XM Review

3.024 · 633 REVIEWS

Trading Point of Financial Instruments

Updated: Jan 20, 2021 · 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 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.

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

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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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3.024 · 633 REVIEWS
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Traders Reviews

Isaac,
Kenya, Kenya,
Mar 27, 2020,
Guest

They are stealing from the traders

Service use: Live

Length of use: over 1 Year

This blocker is worst ever. Last year I did withdrawal of $60 but the fund have since then never reflected. When I ask they told me to check with my bank but nothing like that. After 8 months I went back to them and started trading but today I deposited fund which is not reflecting when I ask they keep on telling me to send screenshot. I think is high time the regulatory authority to act on this blocker.
  2 traders have found this review helpful
Singapore, Singapore,
Mar 20, 2020,
Registered user

Deposit went missing

Service use: Live

Length of use: over 1 Year

The worst broker ever, deposited 3k into my Xm account.

Funds deducted from my bank account with payment reference number and details.

XM says bank rejected the transaction.

Calls back my bank to check, transaction is successful and funds deducted from my bank account with payment details

Contacted XM again, and same reply, bank rejected the transaction, when ask for proof to show that the transaction was rejected, not given.

Ask for a call back, not done. Just keep repeating the same reply, transaction rejected by my bank.

If you don’t want your money to just vanish, skip XM

Jul 10, 2019 - 1 Star Account No: 48004721, Trade ID: 320416.

Was been stopped out from my OIL-AUG19 trade well over my Stop loss.
Stop loss placed at 58.27 and been stopped out at 58.91.
64 ticks slippage, freaking ridiculous.

Market high at 58.72 and I have checked a different broker's historical spreads chat, less than 10 ticks for the whole week. Price is not even at the given Stop Loss.

When engaged their customer service, the usual bull**** reason on liquidity provider, etc. Am really disappointed with XM, had been with them for years.

Reply by Chris Zacharia submitted Jul 15, 2019 Dear Andy Lee,



First I would like to reply to the first part of your query. I can confirm that your Stop Loss was indeed placed at 58.27 and that it was later executed at 58.91. The reason why your order was executed at a different price is that the market at the given time moved rapidly to 58.91 and the price you set as the Stop Loss was not quoted at all. Please note that your Stop Loss cannot trigger on a non existing price (A price for which a tick does not exist). So in simple terms since the market did not have a tick on the chart at your desired Stop Loss level it got filled at the next tick which from what I understand resulted in a Stop Loss being executed.



The second part of your query regarding prices that you saw and our Customer Support Team is not so clear. Can you please explain what you mean so I can be able to be able to assist you?



Kind regards,
 
Reply by Chris Zacharia submitted Mar 31, 2020:
Dear Andy Lee,

I have investigated your case.

On 19/3 our customer care department were made awared of your issue and escalated this issue with our backoffice desk.

On the same day documentation was requested by you to help us locate the missing funds.

On 20/3 documentation was received and an investigation was raised the same day.

Our PSP reviewed, searched and located the missing funds on 24/3 and the funds were credited in your trading account on the same day.

The timestamp of your review is 20/3 so Im guessing the funds are already in your account by this day.

Labeling us the “Worst Broker Ever” is not very fair or realistic I guess as both our customer care and our backoffice desk have done the outmost to help and resolve this case for you.


Thank you,
Malaysia, Malaysia,
Mar 20, 2020,
Registered user

Manipulate clients' trade like what other reviews describe.

Service use: Live

Length of use: 0-3 Months

So, I would like to share my experience using XM. For withdrawal, it takes around 3-5 days which are acceptable. For the execution of trade, I would like to describe two of my trades execution.

As I'm still searching for the best broker, so I use another broker and XM at the same time and put the same trades using both brokers.

For the first case, I put a sell stop on GOLD at 1648 and take profit at 1647. My other broker execute the trade exactly at the price of 1648 and take profit at 1647. In contrast, XM execute the trade at 1647.08 and 1646.87 which make my profit lesser. Ok well, as long as it is still profit, I do not care much.

