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.


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

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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3.024 · 633 REVIEWS
Forex Peace Army

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Traders Reviews

Dectria puspitho,
Indonesia, Indonesia,
Feb 7, 2020,

Scaming/ cheating the xm broker

Service use: Live

Length of use: 0-3 Months

I experienced cheating when trading on xm all my funds disappeared quickly without me understanding
Reply by Chris Zacharia submitted Feb 17, 2020:
Dear Dectria Puspitho,

After investigating your case I have found that you have also filed an official complain with our compliance desk.

The reason your account has been stopped out is NOT due to "cheating" as you noted but because of a stop out which occured during the last Non Farm Payrolls release in which the market had sharp movements similar to most Non Farm Payroll Announcements.

Some of your order hit stop loss levels and one of your trades got stopped out.


Lagos, Nigeria,
Feb 1, 2020,
Registered user


Service use: Live

Length of use: over 1 Year

XM is. A great broker never had issues with them, I love the set up . Don't see any reason why people are making negative comments. Read terms and conditions and stop the senseless comment after you have been caught trying to cheat the system. I Love you XM please keep it up
  1 trader has found this review helpful
Belarus, Belarus,
Feb 1, 2020,
Registered user

Withdrawal problems and delay

Service use: Live

Length of use: 0-3 Months

Placed 3 withdrawal ever since i started making profits and non has reflected on my account yet
Reply by Chris Zacharia submitted Feb 17, 2020:
Dear Williamz Elvis,

I have investigated the case,

As per my investigation on the 3rd of February you received an email saying:

“Dear Valued Client,

We would like to hereby inform you that from your withdrawal request of USD 522,75.00 we were able to send back to your card(s) the amount of USD 199,00.00 since all your available card deposits processed within the refundable period allowed by our payment processors have been already refunded.

As for the remaining amount of USD 323,75.00 please kindly note that it has been credited back your trading account and you are kindly requested to submit a new withdrawal request choosing an alternative withdrawal method.”

After this email you tried to submit a withdrawal to a Webmoney account which was not under your name and our back office desk rejected the withdrawal and asked you to provide a Webmoney account which is in your name.


Bloemfontein, South Africa,
Jan 29, 2020,
Registered user

XM more than 2 years with them then this s*** happens.

Service use: Live

Length of use: over 1 Year

Look I don't know let me explain what happened then you guys tell me what you think.(I will just paste what I wrote to them with their responses)

Dear XM Team

I have been looking at what has happened and the timing thereof and something that really does not make logical sense, what follows is a breakdown of events:

On the 22/01/2020 at 08:16 and at 08:17 I placed 2 long orders on Gold which were successfully opened , shortly after that approximately 09:00 I noticed that MT4 bottom right connection status said "invalid account". I thought there was just a system problem with your servers so waited a couple of minutes thinking it would work soon.After a few minutes I decided to try and log in at xm.com , when trying that it said to me incorrect username or password. I then contacted live chat for the first time and chatted with Diana and explained what happened and that I can't log in to my account.She said I must use the correct password , in other words I am typing the incorrect password in.

Now my question , how was my password changed without this email

"Password Reset Request
Dear Valued Client,

We have received your request to reset your account password.

To proceed with resetting your password now, click here.

If you have not submitted a request to reset your password or you have any questions or concerns, please contact us directly by sending an email to support@xm.com.

*This is an automatically generated response, please do not reply to this email."

and also the following email :

"Password Changed
Dear Valued Client,

Your MT4/MT5 Account password has been successfully changed.

If the change of password was not carried out by you, or you have any questions or concerns, please contact us directly by sending an email to support@xm.com.

*This is an automatically generated response, please do not reply to this email."

I received no such email between 08:16am and 11:00am UTC+2 and this is the period my password was changed hence the reason MT4 said invalid account and xm.com said incorrect username or password , because password had been changed.
These 2 emails I received at 12:48pm and 12:50pm when I myself changed the password in an attempt to secure my account.

So there it is how is that possible?


On Wed, 01/22/2020 02:58 PM, Compliance Department <compliance.department@xmglobal.com> wrote:

Dear Valued Client,

Further to your claim and concern that your trading account may have been compromised by an unauthorized third party, please note that as soon as we were informed, we immediately took the necessary course of action to prevent any unauthorized activity from taking place in your account (i.e., withdrawal requests, etc.).

Further to the above, we would like to draw your attention to the fact that, as per our Terms and Conditions of Business, you are obliged to keep your account numbers, usernames, passwords and other personal information strictly confidential. Furthermore, please note that our Company acts upon any instruction received via its online trading facility, as it considers in good faith that such instructions were provided by you.

