XM Review Australia & Test 2022

Is XM safe or scam?

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  • Zero commissions
  • Low margin requirements
  • Trade the most popular currencies
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  • No hidden fees or charges
  • Over 50 currency pairings
  • Low spreads available to all users
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  • Over 600 options
  • Intuitive trading platform
  • Low spreads

Providing its service to over 196 countries and supporting customers in over 30 languages, we at Wetten wanted to see what other benefits the most accommodating broker across Australia had to offer.

Below, we gradually build on our overall XM rating by examining the most important attributes of a top online broker. You can expect us to dissect the customer support, shed light on the platforms and accounts available, as well as picking up on a few additional perks and positives along the way.

Offers and New Customer Experience – Sign-up and deposit bonus boosts overall XM ranking

Our XM review begins as our Admiral Markets review did – explaining the offers and new customer experience available to Australian Traders. One key difference is XM Australia have attempted to entice new customers to join their platform by offering a select few bonuses and promotions to their clients.

First, users can take advantage of a non-deposit trading bonus of $30 by simply signing up to XM Australia.

Next, a two-tier deposit bonus entitles users to a 50% deposit match up to $500, followed by a 20% deposit bonus up to the value of $5,000.

Finally, the XM Loyalty program offers clients the chance to build up XM Points (XMP) per lot traded. Once enough XMPs have built up, traders can then redeem these points for free credits to be used on-site.

Usability – Simplicity is key

The account opening process is one of the most straightforward processes we at Wetten have come across. Input a few basic details, provide sufficient forms of identification, proof of residence, proof of income, and wait for the approval.

Your account will usually be verified within 24 hours, and, in the interim, you can take advantage of the demo platform on-site.

Once on-site, identified your account and utilized one of the many reputable deposits, your account type is ready to be selected and platform downloaded (or opened). One of the perks to using XM Australia is that they take advantage of the MetaTrader 4 and MetaTrader 5. Both are well used and reliable platforms that many traders will already be familiar with.

To new traders, the overall look and design of the MT4 will feel particularly outdated, but the ease of use will soon be evident. A simple drop-down list uncovers all the trading options available to users, with a search option making life even easier. As for the MT5, albeit similar in design, it offers a much broader selection of assets, charting tools, and indicators.

Accounts – Varied options appeal to the masses

Next up in our XM review Australia, we look further into the account options available to XM users.

Micro Account

As the name suggests, the micro account allows users to operate with micro-lots. A minimum deposit of $5 is required to get your account up and running and would be better suited to a beginner trader who is looking to test the waters and keep risk levels low.

Standard Account

We are sensing a theme over at XM Australia! The Standard Account allows traders to operate with standard lots. A minimum deposit of $5 is required to get you started.

XM Zero

The XM Zero allows traders to operate with standard lots, lower spreads starting at 0 pips, and has a $3.50 entry and exit commission per $100,000 traded. The minimum initial deposit is $100. It is also worth noting that this particular account type is not available to all countries.

XM Ultra Low

Offering you the choice to operate with micro or standard lots, the XM Ultra-Low account has a minimum initial deposit of $50 and lower spreads that start at 0.6 pips. Similar to the XM Zero, this particular type of account is not available worldwide.

Other Account options

As with Axi Trader Australia, a demo account is present on the XM Australia site. Here, users can perfect their techniques and strategies before taking the big plunge into the real-risk pool of online trading. As well as a demo account, XM Australia has catered for their members who are followers of the Islamic faith. A swap-free account facility has been attached to the Micro, Standard, and XM Zero account in order to allow for a smooth transition that complies with Shariah laws.

Fees – Inactivity fee is present after 90 days

Fees associated with your XM Australia account fall in line with industry standards or below. For holders of a micro or standard account, the fees will already be present within the spread. However, owners of XM Zero accounts will be subject to an entry commission fee of $3.50, which is matched upon exiting a trade.

Similar to our findings at Eightcap Australia, an inactivity fee is present on the XM Australia platform.

Compared to many other top brokers across Australia, we at Wetten did find that the fee itself was fairly low – $5. The inactivity fee does not rear its head until the 90th day of zero wagering activity, and terms associated with this are clearly displayed on the XM Australia website.

Alongside an inactivity fee, traders of XM Australia may be subject to overnight fees if their Forex position sees them surpass the 24-hour mark.

