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
The base currency is the currency in which the account is based. If the base currency is Yen, the account fund numbers 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, your account numbers will be displayed in dollars as they are dollar based.
Base currency type
XM Trading’s real account base currency currently has 3 currencies. At XM, you can choose the base currency of your account from three types: Japanese Yen, US Dollar, and Euro.
How to change the base currency
Once the base currency of XM is set at the time of account opening, it cannot be changed within the account. However, since XM can hold up to 8 real accounts per person, it is possible to select the base currency again by opening an account again.
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.
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
You set your XM base currency when you open an account. It cannot be changed, so you can open a new account with a different base currency. It is not necessary to submit identification documents for additional accounts. You do not need to submit new identification documents to activate your account.