XM Review

3.01 · 630 REVIEWS

Trading Point of Financial Instruments

Updated: Dec 5, 2020 · XM.com  · Is this your company?

XM Group is a group of online brokers. XM Group offers the MT4, MT5 and WebTrader currency trading platforms. XM.com offers over 55 currency pairs and CFDs on cryptocurrencies, stocks, metals, commodities, equity indices, and energies for your personal investment and trading options.

XM

Former websites of this broker include Trading-Point.com.

Other websites related to this company include XMTrading.com, PipAffiliates.com, XMArabia.net, XM.co.uk, XMSina.com.

XM.com is part of Trading Point of Financial Instruments UK Limited group. Members of this group include Trading.com.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 888:1
Minimum to Open Live: $5
Established: 2009
Address: 12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus
Contact: support@xm.com, +357 25029933
Regional offices:
Regulators: ASIC #443670, IFSC #IFSC/60/354/TS/18, CySEC #120/10
Prohibited countries:
Trading platforms: MT4, MT5
Web Trading: Yes
Mobile Trading: Yes
Currencies: (55+)
Cryptocurrencies: (5+) Bitcoin, Litecoin, Ethereum
CFD: (940+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, Neteller, Skrill
Withdrawal Methods: Bank Wire, VISA, MasterCard, Neteller, Skrill

Live discussion

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XM.com profile provided by Chris Zacharia, Mar 28, 2017

XM is a forex broker. XM offers the MetaTrader 5, MetaTrader 4 and Mobile global forex trading top platforms. XM.com offers over 55+ forex pairs, stocks,cfds, equities, indices, metals, and energies for your personal investment and trading options.

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3.01 · 630 REVIEWS
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Traders Reviews

brazil, Brazil,
Dec 2, 2020,
Registered user

completely SCAM

Service use: Live

Length of use: 0-3 Months

I am new to FPA, but I have been looking at the site for a long time, I saw the alerts about xm, but as I had support in Portuguese I decided to take a chance, I figured that the problems described might not occur to me!
it was a big mistake on my part, i made some deposits, and i went through unsuccessful operations i lost a good amount of money at xm, so far so good, they are not to blame for that. When I finally make a new deposit and I have a "good" day, I deposited 100 and made 105.71 of total profit 105.71, I thought I will make a withdrawal and continue using the broker, that's when my headache started, I asked for the withdrawal via neteller, in which I had already deposited an amount, my withdrawal was denied and I was asked to withdraw via an astropaycard which had been the method of my last deposit, I went to the chat to complain, because I know about the money laundering law, I should be able to withdraw a part by neteller, after much discussion I was informed that I should withdraw by astropaycard, I accepted and withdrew, but in just 2 minutes after leaving the chat the following email arrived:

Important news
Dear Client,

We are contacting you regarding account (s) number 40025313 ("Your account (s)") maintained at our Company.

The trading patterns in your account (s) raise serious concerns regarding the trading bonuses credited to your account (s), as these were used in “cash-back arbitration” activities.

In accordance with the Terms and Conditions applicable to our credit bonuses, the following activities qualify as "cash-back arbitration":
Any form of commercial arbitration
Bonuses claimed by multiple accounts that have been registered using the same IP address
Various bonus handling practices
Violation of any points that are included in our bonus terms and conditions
Any fraudulent activities, disputes or situations that our Company considers to be fraudulent.

Given the fact that your account (s) trading patterns do not comply with the terms and conditions of the respective trading bonus program, we regret to inform you that any bonuses previously assigned to your account (s) will be deducted, with immediate effect and your account (s) is / are not eligible to participate in any future trading bonus programs.

Please note that our decision on this matter must be considered as definitive and binding on all participants and that, in addition to the notification set forth hereinafter, no further correspondence will be made on the matter in question.

Regards,
The XM Team

I know that there are people who abuse the bonus programs, but it is not my case, I would be very happy if XM pointed out a concrete proof to the FPA, because accusing customers of having broken the rules at random is very easy for them to steal customers ! and all this happens only when you ask for a withdrawal! while I was losing money with them everything was great, everything was beautiful, it was me having a small profit that started this antics!
it is not a large amount, but note that in the current situation it is complicated to keep losing small amounts! the worst is the feeling of helplessness that we have when dealing with these scams!
 
