XM Trading’s base currency refers to the currency used for deposits to accounts, withdrawals, and margins that are the basis for trading. At XM, you can select the base currency of your account from three types: Japanese Yen, US Dollar, and Euro. Choose carefully when setting your account base currency. The reasons why you should choose carefully are explained below.
- XMtrading
- What is the XM base currency?
- How to Change the Base Currency at XM
- Advantages and Disadvantages of Changing Your Base Currency
- Important Points to Keep in Mind When Changing Your Base Currency at XM
- ① The base currency of an existing account cannot be changed [Most Important]
- ② “Currency conversion” occurs when transferring funds between accounts.
- ③ Bonuses are managed on an account-by-account basis.
- ④ Tax calculations may be complicated (if you live in Japan).
- ⑤ Check compatibility with your deposit and withdrawal methods.
- ⑥ There’s a limit to the number of accounts
- ⑦ Changing accounts mid-way is time-consuming and costly
- Frequently Asked Questions (FAQ)
- Q1. Can I change my base currency at XM later?
- Q2. Can I change my base currency even if my account has not yet been funded or traded?
- Q3. What happens to my current account if I change my base currency?
- Q4. Can I transfer funds between accounts?
- Q5. Are there any fees for transferring funds?
- Q6. Will bonuses be carried over to a new account?
- Q7. Which base currency is best?
- Q8. Who are USD and EUR accounts suitable for?
- Q9. Does changing my base currency affect my taxes?
- Q10. Do trading conditions change if the base currency is different?
- Related
XMtrading
| Operating company | Tradexfin Limited Fintrade Limited |
| Head office location | Unit E, F28, Eden Plaza, Eden Island, Republic of Seychelles |
| Founding year | 2009 |
| Financial License | （FSA）SD010：Tradexfin Mauritius Financial Services Commission (FSC：)：Fintrade Limited Cyprus Securities and Exchange Commission (CySEC)：Trading Point of Financial Instruments Ltd |
| Language support | English、日本語、Malay、Thai |
| Platform | MetaTrader 4 (MT4)／MetaTrader 5 (MT5) |
| Service Countries | Over 190 countries |
| Number of users | Over 1 million accounts |
| Max Leverage | 1000x |
| Eligible products | Forex、Metal、Stocks、Equity Indices / Index CFD、Energy CFD、Commodities、Cryptocurrency |
What is the XM base currency?
The base currency (base currency) used in XM trading is the currency used as the basis for your trading account balance, deposits, withdrawals, and profit/loss calculations. The relevant functions, usage, and content are explained below. Please make sure you at least understand their value, mechanisms, and content before using the service.
What is the XM base currency?
This is the currency you select when opening an XM account, and it is used in the following situations:
Account balance display
Deposit and withdrawal amounts
Calculating trading profits and losses
Bonus calculation
In other words, it determines the currency in which your account funds will be managed.
Main base currencies available at XM
When opening an XM account, you can choose from the following main base currencies:
JPY (Japanese Yen)
USD (US Dollar)
EUR (Euro)
Note: Residents of Japan most often choose a JPY account to avoid the hassle and fees of currency conversion.
Important Points About Base Currency
① Cannot be changed after account opening
The base currency cannot be changed later.
If you want to change it, you will need to open a new account.
② It will affect deposits and withdrawals.
Example: If you deposit yen into a USD account,
→ Automatic conversion will be performed based on the exchange rate.
Exchange rate differences and fees may apply.
How to Change the Base Currency at XM
Conclusion: XM does not allow you to directly change the base currency of an existing account.
Therefore, if you want to change the base currency, you will need to create a new account (an additional account). Carefully consider the best currency for you and decide.
✅ ① Open a New Account
From the XM member page, select “Open an Additional Account” and set the base currency of your new account to your desired currency (e.g., JPY → USD).
Basic Steps:
Log in to the XM official website
→ Go to the member page (My Page)
Select “Open an Additional Account”
In the account opening form, select
Platform (MT4/MT5)
Account Type (e.g., Standard, Zero, etc.)
Base Currency
Leverage
Set a password and complete the process.
→ The base currency of your new account will now be your desired currency.
✅ ② Transfer Funds from Your Existing Account to the Additional Account
Once you have created your new account,
transfer funds from your original account.
Key Points:
Transfers between different base currencies are automatically converted (subject to exchange rate fluctuations).
If the base currencies of your accounts are different, a foreign exchange fee (e.g., approximately 0.3%) may be charged.
Advantages and Disadvantages of Changing Your Base Currency
We’ll summarize the advantages and disadvantages of changing your base currency at XM (which essentially means “opening a new base currency account”) from a practical perspective.
Advantages of Changing Your Base Currency
① Reduces foreign exchange conversion costs
By matching your daily currency with your account currency, you can avoid exchanges upon deposit and re-exchanges upon withdrawal.
Example
Japanese resident: Yen funds → JPY account
International remittance: Dollar funds → USD account
👉 The biggest advantage is preventing unnecessary exchange losses.
② Easily manage your funds and understand your profits and losses
Account balance
Unrealized profit and loss
Bonus amount
Everything is displayed in your familiar currency,
✔ Intuitively understand your profits and losses
✔ Reduces money management errors
This is a major advantage, especially for beginners.
③ Adaptable to your trading style
USD: For those with overseas FX experience and those who want to trade in dollars
JPY: For those who want to use it as if it were domestic FX
👉 For long-term trading, differences in base currencies can help reduce stress.
