XM allows you to choose an account type when opening an account. But have you ever wanted to change your account type after opening? Although it is a different method, you can say that you change the account type. I wrote an article about how to do that.
How to change account type
Once the account type of a real account is decided, it cannot be changed. Since it is not possible to change the account type, use a different account type by another method.
use additional accounts
It is not possible to change the account type directly on an existing account. But create another account and use a different account type. Select the account type you want to use when creating a new account. Please refer to the article below for how to create an additional account.
additional account limit
XM Trading allows you to add up to 8 accounts. Use this additional account mechanism to use different account types.
Certificate when opening an additional account
When you open a new account, you will be required to provide proof of identity and proof of address. However, it is not necessary at all when opening an additional account. Therefore, it can be created immediately.
Once you have activated the account, the added account will be activated automatically. You can add an account without any troublesome procedures. Therefore, it is possible to create immediately without confirmation work of the support center.
things that cannot be changed
In addition to the account type, there are some account information that cannot be changed.
When you opened your account, you probably chose a base currency. However, it is not possible to change the base currency on an account after it is created. Similar to when you want to change the account type, you need to create an additional account.
Please note that exchange losses will occur. If you change the base currency of your account, you may lose money depending on the exchange rate at the time of deposit and withdrawal. Of course, you can also benefit from exchange rate fluctuations.
Transfer of fund
Also remember that there is a fee for transferring funds between accounts with different base currencies. If you transfer between accounts with different base currencies, a 3% fee will be charged on the transfer amount. Be careful if you transfer funds between accounts with different base currencies.