XM offers a micro account which is their account type for beginners. The minimum deposit on the XM Micro account is just 5$. On this account, leverage goes up to 1:888, and spreads start from 1 pip. The XM Micro account also has a smaller contract size (1 lot = 1000) compared to the XM Standard account, which is why it can be a perfect choice for those who are just beginning their trading journey. 

The main difference between the XM account types is the minimum deposit, leverage, and contract size. So if you're a beginner trader, then the XM Micro account is likely the best option for you. But if you have more experience and want higher leverage or lower spreads then you should look for other types of XM accounts.

The XM Standard account has a lot of similarities with the XM Micro account. They both have the same leverages, which goes up to 1:888. They also share the same minimum deposit amount of 5$ and all accounts come with negative balance protection, to help you stay safe when using leverage. 

The main difference is contract size, which for an XM Standard account is way higher (1 lot = 100,000). 

XM Standard account also has some restrictions per ticket which, more specifically, is 100 lots. So this kind of account is working for you if you are a little bit more experienced than beginners.

The XM Ultra-low account is a great option for those looking to trade with a small account. The minimum deposit for this account is also only five bucks, and leverage can be as high as 1:888. The contract size for this account is very small, at only 0.01 lots. Along with all this, the spread on all major FX pairs is as low as 0.6 pips. This makes it a great choice for those who are new to trading or who are looking to trade with less capital. There are no commission fees for this account, and XM also offers a free VPS service for Ultra-low account holders. 

XM Shares account is another option that traders can go for. The XM minimum deposit for this account type is $10,000 and is for professional traders who want to trade with real money and take risks.

Commission charges vary between 1$-9$, with the maximum open/pending orders for the XM Shares account being 50 positions. On this type of account, the minimum trade volume is 1 lot. This account is definitely for pro traders, so if your goal is to make a profit, you should definitely give it a try. With pro tools and advanced features, it is possible to get some significant profits with this account. 

There are also other kinds of accounts besides the ones given above such as the Islamic and Demo accounts. Let’s have a closer look at each of them. 

Demo Account

The XM Demo account will allow you to experiment with different strategies, patterns, and indicators before risking any of your capital. A Demo account allows you to practice with virtual funds and learn trading before making real investments, which will help you avoid costly mistakes. If you mess up in the demo version there is nothing to worry about.

It’s also good for traders who want to test their new trading strategies without risking their capital. The main positive thing about XM Demo accounts is that the platform gives you the same possibilities as with the other accounts, the only difference is that you are dealing with virtual money.

Islamic Account

XM Islamic accounts are an interesting way for Muslims to trade without paying interest rates. The main difference between traditional and XM Islamic accounts is how they work.

Muslim traders must follow strict rules set out in Sharia law which prevents them from taking any kind of gambling-like risks with their investments, or else it would break protocol. 

XM accounts have their pros and cons. The good part is that as an XM account holder, you have a lot of benefits. XM account holders get a dedicated XM customer service team, live XM market commentary, XM webinars, XM education, and exclusive XM events. XM account holders also get 24/5 live support in multiple languages and you can trade on the go with the XM mobile app.

On the negative side, XM accounts have a $5 monthly fee. Another big con for XM is that it is not available for traders in the U.S. XM also has a limited selection of products and services compared to other brokerages. Overall, XM accounts are a good choice for traders who are looking for a reliable brokerage with low fees and good customer service.