XM Review

3.022 · 643 REVIEWS

Trading Point of Financial Instruments

Updated: Apr 5, 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 #000261/158, CySEC #120/10, DFSA #F003484
Prohibited countries:
Trading platforms: MT4, MT5
Web Trading: Yes
Mobile Trading: Yes
Currencies: (55+)
Cryptocurrencies:
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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3.022 · 643 REVIEWS
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Traders Reviews

Colombo, Sri Lanka,
Feb 15, 2021,
Registered user

Terminating profit making accounts

Service use: Live

Length of use: over 1 Year

I was with XM few years. They were very good as far as I was making losses in my trading account.
As soon as I started to make consistent profits, they suspended my account and feezed all funds.

The explanations given were not consistent.
Once they said, my trading was overloading the servers.
When asked for further details, they said it was a technical error.
When the suspension happened again, they said, my trading style was violating their agreements.

Perhaps, their expectation is the trader to loose money always.

- Chan
  2 traders have found this review helpful
Jakarta, Indonesia,
Feb 8, 2021,
Registered user

Complete scammer,

Service use: Live

Length of use: 0-3 Months

My account suddenly got terminated. They said on the email that

"In that regard, our Anti-fraud Department has brought to our attention that your Account is connected to an account that had been previously terminated because of the violations of the Client Agreement."

This is my first account and how can it be connected with another account. Called account manager, he said that he cant do anything and the decision is made by the main office. He can't give me any reasons and immediately hangs up. I've lost all of my investment.
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Feb 17, 2021:
Dear Consorbar,

I have reviewed the issue raised and I can confirm that our business relationship was correctly terminated due to the violation of our Terms and Conditions of business.

Particularly, I have been informed that we have evidence confirming that you were connected, through the same trading information, including but not limited to IP address, with former clients of our Company with whom our business relationship was terminated due to the violation of the Terms and Conditions of our Deposit Trading Bonus program.

As I am sure you can appreciate, XM accounts are intended for your personal use only and our Company does not allow the management of trading accounts belonging to its clients by any third party, as the latter is considered to be violation of our Terms and Conditions of Business.

In view of the above violation, it was correctly decided to terminate our business relationship with immediate effect and you were accurately informed of the latter by the relevant Department of our Company, via email, on 08/02/2021. In addition to the latter, I can confirm that as per our Terms and Conditions of business, please note that any profit/loss generated from trading was considered as void and was correctly forfeited. I can further confirm that any amount deposited in your trading account was sent back to the initial source of deposit.

In conclusion, I would like to stress the fact that any actions taken by the Company in relation to this matter were fully in line with our Client - Company agreement which governs our business relationship.

Thank you,
Pretoria, South Africa,
Feb 4, 2021,
Registered user

Forex Broker - Settle My Case XM.com

Service use: Live

Length of use: 6-12 Months

Dear Chris Zacharia, your responses serve to prove the point that XM.com just hides behinds its many licenses it holds with different bodies. However XM.com is the website that XM.com uses to entice people. Lets call a spade a spade. You like to respond in your smart language. The bottom line is the letters are addressed to XM.com. Safecharge is the mechanism you use to move funds out & in. Let us not kid around & settle my case. 

Jan 29, 2021 - 1 Star XM.com is the worst broker in the worLd.. They have the worst service.. Provide a High Leverage & out to steal your money.. I have an ongoing dispute with them which remains unresolved.. They refuse to give me a case number to refer my case to the Cyprus Securities and Exchange Commission (CySEC) (licence number 120/10), International Financial Services Commission (IFSC) (license number 000261/106), Financial Conduct Authority (FRN: 705428), Australian Securities and Investment Commission (AFSL 443670). I still await a resolution to my dispute.. They are the worst broker ever.. Do not support or deposit funds with these thieves.. They offer an addictive & destructive product.. Stay Away from them!!! I want my $35,000!!

Apr 23, 2020 - 1 Star Good Day,

Hope this email finds you well.

The Cyprus Securities & Exchange commission has asked me to provide it with a CIF reference number to lodge a case.

To date i have not received a CIF Ref Number in correspondence?

Please provide me with a CIF Ref Number?

At no point did xm.com refer me the the Cyprus Securities & Exchange commission.

Attached is my complaints to be lodged to the Cyprus Securities & Exchange commission.
.
Kind Regards

#NoResponseReceivedFromXM  Do not use xm.com as you will loose you money like me!  XM.com #The Kings Of Ducking And Diving

I am in $35,000 of Credit Card Debt Because of xm.com

Be warned, they are the worst from my experience!

Reply by Chris Zacharia submitted Apr 30, 2020 Dear Moey007,

First, I would like to inform you that the trading account provided is under XM Global Limited and therefore, your business relationship is with XM Global Limited. In view of the latter, please bear in mind that XM Global Limited is authorised and regulated by the International Financial Services Commission ("IFSC") and as such, the Cyprus Securities and Exchange Commission ("CySEC") is not the competent authority to review your complaint.

Notwithstanding the above, please note that I have investigate the issue and I can confirm that an official response has been sent to you by the relevant Department of our Company in relation to the subject matter, via email, on 21/05/2019, on 25/02/2020 and on 28/04/2020.

In this respect, I would like to stress the fact that the issue you are raising in your emails concerns only you and the relevant third party and our Company cannot be considered a party or that it is involved in any way in the dealings/relationships its clients may potentially have with any third party.

In view of the fact that our Company is not, in any way, involved in the subject matter, I can conclude that there is no basis to raise a complaint against our Company and I can reject your claims that you have not been properly assisted by our personnel in regard to this case.

