Discuss XM.com (was Trading-Point.com, was XEMarkets.com)

[pipdreaming]

I am permanent resident here in South Africa, I have a South African ID which says so. A friend of mine recommended Xm since I have been trading demo account. Unfortunately my first experience of a broker is going real bad.



I registered in XM on Friday 26th April. I sent through all my documents and payed $60. The bad part is that I should have waited for them to validate my account before I deposited any money. They say they accept my proof of residence but my ID is the problem. I told them it is the only form of identification I have, so it is either you accept it or give me back my money.



I have sent them 3 emails and numerous phone calls and for 4days I have had no response. Worst part is that they have now removed my access to their website, without any explanation and with money in the account.



Right now am waiting for the one week period to call them a scam. I have taken screen shots as my evidence. It is clear they are a scam. Beware!

Try posting on another forum where they survey the thread

 

[za_trader]

yesterday i have a open position on GbpCad and i have a stop loss but the price hit my stop loss after 150 pip.when i speak with customer care , they say this is normal .stay away from this broker.

 

[pipdreaming]

yesterday i have a open position on GbpCad and i have a stop loss but the price hit my stop loss after 150 pip.when i speak with customer care , they say this is normal .stay away from this broker.

What about the spread? Did you check if any major news event were live at the time?

 

[fredpugee]

Its my first time to try forex and i have signed up with XM. i actually got the $30 bonus and made profits with it. I have tried to withdraw my profits through the credit/debit card option and it is deducted from my account right away. My problem goes like this; Since i have availed of the $30 bonus, i have not really deposited anything and started trading with that bonus right away. If i have no deposit, that means i do not have any credit/debit card account linked into my account/name. If I do not have any credit/debit card linked with my XM trading account and the amount I opted to withdraw is already deducted, then where did the money go?

 

[EJ FX TRADING]

yesterday i have a open position on GbpCad and i have a stop loss but the price hit my stop loss after 150 pip.when i speak with customer care , they say this is normal .stay away from this broker.

Hello za_trader,

I have checked with my GBPCAD chart on 6 September 2017 at 1500 and 1700 server time. It looked like a news event breakout. I have also checked fx calender on forexfactory.com and there were a few significant news including BOC rate decision.

Regarding your case, I would assume it was a normal case of slippage where there was a sudden price move against your buy trade, and due to fast move, the best price they could execute your stop loss order was at the given price. I might also suspect a widen spread at that time if it was near the news event. I also noticed the spread for GBPCAD in normal condition is around 125 pips, I expect it would widen up to 4x as I have seen EURUSD spread widen from a normal less than 2 pips up to 8 pips 30 minutes before a news release.

I'm just trying to give my opinion and I'm not a representative of any broker.

Regards,
EJ FX Trading

 

[EJ FX TRADING]

Hello everyone I would like to report a situation that I had with xm.com


I have seen that xm.com is super advertised on-line and especially I have seen the advert that read "free 30 USD trading account"


I have decided to give it a go, I subscribed and I decided to test the free 30 USD trading account, (20 GBP in my case). I wanted to see how the account was doing. I have set a breakout EA on the EURUSD chart. I know that my EA can do well and I wanted to see how xm.com reacted to its trades and comparing them with another broker I normally use.

Well what happened is extraordinary dodgy. The account place the trades but no profit or loss is showed, only 0.00 is showed in the trading journal and then the trade is closed, sometimes touching the trailing stop or the stop loss differently from my other broker and just charging the commission. I have attached an image of this.

Basically what xm.com does is telling: yes you can have a free 30 USD to trade but the trading just eats commissions and you cannot really profiting from this. This is the proof that xm.com is a scam broker, they should be stopped. I mean how can they do that: they allow traders to trade with 30 USD but traders cannot actually win. It is just to lure people to their website. Stay away from xm.com.


If anybody out there can give me their opinion about what happened to me with the free 20 GBP xm.com account I would really appreciate it. If anybody had had the same problem please share your story with me.

Hello Pietro,

I think I have read this same issue on the XM review thread as well, it might be your post most probably, and XM rep has given a clear explanation of it. It was because you were using 0.01 lot on a micro account, where 1 pip equals to less than $0.01 so it doesn't show up on your account.

I suggest you would read more on forex basics including how to calculate pip value and forex account types (standard, micro, etc).

I'm just giving my opinion and not a representative of any broker.

Regards,
EJ FX Trading

 

[Andrew McGarvey]

hmm.. im sure i posted here a month ago calling for an investigation into XM. Maybe im looking in the wrong place.

FPA Forums Team Note: You are looking in the wrong place. Check the XM review page for your review and the question XM's representative left for you.

Anyway. I said that there was more than enough anecdotal evidence to warrant a closer look at their business practices and as after using them my suspicions have been multiplied. As FPA didnt seem to take on board what i had said i have asked some geek friends who dont trade to have a look. They are going to set up several secret shopper type accounts and test them to see if there is manipulation. If there is they will find it and have the proof. They are good at what they do and will be scrutinising XMs software very closely. I will keep FPA posted.

 

[Andrew McGarvey]

Dont use the EAs on their MT5.. sometimes they work.. sometimes they dont.. the same command that has been working for a month all of a sudden doesnt... and just timed perfectly to let a losing trade keep losing. A coincidence im sure.. but... dont use them for this reason. Unsupported filing mode? sometimes it is sometimes it isnt. depends on.. well... you decide.

 

[Andrew McGarvey]

ok.. i've written 3 posts about xm and none are displayed? Can i ask why?

FPA Forums Team Note: Sometimes posts get caught in the moderation queue. When this happens, they can be delayed for up to 1 business day. Having to answer questions like this slows down the moderation process.

We could turn off forums moderation. If we did, all the advertisements for fake loans, stolen credit cards, fake designer clothing, and other garbage would quickly make the forums useless.

 

[vanquang17]

My account number in XM is :2316649