Trading Platforms – The return of some Forex favourites

A critical component to all of our online broker reviews, the trading platforms available can quickly turn a good broker into a great broker – or vice versa!

Thankfully, the XM Australia team have opted to make use of some forex favourites – the MetaTrader 4 and MetaTrader 5.

Compatible with Mac, Windows, Linux, iOS, and many other mobile devices, the MetaQuotes platforms are available to download via the app or open directly online.

Making use of one-click trading, guaranteed stop loss and limit orders, users can experience a professional and sleek level of trading courtesy of the industry-leading platforms. Available in English, Hungarian, Greek, Dutch, Russian, Chinese, German, French, and many more, XM Australia further cements its position as one of the most accommodating brokers across Australia.

Trading Payments – Is XM safe?

Similar to INGOT Australia, we at Wetten are proud to confirm that XM Australia is safe and secure.

Home to a reputable selection of payment methods, including debit cards, credit cards, wire transfer, Skrill, and Neteller, users can deposit and withdraw free of charge, incurring no account fees along the way.

Strictly speaking, there is no set minimum deposit required on the XM Australia platform. However, popular funding options Skrill, Neteller, Credit cards, and wire transfer come with their own pre-set minimum deposit value of $5.

When it comes to withdrawing your account funds, users can do so using the same method they chose to deposit. In turn, this allows for an easily viewable trail of your trading history. It is worth noting that withdrawals via wire transfer under $200 will incur a $15 admin fee.

Customer Service – XM Australia holds customer satisfaction in high regard.

As critically vetted as it was in our Trade Nation review, we are proud to state the XM Australia customer support team passed our customer service section with flying colours.

In order to do so, the team at XM Australia had to provide us with a solid selection of contact methods, a superb response rate, fantastic professionalism and knowledge, as well as zero language barriers.

Home to live chat, phone support, email, and a postal address, as well as responsive agents, over 30 languages, and availability 24 hours a day, five days a week, it would be fair to suggest that XM Australia duly replied.

Regulation and Deposit Insurance – Negative balance protection courtesy of EU regulations

As we detailed extensively in our Global Prime review, the adherence to security processes and regulatory rules can make or break a broker – we at Wetten have no problem confirming there are no XM scams taking place here.

The XM Group is a group of regulated online brokers. Trading Point of Financial Instruments Pty Ltd was established in 2015 and is regulated by the Australian Securities and Investments Commissions (ASIC). XM Global Limited was established in 2017 and is regulated by the International Financial Services Commission. Trading Point of Financial Instruments Ltd was established in 200, and it is regulated by the Cyprus Securities and Exchange Commission (CySEC).

It is due to the regulation set out by the CySEC that allows for any XM Australia user to benefit from investor protection. The Investor Compensation Fund will award depositors who lose their accounts due to the failure of a regulated firm a sum up to the value of €20,000. Furthermore, due to the regulations set out by CySEC, users of XM Australia will also be privy to negative balance protection, meaning clients lose the ability to lose more than they have deposited.

Additional Features – Recommended resources for all

When joining up to XM Australia, it looks as though users will get much more than an accommodating and established broker – they will also get an education provider.

Whether you are new to the online world of trading or a professional looking to brush up on some terminology, XM Australia has got you covered.

Our XM review discovered a great selection of learning tools, including XM Live, educational videos, Forex webinars, Forex Seminars, Platform tutorials, trading guides, as well as the previously mentioned demo account that will allow users to put all of their new knowledge into action risk-free.

xm.com Forex

Forex trading offer

When signing up to XM Australia, traders can focus their energy on finding entry points across 55 currency pairings. Majors, minors, crosses, and exotic markets are all on offer 24 hours a day, five days a week, including AUD/CAD, AUD/CHF, AUD/NZD, and AUD/USD.

Forex trading costs

Regardless of the account type selected, traders of XM Australia can expect minimum and average spread on track with industry standards. The margin percentage is 5% across the board, and a commission of $3.50 at entry and exit is applicable to holders of the XM Zero accounts.

XM Australia is very open with its trading costs, offering all information regarding spreads, commissions, price fluctuation, long swap values, short swap values, and other key information readily available on-site.

Forex trading conditions

The trading conditions available to you at XM Australia will depend entirely on the account type you have chosen. For micro and standard accounts, a minimum deposit of $5 is required, and, as the name suggests, a micro account will allow users to trade micro-lots, whereas a standard account will allow users to trade standard lots.

