (1 vote)