Open an account for FX trading

In order to run an automated trading tool (EA (=Expert Advidor)), you need to create an account with a brokerage firm.
In this article, we will focus on the types of accounts.

What types of accounts are there?

The types of accounts can be broadly divided into ・Production account ・Demo account
There can be multiple types of production accounts, depending on the trading conditions.
XM's production accounts include: - Micro accounts - Standard accounts - XM Zero accounts. The list shows that there are differences in terms of leverage, spreads, bonuses, and so on. You can start trading forex with only a production account, but we recommend that you create a demo account as well.
Some people may conduct back-testing only, and if there is no problem with the operation, suddenly start trading with a real account, but this is not recommended because of the high risk involved.
Back test verification → Forward test with demo account → Start operation with production account It is recommended to verify the quality of the tool step by step, and to start the operation on the production account after you understand the characteristics of the tool.

Can I create multiple accounts?

Depending on the brokerage firm, in many cases multiple accounts can be created within a single brokerage.
Separating accounts for different purposes and spreading out your funds can function as a risk management technique.
You can also change the leverage for each account.

Does it cost anything to open an account?

There is no fee to open an account for either a live account or a demo account.
However, please note that in some cases, a transfer fee may be charged for deposit/withdrawal procedures (transfer fee, deposit fee, etc.).
Please note that in some cases, there are transfer fees for deposit/withdrawal procedures (transfer fees, deposit fees, etc.).

Different accounts for MT4 and MT5?

Domestic brokerage firms only offer MT4, so this distinction does not exist, but in the case of foreign FX, there are cases where both MT4 and MT5 are offered.
In the case of XM, accounts for MT4 and MT5 are different.
When you create an account, you will have to choose one or the other.

Can I run multiple EAs on one account?

You can operate EAs.
However, considering the margin required for each EA and the maximum value of unrealized losses, it may be easier to manage one EA per account in the beginning.
XM allows you to create up to 5 demo accounts and up to 8 live accounts.

How do I open an account?

• Open a Demo Account
• Opening a production account

Besides opening an account, what else do I have to do to start trading?

A trading environment must be prepared.

• Preparation of PC environment
• MT5 Installation
• EA Placement

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