④ Spread risk with multiple accounts
XM allows you to have multiple accounts, so you can use them for different purposes:
JPY account: Main investment
USD account: Alternative strategies/overseas transfers
Disadvantages of changing base currency
① The base currency of an existing account cannot be changed
XM does not allow you to change the base currency after opening an account.
You must create a new additional account.
👉 The biggest drawback is the hassle involved.
② Currency exchange occurs when transferring funds between accounts.
When transferring funds between accounts with different base currencies, there is a risk of exchange rate losses due to automatic conversion based on the exchange rate.
Be especially careful when transferring large amounts.
③ Bonus management becomes somewhat complicated.
XM bonuses are calculated by account
based on the base currency.
Therefore, having multiple currency accounts can make it difficult to understand your bonus balance and conditions.
④ Conversions may be required for tax calculations.
If you live in Japan,
yen conversion is required for tax returns.
With USD and EUR accounts,
✔ Annual profits and losses must be converted to yen.
✔ Exchange rate management is required.
→ From a tax perspective, a JPY account is easier.
Important Points to Keep in Mind When Changing Your Base Currency at XM
When changing your base currency at XM (i.e., when opening a new base currency account),
here are some important points to keep in mind, listed in order of importance. Please be aware of the risks involved when trading financial products online. Make full use of accounts such as Micro, Standard, Zero, and Kiwami.
① The base currency of an existing account cannot be changed [Most Important]
XM does not allow you to change your base currency after opening an account.
If you want to change your base currency, your only option is to open a new account.
※Changes are not possible even if you have not yet deposited or traded.
② “Currency conversion” occurs when transferring funds between accounts.
When transferring funds between accounts with different base currencies,
currency conversion occurs automatically.
There is a possibility of losses due to exchange rates.
Example:
JPY account → USD account
The amount may decrease depending on the exchange rate at the time of transfer.
👉 Be especially careful before transferring large amounts.
③ Bonuses are managed on an account-by-account basis.
XM bonuses are managed
by account and
by base currency.
Points to note:
Changing accounts can diversify your bonuses.
Bonus transfers may be conditional or impossible.
👉 If you prioritize bonuses, it’s easier to manage your money by using a single currency.
④ Tax calculations may be complicated (if you live in Japan).
If filing tax returns in Japan:
Final profits and losses must be converted to yen.
If you have a USD or EUR account,
👉 You’ll need to convert your annual profits and losses to yen yourself.
✔ Tax processing is significantly easier with a JPY account.
⑤ Check compatibility with your deposit and withdrawal methods.
Depending on the deposit and withdrawal method,
yen-based payments are required.
Foreign currency payments are accepted, but fees may apply.
Examples
Domestic bank transfers → JPY
International transfers/cryptocurrency → USD
👉 Choose a base currency that matches your deposit/withdrawal method
⑥ There’s a limit to the number of accounts
XM allows up to 8 accounts
If you open multiple currency accounts without planning, you’ll reach the limit
👉 Consider freezing or liquidating unnecessary accounts
⑦ Changing accounts mid-way is time-consuming and costly
Opening a new account
Transferring funds
Spreading bonuses and history
👉 Choosing carefully from the beginning will ultimately make things easier
Frequently Asked Questions (FAQ)
Below are frequently asked questions (FAQs) about changing your base currency at XM, summarized in an easy-to-understand format even for beginners. For more details, please visit the official website. You can also view campaigns, the types of products offered (stocks, commodities, energy, precious metals, cryptocurrencies, currency pairs, etc.), and an overview of services.
Q1. Can I change my base currency at XM later?
No, you cannot.
It is not possible to change your base currency after opening an account with XM.
If you want to change your base currency, you will need to specify your base currency and open a new account (additional account).
Q2. Can I change my base currency even if my account has not yet been funded or traded?
No, you cannot.
Once an account is opened, its base currency is fixed, regardless of trading history or whether it has been funded or not.
Q3. What happens to my current account if I change my base currency?
You can continue to use your current account.
No need to cancel or delete it.
You will simply open an additional account with the new base currency.
*If you do not need it, you can leave it alone without trading.
Q4. Can I transfer funds between accounts?
Yes, it is.
However,
If the base currencies are different
👉 Automatic conversion based on the exchange rate is performed.
Depending on the exchange rate, losses may occur.
Q5. Are there any fees for transferring funds?
XM does not charge any transfer fees.
However, foreign exchange losses (effective costs) may occur.
Q6. Will bonuses be carried over to a new account?
In principle, they will not be carried over.
Bonuses are managed on an account-by-account basis.
Transfers to accounts with different currencies are not permitted or are subject to conditions.
👉 Be careful if you value bonuses.
Q7. Which base currency is best?
If you live in Japan, “JPY (Japanese Yen)” is the safest option.
Reasons:
No currency conversion required.
Easy tax calculations.
Fewer issues with deposits and withdrawals.
Q8. Who are USD and EUR accounts suitable for?
For those with overseas FX experience
Those who want to manage their funds in dollars or euros
Those who make frequent international remittances and cryptocurrency deposits and withdrawals
👉 For those with a clear purpose.
Q9. Does changing my base currency affect my taxes?
Yes.
When filing tax returns in Japan
👉 Final conversion to yen is required
Foreign currency accounts
👉 Calculating annual profit and loss is somewhat tedious
Q10. Do trading conditions change if the base currency is different?
Trading conditions (spreads, leverage, etc.) are the same.
What changes:
Currency of account balance display
Unit of profit/loss and margin calculation
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