XM Broker

[trader9521]

Hello Community!

Have someone made experience with the broker 'XM'?

I would very appreciate, if you share your experience with me!


Kind regards

 

[Pharaoh]

Have you checked their review page?

https://www.forexpeacearmy.com/forex-reviews/7214/www.xm.com

Or dedicated discussion thread?

https://www.forexpeacearmy.com/comm...as-trading-point-com-was-xemarkets-com.12773/

 

[Kokomaster]

XM is just OK in my opinion because they have quite wide spreads and they don't allow to put TP and SL close to current market price. Deposits and withdraws are good and they process on time.

 

[EURUSD]

XM is just OK in my opinion because they have quite wide spreads and they don't allow to put TP and SL close to current market price. Deposits and withdraws are good and they process on time.

Seems you have experience using this broker, if any trader already has experience using broker this will help another to get felt confidence to making decision whether will trying use these broker, fast withdrawn is very good in my opinion

 

[Armando Silvier]

In case Forex Peace Army has not released any news about XM / Trading Point, the broker has sent out emails to all retail customers with non-EU accounts (people who have accounts in Indonesia, Malaysia, China, for example) that they are 'invited' to allow XM to automagically switch their account jurisdiction from CY (Cyprus) if they have a XM CY account, to an 'XM Global' account. XM Global is based out of Belize and is clearly an unsavory choice compared to an EU-regulated account (even one based in Cyprus) for the simple reason that Cyprus, in spite of its poor financial reputation, is still covered by EU regulations and those include MiFiD and MiFiD II. The MiFiD II regulations are set to be implemented in the first week of January, 2018. While I am tempted to believe that this upcoming 'summary execution' of my account is based on the idea that a move to Belize, by XM, is for the purpose of helping clients and the company to save money, a more cynical observer would likely feel it is being done because XM is about to be indicted for fraud, embezzelment, pilfering, and assassination of client accounts, from the outset (i.e. since their incorporation); and the hasty AND UNPUBLISHED relocation to Belize is the plain, central reason for this. If you have an XM account, why would you agree to having it moved to Belize, of all places? Well, be advised: the main XM website is now controlled from Belize and you can kiss your money even further goodbye than when you were (vainly, i assume) attempting to protect it from the ravages of XM when it was based in Cyprus and London. I don't know WHY FPA has not announced this extremely important piece of news or published it on this forum; it surely is a matter of significant importance to XM clients.

 

[AsstModerator]

There are over 3400 forex companies listed in the FPA's reviews. The FPA relies on members to report anything amiss in the forums and reviews.

If you would like to work full time for free to try to monitor all the actions of at least 100 brokers, I'll be happy to send you a list. Otherwise, do what other FPA members do. If a company does something you feel is wrong, submit a review and make a post in the forums.

If you know something people need to know, post it. Doing this will be much more helpful to FPA members than wasting time complaining that the FPA doesn't have the information already posted.

 

[Davidhansen]

Hi guys!

I just want to add my experience with xm.com.


I´m a high volume trader and had invested a few hundred thousands with xm. After a month I had a profit which ran in the hundreds of thousands. What happened next is the key for everyone to learn from. If I explain the whole story you will first of all not believe it as it is mind blowing so instead of going into all the details I will relay to you what is the true nature of how the forex market is run and why exactly it is that between 65-85% of all traders are not profitabel.

In xm.coms example and in most forex companies example (believe me I have checked thoroughly) they all work like this:

When a trader places an order the forex company automatically sends an order file electronically via something called a cron job to their leverage provider which in most cases are the banks. The files contain your account id number, the order details such as size, currency pair, stop loss prices, date, time, etc etc. From this the banks are able to feed this info in real time into a main database that at all times shows how many percent of the market have long positions and how many percent have short positions and where the stop positions are. If you dont believe this is possible ask any programmer of how a database is set up or better yet have a quick look at database algorithms including google and their algorithms. A procedure like this is very simple to set up via something called a cron job.

From here the banks can wipe out 65-85% of all traders because they see where you stand and how to force you to turn in a loss. Sometimes when the market is extremely volatile that is mostly because the spread in the market is pretty even so they do this to reach the stop loss of as many traders as possible by quickly going up and down. Now bear in mind there are other factors but in the grand scheme of things the forex market is designed so that the house i.e the banks who are hiding behind the forex companies as leverage companies always take in the profits.

If you still do not believe the forex market is rigged then just google and you will see tens of articles proving that the banks are rigging the forex market to wipe as many people as possible out. They have been fined a few billion but that is peanuts in comparisons to what they take in in profits.

 

[pipdreaming]

XM is just OK in my opinion because they have quite wide spreads and they don't allow to put TP and SL close to current market price. Deposits and withdraws are good and they process on time.

XM is actually one of the biggest MT broker if im not mistaken


FPA Forums Team Note: If anyone wants to continue to discuss XM, please go to this thread...

https://www.forexpeacearmy.com/community/threads/xm-com.12773