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.
XM at a glance
|🏛️ Nigerian Based Office||No|
|👍 Accepts Nigerian Traders?||Yes|
|📅 Year Founded||2009|
|📱 Nigerian Office Contact Number||None|
|⚖️ Regulation||FSCA, IFSC, ASIC/AFSL, CySEC, DFSA|
|🔎License Number||Belize – 000261/158
South Africa – 49976
Australia – 443670
Cyprus – 120/10
Dubai – F003484
|⚖️ CBN Regulation||None|
|✴️ Regional Restrictions||The United States, Canada, Israel, the Islamic Republic of Iran|
|☪️ Islamic Account||Yes|
|📈 Demo Account||Yes|
|📈 Retail Investor Accounts||4|
|🚀 Offers a Nigerian Account?||No|
|💻 Dedicated Nigerian Account Manager?||No|
|📈 Maximum Leverage||1:888|
|📈 Leverage Restrictions for Nigeria?||No|
|💳 Minimum Deposit (₦)||2,000 Nigerian Naira (equivalent to $5)
|💳 Nigerian Naira Deposits Allowed?||Yes|
|💰 Active Nigerian Trader Stats||1.3 million|
|Active Nigerian-based XM customers||100,000+
|💰 Nigeria Daily Forex Turnover||$1.25 million+|
|💳 Deposit and Withdrawal Options||Credit Card
Bank Wire Transfer
Local Bank Transfer
|💰 Segregated Accounts with ities|
|💻 Trading Platforms||MetaTrader 4, MetaTrader 5
|💰 Tradable Assets||Forex
|🌐 Offers USD/NGN currency pair?||No|
|🌐 USD/NGN Average Spread||N/A|
|📈 Offers Nigerian Stocks and CFDs||No|
|👨💼 Languages supported on Website||English, Malaysian, Chinese Simplified, Chinese Traditional, Russian, French, Italian, German, Polish, Spanish, Portuguese, and several others
|👥 Customer Support Languages||Multilingual|
|👥 Customer Service Hours||24/5|
|👥 Nigerian-based customer support?||No|
|💰 Bonuses and Promotions for Nigerians||Yes|
|✴️Education for Nigerian beginners||Yes|
|📊 Proprietary trading software||No|
|💰 Most Successful Nigerian Trader||Uche Paragon ($20 million net worth)|
|✔️Is XM a safe broker for Nigerians?||Yes|
|✔️Rating for XM Nigeria||9/10|
|✔️Trust score for XM Nigeria||84%|
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.
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.
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.
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 Features
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.
USD 5 / 2 075 NGN
IFSC, CySec, ASIC
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
No (Just spread)
Account Activation Time
XM Pros and Cons
|✔️ Pros||❌ Cons|
|The XM demo offers Nigerians real market experience without financial risk||There 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 days||The 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.
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.