XM Review

3.023 · 633 REVIEWS

Trading Point of Financial Instruments

Updated: Jan 14, 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

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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3.023 · 633 REVIEWS
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Traders Reviews

Nicholas Rampersad,
Trinidad, Trinidad and Tobago,
Aug 14, 2019,
Guest

Deposit issue resolved

Service use: Live

Length of use: 3-6 Months

after about almost 1 week. the deposit issue using xrp was resolved. they fully refunded me. thank you XM

Aug 9, 2019 - 2 Stars XM I had no problems with when it came to Trading.

However, the deposit using XRP from Binance to XM never reflected on my trading account. The TXID showed the transaction completed from Binance to XM. And for the past 3 days I have been getting the run around via emails and no call from the account manager. I presented all documents required for investigation and for 3 days now, nothing has been done. I have been in contact with more than 3 support agents. each a different story. 1 said if it didn't reflect on account in 60mins contact support again. the other I have been in contact with via email only requesting documents and proof of account and transaction history, 3rd says crypto takes 48hours to complete transfer.

I have been getting this run around for 3 days and counting with no information regarding the deposit. This is highly Annoying as I transferred from Binance to another Broker account using same XRP WITHOUT any Problems!
 
London, United Kingdom,
Aug 3, 2019,
Registered user

Hopeless

Service use: Live

Length of use: 3-6 Months

They have no app or otherwise the app redirects to the website. They took 5USD from my account. Customer service keeps sending generic replies.
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Aug 6, 2019:
Dear smouslop,

Your comment about XM having no app is not correct. We do have an app and it used by multiple thousands of traders. But even if that was not the case it is not very ethical to leave a 1 star review because you could not manage to download our app.

As far as the second part of your review:

If you would like me to investigate why 5USD is “missing” from your account please follow up with your account number and I will check this out for you.

Kind regards,
Lagos, Nigeria,
Aug 2, 2019,
Registered user

FRAUDULENT

Service use: Live

Length of use: 6-12 Months

I opted for this broker $30 no deposit bonus. I equally told a friend who registered and because his documents were rejected, he could not trade the account.
However, this same friend of mine offered to trade my account and ultimately we made $124.73 as profit. I requested for $50 withdrawal and then they stated quoting their sole right to void my profit because they discovered irregularities. The broker-XM.COM wiped the account clean.
Just to warm prospective customers to stay clear of this unscrupulous broker.
  2 traders have found this review helpful
Reply by Chris Zacharia submitted Aug 6, 2019:
Dear Olatunde,

To be honest with you, I do not see any reason for you to post such a negative review about XM when you clearly violated that fair rules of one of our promotion.

As you mentioned in your review, your account was managed by another person and that is strictly prohibited.

In addition to the above, you used multiple accounts for a sole purpose of claiming a promotional bonus offered in your region several times which is a clear violation of the terms and conditions of this promotion which was given in good faith.

Kind regards,
Jakarta, Indonesia,
Jul 23, 2019,
Registered user

Tight Spread ? No way and high swap rate

Service use: Live

Length of use: 0-3 Months

i dont like the spread and swap rate that XM offering. overall is good. and my WD processed at same day.
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Jul 26, 2019:
Dear FahriFX,

Thank for rating XM and I am happy to hear that you are pleased with the service provided.

However, you mentioned that you do not like spreads and swap rates that XM is offering. I would like to point out that XM is offering very competitive spreads and swaps that are calculated according to predominant market conditions.

I would like to suggest you to look into all account types available and choose the one that meets your requirements.

Kind regards,
Malaysia, Malaysia,
Jul 19, 2019,
Registered user

Xm lie about their reply

Service use: Live

Length of use: 0-3 Months

Hello trader, xm reply me just their words only. Dont believe them. I have
prove screnshot. They not refunded by orignal deposit, they make my balanced 0.00 , after my profit 7** usd rejected and stole, seven hundred something profit not little bit. Pity me.


I try reach live chat many time after i see my balanced zero but not like they said refunded original deposit. Then closed my account. If you lie again XM i will provide prove all here and taking lawyer.

They ask me to email at xm compliance then ask email middle office. Im does both. Still ignored. So bad! when i does, they closed my account without any reply. I dont care so much about my deposit, i care and shock when they can stole client deposit after stole also my huge profit making.

My heart was hurt of their action not just deducted my profit, yet stole my original deposit. Bad broker and dont ever lie again.

This my account number : 48040185. Making profit 7** usd along with my 5 usd deposit. Second account not tick bonus agreement( no bonus rules) . But email say my 48040185 account bonus abuse? No tick agreement of yoyr bonus of that account i making huge profit.

first account( claimed no deposit bonus) I closed manual 3 days later then after make good profit they email about bonus abuse at account no bonus agreement. The close one was closed. You cannot use agreement using the account already closed by client. So bad your company rules.

They just want steal our profit and terminate service client. Becarefull they can cheat you guys also. This their tactic of broker type Market Marker.


I never make any withdrawal after been rejected my profit i make after internal transfer to new account.

Moreover, they ask for selfie document picture, then after 5 days i trading with them and making good profit, they closed my account and decide to terminate client services.

What a lie?? I have prove picture screenshot. I will reply as long as you (xm) still lie about your explanation. I also saved all scripted during live chat.

Jul 16, 2019 - 1 Star Helo trader be carefull trade with broker xm cause if anything happen while you trade with them, they will act to ignored cases after they ask us to email them the issue.  Read all to feel the experience of this broker guys.

If issue happen, When go to live chat. They ask account manager can solved but actually account manager just info us the problem and they not admit if they wrong, nothing solved.

For my situation, when i make profit along with my deposit, using bonus 30 usd, they rejected my withdrawal 761.52 usd. I have image prove. And they sent email to me say bonus abuse.

