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

Overall Rating: (3.357)
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Total Reviews: 429
Last Updated: 2015-08-28
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

craig sweeting, scunthorpe, United Kingdom

Rating:
Date of Post:2015-06-08
Review: im with most reviews on this forum xm is a scam broker please do not sign up with them. My last ever trade with them wiped my account I had a buy stop with them that entered 30 pips worse than the price I wanted then it went 84 pips past the stoploss I had so 110 pips differnet to what it should be. ive had a few 20 pips during the high news releases due to slippage but 110 for this come on??. ive noticed a few go past my stoploss by 20 pips during big releases but they never seem to go 20 pips in my favour when I go the right way doesn't this tell you something??. Also again high news releases the spread goes massive to stop out your position its froze my app plenty of times during aswell they say there execution is less than a second I find this very doubtful. Every forum I go on and tell them xm is my broker they laugh and call them a bucket shop broker and any decent broker doesn't offer free bonus incentives like them and they are a market maker. Basically they are out to get you and take your money.
 
Rebuttal: Added by Chris A. Zacharia on 2015-06-11 01:23
  Dear Craig,

XM is a reputable and transparent financial services company and is by all standards a leader in the Forex Sector; needless to say that majority of the reviews on FPA are actually positive. We always do our best to resolve and clarify issues or concerns that our clients might have.

Slippage may occur in volatile market conditions (i.e. during market-moving news events, or particularly in active markets) orders get executed at market price if prices have not moved in the accepted latency times. However, when the price has moved significantly, you will be filled at the best price available. This can work out to be either in your favor or against it.

We make every effort to keep these discrepancies as low and as rare as possible thanks to our partnerships with multiple liquidity providers. However, when important economic news is released, you may be filled at a different rate than the one you had requested, which is due to a sharp rise or fall in market prices. XM guarantees that your orders are filled at the best available market price.

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

Angry Water, Taipei, Taiwan, Province of China

Rating:
Date of Post:2015-06-05
Review: I was just "robbed" all of my deposit, caused by the auto-close lots of the trading platform's risk management.

But no one told me what's the rules' detail? Even when I asked my XM assistant, he told me, "I don't know.", what the cr**!!

When I was doing hedging, sometimes there will be lots auto-closed by the system and marked as "so:", I don't even have any menu to tell me what does it mean? And how come it just jump out and robbed my deposit automatically?

Such as this picture, there are many "SO:" closed lots, when the position EURUSD just made a huge wave, and all of my deposit was eaten:

https://lh4.googleusercontent.com/-Rrs5_96KhQA/VXGuZ9cxfwI/AAAAAAAAAqE/B7dnDfuHMO4/w1140-h855-no/loss.png

It happened like this: I was doing hedging, will break even at the position about 1.19999, still need about 30 pips went down, almost there, but I was worried about the sudden huge up wave, so I made a pending buy order far from the current position about 50 pips up.

When the disaster came, it suddenly went up 70 pips in 2 sec. The pending order was executed, so my hedging suddenly become the lost side. (Original is profit side down)

In The next 2 sec. it suddenly went down 170 pips again, so my making profits' hedging became huge loss, just in 4 secs.

What I will complain is, even the situation, I still have some credit to wait it to become profit again, or I can just add some deposit again to do better hedging.

But the system just closed them all in the next 1 sec and gave me "EMPTY DEPOSIT ALL" record in the history and marked as "SO:".... Did the system mean, "I just robbed you all, 'SO' what?"

I can understand there must be a rule to protect risk growing too much to cancel it, but WHERE IS THE RULE?

I know if I have enough deposit, it may not happen, BUT... wait, if I am so rich, how do I need to trade to lose? I am struggling just because I am so poor and not that much money to deposit.

The system just ate all of the deposit in 1 second, never left any chance to let client make thing right, I don't think this is a good algorithm to treat clients.

After all, WHERE IS THE RULE FOR "AUTO CLOSE CLIENT'S LOTS TO CANCEL RISK?

If I don't know it, I will be a nude guy staying with a group of pirates and waiting them to rob me with blades and guns anytime I can not even know or avoid them.

(PS: the assistant of XM is useless, slow and don't know anything.)
 
