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

Carol P. - Official Representative XEMarkets - Trading Point of Financial Instruments Ltd.,
Limassol, Cyprus,
Feb 25, 2013,
Guest

Dear Md Shfkatullah,

It is inappropriate to call a forex broker a scam when the reason of your deposit being cancelled is solely due to your actions.

We transparently disclose the terms and conditions of our bonus program which we advise every client to read before opting in.

In your case, you have abused the fair rules of the 100% bonus by hedging your positions internally (using another trading account held with XEMarkets). In other words, you have used another account number 7XXX1 at the same time and approximately the same volume and opened opposite trades to that of your other account number 7XXX9. Therefore you have created the credit arbitrage scenario.

As such, in accordance to the Bonus terms and conditions we reserve the right to immediately reverse the granted deposit bonus from your trading account (s) or from the winning hedged account without the consent of the clients. In addition, clause 4.9 from the terms and conditions clearly states the consequences from any fraudulent activity: “4.9. Any indication or suspicion of fraud, manipulation, cash-back arbitrage, or other forms of deceitful or fraudulent activity in an Eligible Client’s live Micro, Standard or Executive Account(s) with XEMarkets or otherwise related or connected to a Credit Bonus will nullify all previously credited bonuses of the Eligible Client’s live Micro, Standard or Executive Accounts with XEMarkets and/or any and all transactions carried and/or profits or losses garnered therein. In these circumstances, XEMarkets reserves the right, at its sole discretion to close/suspend (either temporarily of permanently) all such Eligible Client’s live Micro, Standard or Executive Accounts with XEMarkets, cancel all orders and annul all profits of such participant. In these circumstances, XEMarkets shall not be liable for any consequences of the bonus cancellation, including, but not limited to, order(s) closure by Stop Out.”

Thank you

Carol P. - Official Representative XEMarkets - Trading Point of Financial Instruments Ltd.
 
Egypt, Egypt,
Sep 26, 2020,
Registered user

server disconnection

Service use: Live

Length of use: over 1 Year

hello
i been trading with xm , real account number 53093935

while using the main platform of xm metatrader
it stopped receiving quotes
the server did not disconnect (it didn't write no connection in the right corner of the metrader) ,and it did not make a disconnection sound either
so i had no idea the platform has stopped. this is what's called a hidden disconnection
after restarting it manually it started receiving quotes again
but i discovered this 2 hours later , which resulted in a big move in the prices of my open positions

i been trading normally with xm on the same platform but with a demo account and this malfunction has never ever happened throughout the months

i am wishing xm to compensate me if any loss
and avoid this further error in future
i want no harm nor threats from xm team either or any one influencing its team

p.s

this also may be a computer's error , but the thing is , i checked the connection by opening any website , and the internet was working properly , and the met quotes of xm was not receiving quotes nor disconnecting

if it was an ISP error , simply all the internet would stop working , but the internet was connected and websites were working efficiently ,

it could also be an error with the software installed but why would this error happen just when i started trading with a real account but never ever happened in the demo accounts since more than a year

from my side i will re install the whole windows again
and establish a connection using a fixed internet router

regards

H Park

Thanks alot
 
Reply by Chris Zacharia submitted Oct 8, 2020:
Dear hpark2020,

Please provide me with further details in relation to the issue you claim you had in order for me to be in position to further investigate the issue.

In this respect, please provide me with the date and time the issue occurred and the orders you claim have been affected.

Thank you,
Carol P. – Official Representative of XEMarkets (Trading Point of Financial Instruments Ltd).,
Limassol, Cyprus,
Mar 7, 2013,
Guest

Dear Mahendran,

We would like to bring to your attention that any promotions XEMarkets offer has certain terms and conditions that are transparently printed on our website which we advise all our clients to read.

Kindly note that if XEMarkets suspects that a client has abused or attempted to abuse a promotion or otherwise acted with a lack of good faith towards us, then XEMarkets reserves the right, at its sole discretion, to deny, withhold or withdraw from that user the 100% Bonus Promotion or any other promotion and if necessary to cancel any terms and conditions with respect to that user, either temporarily or permanently, or terminate that user’s access to the service and/or block that user’s Account.

You have been informed twice via email about the situation therefore stating that you have not received any response is not correct. Moreover, the removal of your bonus didn’t affect in any case your trade; however you have made a profit of $736 from your initial deposit of $530 which you have withdrew. Therefore again your claims that XEMarkets “theft your initial amount” is incorrect.
Kindly be advised that your trading account is not blocked, you can still access your trade but you will not receive any bonus.

Thank you

Carol P. – Official Representative of XEMarkets (Trading Point of Financial Instruments Ltd).
 
Leo Rellona,
Tacloban City, Philippines,
Jan 18, 2021,
Guest

Super Legit Platform

Service use: Live

Length of use: 0-3 Months

I like this platform! Super legit! The customer care is accessible! I recommend this platform for you!
 