Thank you,
  1 trader has found this review helpful
Vickey,
Ukraine, Ukraine,
Jan 30, 2021,
Guest

Don't trust them!

Service use: Live

Length of use: 0-3 Months

I am a disable from Ukraine. I decided to try forex. Disables in Ukraine have a too small pension. I've send $20 to xm account. I losed my money. After that, I decided to delete my account. But there is a problem. There is $0.91 on my account. I can not to trade using these money, because it's a small amount and I can not to withdraw them. Support sad that I have to send money to xm account again. I told them, that I have not money anymore. So, I write them for a week. Nobody can help. They just say: Ok! Today we will decide your problem. But it is all FALSE!!!
What do I have to do? - I don't know.

Also, according to the Privacy Policy of xm.com, I want they to delete all my documents and all informotion about me.

Give me some advice, please, where do I have to write to solve this problem, if you know.

Have a nice day!
  2 traders have found this review helpful
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!
 
Ahmed Bawazir,
Hadhramout, Yemen,
Jan 2, 2021,
Guest

Trusted Company 100% !

Service use: Live

Length of use: 0-3 Months

I have started trading with real money on December 7,2020 and at the end of the month Thursday 31 my account was up approximately 53 % .

Everything is working more than expected. And if there is more than five starts for evaluation I will give them all the starts in the sky. What a wonderful company !!!

They are very honest and sincere and think of clients more than themselves. Any question I ask I get a prompt reply from professional works that really appreciate to help you make money as they earn money too. It is a Win Win game.

In short, there is no company as good as xm.com it is really the business itself.
 
Jakarta, Indonesia,
Dec 31, 2020,
Registered user

Deposit easy, but Its difficult to withdraw

Service use: Live

Length of use: 0-3 Months

Hi,

I ve been trading for 2 months use XM broker, yesterday as i want to withdraw quite large above 3000usd suddenly they ask for scan of my bank account with my name on it, i understand that this is for security.

So I sent them as they request, but then they reply I need to sent from my registered email. Now the registered email using gmail that has dots, they receive my email without dots( so they assume its not registered how come since they sent all the daily confirmation to my same email address)

So i ve already change the email with dots and until now there is no reply from them

I just got info that XM has been awarded with best global forex 2020, and I hope they act like one
 
Fad,
MY, Malaysia,
Dec 26, 2020,
Guest

Good broker

Service use: Live

Length of use: over 1 Year

I recommend xm becoz i personally a swing trader with a tight MM, swing trading works well on xm.
 
Johannesburg, South Africa,
Dec 23, 2020,
Registered user

Strange price action and stop out process

Service use: Live

Length of use: over 1 Year

Hi FPA family,

I am utterly disappointed with XM, yesterday they recorded a lower price compared to other platforms and brokers. Due to this irregular behavior and price move, my positions were stopped out and thus disrupting my day, throwing me off balance completely.

Can anyone let me know if such behavior is possible? Customer support always gives you generic response, the feeling of helplessness when you discover your broker does not have your best interest at heart is devastating.

I am now convinced that perhaps I should look for another broker.
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Feb 16, 2021:
Dear Pipguy,

I have thoroughly reviewed the issue raised and I can confirm that the orders which got stopped out on 22/12/2020, were correctly executed (i.e., closed) due to insufficient margin in your trading account during the timeframe under question.

Particularly, due to the market movement at that time, which was not in your favor, the margin in your trading account fell below the minimum required of 20% and the automatic stop-out mechanism was initiated. Furthermore, please note that the stop-out mechanism starts by closing the most loss-making order every time the account reaches the stop-out phase and once the margin in your trading account exceeded the 20% required margin no other positions were stopped out.

For your better understanding, as per our calculations and the information available in the journal file of your trading account, it is clear that the margin of your account was not sufficient to support your open orders (i.e., the margin was below 20%). More specifically, the available equity in your trading account at the time of stop-out of your first order 42553430 was ZAR 156.5 whilst the required margin at that time was ZAR 880.3. The latter means that your margin was below the required 20% (i.e., 17.8%) and as such, your order was correctly stopped-out (i.e., 156.5 / 880.3 x 100 = 17.8). Following the stop-out of this order, the rest of the aforesaid orders were also correctly stopped-out due to insufficient margin. Please note that once your margin reached the minimum required of 20% no other orders were stopped-out.

Please note that in case you wish for me to investigate a specific order, I will need the order number in order to proceed with the relevant actions.

Thank you
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!
  2 traders have found this review helpful
Reply by Chris Zacharia submitted Dec 10, 2020:
Dear edsonw,

I have further investigated the issue raised in your review and I can confirm that it was correctly decided that you will no longer be eligible to participate in any trading bonus programs, due to the nature of your trading activity.

Particularly and for your better understanding, please note that the trading patterns and trading behavior in your trading account(s) held with our Company indicated that you were exploiting arbitrage opportunities. As you were accurately informed by the relevant department of our Company via email, any actions taken in relation to your trading account(s) were fully in line with our Company’s controls and procedures. At this point, I would like to stress the fact that no adjustments were performed to your trading account(s).

In view of the above, kindly note that the same trading conditions will apply to any new trading account(s) registered with our Company. In this respect, I regret to inform you that your request to remove these trading conditions from your trading accounts is rejected.

I hope that the above information explains what has occurred, and I would like to assure you that it is not our wish to trouble our clients and further confirm that we always abide by the Client - Company agreement which governs our business relationship.

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.