What is XM?
XM is a popular and effective Forex broker used by many Australians successfully. There are many other options for Forex Australia, and we strongly recommend you read a few of our reviews to make a shortlist of possible brokers.
The XM platform offers many impressive features, which we will discuss in the next section, and also offers a choice of currency – including AUD – as trading currency, something not all brokers offer. This makes life a lot easier when tracking your trades.
XM is a trading company that is part of an umbrella group licensed by top-tier industry authorities, including the ASIC, which gives added assurance when it comes to secure trading. Formed in 2009, this trading platform is well-established in the Australian market.
The Features of XM You Need to Know About
- Minimum trading deposit of $5 means you can get used to trading without significant expense.
- Deposits and withdrawals are free.
- Customer support is good with local phone rates.
- AUD can be chosen as a base trading currency.
- Forex and CFD trading available.
- Many platforms to choose from.
- Choice of 3 account types
- Deposit and withdrawal methods are limited in choice.
- Look out for inactivity fees after 3 months.
- Only 1300 trading instruments.
Who is XM Best for?
The features that XM offers are perfectly usable, efficient, and informative, but we can’t help feeling that there are better platforms for beginners or inexperienced traders. We would not recommend absolute novices to start trading in CFDs, for example, as losses can be great.
However, XM does have a low-cost entry rate of $5, and as the AUD can be used as a base currency, it will undoubtedly attract less experienced users.
More experienced Forex traders may find the limited deposit and withdrawal methods off-putting, and the relatively small – compared to alternative Forex and CFD trading platforms – the number of trading instruments is also a potential downside.
The popularity of XM is undoubted, and many top traders use the platform.
Why is XM Best for Australian Traders?
It is essential to know that XM is not licensed and regulated by the Australian Securities and Investments Commission (ASIC). The umbrella company it is a part of, however, does hold such a license. We would prefer XM itself to be licensed directly, but this is a minor problem that should not trouble many users.
Should You Choose XM?
Choosing your trading platform is something you should do with comprehensive research. We strongly recommend you read more of our reviews and those from other sources before choosing.
We will say that if you want an affordable entry level Forex Australia broker then XM certainly fits the bill. It is a long-established and popular option with both inexperienced and experienced traders.
