XM Australia Review
What you should know before trading with XM in Australia
Trading Conditions
| Min Trade | USD 1 |
| Min Deposit | USD 5 |
| Base Currencies | USD, ZAR, AUD, EUR, GBP, SGD, CHF, JPY, HUF, PLN |
All Reviews
Minimum deposit is too high
WTF! why is their minimum deposit so high? They don't also support many funding methods. Support is also bad at least in Nigeria
Very poor customer support and the accepted paymen...
Very poor customer support and the accepted payment methods are very limited.
XM was blacklisted in Singapore for illegal operat...
XM was blacklisted in Singapore for illegal operations
I experienced withdrawal delays with this broker. ...
I experienced withdrawal delays with this broker. I didnt find it funny, you guys beware
very bad customer support, been struggling to make...
very bad customer support, been struggling to make a deposit since and it has been having issues and yet nobody from xm has even cintacted me to ask what the problem is. With my current broker (FxPro), once i try to make a deposit and it fails, they will immediately contact me through whatsapp to offer a solution.
One of the few brokers that offer micro account wi...
One of the few brokers that offer micro account with no trade restrictions
They declined my card deposit for no clear reason....
They declined my card deposit for no clear reason. Its really hard to make a deposit into XM because they only support few deposit methods.
The minimum deposit for bank transfer method is to...
The minimum deposit for bank transfer method is too high at $30, bank transfer is the most common method we all use so why increase the minimum deposit to $30. Other payment methods should such as PayPal & Crypto should also be added
XM is a good forex broker with bad customer suppor...
XM is a good forex broker with bad customer support
Account verification is cumbersome. They should al...
Account verification is cumbersome. They should allow you to just upload your driver's license or any other document instead of asking you to put it in front of your laptop camera. You know a broker is bad when they can't even get account opening right. Thumbs down
I used xm for a while and decided to move on becau...
I used xm for a while and decided to move on because i needed lower spread. While I was with them their platforms were good and they let you trade so many asset classes. I rate them 4 stars on this one as they are not a bad broker.
I used xm for a while and decided to move on becau...
I used xm for a while and decided to move on because i needed lower spread. While I was with them their platforms were good and they let you trade so many asset classes.
Their spreads are not as low as they advertise the...
Their spreads are not as low as they advertise them to be. Customer support is also bad
Here in the UK, XM closed down and moved us to a n...
Here in the UK, XM closed down and moved us to a new broker called Trading.com and the reason they closed down was unprofitability. However, XM still operates in other regions like Africa so the negative reviews I am seeing here must be from there. I suspect XM may be having some issues hence peoples complaints of poor service. When I was using XM (before they closed down in the UK) their service was average but not anywhere near what competition offered so i give them a 3 star for that.
XM keeps increasing their spread after I enter a t...
XM keeps increasing their spread after I enter a trade causing my SL to be hit without price reaching it. Being a trader from Nigeria, XM customer support is not localized and they have never called me before even when I send them an email complaining about something. I just feel XM is not as customer focused as some other brokers. The only thing I liked about XM was their low minimum deposit and withdrawal. They used to offer a Micro Account but they have dis continued it.
Bad customer support and their bonus is shady. I t...
Bad customer support and their bonus is shady. I traded with their bonus and generated some profit but after that i was unable to access my account and when I later did, the bonus was gone. I contacted them and got tossed around till i got fed up and quit.
I traded with XM but they lack good customer suppo...
I traded with XM but they lack good customer support. Their fees are low but there is a general lack of sophistication for me.
XM is an ASIC regulated forex broker with a $5 Minimum Deposit & AUD base currency accounts
| 📍Country | ⚖️Regulator | #️⃣License No. | 📅Date License Issued |
| Australia | ASIC | 443670 | 2013 |
| UK | FCA | 538324 | 2016 |
| Belize | FSC | 000261/397 | |
| South Africa | FSCA | 49976 |
XM Withdrawal & Funding - 9/10
What is The Minimum Deposit For XM Broker?
The XM minimum deposit is $5 and this applies to the Standard & Ultra-Low Accounts.
The XM Share Trading Account requires a $10,000 minimum deposit.
However, when it comes to XM copy trading, the minimum deposit is determined by the Strategy Provider.
How Long Does it Take to Withdraw from XM Broker?
Debit/credit card withdrawals at XM can take up to 5 days to reflect, while Bank Wire withdrawals can take up to 7 days.
The XM minimum withdrawal amount is also $5 & to speed up the withdrawal process you should send in your XM withdrawal requests before afternoon.
XM accepts many funding methods ranging from cards, to local bank transfers, to eWallets; but first you must open an account.
