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Last Updated: 2016-07-17

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

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Earl M, Toronto, Canada

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

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

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.)

moe, , Canada

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

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.

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

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.

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.)

Ahmed Basheer Affouni, , Bahrain

Date of Post:2015-01-20
Review: As replied to me, my account manager did called me and there was misunderstanding and everything is quite fine
They are supportive and active, they are great broker

2015-01-15 2Star I send many msgs no reply no respond, I sent to the support team as well as the service team
They used to be great, I donno what happend
I hope the will reply then I will change my comment as well as my opinion

Rebuttal: Added by Chris A. Zacharia on 2015-01-19
Dear Ahmed.

I am sorry to hear about your experience.

Our Customer Support team replies to any inquiries sent via email within 24 hours, and emails sent during the weekend will reposnded to on Monday morning.

If you are experincing any issues, please contact our customer support representative via Live Chat as soon as possible.

Your account manager has already been asked to contact you, however, I kindly ask you to share your MT4 ID, should he have difficulties finding your account number by the name you left on FPA.

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

Steve B, Preston, UK, United Kingdom

Date of Post:2015-01-12
Review: On January 8th I received the below email from I consider to be acting illegally by removing profits legally earned by news trading. I use a sophisticated news feed and trigger system to trade. They claim I am using arbitrage but when asked to provide proof my trades are arbitrage they produce no evidence. it's plain to see looking at my trades that they are all from news events where good deviations occurred.



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) between 01.10.2014 and 15.12.2014 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 GBP 2505.53 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.

Accordingly in line with the foregoing, we hereby regret to have to inform you:

- that your account(s) with our Company will be definitely closed with immediate effect;

- that, pursuant to Clauses 53.2 and 53.3 of the Company’s Terms and Conditions, transaction(s), which relied on price latency arbitrage opportunities are definitely revoked/cancelled; and

- that, as a result, we shall not be making any further payments and/or reimbursements to you.

This letter is official. It speaks for itself that it is sent to you without prejudice to any rights and/or remedies our Company may have in relation to this matter, now or in the future.

Rebuttal: Added by Chris A. Zacharia on 2015-01-19 09:30
  Dear Steve,

It has been brought ot our attention that the transactions carried out in your account clearly reflect a technological trading pattern that was aimed at exploiting price latency opportunities on XM’s trading platform ; this was achieved through the use of artificial intelligence software that took advantage of sudden fluctuations in prices on XM’s platform.

Our Compliance Department is currently reviewing your official complaint and will provide you with the company's final response.

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

Sharad Kumar Mukim, Bangalore, India

Date of Post:2014-12-08
Review: I have a bad experience with XM. I opened a demo account and was using it to learn and understand forex trading and received an email from XM offering a $30 no deposit bonus. I opened the real account as the offer was tempting for me. I checked the email and there was no hidden condition on the same. After opening the account I didn't get the bonus hence I sent an email and I got the response that the bonus as not available in my region. I asked, if the offer is not available in my region then why did you sent me the email and misguided me but there was no explanation and they are saying that I will get a 100% bonus on my first deposit. There is nothing to trust XM after this. when after sending one offer they are not honouring the same then there is no guaranty of getting any fair play with them.
Rebuttal: Added by Chris A. Zacharia on 2014-12-15 07:54
  Dear Sharad,

Indeed XM is offering a $30 free bonus with no deposit required in some regions of the world and offering other exclusive promotions for clients from other regions of the world.

Each region receives different promotions. It may be the case that you have received the $30 free bonus in mistake and we do sincerely apologize for this as it its unfortunately currently not available for clients from India.

We apologize for any inconvenience might be cause by receiving this invitation in mistake. However India does have an exclusive promotion this period which you can view by visiting the promotions section of the XM website.

Once again we apologize for any inconvenience caused and any mistrust in XM it may have created.

Thank you,
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