Brits, South Africa,
Dec 2, 2020,
Registered user

I regret my choices

Service use: Live

Length of use: over 1 Year

I always lost my equity because but i dint mind i was learn finally i was starting to profit now that i withdrew my deposit they said i can't withdraw with my card anymore i must choose another method i chosen bank wire and they sent me and email saying it was successful now and haven't recieved anything yet since last week Wednesday when i send them an email they dont respond back at me
 
Santiago, Chile,
Dec 1, 2020,
Registered user

I can't withdraw

Service use: Live

Length of use: 0-3 Months

Since 3 weeks i can't withtdraw mi profit of welcome bonus. The suport
system is too bad. They dont offer solutions. SCAM?
  2 traders have found this review helpful
turkey, Turkey,
Nov 28, 2020,
Registered user

Low Lavrage

Service use: Live

Length of use: 6-12 Months

The big disadvantage of this broker is that if your account amount exceeds $ 20,000, your account will automatically decrease, and this is very BAD .
  1 trader has found this review helpful
Untrasried, Germany,
Nov 11, 2020,
Registered user

They wanna kiding us

Service use: Live

Length of use: over 1 Year

->->->->->->->"Is hedging allowed on XM MT4/MT5 trading accounts?
Answer:

Yes, you can hedge your positions as much as you can with XM.

The margin requirements will be balanced out and there is no required margin for hedging with XM.

However, for hedging CFD instruments, margin is only required once.

*Even when hedging positions, the required margin can be increased due to market conditions.
Please note that XM does not allow ‘Arbitrage’ trading on their trading platforms.

There are certain rules to protect other traders and the broker’s benefit. For more information, please refer to XM’s terms and conditions or contact the support team. <-<-<-<-<-<-<-<-<-<-<-<-<-<-

Chris Zacharia want to kiding me and all his customer. They said, that hedging is allowed but they close accounts, which use hedging. That makes sense!

Oct 21, 2020 - 1 Star ---------- Forwarded message ---------
Von: XM-Global <middleoffice@xmglobal.com>
Date: Mo., 9. Dez. 2019 um 01:01 Uhr
Subject: Important Notice - Account No. 19123879, 19125255, 19122186, 19125256, 19117576, 18059051, 21188365, 19124598, 19124597, 21188390
To: <Anthony ******>
Cc: Christos Gogas <cgogas@xm.com>

Dear Sir/Madame,
We are writing in connection with your Account no.  19125255 19125256(hereinafter “your Account”) with our company.
In that regard, our Anti-fraud Department has brought to our attention that the trading patterns in your Account(s) raise serious concerns that your Account was being used for ‘arbitrage’ activities. 
Pursuant to the terms and conditions such activities are being qualified as fraudulent.
Accordingly, we regret to inform you that, in accordance with the terms and conditions, we have  decided, with immediate effect to:
- close all of your trading Account(s);

As a result, you are kindly requested to submit a withdrawal request for your remaining balance  through the Withdrawals Section of our Members Area and this shall be processed accordingly. If no withdrawal request is received within the next 48 hours, your funds will be sent back to the source.In view of the above, please note that you will be strictly prohibited from opening any new trading account(s) and trade with our company. Nonetheless, in cases where you may successfully open an account and trade with our company due to any technical and/or human error, we reserve every right to immediately close your account upon identification, nullify any profit/loss generated and refund the original amount of deposit, excluding any deposit and withdrawal charges, back to the same source of deposit.
Please note that, in accordance with the terms and conditions, our decisions are final and binding on all participants and that, other than the notification set forth herein, no further correspondence will be entered into.
Kind Regards
--
XM Team

---------- Forwarded message ---------
Von: Anthony ****** <Anthony ******>
Date: Mo., 9. Dez. 2019 um 14:19 Uhr
Subject: Re: Important Notice - Account No. 19123879, 19125255, 19122186, 19125256, 19117576, 18059051, 21188365, 19124598, 19124597, 21188390
To: XM-Global <middleoffice@xmglobal.com>

Hello,
I don't use "arbitrage". I only use hedging with 2 accounts. I've been your customer since 3 years and you wanna close all my accounts yet?You will lose a lot of customer because I did free marketing for you. I told all my own customer about you. In these 3 years I never did a mistake and now you will close all my accounts?Then I will switch to another broker and tell all my customer what you do. I like XM and I show my loyality to XM. But you close negative trades and I lose one whole day. How you will make it good?
Best regards
Anthony ******

That's now 1 year ago. I write them a new message some days ago to clarify:

---------- Forwarded message ---------
Von: Anthony ****** <Anthony ******>
Date: So., 18. Okt. 2020 um 22:59 Uhr
Subject: My account 19117576
To: <aumiddleoffice@xm.com>

Hello,
it‘s now 1 year ago you close all my accounts because you say I did arbitrage. I said to you, I don‘t did arbitrage. i hedged my trades but you don‘t give me a chance to show that. You didn‘t show me any proof. Now I work with a lot of big other brokers. I‘m ready to apologize your mistake because I want to be a customer of xm. Because I know xm has good conditions. Is it possible to clarify? For me it‘s not important. I can be a customer from the other brokers too. That’s your decision. I am not dependent on you. So you can choose now, if you maybe has a very loyal customer, who recommends you to other people or you haven‘t.
Best regards
Anthony ******

That was his answer:

---------- Forwarded message ---------
Von: Christos Gogas <cgogas@xmglobal.com>
Date: Mo., 19. Okt. 2020 um 10:54 Uhr
Subject: My account 19117576
To: <nguyenanthony12101998@gmail.com>

Dear Sir/Madam,
thank you for contacting us.
Regarding your concern I would like to ask you to refer to the email you received about the status of your account. 
Kind Regards,

Christos Gogas

I think they don't read the message, they are all to lazy to clarify that. XM has good conditions but the support isn't existing.