Rebuttal: Added by Chris A. Zacharia on 2015-06-11 01:09
  Dear Angry Water,

Please note stop out occurs when your equity drops to or below 20% of your used margin. At that point, the system will start closing your trades one by one, starting from the most losing one, in order to decrease the used margin, and by doing so, increase the margin level, attempting to push it above 20%.

This is an automated procedure and I can confirm that your positions were closed down by the system when your margin level dropped below 20%.

Stop Out levels for Micro and Standard accounts are transparently posted on our website - http://www.xm.com/margin-and-leverage, on the FAQ page, and in terms and conditions which you accepted when you started trading with us.

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

busayo, lagos, Nigeria

Rating:
Date of Post:2015-06-05
Review: i opened an account with this company almost a month ago and funded it immediately before validating the account in order not to spend the money on other expenses. i forwarded my identity card and my bank statement which they rejected, later i forwarded my drivers license and electricity bill which they complained about again that the address on their system does not correlate with the latest documents i forwarded. this is not understandable to me because the address on my drivers license and the electricity bill correlates with the address on my account and on my identity card except the bank statement which carries the address of my former apartment. 13110248

Nicolas D. , Geneva, Switzerland

Rating:
Date of Post:2015-05-22
Review: I am pleased to write a positive review of this broker. Excellent support team, ready to answer your questions.
Excellent execution, fast, mt4 offered, low spreads + deposit minimum, Mutiple language support, attractive bonuses And best prices in the industry...
Just try it!

kenji kesamaru, , , , Japan

Rating:
Date of Post:2015-05-07
Review: this is latest info.
Im discuss about withdrawal my fund with XM Japanese support.

2015-05-05 1Star Dear Sir,

Following a thorough investigation of your trading account(s) by our Compliance Department, we hereby would like to inform you that, based on a detailed review of the trading activity in your account(s), we have concluded that the transactions carried out in your account(s) 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.

Pursuant to Clauses 53.2 and 53.3 of the Company’s Terms and Conditions, to which you agreed when you opened your account(s) with our Company, we are, therefore, entitled, under these circumstances, to revoke the transactions initiated in your account(s), insofar as they relied on such price latency arbitrage opportunities and make the necessary and corresponding corrections and adjustments in your account(s) at our Company’s sole discretion. Accordingly, you will not be compensated for the profit of USD 21116.55 resulting from the transactions in your account(s) that we have determined as resulting from the above-mentioned price latency arbitrage opportunities, since the transactions in your account(s) that gave rise to such profits are revoked/cancelled and any profits initially shown in your account(s) as a result of such transactions can, therefore, not be considered as legitimately made on your behalf.

-----------------------------------------------------------------------------------------------

The above mentioned sentences were sent to me by mail from XM.

I eliminated the profit of USD 21116.55 for them.

I think scam.
 
Rebuttal: Added by Chris A. Zacharia on 2015-05-11 04:18
  Dear Mr. Kesamaru,

We have carefully reviewed your trades, correspondence with you, and the supporting documents you sent, and would like you to note that it is plain to see that the strategy you were using was solely based on exploiting price latency opportunities on the XM trading platform.

Through the use of a faster price feed you were able to, in effect, see the future, and could anticipate what will happen on our platform. Although manually it may not be possible to take advantage of this, with the use of a sophisticated software for automated trading it is possible when you instruct it to trade when you see fluctuations in the market from the fast new provider which have not yet occurred on our platform.

This can not be deemed as an acceptable strategy as you create an environment which does not follow the fair rules of trading and makes the strategy in a way risk free and therefore not permitted.

Please note that XM is a reputable and transparent Financial Services Company and is by all standards a leader in the Forex Sector; needless to say that XM will take all measures to protect its business from abusive practices.

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

hallaha, Bulgaria, Bulgaria

Rating:
Date of Post:2015-05-04
Review: XM.com stole my profit! This is the WORST broker I have ever dealt with, and I have dealt with a lot of brokers! They are just plain scammers! No wonder they change their name every year, to avoid lawsuits.