We can assure you that the issue raised is thoroughly investigated by the relevant departments.

We highly urge you to change all passwords related to the accounts and devices you use to access your trading platform (i.e. pc / mobile devices / email address / trading accounts, etc.) also due to security reasons, you need to provide us with new unique email address that belong to you and clear selfie holding your Proof of Identity in order to be able to fully re-activate your trading account.

Kind Regards
XM Team
Compliance Department
t: +501 223-6696
e: compliance.department@xmglobal.com

The above is only part 1 of my part 2 to follow.
Reply by Chris Zacharia submitted Feb 6, 2020:
Dear GITrance,

I have read your review a few times and I don’t completely understand what you 100%.

I also did some internal investigation and below are my findings:

You reported to XM that someone hacked your account (my assumption is somebody managed to hack your email account).

Our compliance department noted the following to you:

“We highly urge you to change all passwords related to the accounts and devices you use to access your trading platform (i.e. pc / mobile devices / email address / trading accounts, etc.) also due to security reasons, you need to provide us with new unique email address that belong to you and clear selfie holding your Proof of Identity in order to be able to fully re-activate your trading account.”

As I said above, I don’t completely understand the case based on what you are explaining but as a general assumption if what you are asking is how could a hacker manage to change your password without you finding the “Change Email” in your inbox my logical assumption would be that if you were indeed compromised the hacker would delete the email after he made use of it.

Although it’s a menace being hacked or compromised I just wanted to add here that any hacker logging into your account at XM would not be able to withdraw funds to 3rd party accounts so as far as that chapter is concerned you are safe.

I will be awaiting your feedback so we can investigate this further.

Nirobi, Kenya,
Jan 28, 2020,
Registered user

Orders closed at a manipulated spreads

Service use: Live

Length of use: over 1 Year

I have been with xmglobal since the days of Trading Point of Financial Instruments. A client of 9years with account 15090, everything been well. Lately, they scammed me contributing to a loss which if it never occurred, the last time I send an email to them my orders could have been 120$ in profit. At around 23:00 server time, we know the spreads widen, but xm took advantage of the situation. They scammed me. I will post all orders in detail. I contacted them, they said my issue has been solved, I went further to write to compliance department and also they replied and taking long to solve my issues.
This broker is becoming a big scammer the moment they spotted to xmglobal.they are simply THIEVES. Becareful opening an account with them. Until they pay me or provide order book receipt from the liquidity provider who filled my orders, to me they still remain scammers. Newbies becareful otherwise you will be scammed. Am taking out of experience, been with them for 9years. Not a joke. ACCOUNT 15090.
  2 traders have found this review helpful
Reply by Chris Zacharia submitted Feb 6, 2020:
Dear Albert Kyalo,

I have investigated your case, and before I continue further on, I hope you understand that coming to the FPA and labeling XM a scam for an amount of $20 is the least to say totally Absurd. I hope you understand that XM serving over 2.5 Million Clients has no benefit to “SCAM” any client either that’s $20 or $200,000.

As per my research you have already also filed a complaint regarding this matter for which our compliance desk has responded to you.

Below the email you have been sent by our compliance dept:

Dear Sir,

Kindly note that we have thoroughly reviewed the issue raised in your emails and we can confirm that your Sell orders 57940799, 57940621, 57940627, 57940962, 57941021 and 579409
account during the timeframe under question.

Particularly, there was a market movement (i.e., midnight hours/market opening hours) which was not in your favor, resulting in your margin level falling below the minimum required of 20% a
out mechanism starts by closing the most loss-making order every time the account has reached the stop-out phase.

For your better understanding, please note that, based on the journal file of your trading account as well as per our calculations, the available equity in your trading account at the time of stop out
that time was USD 18.4.

The latter means that your margin level was below the minimum required of 20% (i.e.,18.4%) and as such, your order was correctly stopped-out.

Due the fact that you are an old client of XM, the compliance department went a step further and offered to re-imburse your account with a 20USD gift.

Having said all the above I consider this case closed.

Philippines, Philippines,
Jan 16, 2020,
Registered user

Holiday Hours Update

Service use: Live

Length of use: 0-3 Months

Thanks for the reply Chris.

I reviewed my emails and I did find an email from XM with a link to the xmas and new years holiday hours, so my fault for not clicking on that link.

I noticed on the following emails about holiday hours XM is not sending a link, but rather showing the Holiday Hours in the email. So that is very cool and will definitely help me not to make the mistake of not clicking the link in the future.

