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XM.com (formerly Trading-Point.com and XEMarkets.com) Review MT4 - MetaTrader Platform CFD - Contract for Difference

Overall Rating: (3.423)
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Total Reviews: 390
Last Updated: 2014-09-21
Description:

XM is a forex broker. XM offers the MetaTrader 4 and MT Mobile global forex trading top platforms. XM.com offers over 50 forex pairs, cfds, equities, indices, metals, and energies for your personal investment and trading options.

Special Notes:

Former websites of this company are Trading-Point.com and XEMarkets.com.

Click here to join live discussion of XM.com (formerly Trading-Point.com and XEMarkets.com) on our forum
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court COURT file case Cases Open - 0 | Not Guilty - 0 | Guilty - 0   reviews REVIEWS submit review

FPA Review Moderation Team, USA

Rating: No Rating
Date of Post:2010-11-19
Review: We haven't tried a forex trading account with XEMarkets (formerly known as Trading-Point.com). If you've traded forex with this broker, please leave a review here.

Berlian, Medan, Indonesia

Rating:
Date of Post:2014-09-16
Review: Hey guys,

I had trade in this brokers more 2 years. I think its brokers good. I can withdrawal not more 2 days.
If I get problem in withdrawal, I can contact his IB in Indonesia, usually he will be help me to process my withdrawal.
Until now I think its broker is good.

CostaRicaFX, San Jose, Costa Rica

Rating:
Date of Post:2014-08-25
Review: Hi All,

I would like to update everyone with a little bit of information on XM.com. There are two items I would like to cover and that would be my experience with their card over the past months as well as a Western Union deposit I made a little over a week ago.

Let's Start with the card - I have the XM USD card. It works like a charm online and in shops. Once I had a slight issue and it was my fault. I went to a supermarket and they had a datafone with a chip reader in it and the device asked for my pin number and I had yet to memorize the pin and I had to use cash. Other than that it has never been turned down and it is a great tool. I will be loading my card with funds from my MT4 account this week most likely and I will update everyone on the process and how it goes.

Western Union Deposit - this was a nightmare but it was not XM's fault. I tried WU at a shop close to my office and was told that the transfer had to be completed in their main offices on the other side of San Jose. The issue was based on the fact that the system they use here in Costa Rica has yet to be changed from CYPRUS POUNDS to CYPRUS EURO or CYPRUS USD. So, I thought to save time I would ask for Money Gram details. My account manager provided the details and I popped out and went over to TELEDOLAR to make the transfer. I thought this would save time but it created a nightmare. The girl at TELEDOLAR in San Jose asked me for my ID and my phone number and address as well as the amount to be sent and the details of the receiver in Cyprus. I provided everything that she requested. She then proceeded to ask me if I knew the person and give the little scam warning that they give to people who send money abroad. The girl then asked me for two references and their phone numbers. I refused as the transaction was between me, MG, and the person in Cyprus and I blatantly asked why we needed to involve others in my transaction. She then tossed my ID card at me and said, "no puedo hacer el envio que tengo un ben dia" (I cannot make the transfer - have a nice day). I have escalated the incident to the management of TeleDolar and I am on their case about it. Being very agitated I went to the WU main office in Sabanilla and they attended me in less than 10 minutes. I sent my account manager, Helene, the details by email from my iphone by email and the next day the funds were in my account. I did not receive the full amount however and I think this was my fault. The guy at WU had never sent money to CY before so he sent EURO en lieu of USD so I lost USD$8.00 in XM's currency exchange. I did receive the advertised 50% bonus credit on the amount deposited and since it was my first WU deposit Helene held my hand all the way.

XM behaved very well and were very helpful during the entire process. MoneyGram agent TELEDOLAR is a ripoff and if you are in Costa Rica and wish to send MG to XM its best to avoid TELEDOLAR.

UPDATE: In y initial post I mentioned the online platform and I did not grade it very highly. I was informed by XM that they had made changes to the platform and the current platform is better and I would increase the grade to a B. I would like to see the ability to upload EA's to their online platform. This would rock!!

