XM’s MyWallet has been implemented directly for the use of account transactions. We will explain the auto rebate function etc. MyWallet is an online wallet that is only used for specific XM campaigns. This function may not be of much use to ordinary traders. I will explain what features this feature has.
What is MyWallet? What kind of thing is it?
MyWallet is an online wallet that is used only for specific XM campaigns and is similar to a bank account. MyWallet is used for the following three purposes. The basic rule for overseas FX companies is to manage funds using a wallet. You can easily check information such as XMP points by clicking the button on the screen, and you can also make new deposits and transfers.
friend referral program
Earn cash with our new Refer a Friend program. Please refer to the article below for specific details. The management rewards each referral. Users can hold high rewards with multiple referrals.
auto rebate program
XM has a contract with an advertising agency called IB in order to expand its services all over the world. XM pays IB brokers commissions according to the trading volume of introduced customers. Among IB companies, there are companies that return part of the advertising rewards to their customers in cash, and the service provided by those IBs is called rebate cashback. XM calls the mechanism of depositing the cash back into MyWallet the Auto Rebate Program.
Manage your rewards received
MyWallet allows you to manage the rewards earned from the above two methods. You can withdraw money to your bank account etc. as needed. In fact, the official website explains how to use your account and the request procedure below. If you want to do it now, please refer to the article below.
Operation of MyWallet
You can deposit the funds in MyWallet to your MT4/5 account, or you can withdraw to your own bank account after transferring the trading account. We will let you know the location of MyWallet. First, log in to XM Trading.
For the Japanese version, select MyWallet from “Account”.
For the English version, select MyWallet from “ACCOUNT”.
The MyWallet page will open and you can transfer funds from here. The minimum withdrawal amount from MyWallet is 5 USD. If you want to withdraw the entire balance, check the Withdraw all checkbox. In the case of partial withdrawal, enter the amount to be withdrawn. Please select the MT4/5 account to be used as the destination for the withdrawal account. Once you have entered all the details, click Submit.
Since it will be reflected immediately from MyWallet to your account, please check it from the member page or MT4/5.
Features of MyWallet
MyWallet has the following features and functions. There are advantages and disadvantages. With the operating company’s system, wallets are fully managed 24 hours a day, giving users a great sense of security.
Get a deposit bonus
At XM, you will receive a deposit bonus when you deposit into a bonus account. And this deposit bonus will also occur when you deposit to your trading account from MyWallet. However, no bonus will be given for deposits to accounts that are not eligible for bonuses or deposits that exceed the deposit bonus limit.
Avoid extinguishing the bonus in the account
With the introduction of MyWallet, all auto rebate rewards are credited to MyWallet once. If you are planning to withdraw or transfer funds immediately, you can prevent the bonus from disappearing by depositing from MyWallet to a non-bonus account.
Save currency conversion fees when depositing
XM Auto Rebate and Refer a Friend Program rewards are paid in USD. With the introduction of MyWallet, it is now possible to deposit funds into dollar-denominated trading accounts that do not require currency exchange. When withdrawing money from a trading account to a bank account, there is no need to exchange money if the account is denominated in dollars.
Possibility of being involved in a loss cut
Now that the MyWallet function has been introduced, traders can deposit funds at their own timing, greatly reducing the possibility of getting involved in loss cuts.
Transfer funds to MyWallet
Trading account funds cannot be transferred to MyWallet. You can only transfer funds from MyWallet to your trading account.
Move to your bank account
I cannot transfer money directly from MyWallet to my bank account. Withdrawals can only be made through MyWallet ⇒ trading account ⇒ personal bank account.
Taxable
Rebate money and friend introduction rewards put in MyWallet are treated as “profit generated by XM” and are subject to taxation.
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