I am not in a mood for long texts, so it will be rather short.
Basically, PAMM is for those who have money but don't know how to trade, you prodive a pro trader with your funds so he trades "for" you.

XS Pamm is a great option for newcomers and not only. In general it can be a good fit for the people seeking for some investing opportunities or diversification too.
You basically need to subscribe to the pamm account and your deposit will go into the master account. After that you will share the profits in the percentage that is written in the Pamm acc details.
It's a simplified copy trading

Sure, PAMM account is a two-sided tool. One can either invest money and entrust it to a fund manager who will effectively and actively manage investments, or he can become a manager himself. In fact it's a win-win situation, both parties benefit from this, but who you wanna become depends on your skills, desire and so on. You can calculate which way will be more lucrative for you.