2014-07-08 5Star Hi All,

XM.com is my current broker and my ONLY broker at the moment. I have been dealing with XM.com for a little more than one year. During which time I have won trades as well as lost trades. I have also had part of my bonus taken away due to a withdrawal I made to test and see if they were legit. My account balance is not that much as I am still learning but rather than use a demo account I prefer to use my money as it makes me focus more on learning and being cautious.

I opened my account with XM.com based on a recommendation from a friend of mine who has traded larger amounts with them. Upon opening the account I was contacted by Helene. She assisted me with the account opening process as well as getting verified and explained to me that she was my assigned account manager. Once verified I deposited the large sum of US$20.00 . Now get this, after making such a small deposit I traded using their 1:888 leverage and did well and lost some. With only US$20.00 on my account at that time I received emails and phone calls from XM.com checking in to see what I may need as well as to guide me to their online educational tools and some basic details on services provided etc. I proceeded to deposit more as well as make more trades with them. Once I had made some profit I made a small withdrawal to see just how it works and if they were legit. The withdrawal was done within a few hours and it took almost 2 weeks to have the funds posted on my credit card. The bank made a complete mess of the transaction and after emailing the bank manager several times they finally sorted out the issue.

I want to take a minute to dissect the services offered by XM.com and grade each one based on my experiences. I am not a full time trader nor do I have a huge account balance but I have a good idea of what I want, what XM.com offers, and what I will tolerate.

Online Trading Platform – Grade C – difficult to use and unsightly. I do not care for this platform whatsoever and it is difficult to navigate and limited.

Deposit Methods – Grade A – All of the basics and they are pretty quick. I want to test Western Union deposit methods out as well to see just how that works. Since my local bank has become a bureaucratic money hog I want to try alternatives to deposits as well.

Customer Service – Grade A+ - My account manager is top notch. Anything I need she is there to answer questions and to guide me. I can say that she has never once asked me to deposit more funds into my account nor has she ever told me how to trade. She has given suggestions on topics I should study and research.

Withdrawals – Grade A – My bank was slow and I could not find fault with XM.com

Loadable Debit Card – Grade A – Excellent tool for withdrawals as well as daily use. I purchased the card and four days later it arrived by DHL. Funded the card and I used it for the first time in a super market on Saturday. Before I could even sign the slip I received a text message stating that the card has been used and the transaction amount. The SMS also stated that if I did not make the purchase to call them immediately. The only thing I would like to see as far as the card is concerned is real time account statements online and not by request. Sometimes you just want to check something quickly and with this card you have to send in a statement request.

Trading Signals – Grade B – I don't think this is their fortee to be honest. It would be nice to get them by email and not have to log on to their Member's Area. Sometimes those of us who are not full time traders are on the road or at work and we can trade via our cellphones or tablets. An email to our cell with signals could be a good way to start the trading/work day off. I have only used them a few times because of this but all in all signals are not my cup of tea. I tried signals from providers and even on Zulu via a demo account and most of them are not very accurate. I have a subscription to Faunus and I have lost more using their signals than by using my own method.

Training – Grade B – The video lessons are just a set of helpful videos to show you how to use the technology XM.com has to offer. I think that XM as well as all other forex brokers lack one major detail and that is real training. I think XM.com should find a basic strategy or teach people how to research and find their own basic strategy. Most of the newbies go out into the world of forex naked and with no idea of what is going on. I did and I had to waste time and money to find my way. My account manager did make some suggestions however to assist me in my search for the right strategy and I am slowly but surely on my way.

Order Open and Close Time – Grade A – I have never had any issues other than internet connectivity issues. Since I do trade from my cellphone quite a bit there have been issues with closing order due to the 3G internet connection having problems. I have only lost a few cents here and there and I have earned a few here and there due to this issue. MT4 is always fast and quick and no issues so far.

