I live in Thailand since 2016. I trade using the accounts of several Forex Brokers. I try to provide simple information based on my actual experience. For others, see [Profile].
XM

How to Open XM Additional Account | How to Reduce Risks

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.

[For Beginners] How to Choose the BEST Broker for you?For Forex beginners, it's hard to choose a broker cause there are many brokers and they have own specific and attractive. In this post I will give criteria to choose the best forex broker for you....
XM | Negative Balance Protection System | The True Story that Saved MeThe true story that I was saved by XM negative balance protection system. This is a very attractive system, but I will explain in an easy-to-understand whether it really applies, how to apply, and conditions that do not be approved....

\Just 3 minutes!!/
Open an Account

Why You Need Multiple Accounts

By having multiple accounts, you can get the following benefits.

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.

XM All Account Types | Which account is the best for you?XM offers six account types. With comparing all account types, I will recommend the best account for you....

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“.

XM | How to Open an AccountPerfect explanation of how to open an trading account. What is the steps? What kind of document is needed for PLE and POA? You can know all and open an account within 3 minutes!...

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”.

Log in to XM member page and 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.

XM additional account detail information

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”.

you cannot get XM non-deposit bonus on additional account

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.

XM additional account has been opened

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.

XM additional account information

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.

log in to XM member page again

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.

to switch current account, click account you want to switch to

If you change the selected account, the selected account will be displayed at the top.

selected XM account

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.

how to do internal transfer between XM accounts
select XM internal transfer

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”.

input amount of money you want to transfer to XM another account

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.

transferred to XM another account

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.

What is MetaTrader?Explain in an easy-to-understand about MetaTrader (MT4 / MT5), which is used by traders all over the world, from the basics to how to use it and the differences between MT4 and MT5....
How to Install MT4/MT5 Mobile AppComplete explanation of the installation steps of MT4 / MT5 smartphone application, which is used by traders all over the world. It explains understandably from installation, basic settings and how to use it....

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.

how to delete XM account

Receive Confirmation Email

You will receive an email, click “Close Trading Account”.

confirm close account

Do Delete

Jump to the member page and the final confirmation message for deleting the account will be displayed. Click “CLOSE TRADING ACCOUNT”.

Xm account has been deleted

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!!/
Open an Additional Account

ABOUT ME
KandA
KandA
I live in Thailand since 2016. I trade using the accounts of several Forex Brokers. I try to provide simple information based on my actual experience. For others, see [Profile].