When looking at the XM accounts, users have a greater deal of flexibility, despite unlocking a $3.50 commission upon entry and exit per $100,000 traded. They will also make use of spreads that start as low as 0.

Product summary & conclusion

Thanks to a superb tiered account system, knowing exactly where your trading knowledge falls best is easily identifiable.

The use of micro-lots allows users to test the forex water, ensuring their capital is not dented too heavily while perfecting their trading techniques. Trading professionals can also benefit from the low spreads available and demo account facility offered to those using any of the XM accounts.

Overall, we at Wetten believe XM Australia to be a good all-rounder for all of your forex needs.

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xm.com Stocks

Stocks trading offer

Offering traders instant access to global economies, the XM Australia stock trading CFD offer allows users to speculate on price movements rather than owning the asset directly.

Suitable for short-term traders and investors alike, stock CFDs offer traders complete control over the entry points and exit points of well-known stocks, including Telekom Austria, Adobe, and Activision.

Stocks trading costs

Alongside noting uptrends and downtrends, transparency is key when deciding if an opportunity in the market is worth taking.

Over at XM Australia, they have created an easy-to-use chart that highlights all the key information surrounding your chosen stock CFDs. Price fluctuation looks set at 0.01, while spreads look to drop as low as 0.2. Minimum and maximum trade sizes are also highlighted for trader convenience.

Although costs and fees are dependent on the account type you have selected, it is worth noting that CFDs on stocks are subject to divided adjustments. However, no additional fees apply.

Stock exchanges or trading places

As XM hosts a platform that runs 24/5, users of XM Australia can place their stock CFD orders whenever the opportunity arises, provided the market is available to them.

A full list of Monday opens and Friday closes are readily available by heading to the XM Australia site and selecting stocks. However, it would be safe to suggest regular trading hours can be adhered to when using XM.

Product Summary & Conclusion

With over 600 stock CFDs available to XM Australia users, we at Wetten were grateful to find all details regarding spreads, price fluctuation, and leverage easily accessed on-site.

XM traders can make use of intuitive platforms to secure their stock CFDs almost instantly, with minimum and maximum trades highlighted clearly dependent on your chosen account type.

Adobe, Netflix, Coca-Cola, and a few more obscure stocks are all on offer at XM Australia, and we at Wetten would advise both new and well-versed traders to consider a move over to XM if they are keen traders of CFD stocks.

XM Australia FAQs

🔐 Is XM Australia legit?

Our team of experts here at Wetten are proud to say we are sticklers for the rules. To be offered a positive broker rating and ranking, our experts first need to ensure our reader’s funds and details will be kept safe.

With Australian-based brokers, we instantly keep our eyes peeled for the ASIC symbol. Once confirmed a broker adheres to the regulations set out by the ASIC, we will then consider reviewing security features such as SSL encryption, reputable payment methods, and KYC processes.

❓ What account types are available at XM Australia?

As well as some notable bonuses and a rather fantastic loyalty program, the sign-up process at XM Australia could be considered an additional perk within itself.

By forwarding some very basic details, users can get their XM account up and running, taking advantage of a demo account and practising strategies along the way. When you feel you are ready for the shift to live trading, it’s time to consider what account option is best for you. We suggest reviewing our XM review Australia to find out more.

💳 I have a problem with my withdrawal. Who can I contact?

XM Australia is home to plenty of reputable and reliable payment methods, including debit cards, credit cards, Skrill, Neteller, and wire transfer. Aside from any third-party fees, traders can expect to deposit and withdraw hassle-free, requiring a minimum deposit of $5. It is worth noting that any withdrawals under $200 will incur a $15 admin charge.

Conclusion – XM review cements itself as one of the best brokers in Australia

It was evident from the off that XM Australia held customer satisfaction at the forefront of all it offered – not every broker provides 30 different language options to its customers!

However, as we began to unravel more and more information on the established broker, it soon became apparent that this was just one positive of a site that held a plethora of perks.

Whether you are new to trading or a forex professional, XM Australia has something for you. For professionals, a choice of account type will help benefit your personal style of trading, reputable payment methods to help fund your account instantly, and the use of MT4 and MT5 is always a positive.

For beginners, make use of all the tools available to you. Enjoy some risk-free action in the demo account and perfect your strategies; enhance your knowledge with a webinar before selecting a live account that suits your needs.

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  • Zero commissions
  • Low margin requirements
  • Trade the most popular currencies

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