My overall score for XM is an A. I have not had issues and if I did I would have been the first one to squawk about it. I am increasing my account balance soon and will be reporting on any changes thereafter. So far I am very pleased with my experiences with XM and I think that others will be too.

ewriter, SINGAPORE, Singapore

Rating:
Date of Post:2014-08-23
Review: Atif from Pakistan, i that is where you are really from, thanks for your illuminating videos and screenshots showing an apparent delay in the trading platform XM provides. It is truly deplorable that you do not know how to spell 'their.' Instead, you constantly mis-spell it, using 'there.' Please! to be RIGHT you NEED TO SPELL RIGHT. Anyways, back to your point: it is plausible there is a real delay between the two trading environments; this is simply because real trading accounts, although they may be pooled together for pricing delivery, are unlikely to be pooled in the execution technology. Besides, the delay according to your video is negligible -- perhaps a few seconds. Personally, i believe regardless of any delays, you would be able to gain significant profits with a good methodology and disciplined money management. I have been with XM for only a few months (not a staff only a novel account holder) and i have grown my account by 300% for evidence see my Signal on mlq5.com LONSDALE. It cannot be subscribed to (unfortunately) since the account leverage us too high. However, clearly it is possible to profit with XM (although the rollover is too high). Closing trades rapidly to avoid rollover or other losses is, IMHO not a good methodology and we need to help XM to disgorge much more of its profits back to us, if we are to make this world a better place!

Muhammad Nadeem Zafar, , Pakistan

Rating:
Date of Post:2014-08-11
Review: I have experienced “XM” as outstanding forex broker with no time execution of trades. Immediate withdraws & deposit make it different from others. The best thing which keep me trading with this broker for last three years is its customer service. They treat each customer with respect, particularly their representative takes my issues as its own issues & ensure timely resolutions. I always have good wishes for this trader.

Damian, , Poland

Rating:
Date of Post:2014-08-11
Review: XM is a huge scam. Doesn't allow you to close trades when they are for instance too profitable. Would never recommend this broker to anyone. There are thousands of great brokers that play a fair game and this one is just a huge scam. The slippage is terrible because of the very slow servers, they are lagging all the time. I had accounts with many other brokers and it is just uncomparable XM is that bad. When there is increased volatility the spread is so high that it's just unbelievable. Very unhappy with their service.

your exclient
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Zakir Ahmed Choudhury, Assam, India

Rating:
Date of Post:2014-08-05
Review: XM is a TOTALLY scam company,They are not broker,Last friday 01/08/2014 I noticed that they adjusted 660$ from my account without any reason,I sent many mail and requested on live chat to solve this and back my 660$ to my account, but they don't hear me,even I try to contact with Mr JEET Singh who was saying that he is my account manager, but he is not contacting with me.so I request all traders kindly think first to make an account with such an fraud company
 
Rebuttal: Added by Chris A. Zacharia on 2014-08-11 06:54
  Dear Mr. Choudhury,

Following a thorough investigation of your trading account(s) by our Compliance Department, I hereby would like to inform you that, based on a detailed review of the trading activity in your account, we have concluded that the transactions carried out in your account on 01.08.2014 were executed at delayed/stale prices. Accordingly, we have determined that transactions that relied on the above-mentioned price latency arbitrage opportunities cannot be considered as legitimate.

I would like to apologize for any inconvenience this may have caused you.

Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)

mohamed Alhaffar, jeddah, Saudi Arabia

Rating:
Date of Post:2014-08-04
Review: XM is Scam Broker ,,,My ID Account 11178746
they Don't give me my Profit
 
Rebuttal: Added by Chris A. Zacharia on 2014-08-11 06:52
  Dear Mr. Alhaffar,

I believe you referring to a trade no. 18418351. As you have been informed via email, this trade was cancelled because of an error in the execution price. The trade was executed at a stale/delayed price which did not reflect the actual market rate at the time of execution. I regret to informed that the profit garnered due the said error, cannot be considered as legitimately made on your behalf.

