To trade FX on XM, you need to open an account. This article explains whether minors (under 18 years of age) can use the service. Recently, the number of underage and student traders who earn millions of yen per month has increased significantly. It seems that there are many people who have been studying FX and stocks since they were still in high school. The barrier here is the age restriction of FX brokers, and there are risks with any investment, so high school students who are minors are basically unable to use FX brokers. XM is no exception to this.
Is there an age limit for XMTrading?
In conclusion, you cannot trade on XM unless you are over 18 years old. Some overseas Forex companies require customers to be over 20 years old. There is no upper limit, but the age restrictions are summarized below. Registration is possible and recommended even if you are over 80 years old. If you have any questions regarding age, please contact the official website’s operational support. Many people use XM. Frequently asked questions are also posted on the management website.
parental consent form
XM Trading is open to anyone over the age of 18 and does not require parental consent. If you are 18 years old, you can open an account by yourself without parental consent.
Conditions and procedures are the same for minors and students
Account opening conditions and procedures are the same for minors and students. Basically, you can open an account after entering your personal information and completing your identity verification.
When verifying your identity, you need to submit “identity verification documents” and “address verification documents”, so if you do not have them, you need to ask your parents to prepare them.
Education is irrelevant
XM’s identity verification is subject to review, but education background and total income are irrelevant. Please be assured that even students with no annual income or assets will basically not be screened.
Precautions when using by minors/students
We will explain the basic precautions when used by minors and students. Be sure to check the age of the person when you open an account. If you make a false declaration, you may be investigated and there will be penalties.
Using XM under someone else’s name is against the rules
If you are still under the age of 18, it is possible to open an account in the name of a parent or other person, and do the transaction yourself, but it is a violation of the terms of use, so please refrain from doing so.
If you find out, you will receive treatment such as profit cancellation and account freeze.
I can’t use my student ID
Student ID cards cannot be used as identification when students open an account. In addition to your student ID card, you will need to prepare two documents: an “identity verification document” and an “address verification document”.
Identity verification documents
Driver’s license/driving career certificate
my number card
passport
Alien registration card
Residence card
Special permanent resident certificate
Handicapped person’s notebook
address verification documents
Health insurance card
Certificate of residence
Seal registration certificate
Utility bill or receipt, etc.
Landline/mobile phone bill or receipt, etc.
Credit card/bank statement
Tax notification such as tax payment notification (receipt)
payment of taxes
Even minors and students need to pay taxes if they earn with XM. Please keep in mind that the criteria for filing a tax return differ depending on whether you have income from part-time jobs or the like.
XM demo account only for under 18s
Even if you are under the age of 18, you can open an XM demo account. Practice using a demo account.
Anyone over 18 years old can open a real account
If you are over 18 years old, you can trade with a real account. This makes it possible to trade without any problems even if you are unemployed or a housewife. The following article introduces real account trading. Please try to reference.
Difference between demo account and real account
There are several differences between a demo account and a real account.
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