Dec 26, 2019 - 2 Stars Hello,

XM has good conditions for their customers.
I prefer the deposit bonus and the margin stop out level. The spreads are very stable.

But the support ist terrible. I have been your customer for more then 3 years.
I never did a mistake.

For more then 2 weeks ago I opened two low spread accounts. With one account I bought EURUSD and with the other I sold EURUSD. At the midnight I got a message that I'm a scammer because I used "Arbitrage". That's not f***ing arbitrage. That's Hedging. So they close all my accounts. After that I wrote a message to my account manager and to the support. I replied the message of them. But they only wrote back "we can't do anything".

What the hell. I was a very loyal customer, I told other people that xm is the best broker. Some of my customers are customers of xm because I told them about them.
You can make one mistake and they give a f on you. That's not a support. They should get 0 stars for that. But I see the positive sides too.

I'm very angry about that. They destroyed my ranking on MQL5 and had stolen more than 4 hours of my life. But thanks to god. I got a meesage from another broker which want to work with me. I would have deposit a very big amount in xm. But now it's to late. I don't want to work with a broker who gives a f on their customer. Bye.

Reply by Chris Zacharia submitted Jan 8, 2020 Dear At0nu5,

In order for us to properly investigate this and be able to provide you a comprehensive reply we would need the account number of one of the accounts which you used.

Thanks,

Reply by Chris Zacharia submitted Oct 30, 2020 Dear At0nu5,



Following investigation of your trading accounts and trading activity, I can confirm that our business relationship was correctly terminated due to the fact that you were placing opposite orders within your trading accounts. Kindly note that the latter is also confirmed by you in your review above.



This cannot 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. It should be also noted that the latter constitutes a violation of our terms and conditions of business. In addition to the previously-mentioned, I can confirm that the remaining balance in your trading account has been withdrawn.



In view of the above, I regret to inform you that unfortunately, due to the above violation, we are not in position to accept you as a client again.



Thank you
 
Reply by Chris Zacharia submitted Dec 1, 2020:
Dear At0nu5,

Kindly note that our Company allows its clients to use the hedging strategy; however, by placing opposite orders in-between your trading accounts, you create an environment which does not follow the fair rules of trading and makes the strategy in a way risk free(i.e., exploiting arbitrage opportunities) and therefore not permitted.

Due to our “no negative balance” policy, the trading strategy described above would have limited the potential loss to the entire balance of the account having the loss-making position and the account having the profit-making positions to have unlimited upside potential which would duly cover the losses suffered in the loss-making account.

In this respect, kindly bear in mind that the above cannot be deemed as an acceptable strategy and it is considered as a violation of the Company’s Terms and Conditions of Business.

Thank you,
Malaysia, Malaysia,
Nov 8, 2020,
Registered user

Don't expect to withdraw your profits from XM broker!

Service use: Live

Length of use: 0-3 Months

Using the free 30 USD provided by XM, I made some nice profits on my XM account.

However, when I wanted to withdraw some of my profits, they actually deducted all the money balance in my account. Their "reason": I violated their "terms and conditions" and so they have the right to deduct ALL THE MONEY in my account!
  3 traders have found this review helpful
Reply by Chris Zacharia submitted Dec 1, 2020:
Dear pihaforex,

Please provide me with your account number in order for me to be in position to further investigate the issue.

Thank you,
kolkata, India,
Oct 29, 2020,
Registered user

Very Good Broker

Service use: Live

Length of use: 6-12 Months

I opened an account after reading the good reviews here and started to trade with them since 2019 . Sometimes the spreads are high compared to other brokers but that is managable if you are not scalping .Last month i cameback to forexpeacearmy to read latest reviews and to my suprise lot of them were negative . I read how clients had trouble withdrawing their funds . So i got worried a lot and after a long thought decide to test them. I made a withdraw yesterday through online bank transfer and it took less than 24 hours to reach my bank account .I am very satisfied by their service and would highly recommend them .Most of the negative reviews related to the broker is based on the no deposit bonus which is a non issue for me . I have given them 4 stars because of sometimes the spread goes up for no reason and there is no facility for mam options
  1 trader has found this review helpful
Jean Claude Arnold,
Beaufort West, South Africa,
Oct 29, 2020,
Guest