I would like to apologize for any inconvenience this may have caused you.

Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)

bambang arfianto, , Indonesia

Rating:
Date of Post:2014-07-22
Review: As what other user said and experienced the same problem as me, I also want to clear this up and to tell that the previous problem that happened has been resolved, and XM also already responsible to the mess that caused by this matter. I hope it won't happen again in the future. Thank you.

2014-07-15 1Star This would be my third post regarding my case, and none of the XM representative in FPA care to give any response.

But I wouldn't care too much about that as since my first post I also communicating with them by email, and the last 3 emails from them was assigned to their Indonesian Account Manager.

Both from their International and Indonesia support are kept saying that "they did nothing wrong" in their eyes, and what they've done was seems legal for them.

I'm tired of their same answer again and again, I explained to them that I understand what they meant (because they kept giving me explanation in trade-positions-equity calculation) in every emails they gave me, which means they forced me to agree of their practice.

The real problem is not it, these are the real problem:

1. XM perform actions that change my open trades without my PERMISSION
2. XM apply the change all the positions that I have without any notice
3. What have XM did have screwed my trading strategy
4. Margin levels that I have was still far enough to withstand the floating loss, so there is no reason that my loss position had to be changed by XM (IF they would argue this matter as a margin call)
5. XM DO NOT HAVE THE RIGHT to arbitrarily change my trading positions both either in the profit and loss conditions
6. With the explanation of the XM which keep saying that there's nothing wrong with the changes and my loss was just equal to $0, but judging from my side, my loss is much greater than just $ 31.22, due to return to the starting position before XM revampedthe open positions require a long time to trade

I hope any existing members and new members should be aware of this practice, I'm going to submit this case to FPA, Cyprus Securities and Exchange Commission, and New Zealand Financial Service Providers Register as where XM licenses issued and all financial authority of where XM registered.

2014-07-10 1Star it's me again, with account number 11159251, after i did an investigation on my account, apparently XM.com did what broker shouldn't do, they move my floating position into the point where the price started on 00.00 MT4 server time today (July 11, 2014 - 1.36073/1.36101), so they deducted all my negative floating trades and move them into one same price. This all happens with all my EURUSD trades.

XM.com has been INTERFERED my trades and deduct the negative trades as "variation withdrawal" WITHOUT MY PERMISSION

Trading Point Of Financial Instruments Ltd

Account: 11159251 Name: Bambang Arfianto Putra Currency: USD Leverage: 1:888 2014 July 11, 08:27
Closed Transactions:
Ticket Open Time Type Size Item Price S / L T / P Close Time Price Commission Taxes Swap Profit
17780919 2014.07.11 00:22:34 balance variation #17718472 [2014.07.10 -0.54
17780700 2014.07.11 00:21:58 balance variation #17170169 [2014.07.10 -0.88
17780699 2014.07.11 00:21:58 balance variation #17169563 [2014.07.10 -1.03
17780698 2014.07.11 00:21:58 balance variation #17169549 [2014.07.10 -0.97
17780697 2014.07.11 00:21:58 balance variation #17168379 [2014.07.10 -0.98
17780696 2014.07.11 00:21:58 balance variation #17167896 [2014.07.10 -0.97
17780545 2014.07.11 00:21:35 balance variation #15933957 [2014.07.10 -2.17
17780466 2014.07.11 00:21:21 balance variation #15862822 [2014.07.10 -3.56
17780465 2014.07.11 00:21:21 balance variation #15862548 [2014.07.10 -3.59
17780464 2014.07.11 00:21:21 balance variation #15862081 [2014.07.10 -3.64
17780457 2014.07.11 00:21:21 balance variation #15854418 [2014.07.10 -4.16
17780456 2014.07.11 00:21:21 balance variation #15851881 [2014.07.10 -4.20
17780455 2014.07.11 00:21:21 balance variation #15849436 [2014.07.10 -4.53
Summary:
Deposit/Withdrawal: -31.22 Credit Facility: 0.00

2014-07-10 1Star before i submit case, i want to try here first to get an answer from xm.com rep, because your live chat rep was not helping at all, here's the chat transcript:

Our company representative will be with you in a moment.
04:27 Mariana has joined the chat.
04:27 Viktorija has joined the chat.

