XM Account Currency: USD, EUR or JPY, and How to Choose

When you open an XMTrading account you choose a base currency, and unlike most settings you can't edit it later. This article covers which currencies XMTrading offers, how to decide between them, and what the choice does and doesn't affect, including your CB-Dogs cashback. For the general version of this decision at any broker, see our guide to choosing a forex account base currency; this one is specific to XM.

Key takeaways

• XMTrading offers USD, EUR and JPY as base currencies on all four account types (Standard, Micro, KIWAMI and Zero).
• The base currency, like the account type, can't be changed after the account is opened. To use a different one you open an additional account (up to 10 live accounts).
• The first account created automatically when you complete your profile is a Standard account at 1000:1 leverage with JPY as the base currency, so check this before assuming you have a USD account.
• Pick the currency closest to the money you actually deposit and withdraw: every mismatch means a conversion somewhere, and conversion is where small costs hide.
• CB-Dogs calculates cashback from the IB commission in USD and pays it in USDT on TRC20, whatever your account currency is.

What XMTrading offers

XMTrading's account-types pages list the same three base currencies for every account type:

There is no GBP, AUD or other option, and no way to hold more than one currency inside a single account. If you want balances in two currencies you need two accounts. For a full side-by-side of the account types themselves, see XMTrading account types compared.

Two details catch people out:

• The automatic first account is JPY. When you finish creating your XMTrading profile, an account is opened for you: Standard type, 1000:1 leverage, JPY base currency. If you wanted USD or EUR, you need to open an additional account. Our additional account guide walks through it and through linking the new account to CB-Dogs.
• You can't convert an account later. Account type and base currency are both fixed once the account exists. XMTrading allows up to 10 live accounts on the same personal details, so the fix for a wrong choice is a new account, not a settings change. An unused account is not free to keep around forever, though: see the XM inactivity fee guide for what happens to dormant ones.

How to choose: start from your deposits

The base currency doesn't change which instruments you can trade. EURUSD, gold and indices are the same symbols in a USD, EUR or JPY account. What changes is the currency your balance, profit and loss, and fees are expressed in, and where conversions happen. Work through these in order.

1. Which currency do you deposit and withdraw in?

This is usually the deciding factor. XMTrading's minimum deposit is stated as 5 USD, converted if you deposit in another currency; see minimum deposit by account type for the funding-method detail. If you fund the account in a currency different from the base currency, the money is converted on the way in, and converted again on the way out. Whether that costs anything depends on your payment method and the rate applied, so check the rate shown at the time of your deposit rather than assuming it is neutral.

Crypto deposits are a good example. A crypto payment is converted into your account's base currency when it is credited, so a USDT deposit into a JPY or EUR account is converted. If you move funds in and out in USDT, a USD account keeps that path closest to one-to-one. Our XM USDT and crypto withdrawal guide covers the withdrawal side.

2. How are profit, loss and swaps converted?

Every trade is priced in the instrument's own quote currency. Your result is converted into the account currency to be booked to the balance. A EURUSD trade is quoted in USD, so a EUR or JPY account sees the result converted at the prevailing rate; a USD account sees it directly. Swaps work the same way: XMTrading's help centre says swaps on FX and spot metals are calculated from 2-business-day rates minus a fee and converted into your account currency.

The practical effect is that your balance in a non-USD account moves with the exchange rate as well as with your trades. A trade can be flat in USD terms and still leave your JPY or EUR balance slightly different when closed, because the rate used to convert margin and result moved. Neither is better or worse; it just makes your statement a blend of two sources of movement. If you want a clean read on your trading result, a USD account is the simplest. If your living expenses are in EUR or JPY and you want the balance expressed that way, the other two have the opposite appeal.

3. How much do you care about a fixed pip value?

In a USD account, one pip on a USD-quoted pair has a fixed dollar value. In a EUR or JPY account the pip value in your currency shifts a little with the exchange rate. For most retail volumes this is a minor effect, but it is a reason some traders prefer USD. Our pip value guide shows the calculation for different pairs and account currencies.

A quick decision guide

This is a comparison of convenience, not a recommendation. None of the three currencies makes a profit more likely.

The CB-Dogs angle: your cashback doesn't depend on it

CB-Dogs cashback is calculated from the IB commission that XMTrading pays on your trading, which is expressed in USD, and it is paid out in USDT on the TRC20 network. That is true whether your account is USD, EUR or JPY. A JPY account does not receive a "JPY cashback" and a USD account does not get a better rate, so you don't need to choose a base currency to optimise your rebate. How commission figures are handled on non-USD accounts at brokers generally is explained in how brokers calculate commission on non-USD accounts, and the payout side is in our USDT rebates guide.

The current rates per account type are below. They come straight from the live rate table, not from this article.

Cashback is calculated on your reported trading and paid under CB-Dogs' withdrawal rules: USDT on TRC20 only, a 10 USDT minimum withdrawal, a 3 USDT fee under 50 USDT, and free at 50 USDT or more. For how the connection between your broker commission and your payout works, see how forex rebates work.

One practical point: register with CB-Dogs before you open the account so it is tracked from the start. If you already have an account opened elsewhere and want a different currency, open an additional account through the link rather than trying to move an existing one.

Frequently asked questions

Which base currencies does XMTrading offer?

USD, EUR and JPY, on all four account types: Standard, Micro, KIWAMI and Zero. No other base currencies are listed.

Can I change my XM account currency after opening?

Why is my first XM account in JPY?

Is a USD account better than JPY or EUR with XM?

Does my account currency affect my CB-Dogs cashback?

Related reading

• How to choose your forex account base currency: the general decision at any broker.
• XMTrading account types compared: Standard, Micro, KIWAMI and Zero side by side.
• Opening an additional XM account: how to get a second account in a different currency and link it to CB-Dogs.
• XM USDT and crypto withdrawals: the withdrawal side of funding in crypto.
• Commission on non-USD accounts: how conversion works for commission.