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

Overall Rating: (3.397)
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Total Reviews: 409
Last Updated: 2015-03-30
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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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.

sulaimon shekoni, Nigeria, Nigeria

Rating:
Date of Post:2015-03-27
Review: I have abused the terms and conditions but the company was very fair to me to restore my account. Please read carefully the terms and conditions before trading. XM. is the best broker ever, they dont just have a good trading platform, they also have FREE technical analysis that will ensure profits of your deposited funds. With XM you minimize losses and Maximize profits.

German, Ufa, Russian Federation

Rating:
Date of Post:2015-03-15
Review: The company has canceled all my profit. I trade manually and open transactions manually on graph. She explains that I used some Internet delays and arbitrage opportunities and did not provide any direct evidence of his words. It turns out that she can cancel any customer's profits under any pretext, without providing evidence.

How can I use some delay in the market execution? When market execution of order by clicking the mouse on the button buy/sell, I only send the order to the current market price. Then liquidity providers executed at the current market price and all Internet delays only worsen the exercise price.

It turns out that the company does not take the deal on the liquidity providers, and is engaged only in imitation of trade. And any profits are paid out of his own pocket. And therefore cancels profit under any pretext.

Dear traders looking for a Serious companies that do not deal with the abolition of profit clients.

I'll ask another question regulator. I wonder how it relates to the behavior of such a policy of the company.

My аccount XM no. 2209315
Sorry for my English.
 
Rebuttal: Added by Chris A. Zacharia on 2015-03-24 06:19
 
It has been concluded that transactions carried out in your account clearly reflect a technological and/or algorithmic trading pattern that was aimed at exploiting price latency arbitrage opportunities. This conclusion is based on a detailed review of the trading activity in your account no. 2209315.

I would like to assure you that it is not our wish to trouble our clients and further confirm that we always abide by the Client - Company agreement with which you accepted before starting to trade with us.

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

Earl M, Toronto, Canada

Rating:
Date of Post:2015-03-15
Review: Being in business I know people never take the time to write a good review, but are more willing to write a bad review at the drop of a Hat. I've been trading with XM for about a year with absolutely no problems. Their online customer service is always friendly and willing to help. Deposit and withdrawals I find that they are one of the fastest. I've referred a number of friends and family members to them, and all are happy. I'm also an affiliate, I love it. The best part is that they can issue you an XM Debit Credit Card where you can use anywhere to access funds off your account. Do I sound like a shrill, you are right, I compliment excellence! Well Done XM

Kirst1, London, United Kingdom

Rating:
Date of Post:2015-02-26
Review: I traded with XM for a few months and made a modest profit just shy of £1000.
I received an email telling me in no uncertain terms that I was exploiting their service by using latency trading! I have responded with a formal complaint and received another email repeating their previous accusations and offering no evidence or explanation whatsoever. I have worked really hard at getting my trading knowledge to this point and am disgusted that a broker like this can simply cancel profits on a whim, citing no evidence and expect clients to just walk away! Disgusting. absolutely disgusting. I've submitted a complaint to the OCA in Cyprus.
 
Rebuttal: Added by Chris A. Zacharia on 2015-03-09 04:44
  Dear Kirst1,

Following a thorough investigation of your trading account, it has been concluded that the transactions carried out in your account were aimed at exploiting price latency arbitrage opportunities on our Company’s trading platform and at taking advantage of the internet delays which do not reflect the market rates at the time your trades were executed. This was achieved through the use of artificial intelligence software that allowed you take advantage of inefficiencies in pricing.

We sent you a request asking to stop using this software but you have failed to comply and continued exhibit the same trading patterns that we consider to be abusive. At this point, we had no other option but to terminate your account.

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

Ashlee, , Canada

Rating:
Date of Post:2015-02-25
Review: I have had an account with XM for a little over a year now. I have been trading for 5 years in total. In all of my years trading, never have I been scammed like with XM.
I opened a trade with 6.0 lots, when the trade was executed, it was 60.0 lots. I dont know how they did this, but it wiped out my account.
The last 3 trades were with 6.0 lots, and before that I used a 5.0 lot. Yet, the very last trade opens for 60.0 and wipes out my account, and no cooperation at all from the company.
All they keep saying is I opened the trade with that amount of lots, and of course I did not think to take a screen shot before executing the trade as this has never happened to me with any broker, and I have traded with over 10 brokers.
What is really disconcerting, is that the company does nothing to check to see if what I am saying is true, they just check their end and pretty much say "No, you are lying", which I am not. This is a bizzare and rare occurence, and before they say lets see how we can fix this, they just say NO. I am disappointed because I thought XM was a decent company with good values, now I completely disagree, because of the way the have handled this situation. Their rebuttal was that last year I used 30.0 and 50.0 lots, which is irrelevant to this year, and most importantly to the last 6 trades I've made.
Its not about me losing the money, as Ive lost money many times and can never blame anyone but myself. But, when mysterious my lot size multiplies by 10, without me doing it, something is wrong. Moreover, when a business refuses to at least investigate, I think, maybe they did this on purpose.
I will not be putting anymore money in this account, I will close this account down now.
I would not recommend XM to anyone, as they dont value their customers, have faulty software, and most importantly the lack of willingness to investigate issues further.
 
Rebuttal: Added by Chris A. Zacharia on 2015-03-09 04:15
  Dear Ashlee,

You have left a claim without sharing your full MT4 ID. I will be waiting for your follow up with your MT4 ID and log files containing the trade in question to take action and transparently present the full data of your claims.

I would also like to note that execution of orders is completely automated and the change of trade's volume could not have occurred. Each request is executed according to parameters set up by the clients, and unless your initial request to trade contained volume of 60 lots, it was not possible for the volume to be increased from 6 to 60 lots.