Mariana | 04:27 Welcome to XM.com! How may I assist you?

bambang arfianto | 04:28 my account number 11159251
i need clarification on my trading account

bambang arfianto | 04:29 moments ago, i received so many withdrawal notification, what is happening??

Mariana | 04:29 Hello Sir, of course
I will check it now
just a moment please

bambang arfianto | 04:30 ok, i'm waiting

bambang arfianto | 04:33 do you see those in my account?
hello??

Mariana | 04:34 Yes I have checked it now
thank you for the patience Sir

bambang arfianto | 04:35 can you explain those withdrawal with comment "warious"?
"variation" i mean

bambang arfianto | 04:36 those actions already cut my balance about $30

bambang arfianto | 04:39 can you give me an answer?

bambang arfianto | 04:40 hello???
anyone there???

Mariana | 04:42 I am here Sir
give me another moment please

bambang arfianto | 04:42 give me an answer please, don't just quiet there

bambang arfianto | 04:46 it's been 18 minutes and you haven't give me any real answer!

bambang arfianto | 04:49 heellloooo???

Mariana | 04:52 Sir, thank you for your kind patience
Sir, please let me contact the relevant department for you and we will get back to you via email
I will need to ask the relevant department to investigate this

bambang arfianto | 04:53 how long will i get the answer from this your "relevant" department?

bambang arfianto | 05:01 i'm really curios, what makes you so hard on giving me an answer, it always took more than 5 minutes for every answer you gave me
and now you're going silent again!

bambang arfianto | 05:02 i ask you one more time, when will i get an answer from this your "relevant department?

bambang arfianto | 05:06 are you really still want to stay silent??

bambang arfianto | 05:08 alright, i'm bringing this case to forex peace army then, so other people can be aware of this practice

05:08 bambang arfianto has closed the chat.
Copyscape:
0% match | Checked Jul 10, 2014

Rebuttal: Added by Chris A. Zacharia on 2014-07-14
Dear bambang arfianto,

We understand your frustration and we can reassure that we have identified the problem and we have already addressed it.

Between the end of the trading day on Thursday 10/7/14 and the beginning of the trading day on Friday 11/7/14 (Server Time) a technical error on our trading servers has resulted in open trades of certain instruments to be presenting unrealized profit and loss at that time as realized profit and loss.

Please be noted that your overall account performance has not been affected in any way from this error.

We would like to reassure you that the issue has been resolved by our team.

If for any reason you require assistance please feel free to contact your account manager or our support desk.

Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)

Edward Ng, K.L, Malaysia

Rating: No Rating
Date of Post:2014-07-15
Review: Regarding the Variation charges on XM has been resolved completely.
They explained it with details and satisfying answer. Their service are 24/5 stand by reachable and surprisingly their live chat even work on Saturday and Sunday !

I appreciate the efforts of Mr Constatinos, Head of Affiliates,that he is always caring and supportive. Well Done

Hope XM will keep it on their good services !
recommended Broker !

2014-07-11 No Rating I am a IB working for XM nearly 1Year and so far I am very satisfy with their services. They are very polite and their platform have no troubles with deposits and withdrawals.

But on 11/07/2014 , my accounts and all my clients accounts are charged with VARIATIONS.
I have no idea what is the variation charges and I've sent several emails and live chat about this matter. And yet I have not receive satisfy answer, they just ask me to wait.
I have waited more than 12 hours and now is 24 hours and still counting.

I hope to get what is actually happening on my accounts and my clients account regarding the Variation Charges !

My Account number : 2180133

Please resolve this matter with hasty action.
I will send you my clients accounts number that are affected with Variation Charges.
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