After they deductef the profit i make, More worse they stole my deposit cause i see in cabinet my capital suddenly 0 00 usd. I come to live chat many time, they ask email them, then i email at xm compliance, no feedback. Like playing with client, they ask via email will terminate client services. Then my deposit they stole. Be carefull guys. This can happen to you. Honestly they very bad service and your equity can they stole even you trying asking to refund, they ignored. Think twice before trade with this company xm global. This type of company can ignore you when stole our fund. And can cancel our profit even im not tick any bonus agreement opening the account, but they sent email say bonuse abuse.

The broker xm was more worst. Stole client fund. And they will ignored and close our account like i faces.

Reply by Chris Zacharia submitted Jul 18, 2019 Dear Saiful Nizam,



In your review you repetitively use the word “Stole”.



Firstly it is not ethical to make allegations which do not reflect reality and especially on a respected public forum like the FPA especially when these allegations do not reflect reality.



Now to explain why you have been blocked:



Your account was blocked and your deposit was returned to you for the reason that you have attempted to claim the No Deposit Bonus Promotion more than once by trying to register multiple accounts with different emails.



The fact that you tried to abuse a generous promotion and you have violated simple principals and moreover have violated the Terms and Conditions of this promotion is the reason you have been blocked.



We have no reason to either “steal” your funds or ignore your case and damage our reputation.



We really don’t appreciate having to reply to allegations of this nature especially when these are presented in bad faith and do not reflect reality.



We offer our promotions in good faith and the company does not tolerate abuse, cheating and violations of fair rules of trading, including those related to No Deposit Bonus.



Kind regards,
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Aug 6, 2019:
Dear Saiful nizam,

You are accusing XM of wrongdoing once again.

For the final time I would like to stress:

a) Your $5 deposit was returned back to source. I have triple checked that before my previous reply.
b) Your account was blocked because you violated the terms and conditions of our no deposit bonus promotion which is available in your region by attempting to claim it more than once. I would like to remind you that it is not allowed to claim or attempt to claim the No Deposit Bonus multiple times, especially using ID documents of other people.

Thank you,
Mafikeng, South Africa,
Jul 10, 2019,
Registered user

XM bonus is not profitable

Service use: Live

Length of use: 0-3 Months

XM took my little profit I made after I requested a withdrawal. It is stated that I violated section B5, which I am using another IP address with someone and that is false. I will be satisfied when I see proof that I am sharing my IP address with someone.
My account number: 60105406
 
Reply by Chris Zacharia submitted Jul 15, 2019:
Dear Bakang,

Our system has detected that there several other account that are related to your account and owners of these accounts have already claimed the No Deposit Bonus. I cannot disclose more information about account owners but I can assure you that we had a reason not to allow you to continue trading with No Deposit Bonus.

It was not our intent to discourage you from trading and I would like to stress out that you may continue trading with XM and enjoy other benefits that XM is offering.

Kind regards,
femzy,
accra, Ghana,
Jul 4, 2019,
Guest

i'm not able to claim $30 bonus

Service use: Live

Length of use: over 1 Year

i registered with xm and successfully got my account verified in hopes of requesting for the $30 bonus.
unfortunately, when i try to claim my bonus, i don't receive any call back for code.
i've reported to customer service but still no call back. mind you, my phone number is correct.
if the $30 isn't scam why am i not receiving a call back?
account number 60125042
 
Reply by Chris Zacharia submitted Jul 8, 2019:
Dear femzy,

I am sorry to hear that you were not able to claim the bonus automatically but I need to say that it is not fair to post such reviews before actually trying to solve an issue.

I can confirm that the No Deposit Bonus was credited 4 days ago after you informed us about you having a problem claiming it.

Kind regards,
Nairobi, Kenya,
Jul 1, 2019,
Registered user

withdrawal issues

Service use: Live

Length of use: 3-6 Months

I started trading with xm made a deposit all was okay I guess... M deposit was 100$ which made huge profit but the their withdrawal is terrible ... they didn't send the withdrawal claiming it was problem with my bank but clearly its on their side i contacted their support time to time they responded but i still didnt get my money. Be aware
 
Reply by Chris Zacharia submitted Jul 3, 2019:
Dear Maxino1,

There is absolutely no need to post such a negative review when your issue is still pending and I am sure it will be solved by our Back Office Team in the near future. XM is processing withdrawals in a matter of just a few hours. Moreover, we aim at processing withdrawals within less than an hour. On very rare occasions some withdrawal requests take more time to get processed, especially, if there is an issue and a client's bank/e-wallet account simply cannot accept the payment.

Also, I kindly ask you to share your account number so I could investigate your specific case.

Kind regards,
Villiers, South Africa,
Jul 1, 2019,
Registered user

REJECTED ACCOUNT VERIFICATION

Service use: Other

Length of use: 0-3 Months

I opened an account with XM, which came highly recommended as one of the best brokers, however my first experience was not good at all. From the onset I sent documents for account verification but they were rejected and my account was closed. I am from South Africa, obviously not banned as a country... so what could possibly have transpired? Legit documents. Legit identity.

125550887
 
Reply by Chris Zacharia submitted Jul 8, 2019:
Dear malmokoena,

The number you submitted is not a valid account number so please re-submit your real account number.

What I can say right now is that if you failed to provide valid documents it is definitely not a good reason to blame the company.

Kind regards,
Kfar Saba, Israel,
Jun 19, 2019,
Registered user

Service use: Live

Length of use: 6-12 Months

I and my wife had accounts at XM where we lost an amount of money.We are from Israel.Then we were told that we will not be able to trade anymore bcs Israel is going to be a restricted country
We had no chance anymore to recuparate our losses.Completely unfair and discriminatory.No offer for compensation.Nothing.
 

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.