However for the second case, I put a sell stop on GOLD at 1628 and take profit at 1627 on both brokers. My other broker execute exactly at 1628 and take profit at 1627 as well. XM execute the sell at 1622.09 at take profit higher that the sell price which is 1624.84. Can you guys imagine, you put a sell, but the server stop the trade at the higher price which make you loss? It's not logic to take profit at a price higher than the sell entry price, especially the price is all the way down till 1400++ last week.

I did sent the email to XM and the reply I get is always nothing wrong with the trade. The way XM treat client is like ... hehe. If XM decide to return the loss, I will consider to continue using, however XM insist they did nothing wrong. So yeah, guys think twice choosing the "Best Service" broker.

You guys can browse through the reviews, and I'm not the only one who experience the issue. Good luck in trading with XM!
  5 traders have found this review helpful
Reply by Chris Zacharia submitted Mar 30, 2020:
Dear jhui96,

I have investigated your account.

Gold and most instruments have seen unusual sharp movement over the past 1 month due to the COVID-19 uncertaintly. All your orders were correctly executed and I cannot find any wrong-doing on trade execution on your account.

I would be more than happy to help answer your questions, so if there is a specific ticket number which is in doubt I can happily investigate this for you however I have gone through your trades one by one.

To reply to the last part of your email: XM is treating clients like “hehe” as you claim as we would not be handling over 3 Million clients if that was our business policy.

If you take a minute and read my reply and follow up with the ticket number in doubt, I will be happy to follow up transparently with a reply and a clarification.

Thanks,
South Africa, South Africa,
Mar 6, 2020,
Registered user

Service use: Live

Length of use: 6-12 Months

My account withdrawal was rejected and all profits I made were gone know my account has no cash they never credit my profits
 
Reply by Chris Zacharia submitted Mar 30, 2020:
Dear Fisto,

I have investigated your case,

You have been found opening so far a total of 10 accounts under different names from the same device.

This is not really a strategy and I would advice you to stop attempting to practice it because it will have the same result and that is you will be once again set to "BLOCKED".

You have attempted the same thing 10 times so I would advise you stop since it will have the same result.

Any attempt to abuse promotions given by XM in good faith is a serious violation of our terms and conditions.

Thanks,
RS, Brazil,
Mar 4, 2020,
Registered user

stop hunting

Service use: Live

Length of use: 0-3 Months

The broker manipulates the market, I applied a stop loss little by little in EURJPY for the price of 119,825 where the price reached 119,759 and I was stopped, both on the XM server and on MT the price did not exceed this value. Still, I was stopped.
  2 traders have found this review helpful
Reply by Chris Zacharia submitted Mar 30, 2020:
Dear Willianol,

In order to be able to transparently investigate your case, I will need an account number.

Without that there is not much I can check, reply or defend.

Thanks,
Dubai, United Arab Emirates,
Mar 3, 2020,
Registered user

Poor customer service and support

Service use: Live

Length of use: 6-12 Months

I opened my first account with them back in 2014 and have a very good experience with them therefore I select the same broker to open account with them again in 2019.

I must say the customer service and support from XM team is zero, I placed my withdrawal request more than 1 week ago and is still on hold.

Clarification of all their queries was provided and now they stop responding to emails and calls.

3-5 reminders were send to back office team and my accounts manager but no response from them.

XM is good if you are losing money, if you make some profits and want to withdraw funds they will not respond to you at all.
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Mar 30, 2020:
Dear Rissadum,

In order to be able to investigate your case I will need your account number.

Thanks,
Manila, Philippines,
Feb 25, 2020,
Registered user

Stop hunted by this MM broker

Service use: Live

Length of use: 6-12 Months

Tonight I got stop hunted by XM look for yourself, beginning of the day Feb 25, 2020 on Asian session. Stop hunted high. Gold is on short down trend on this day.

