XM Copy Trade Service to Earn Money in 2024
Copy trading has rapidly grown in popularity as a passive way for investors to earn returns in the financial markets. By leveraging the skills and expertise of professional traders, copy trading allows individuals to replicate trades through their brokerage accounts. One of the major brokers that offers an extensive copy trading program is XM. Established in 2009, XM is regulated in multiple jurisdictions and supports over 1 million traders globally. This guide will explain how investors can set up and utilize XM's copy trading service to potentially grow their portfolios by copying top-performing traders on the platform. We will outline the key steps to register for copy trading on XM, explore how to find and select traders to follow, and discuss important factors to consider like fees and risks when getting started with this type of social trading.
Key points from the article
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XM offers copy trading through its partnership with MQL5, one of the largest social and copy trading platforms. This gives access to over 1000 signal providers.
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To start copy trading with XM, you need to open an account, register on MQL5, and download MT4 or MT5. Then you can view available traders on the platform.
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Sorting and filtering options help find the right trader to copy based on metrics like growth, returns, number of trades, drawdown etc.
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Subscription fees for traders range from $1-1000 per month on average with $50 being typical.
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XM charges standard spreads for copy trades, which are average to high, around 1.7 pips on EURUSD. No additional commission over regular trades.
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Copy trading success depends on choosing the right trader but profits are possible. Risks like losses from a trader's failed trades also exist.
One of the world’s largest social and copy trading platforms MQL5 by MetaQuotes is the signal provider. This opportunity provides the broker’s clients with access to the largest social network of traders and a possibility to copy trades of over 1,000 signal providers.
Noteworthy advantages of XM as a broker for copy trading also include regulation in the UK, EU and Australia, over 1,000 trading instruments and highest order execution quality.
What does copy trading mean?
The concept of copy trading is based on the possibilities of online trading and social networks. Experienced traders and novice investors are gathered on one platform. Traders do what they love most, developing strategies, performing transactions, controlling risks.
The beginners and investors, on the other hand, have an opportunity to subscribe to the signals of the professionals and copy their trades either in a fully automatic or manual mode.
Copy trading ‘borrowed’ such features of social networks as subscribing to other users, creating groups, sharing messages and leaving comments.
A possibility to earn at the same level as experienced traders without the need to spend a lot of time on learning and trading;
A low entry threshold;
Learning, communication and self-development.
Copy trading, however, has some negative features as well, the main one being that high profitability of traders in the past does not always guarantee the same result in the future. MQL5 charges a fee for the subscription to traders and the amount can vary from several dollars to $1,000 depending on the experience and popularity.
XM copy trading pros and cons
- Partnership with a major signal provider
- Minimum deposit is $5
- Wide selection of trading instruments
- Regulation in the UK, EU and Australia
- Subscription fee is $50 per month on average
- The spreads range from average to high
How to get started with XM copy trading?
Before starting with XM copy trading, you need to register on the platform and download the broker’s trading platform. Let’s review the process using the example of the MetaTrader 5 platform. The option is available only on the desktop version. XM copy trading includes two steps. Let’s review them in detail.
Registration on MQL5
After you’ve opened a trading account, you need to register with the MQL5 service. The XM copy trading operates through this platform. It is quite easy to register. On the main page of MQL5, click on the Create an account button.
After you’ve opened a trading account, you need to register with the MQL5 service. The XM copy trading operates through this platform. It is quite easy to register. On the main page of MQL5, click on the Create an account button.
Next, you need to enter your login and email. There is no need to come up with a password, as the platform will send it to your email. It is also possible to register with Facebook or Google.
Connecting on MT5
After you’ve registered on MQL5, you can start setting up your trading platform. For this, open the MetaTrader 5 platform, enter login and password and wait for the synchronization to be completed. Next, in the Toolbox menu, select the Signals tab. This is where you will find the traders providing copy trading services on MQL5 from XM. You can see the same list on MQL5.
After you’ve registered on MQL5, you can start setting up your trading platform. For this, open the MetaTrader 5 platform, enter login and password and wait for the synchronization to be completed. Next, in the Toolbox menu, select the Signals tab. This is where you will find the traders providing copy trading services on MQL5 from XM. You can see the same list on MQL5.
Next, you will need to select Tools in the top menu and click on Option in the pop-down list.
In the Options menu, select the Community tab. The service will offer you to register on MQL5, if you haven’t already done it earlier. If you already have an account, you need to click on “If you have an account, please login”. Enter the login and password you used when you registered on MQL5 and click OK of Enter on your keyboard.
XM copy trading network in 2024
Today, MQL is one of the largest social and copy trading platform providers. It provides access to copying over 1,000 signal providers. Thanks to working with XM you will gain access to many market opportunities.