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

Rating:
Date of Post:2015-02-15
Review: Starting trading with xm not too long ago, everything seemed alright Fast executions, good customer support...etc

During high impact news events, prices move pretty quick and spreads widen due to high volatility but it seems to be selective not sure if its xm or just my luck.

So last weeks trading, I did some news trading and during the AUD unemployment release prices drop really fast and having a trade opened I noticed spreads were pretty stable at around 2ish pips during a pretty high volatility news release. Also during the surprise announcement by BOJ which caused yen pairs to drop almost 200 PIPs in just a couple of minutes, spreads were also pretty low at around 4ish for GBP/JPY.

Now I never had a position opened during the drop in yen pairs and during the AUD news I had a pretty small position that wouldn't really cause any considerable losses if price didn't go my way.

I opened a few bad positions on GBP/JPY and had to hedge my loosing positions at the time. All positions were opened during US news release (unemployment claims on thursday). Exactly 5 seconds before the news release spreads widen to exactly 20 pips causing all my positions to close due to stop out.

Have my doubts whether this was intentional as I've dug around and found a few customers complaining about possible stop hunting and widening spreads way above normal during specific selective new releases causing stop outs while hedging. I had few other terminals from other brokers opened using variable spreads and none had a 20 pip spread gap during that news release.

Talking to support didn't help and magically the chat was disconnected. They told me your account manager would give you a call, i requested the call to be made at a specific time but they called a minute later and there was no way I could answer the call as I wasn't free to do so.

I can't prove anything simply providing my experience and wasn't pleased.

Won't be trading with xm anymore. Disappointed that's that for sure.
 
Rebuttal: Added by Chris A. Zacharia on 2015-02-18 02:48
  Dear Moe,

At XM we make every effort to keep spreads as low as possible thanks to our partnerships with multiple liquidity providers. However, it is common for the spreads to get wider during new releases that have high impact on the market. XM's spreads depend on prices received from our liquidity providers. Uncertainty and sudden market fluctuations are the main factors that cause liquidity providers to widen spreads during the news. Spreads get back to their average values within less than a minute after the news releases.

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

Moataz, Cairo, Egypt

Rating:
Date of Post:2015-02-05
Review: Advantages :Customer service is very good, withdrawal to credit card and skrill is so fast.

Disadvantages : trading is poor, not recommended for scalpers, price moves and P/L is zero !!!!!!
 
Rebuttal: Added by Chris A. Zacharia on 2015-02-16 02:47
  Dear Moataz,

If you have a MICRO account (contract size is 1000), and you opened 0.01 lots, you will need to wait for a significant change in price in order to see change in profit or loss.

EXAMPLE:
Trade size = 0.01 microlots on EURUSD.
Opening price =1.29887, closing price=1.29906
The calculation would be as follows:
(1.29906-1.29887)*1000*0.01= 0.0019 USD

As you can see, 0.0019 USD is too small a profit to be visible on your platform, as the profit shows 2 decimals.

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

Marta, , United Kingdom

Rating:
Date of Post:2015-02-05
Review: On 17/12/2013 I opened a real account with XM. The initial deposit I made was worth EUR 4,000.00. There were no complications with communication with XM as long as I was loosing money. Therefore when I achieved sufficient return and decided to withdraw the funds equal EUR 24,116.00 the complications occurred. I received an email informing me that XM did pay out a deposit, just instead of EUR 24,116.00 they paid out EUR 4,000.00, the equivalence of my initial deposit. XM simply canceled my profits! When I contacted XM they claimed my trading history was suspicious. They accused me of using arbitrage on the credit bonuses they offer and immediately suspended my accounts. XM’s explanation was simply copy pasting sections from their Terms and Conditions. After this email the contact with XM became a nightmare. They never gave me any details. And I never agreed with their prosecution. I tried to clarify this inconvenience but they do not want to hear me out they just stick to their version of events. I contacted them on many fields many times. Sometimes I had to resend my email few times to obtain a respond. At first I was directly contacting XM, then my lawyer contacted them first unofficially and the last time, mid of September, my lawyer contacted them in a official way. They did not respond. I am very surprised and disappointed with the manner the company treats its clients. I feel deeply betrayed and scammed by XM. As you can see I try to recover my funds for more than half a year and I still did not achieve it. On 03/12/2014 I opened a threat in Scam Alerts Folder. I informed XM about it on their Live Chat. The contact person ensured me they will respond to my threat. Nothing happened since.

Please note I have all the data to prove my point.

Regards,
 
Rebuttal: Added by Chris A. Zacharia on 2015-02-16 02:55
  Dear Marta,

Upon investigation of your trading history there were a couple of red flags which we have identified which also triggered the concern from our Anti Fraud department which consequently resulted in termination of your account.

The first point was that your registered address with us is in the UK and we saw that the IP accessing your account was from Poland and the same IP was also used in other accounts. The second point was that which has already been mentioned to you in private correspondence, regarding the type of trading taking place in your account, which raised suspicions of the company that there was an intention to exploit our trading facility.

I would like to assure you that it is not our wish to trouble our clients and further confirm that we always abide by the Client - Company agreement with which you accepted before starting to trade with us.

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

moncsi, , Hungary

Rating: No Rating
Date of Post:2015-01-23
Review: Dear XM, I have a question: does XM guarantee negative balance protection in all circumstances?
Thank you in advance!
 
Comment: Added by Chris A. Zacharia on 2015-02-16 02:46
  Dear moncsi,

XM is offering negative balance protection. The maximum risk of loss depends on the amount deposited in your trading account, which means that you cannot lose more money than you deposited.

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