I do see that there could be an issue with larger spreads as you mentioned. Nobody likes those, and XM has really fair spreads.

It seems that XM is really putting an effort into being a leader in the industry, some other companies just don't care. So thank you, I'm glad to be along for the ride with XM.

Jan 2, 2020 - No Rating The day after New Years Day, today 12:47PM GMT+8. I decide to give Live Chat another chance to answer my question as to why XM has a Late Opening today. This time I had no trades open/active as I was aware of the late start even though the markets are open.

This is what they told me.

Elijah 12:40
it is to stabilized the market movement since market is volatile

So XM has the ability to "stabilize the market"? This is a ridiculous answer to my question and causes me a little concern about how XM will be dealing with me in the future. Whoever is telling the Customer Service Representatives to lie to the clients should be fired.

Its a shame cause its hard to find a good broker. I hope Chris will be able to help me feel like I can trust XM going forward.

I think the real reason XM has a late start is because they took their servers offline. It doesn't have anything to do with which markets are open as Sydney is open and trading now. I don't care that they took the servers offline, I think they should email clients to let them know about this and post it with larger font on the website than it is. I just don't like being lied to. I will wait for a response from Chris here and then post an update.

I have found a couple other companies that are comparable and maybe even a little better, but I will wait for Chris here before I recommend them.

Dec 26, 2019 - No Rating I've been using XM.com real account on MT5 for about a week now. Customer Service has been awesome, well above that of other brokers.

However, today December 26, 2019, I noticed that some markets are open and trading Gold which is what I trade, but I was not able to access my trade, as XM MT5 Platforms said the Market was closed.. So I went to XM.com and did instant Chat with two different customer service agents with the same question trying to figure out what was going on, thinking the problem was on my end.

Both agents I spoke to gave me the run around (intentionally avoiding the real question). This I found disappointing, because so far XM customer service has been awesome. Chris Zacharia here also seems awesome and has great responses which is a primary reason I chose to go with XM.com, so hopefully he will have some response to this review as well.

So, after doing some research on my own, I believe I found the problem, or at least the circumstances surrounding the issue. I hope Chris Zacharia will be able to confirm this for me.

XM has late market opening hours for this Xmas Holiday and for the New Year. The XM market starts at 0900 GMT+2. Other markets may be open at this time such as, Tokyo, Shanghai, Hong Kong, Singapore, Mumbai, however, I can only assume that XM doesn't have ability to trade with these markets.

Chris Zacharai, is it true the XM doesn't have the ability to trade with those markets?

Usually Wellington and Sydney are markets that are Open during this time, so its not a problem that XM isn't able to trade with those other markets, but because its possible that not all markets would observe the same Holidays, we have this situation where Gold is being traded on markets that I don have access to through XM.

It appears that I have to wait for the Johannesburg Market to open then I will be able to trade again. And I will have to be aware of this for the new year and possibly other holidays.

The issue some people might run into with this scenario is that they might have a trade open in the profit with a stop loss set, but because they don't have access to the market, its possible for the price to drop below the stop loss and then for the market you do have access to, open and automatically close your position/trade below your stop loss.

I did not experience this issue, but I see that there is the potential of this happening to one of my trades as I write this review. So in the future I will be more cautious and decide if its worth taking the risk of running into this type of scenario or if its just better to close the position before the market closes early for the holiday.

So in conclusion, it appears that XM doesn't have access to all Stock Exchange Markets, but definitely has access to the most major ones. Its important to be aware of this so that you can trade accordingly. I do wish that XM customer service would be clear about this, it isn't something to be ashamed of or defensive about, having open and honest communication is what is important to me and I think also to most people.

I have read some reviews on here I believe with XM but also other companies saying that company's are "manipulating" prices. I don't know if that is true or possible, but the circumstance that I explained above might appear as such, however, there is a reasonable explanation for the situation, as I believe I have also explained. Hopefully Chris will be able to confirm or correct me if I am wrong.

I still think XM is awesome because of website design, customer service, platforms, leverage, outreach efforts, seminars which I hope to attend, and trades offered. However I see that this circumstance could be a thorn in the side, so hopefully my review if correct, has enlightened future XM customers of a situation to be aware of and helped to potentially clarify the cause of some negative reviews,

Thank you to Forexpeacearmy.com for giving all of us access to this information and as I have seen, putting effort to assisting in the resolution of certain issues.

Thank you also to Chris Zacharia for posting great responses on here, and hopefully one to mine as well.