They support team,are very Good, quick to answer all your questions

Service use: Live

Length of use: 0-3 Months

It takes one day withdrawal time, Quick respond from support Team, great platform
  1 trader has found this review helpful
Nsw, Australia,
Oct 29, 2020,
Registered user

Dont not trust xm

Service use: Live

Length of use: over 1 Year

I've been with xm for a while now.
And I will say. Find another broker. Xm is a scam.
They will open trades without you knowing.
Say the trend is down woods. And u can see it clear as a bell. Well with xm trading. . They open up buys.
And huge lots..
Even if u are on a micro account they will do it.
And then they trade the oppositie way.
I know they done it to 5 off my accounts.
All micro.
I'm talking 30 plus trades in one night. So they wipe ur account out.
I'm glad my other broker works .
STAY AWAY FROM XM . EVEN AUSTRALIA ONE
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Oct 30, 2020:
Dear Smile,

Please provide me with your account number in order for me to investigate the issue.

Thank you,
Ivyck,
Dakar, Senegal,
Oct 26, 2020,
Guest

This broker is a scam

Service use: Live

This broker is a scammer .They trick beginners with their 30$ . And once you make profit and want to withdraw , they close your account or wiped all your balance with some bullpoo reason . Be aware guys . If you want to lose money this is the easiest way.
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Oct 30, 2020:
Dear Ivyck,

In order for me to be in position to provide you with an accurate response, please provide me with your account number.

Thank you,

Frequently Asked Questions

Is XM a good broker?

The best way to answer if XM is a good broker is to read the unbiased traders reviews on Forex Peace Army. https://www.forexpeacearmy.com/forex-reviews/7214/xm-forex-brokers.

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we recommend to check recent XM broker community discussions: https://www.forexpeacearmy.com/community/tags/xmcom/

What is the minimum deposit for XM Broker?

XM brokers offers several account types. Micro and Standard accounts have a minimum deposit of $5. Other account types vary in their minimum deposit requirements by region.

How do I deposit money in to my XM broker?

XM's broker deposit procedure is fairly straightforward. Once the account is registered and approved, follow these simple steps:

  • Login to XM broker members area.
  • Select the deposit method (Credit and Debit cards, Neteller, Bank Wire Transfer or other).
  • Select the XM account and specify the deposit amount.
  • Enter the appropriate payment details. 
Funds availability depend on the funding method, with card deposit being "instant". If you have any questions or problems contact XM broker live chat.

How long does it take to withdraw from XM?

XM broker says they process nearly all withdrawal requests within 24 business hours.

Then it may take another 2-5 business days for the bank to process wire or for card transaction to be reflected in your account.

For faster XM withdrawal you may opt for the XM Card or e-wallet, these payments are received the same business day.

Can I withdraw XM bonus?

Profits made by trading XM bonuses are withdrawable. However, you can not withdraw XM bonus itself.

Check the terms and conditions of any bonus program before accepting a bonus.

How much can I withdraw from XM?

XM's minimum withdrawal amount is $5 for credit/debit cards and e-wallets and is $200 for the bank wire.

The maximum withdrawal amount from XM is determined by the payment method with Bank Wire limits being the highest.

Please be aware of the XM withdrawal priorities, if you deposited money with the credit card or e-wallet, then withdrawal is processed via the same method up to amount deposited before you are able to select other withdrawal methods.

Does XM allow scalping?

XM allows scalping as well as trading during time of increased volatility.

It is always a good idea to check fresh reviews on Forex Peace Army to see if traders recently encountered any serious problems with scalping using XM trading platforms.
https://www.forexpeacearmy.com/forex-reviews/7214/xm-forex-brokers.

What is XM zero account?

XM Zero accounts feature near-zero spreads (EURUSD average spread is as low as 0.1 pips) and a no requotes execution policy with all trading styles welcome.

The trade off is a broker commission of $7 per lot round turn charged when opening the trade.

Some regions may have different account options.

Is XM a regulated broker?

XM broker is regulated by several government regulators:

  • Australian Securities and Investments Commission (ASIC), registration #443670;
  • Belize International Financial Services Commission (IFSC), registration #IFSC/60/354/TS/18;
  • Cyprus Securities and Exchange Commission (CySEC), registration #120/10.

Does XM charge commission?

XM broker offers several account types:

  • Micro Account and Standard account are commission free
  • XM Zero account features ultra-thin spreads but charges commission of $7 per round lot traded payable at the order opening time
  • Some regions may have other account types

What is XM leverage?

XM offers flexible leverage from 1:1 to as high as 888:1 that can be instantly changed in your account members area.

Higher leverage allows to trade the borrowed capital which increases both the profit potential and the risk of loss.

Some trading strategies like automated scalping may require high leverage while many professional traders do not use much leverage.

Please trade responsibly selecting the leverage based on your risk appetite and loss tolerance level. Some regions may only offer lower leverage.