Account Types - 6/10
1. XM Standard Account
Here full sized trading has been unlocked & you can do large volumes meaning Standard lots of 100,000 units.
To trade Standard Lots, you will be required to place a higher margin so you will need more funds in your wallet.
2. XM Ultra-Low Account
The XM Ultra-Low Account does not charge overnight fees on major FX pairs & Gold, making it ideal for those who keep trades open till the next day.
3. XM Shares Trading Account
XM Australia allows you trade real stocks but you must open an XM Stock Trading Account.
4. XM Demo Account
XM has a Demo Account which is meant for practicing with virtual cash only.
Account Management - 6/10
How Do I Open An Account With XM Broker?
Step 1: Register
To register with XM, go to the XM Australia website and click on "Lets Get Started" or download the XM Mobile App & click on "Create an Account"
Choose your country of residence, enter your email address, create a password & then click on register. A verification email will be sent t you so click on the link in the email to proceed to the next step.
When you click on the verification link in your email, you will be redirected to your XM Members Area where you will notice a live MT5 trading Account & a demo account has been automatically opened for you.
Step 2: Verify Your Identity
From your XM members area, click on "verify now" to add your profile details. You will be required to enter your current Australia address & phone number, then answer a question about your trading experience.
Step 3: Upload Your Means of ID
You will be required to upload your Australia government ID card as a means of identification. You will also need to upload your utility bill as proof of address.
Maximum Number of Trading Accounts
You can open up to 10 XM CFD trading accounts & 1 Share trading account from your members area. However XM only allows you open Individual & Joint Accounts as corporate accounts are not offered.
Changing Your XM Demo Account Balance
If you decide to increase the virtual funds in your demo account, you can contact XM via live chat or email & they will effect the change for you.
Changing Leverage on XM Account
You can edit the leverage on your XM trading accounts from your members area. Login, select the account & click on edit.
Cost of Trading - 8/10
1. Commissions
No, XM does not charge commissions on any of their accounts. Instead they make their spreads wider to include the commission.
2. Spread
Yes, XM spreads are higher than industry averages but this is because they are a zero-commission broker.
However, during periods of low volatility the spreads can tighten.
The XM Ultra-Low Account has the lowest spreads of them all & we are talking spreads from 0.8 pips.
Other XM Accounts have spreads starting from 1.6 pips.
3. Overnight Fees
On the XM Ultra-Low Account, you don't pay overnight fees on major forex pairs & Gold.
But on other XM Accounts you pay overnight fees on every trade.
4. Inactivity Fees
XM charges a $10 inactivity fee on any accounts that have been dormant for 90 days (around 3 months)
Is XM A Market Maker?
Yes, XM is a Market Maker so they can trade against you or be the counterparty to your trade. Because if the XM Market Maker business model, they don't charge commissions on CFDs & instead widen the bid/ask spread to include the commission.
| Account Type | ✂️Spread | 💰Commission per side | 💱Currency Conversion Fee | 🌙Overnight Fees | 😴Inactivity Fee |
| Standard Account | From 1.6 pips | $0 | Yes | Yes | $10 |
| Ultra-Low Account | From 0.8 pips | $0 | Yes | No | $10 |
Range of Markets - 8/10
1. Forex CFDs
At XM Australia, you can trade 50+ Forex CFDs including the USD/ZAR pair.
2. Crypto CFDs
At XM Australia, you can trade 59+ Crypto pairs including Bitcoin, Ethereum, Shiba, etc.
3. Indices CFDs (Cash & Futures)
XM Australia has Nasdaq CFDs & 22 other popular indices in both spot cash & futures markets.
4. Thematic Indices
Thematic indices such as Electric Vehicle Index, Block Chain & NFT Index etc. are available at XM Australia.
5. Stock CFDs
Over 1300+ Stock CFDs such as NVIDIA, EXXON, Ali Baba, etc. are available at XM Australia.
6. Turbo Stock CFDs
XM Australia has 12+ Turbo Stocks that you can trade. They include Adidas Turbo, Facebook Turbo etc.
7. Commodity CFDs
You can trade 8 Agricultural Commodities, 5 Metal Commodities(including Gold) & 3 Energy Commodities, at XM Australia.
| 🛒CFD | #️⃣Number | 🚀Leverage | 🌙Swap Free Trading |
| Forex | 50+ | 1:30 | Yes (major pairs) |
| Equity Indices | 20+ | 1:20 | No |
| Thematic Indices | 10+ | 1:20 | No |
| Stocks | 1300+ | 1:5 | No |
| Turbo Stocks | 10+ | 1:5 | No |
| Agric Commodities | 8+ | 1:10 | No |
| Gold & Silver | 5 | 1:20 | Yes |
| Energies | 3 | 1:10 | No |