XM Trading is the world’s most in-demand Forex broker. So, not only individuals want to create accounts. Some companies also want to create an account. Under such circumstances, does XM allow the opening of corporate accounts?
- Corporate account with XM
- Corporate account features
- Operate an XM personal account as a corporate account
- Forex brokers that can open corporate accounts other than XM Trading
Corporate account with XM
As of 2023, it is not possible to open corporate accounts on XM. This is also clearly stated on the official XM website. In the past, XM also offered corporate accounts, but new acceptance has been suspended since around 2018. You cannot create a corporate account regardless of the country you are based in.
Corporate account features
It is necessary to know more about corporate accounts, even in the sense of confirming the meaning of the merits of incorporation and corporate contracts.
“Corporate account” means an account prepared for corporations and used in the name of a corporation. This is easy to understand if you think of it as a normal bank account.
Recording the investment as an expense
It is an important issue whether the investment money required for FX trading and trading can be recorded as expenses. For those who are already profitable as an individual, not only will there be more expenses, but there is also the possibility that taxes on profits will be reduced.
different tax rates
Individuals and corporations have different tax rates on their profits. A corporate account is, so to speak, “proof of being operated by a corporation”, and is like a promise that the corporate tax rate will be applied.
Profit and loss can be aggregated and carried forward
If you create a corporate account, you will be able to calculate profit and loss and carry forward profit and loss.
Cost of incorporation
To open a corporate account, you must first establish a corporation. There are initial costs involved in setting up a corporation. Keep in mind that maintaining a corporation or company requires a tax accountant fee, so it is more expensive than a personal account.
Corporate accounts cannot freely withdraw profits from Forex trading. Compared to personal accounts, where you can withdraw money at any time, corporate accounts are less flexible.
Operate an XM personal account as a corporate account
XM Trading does not allow corporate accounts to be opened, but it is possible to operate personal accounts as “corporate”. If you are forced to use a personal account because you cannot use a corporate account with XM, you can operate it as a corporate account.
Forex brokers that can open corporate accounts other than XM Trading
There are FX traders who can open corporate accounts other than XM. FXGT, GEMFOREX, TradersTrust, etc. are representative.