Giulia 11139641,
, Italy,
Nov 30, 2013,
Guest

I am using XM as forex broker and i am really satisfied. Withdrawals are processed in less than 24 hours, and my Account Manager Greta is really helpful to me! Great deal !!!! really
 
Sam,
London, United Kingdom,
Mar 21, 2012,
Guest

Hi Chris,

Many thanks for your email and response here.

I would like to take back my review as I have realised my error. Yes, I am very new to Forex trading and I am happy to admit that I still have not understood the basics, therefore, my previous review is void.

I will give MT4/Trading Point the benefit of the doubt and give another review in a month to two months time.

I hope no inconvience was caused.

Warm regards,
Sam

2012-03-19 2Star Ive been trying to find a good broker with MT4 platform and had done alot of reasearch/read alot of reviews. Out of all of the MT4 brokers I came across, TP appeared to have the best ratings so decided to open a demo account to get more accustomed to MT4. Even though I havent been trading in the industry for very long, Ive done extensive research on trends, markets, indicators etc and I also have accounts with other brokers it Option Bit, eToro.

PROs:
Operators at live chat are very helpful and supportive.
No requotes/slippage.

CONs:
Wide spreads (EURUSD is 25 pips!)
SL and TP have to differ from market price by AT LEAST 40 pips (is this normal???)
Orders dont close as they should.

Eg
Put in an order to SELL EURUSD
Executed @ 1.32396
SL @ 1.32441
TP @ 1.32360

The market price went past my TP TWICE and my order was still active. I have a screen shot here (look at the last 3 candles: http://s154.photobucket.com/albums/s275/destinyscheeks/junk/?action=view¤t=TradingP.jpg

This was the SECOND time this happened! First time round, my order closed when prices closed past my TP and then started to increase.

Very disappointed but Im fortunate I didnt loose out on any real money!
 
Hai Phi,
Ha Noi, Viet Nam,
Jul 22, 2013,
Guest

XM is the deceptive financial institutions, they are always the excuse to cut commissions or commission refused payment of IB, you should not work with this scam broker.
 
Reply by Chris Zacharia submitted Jul 23, 2013:
Dear Hai Phi, You have left a claim on FPA below without sharing your MT4 ID. We will be waiting for your follow up with your MT4 ID to take action and transparently present the full data of your claims. Thank you Carol P. ? Official Representative of XM (Trading Point of Financial Instruments Ltd).
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,
Tape,
India, India,
Aug 12, 2020,
Guest

The company doesn’t resolve transaction issues

Service use: Live

Length of use: 0-3 Months

They say they have good customer care which is incorrect my deposits in account are not credited and when I raise issue they keep asking proof in different formats like screenshot pdf etc even after providing that they do not resolve the issue

They have done fraud twice on my deposits

Be aware of these frauds
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Aug 14, 2020:
Dear Tape,

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

Thank you,
Semphetenyane,Maseru, Lesotho,
Apr 9, 2020,
Registered user

Xm is now bad ,ruunn..........

Service use: Live

Length of use: 0-3 Months

Xm is now beating out their clients. If your trades go in profits,they widen their spreads so that you can make less ,but if it goes against you ,they don't,and the movement becomes fast than when going in profits, e.g I traded gold this morning and placed 4 orders ,guess what ,it went to profits but it stopped when it made profit of $1.27,and never moved more further.

Jan 5, 2020 - 5 Stars So ,few weeks ago I made a withdrawal and it didn't reflect on my account, I even posted such in here,I spoke to them about that issue and they heard me ,so they gave me the swift code which was legit ,which made me get my withdrawal,

What amazed me about xm broker is that ,they made a follow up of my case even though I didn't contact them,I was soooo soo amazed about that ,it was my first time seeing such a broker doing follow ups on their clients,some broker could have ignored me or maybe even blocked but xm didn't ,I love you guys keep doing the good job,

Dec 6, 2019 - 1 Star I believe XM is not the best broker as we all believed, I withdrew 6 days (working days) ago but still I didn't get that money, I have talking with them like everyday after those 6days ,but they keep saying that it'll click ,what disappoint me is that,I withdrew with someone the same day ,he got his money within 24hrs ,as for me ,I didn't get ,so people run away from these broker ,they gonna give you a heart attack ,like they are doi doing to me right now,choose better brokers

Reply by Chris Zacharia submitted Dec 23, 2019 Dear Qalo E.N Rabiri,

I have investigated your account,

From what I see on 6/12 (6th of December) which is also the day you posted this review, you requested from the XM Live Chat proof of your withdrawal.

The same day a copy of the swift was sent to you (once it was provided by XM Backoffice).

To reply to your question withdrawals on verified accounts are Yes processed within 24 hours but wire transfers might take up to 5-7 days to arrive in your bank depending on the bank you use and where you are located.

Thank you,
  2 traders have found this review helpful
Reply by Chris Zacharia submitted Apr 14, 2020:
Dear Qalo E.N Rabiri,

In order to be able to investigate your case I will need:

a) Ticket Number of Order
b) The Account number

To be clear and transparent about b). I can find 5 accounts under a name similar to yours so I want to be 101% sure.

Once you provide me a) and b) I will be able to transparently follow up with you here.

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.