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.
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To new traders, the overall look and design of the MT4 will feel particularly outdated, but the ease of use will soon be evident.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.
Next up in our XM review Australia, we look further into the account options available to XM users.
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.
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.
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.
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.
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.
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.
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.
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.