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.
What is a base currency
Base currency is the currency that your account is based on. If the base currency is Yen, the account funds will be displayed in Yen. When you deposit money, the number will be displayed in yen. If you deposit the same money into an American bank, the account numbers will be displayed in dollars since it is dollar based. Popular overseas FX companies use a format where you can select from different currencies such as USD and EUR as details of this basic currency information. This is the same for all accounts, not just the standard account. This will also affect your margin balance.
Base currency type
There are currently three main base currencies for XMTrading real accounts. XM allows you to choose the base currency of your account from three types: Japanese Yen, US Dollar, and Euro. If you log in and open a new account, you will see that you cannot choose anything other than these. Please refer to this when selecting from the screen on your My Page. You can trade with multiple positions for many products and brands such as virtual currencies, stocks, currency pairs, precious metals, and energy, taking advantage of high leverage and narrow spreads. This is also true for demos. Be aware of the risks as losses may occur with the service.
How to change the base currency
Once the base currency of XM is set when opening an account, it cannot be changed within that account. However, since XM allows each person to have up to 8 real accounts, it is possible to change the base currency by opening an account again. First, you must apply and decide on the details on the official website. If you create a standard account or micro account, you can also receive bonuses and points.
Base currency preference
Some people choose to set their base currency to something they are not familiar with. For example, if you convert it to the yen, the price movement will look violent, but if you convert it to the US dollar, the price movement will look very small. Although it is only a matter of impression, some people choose US dollars etc. to make price movements appear smaller, so this area completely depends on the person’s preference.
Beware of exchange fees
If a foreign currency is used as the base currency, deposits and withdrawals must be made in the respective currency. Please note that if you use a foreign currency, you will be charged a foreign exchange fee.
rate fluctuations
If you own an account denominated in a foreign currency and receive money in that foreign currency, it will be irrelevant. Affected. It’s like trading Forex all the time, and it can work both to your advantage and to your disadvantage.
Base currency can only be set when opening an account
The base currency of XM is set when opening an account. It cannot be changed, so you can open a new account and set the base currency to a different one. Please note that additional accounts do not require the submission of identity verification documents. There is no need to submit new identification documents to activate your account. When opening an account, traders can check and select not only the base currency but also the platform and tool: MT4 or MT5. When you start investing, keep the amount small and aim for profits. There are also plenty of campaigns and bonuses.
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