XM stop hunted all the Gold traders who got it right, while other brokers don't have the stop hunt.
 
Reply by Chris Zacharia submitted Mar 30, 2020:
Dear Matt1022,

In your review you mention a complaint regarding the 25th of February.

I investigated your case and I see the last trade you had was on the 18th of February.

Can you have a deeper look and revert so I can be able to investigate this.

Thanks,
Windhoek, Namibia,
Feb 19, 2020,
Registered user

They manipulate the markets

Service use: Live

I opened a position on the US100 and they stopped it out with a 1 sec whipsaw, it lasted 1 second, I was watching the charts doing analysis. There was no news there was nothing, every other broker I checked did not have such a whipsaw, only them, it was about 1200 pipsof a move 600 down 600 pips up in 1 second imagine. They stopped out my trade at a price that was below my stop and told me it was slippage, due to high volatility. There nothing that caused Nasdaq to spike down, if there was all other broker’s platforms would have reacted in almost a similar way but nope, they just tool my money. Then started throwing bullpoo statement to me.Tried contacting them, but all they had was bu*** excuses, no facts. This broker is a scam please don’t deal with them. They will manipulate the markets.
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Mar 30, 2020:
Dear Jaymas223,

I have tried investigating your case and I checked the account number provided.

I cannot see any US100 trade that got stopped out within seconds.

Can you please double check the account number you have provided is correct.

The account we are talking about is 49055XXX

Thanks,

BARCELONA, Spain,
Feb 13, 2020,
Registered user

XM SON CRISTALINOS

Service use: Live

Length of use: over 1 Year

XM SON CRISTALINOS , ME REINTEGRAN MIS GANANCIAS EN 5 DIAS , LOS SPREDD SON BAJOS , DISPONEN DE MESA DE NEGOCIACION , NO SON ECN , LO UNICO ES QUE A CIERRE DE MERCADO LOS SPREDD SE DISPARAN , Y NO ACEPTAN GAPS , SI UNO PIERDE DINERO ES POR FALTA DE CAPITAL O ARRIESGAR MAS DEL 1 POR CIENTO DEL CAPITAL TOTAL , YO LA VERDAD ES QUE ESTOY CONTENTO CON ELLOS AUNQUE PIERDA DINERO.

XM ARE TRANSPARENT, MY PROFITS WILL BE REFUNDED IN 5 DAYS, THE SPREADS ARE LOW, THEY HAVE A NEGOTIATION TABLE, THEY ARE NOT ECN, THE ONLY THING IS THAT AT THE CLOSING OF THE MARKET THE SPREADS FALL, AND DO NOT ACCEPT GAPS, IF ONE LOSES MONEY IS FOR LACK OF CAPITAL OR RISK MORE THAN 1 PERCENT OF TOTAL CAPITAL, I THE TRUTH IS THAT I AM HAPPY WITH THEM EVEN IF I LOSE MONEY.
  1 trader has found this review helpful
Capetown, South Africa,
Feb 7, 2020,
Registered user

ACCUSED ME OF FRAUD BECAUSE THEY COULDN'T HANDLE MY STRATEGY

Service use: Live

Length of use: 0-3 Months

This broker accused me of arbitrage because they couldn't handle my trading strategy. They closed all my accounts and banned me from ever opening an account with them.
 
Reply by Chris Zacharia submitted Feb 17, 2020:
Dear MZWP1290,

I have investigated your case,

You say XM could not handle your so called "trading strategy".

You have been found opening so far a total of 7 accounts under different names from the same device.

This is not really a strategy and I would advice you to stop attempting to practice it because it will have the same result and that is you will be once again set to "BLOCKED".

You have attempted the same thing 7 times so I would advise you stop since it will have the same result.

Any attempt to abuse promotions given by XM in good faith is a serious violation of our terms and conditions.

Thanks,

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.