Why you should register your number with XM FX

In this article.XMThis section explains how to register your own number in the following sections.

Is it illegal not to register my number with XM?

Why XM requires registration of my number

My number is a taxpayer identification number, which domestic FX firms are required to submit.

This is not surprising, as they are obliged to pay tax on profits earned from forex trading. Foreign FX traders are also obliged to pay tax on profits earned.

The background to XM, an overseas FX provider, requiring Japanese account holders to submit their own numbers is due to globalisation andFintechThe development of the banking system has led to an increase in overseas remittances that do not involve banks.

Banks usually have strong links with regulators in all countries and their transactions are disclosed to the authorities as required.

Increasingly, transfers using virtual and various digital currencies do not involve banks, and authorities in many countries are concerned that this could lead to criminal activities such as money laundering and tax evasion.

In Europe in particular, there are increasing restrictions on such practices, with foreign FX operators within the European area required to provide their taxpayer identification numbers.

Therefore, even Europe-based XM is increasingly required to obtain ever more detailed customer information, including taxpayer identification numbers, outside Europe.

Is it illegal not to register my number with XM?

It is not illegal not to register your number.

At the moment, XM seems to recommend that customers who open accounts outside Europe register their own numbers to show the financial authorities that they are not out of control of their customer information.

So it is safe to assume that it is not a very serious problem.

However, it should be noted that failure to declare and pay tax on profits earned with overseas FX traders is punishable as an act of tax evasion.

How to register your number with XM

Access the XM login page.

XM login pageAccess to.

Enter [MT4 (or 5) account number] and [password] and click[login].Click on

Enter [MT4 (or 5) account number] and [password] and click[login].Click on.

Select [My Account].

Top left.Click on the account name.A menu will then appear, in which you can select [.My Account]Select the following.

My number in the bottom left-hand corner.naClick on the part of the

A page with your account details will open, click on the N/A section of your number in the bottom left-hand corner.

Select the country of tax payment as [japan].

When the screen to register additional information appears, change [Do you have my number?] to [Yes] and select the country of tax payment as [japan].

After setting the settings to [Yes/Japan], click [Send] at the end.

The My number input form appears, enter the number and click [Confirm].

[Click on 'Submit' and the My number form will appear, enter the number and click on 'Confirm'.

My number is now registered with XM.

summary

This article explains how to register your own number in XM.