P.S. I am not super concerned about the price dropping below my stop loss and then closing out when the market I do have access to opens, because there is not much activity in the markets that are currently open, but I would like to be aware of that potential risk so that I can consider it in the future. XM might even cover this issue on there website through educational tools, but it would be really nice if customer service was able to do the same.

Reply by Chris Zacharia submitted Jan 8, 2020

Dear Odin4,

To reply to your concerns:

XM does not have the ability to “Stabilize the Market”.

However what you need to understand is that by delaying the opening of trading after New Years Day gives the market the opportunity to go back to normal levels and hence Stabilize without abnormal spreads, spikes or thin trade.

Abnormal spreads and spikes resulting from thin trade when the market has just resumed from holidays means that Stop Loss Levels, Take Profit Levels or Margin Calls on client accounts can be triggered with no reason due to the nature of the thin trading of the market.

Moving forward your assumption that XM takes its servers offline is completely not correct. Furthermore to additionally reply to your email that we should have informed clients, please note that emails, a sticky notification on our website and a news bulletin had been posted on XM before and during the holidays.

egypt, Egypt,
Jan 15, 2020,
Registered user

XM closed my trade intentionally to make me lose ,

Length of use: 0-3 Months

My Account 53025614 inv pass:Jan$$2020

They closed make trade and make me lose and not compensate me .be aware
Reply by Chris Zacharia submitted Jan 28, 2020:
Dear Youssef_EL_araqy,

The reason your account was closed and reimbursed with any remaining balance is due to the fact that your account was detected to be related with another 29 clients.

You have been either trading from the same device, from the very same IP or logging in and out from accounts and placing trades from the same device(s).

Thank you,

java, Indonesia,
Jan 14, 2020,
Registered user

fair enough but maybe not for me

Service use: Live

Length of use: 0-3 Months

take note that i mostly do my trades on busy market (i'm a new client that havent really trust this broker yet, only 1 week old account with very small deposit)

- spread is sort of wide in actuality unless you trade in absolutely silent market hours, so take their "low spreads" claims with a grain of salt
- often too slow order processes to stop loss & scalp effectively in busy market (though there are better and worse brokers out there). Could have been better imo
- i simply don't like their swap rates (i dont think i can make islamic account because i'm not islam when most people on my forex community could so yeah im jealous of them)

+- personally not really sure if they are NDD (maybe just coincidences, but prices moving against my positions when i open the platform and got corrected when i close it and opens again). urgently need the certificate/proof/clarification whether it is ECN, mixed, or true STP if they are indeed NDD because my exposure time when opening their mt4 tells otherwise

+ good follow ups and guides on terms and agreement from personal manager
+ fast deposit and withdraw (less than 3 hours)
+ with their transfer client-> IB system, they allows you to withdraw profit & most of your balance fast with no problem (january 2020). havent tried other methods

will be very likely to use this broker again if i couldnt find better ones around here.
i will only put my acc number if i'm satisfied enough with the respond regarding the DD/NDD question
Dubai, United Arab Emirates,
Jan 3, 2020,
Registered user

Unable to withdraw your win from xm

Service use: Live

Length of use: over 1 Year

I have been trading with other regulated brokers with more then 10 years with no issues . Be aware of trading with xm . as soon as you want to withdraw your win they will get any excuse to block your withdrawal
Wired withdrawal are not an option as well
Total scam !!!! . I am already more then 2 months trying to withdraw . I am proceeding to fca claim now to get my Money back.
Reply by Chris Zacharia submitted Jan 23, 2020:
Dear Tkmontana1981,

I apologize for taking so long to reply but your case has proved extremely complicated.

The reason you have been freezed and gone into investigation is

You initially registered under Country of Residence: Lebanon
After that you asked to change your Country of Residence to: United Arab Emirates

When you had trouble withdrawing your funds from Skrill you asked to change it to Belgium/France.

I understand you might have global travelling patterns or you might have businesses/residences in many locations but the case has proved very challenging to resolve in coordination with our compliance desk.

I am pleased to inform you that the investigation has been concluded and the funds will be released to your account today.

Johannesburg, South Africa,
Jan 2, 2020,
Registered user

Withdrawal Issuse and Market Manipulation

Service use: Live

Length of use: 0-3 Months

Hello traders...Having problem with my withdrawals they are being rejected for an invalid reason and also during news events XM manipulates your trades. I don't recommend this broker to anyone.
  3 traders have found this review helpful
Reply by Chris Zacharia submitted Jan 8, 2020:
Dear Samukelo,

The account number you posted is not correct.

Please provide me with the correct account number in order to be able to investigate this for you.

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.

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.