I requested a withdrawal of my profits 3 weeks ago and they have sent the money to my old debit card which has expired long ago so I never really get ANY MONEY. After many emails exchanged they assured me that the money has been sent, they even gave me some reference transaction numbers as proof, they told me that the money will be still given to me by my bank even if the debit card and the associated bank account has been closed. It's been 3 weeks already so I went to the bank to see what's going on - you know what they told me? "THERE'S NO SUCH TRANSACTIONS MADE ACCORDING TO OUR RECORDS, IT IS NOT POSSIBLE TO RECEIVE MONEY IF YOUR DEBIT CARD AND THE BANK ACCOUNT HAS BEEN CLOSED, WE ADVISE YOU TO ASK FOR YOUR MONEY FROM XM.COM, THEY HAVEN'T SENT ANYTHING TO US.".
xm.com just wasted a few days of my life dealing with this nonsense, in plain text they lied to me and stole my money!!! I am disconnecting ANY relationships with this scam broker, I don't wanna have ANYTHING in common with them anymore, they should lose their license and I am gonna make sure they do. I am submitting cases to the regulators and I hope they take actions against them.
 
Rebuttal: Added by Chris A. Zacharia on 2015-05-06 04:53
  Dear hallaha,

In order to protect all parties against fraud and comply with AML directives, XM processes withdrawals back to the source of the original deposit. With regard to credit/debit cards, withdrawal requests submitted, regardless of chosen withdrawal method, will be processed via this channel to at least the total amount deposited via this method.

In cases when a card can longer be refunded due to closure of a linked bank account, withdrawal can be processed via alternative method provided that we have document confirming closure of a bank account on file. If a bank account that a card was linked to remains active, we are still able to process a withdrawal to this bank account.

Apparently, the issue is that your bank account is closed but we have not been informed about it before processing your request.

I kindly ask you to share your MT4 ID and send documents confirming account closure to [email protected], and please rest assured that this issue will be resolved as soon as possible.

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

Rating:
Date of Post:2015-04-30
Review: The relationship started OK but then I started to notice that the spreads were widening at times when my order would drop into profit.

I have had many chats with support and they would not take my issue seriously, they simply shrugged it off as saying spreads are variable and can be increased at any time especially during periods of high volatility in the market (I noticed spread changes during both volatile periods and non-volatile).

This of course gives them option to increase the spread in their favor to close out positions / keep you out of profit. The XM.com platform also freezes when there is volatility giving you zero chance to pull out of a trade / take profit. I also mentioned this issue but as before and rather frustratingly they avoided the questions as best they could. It was like banging my head against a rather large brick wall (neither XM or doing this are not recommended).
 
Rebuttal: Added by Chris A. Zacharia on 2015-05-06 04:54
  Dear Gary,

I would like to reassure you that we fill all our clients’ orders at the best available market price at all times. We also do our best to provide you with the lowest possible spreads combined with the best trade execution speed.

Please note that it is not uncommon for spreads to widen, not only during volatile market conditions, but also at times of low liquidity. Spread widening related to lack of liquidity during European and US session is a rare occurrence. However, during Asian session liquidity on certain pairs dries out and this especially relates to exotic pairs that are not actively traded during night hours.

I kindly ask you to follow up with your MT4 ID to initiate an investigation and transparently present the full data of your claims.

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

WAIDATT HAZIM, LOS ANDES, Argentina

Rating:
Date of Post:2015-04-24
Review: WITHOUT DOUBT,ONE OF THE BEST TEN BROKERS IN THE WORLD.FCA REGISTERED, ASIC REGULATED, WITH THE LOWEST SPREADS OF THE INDUSTRY, UNRIVALED EXECUTION, EXCELLENT VARIETY OF INVESTMENT INSTRUMENTS. MORE THAN EXCELLENT SUPPORT AND, GREAT NUMBERS OF OPTIONS FOR LEVERAGE AND PLATFORMS...

Bill, London, United Kingdom

Rating:
Date of Post:2015-04-23
Review: My trading experience with XM has been ok. Customer service has been decent when I have contacted them and execution is ok, not great, but ok. There is some issues around news, but it is not absolutely terrible

Imithiyas, colombo, Sri Lanka

Rating:
Date of Post:2015-04-17
Review: Excellent broker, Withdrawals take only few hours, Super customer support, Highly recommended
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