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MQL |
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Not regulated |
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MT4, MT5 |
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Depends on the chosen signal provider |
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The service does not charge a fee. The subscription fee is set by a trader. It can range from $1 to $1,000 per month. The average fee is $50 per month. |
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Over 1,000 strategy providers |
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Forex, CFD, Cryptocurrencies, Stocks, Commodities. |
How to find the right trader to copy
MQL5 platform features instruments that will help you quickly and conveniently find a suitable trader. The search can also be done via the social trading platform on MetaTrader 5, but there are fewer features there.
Trader’s login/own funds on the account;
Growth/weeks that trader has been working;
Number of subscribers/Funds under management;
Number of trades/percentage of Wins;
Maximum daily drawdown/Profit factor;
Subscription fee.
In order to sort traders, you need to click on the name of the column. As an example, let’s review sorting by the Growth/Weeks indicator. After we clicked on the column, the system sorted the traders from the best to the worst.
If we click on the column again, the result will be reversed. The platform will sort the users from the worst to the best.
There is also the Favorites feature on the platform. To use it, click on the star opposite each trader. The signal providers you marked with a star will be added to Favorites and you will be able to easily find them. To remove traders from the Favorites you simply need to remove the star.
You can also view the statistics of the traders you are or were subscribed to. For this, you need to select My Statistics tab. It features a comparison of all traders you are working with or you’ve worked in the past.
How to get started with copying trades
After you’ve been authorized by the service, you can return to the Signals tab. Select a trader you like and click on his/her username.
The service will offer you to view the statistics of the signal provider. To subscribe to the user, click on the Subscribe button. You can also learn the opinion of other subscribers about the trader. In order to view the reviews on the XM MQL5 platform, you need to click the Reviews button in the main menu.
Copy Take Profit and Stop Loss levels;
Synchronize positions without confirmation (if you uncheck this box, you will need to confirm each trade manually);
Maximum percentage of the deposit load;
Automatic closing of the trade, if the deposit is lower than the specific amount (specify the amount);
Limit of spread for execution
Once you’ve finished with the settings, click OK and the trader’s trades will be automatically copied to your account in accordance with these settings.
Can I make money by copying traders on XM?
Copy trading with XM can be profitable. Using the copy trading service, you can earn additional income, but also gain trading experience by watching the trades of qualified traders. The profit amount can vary depending on the risk level of the strategy, your deposit amount, trading style of the trader you are copying.
However, copy trading with XM is not a guarantee of profit. The risks of financial losses also exist. In case of a failed trade of the strategy provider, all his/her subscribers will suffer a loss. In order to avoid critical loss of the deposit, we recommend to be thorough when choosing a trader to copy and observe risk management rules.
How much does XM copy trading cost?
Strategy providers may charge a commission for copying trades. It is charged as a monthly subscription. The subscription fee ranges from USD 1 to USD 1,000. The average subscription fee is $50 per month. You can also choose traders who provide trades for copy trading for free.
Is XM copy trading safe?
XM.com is regulated by highly respected regulators. The company obtained licenses from the regulators of the UK (FCA), Cyprus (CySec) and Australia (ASIC). The broker also has an offshore license of Belize (IFSC). The numbers of financial licenses are as follows:
Copy trading service MQL5, which XM.com uses does not perform financial transactions and therefore does not require a license. MQL5 is a community of traders working with MetaTrader 4 and MetaTrader 5.
Summary
XM.com uses a popular copy trading service MQL5, offering a large number of trading signals for working with different trading instruments, on different conditions. Copying trades on XM.com is safe, as the broker is reliable and regulated. In addition, low minimum deposit on the platform is also worth mentioning.
The biggest issue of XM.com is unbeneficial commissions. Subscription fee on MQL5 is also, sometimes, high. Due to this, there are additional risks of losing money, as you have to pay the subscription fee regardless of the trading result.
Expert review
MQL5 is the largest community of traders using MT4 and MT5. The fact that XM is one of the companies working with this community is the broker’s undisputed advantage. MQL5 offers a good selection of features, wide opportunities for choosing traders, which is why it enjoys quite big popularity.
You can set up copy trading on XM MQL5 directly on the trading platform. It is quite convenient, as you don’t have to visit the MQL5 website. You can even open an account via XM’s trading platform. The platform features basic features for searching and selecting traderi, while more detailed information is available directly on MQL5.
However, it should be taken into consideration that it is rather expensive to work with MQL5 on XM. The first reason is the broker’s spreads, which range from average to high. The second one is the commission the traders are charged with in the form of the subscription fee.
FAQs
Can I make changes to copied trades?
Yes, you have controls to modify copied trade settings like take profit, stop loss levels as per your risk tolerance.
How do I know if a trader is genuine?
Check their history, performance metrics, number of followers, reviews from other traders to validate a trader's legitimacy.
Is there a fee to connect my MT4/MT5 with MQL5?
No, connecting your MT4/MT5 with MQL5 to enable copy trading on XM is free of cost. Only trader subscriptions apply.
What is the copy trading update frequency?
Copied trades are placed in real-time as the trades are opened by the strategy provider. There is no delay in order execution.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.