XM Review

3.004 · 620 REVIEWS

Trading Point of Financial Instruments

Updated: Oct 24, 2020 · 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 cryptocurrencies, 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.

XM.com is part of Trading Point of Financial Instruments UK Limited group. Members of this group include Trading.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

Join live discussion of XM.com on our forum

Go to forums

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.

Video

Your company video here? Contact ad sales

3.004 · 620 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Traders Reviews

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,
Johannesburg, South Africa,
Aug 11, 2020,
Registered user

Full of scams

Service use: Live

Length of use: 0-3 Months

I have traded with this broker and I can confirm that once you deposit your money , they try so hard that u do not get it back. And that starting bonus amount is a false advertisement tendencies which they use to lure traders into opening account.. this is what I have experienced, worse customer service , the stop loss is manipulated to take most of your money, you can never trade tight stop loss as they want to control how u should place your stop loss of which contradict your trading plan , I made a withdrawal on friday and today is Tuesday yet I haven't received my money , and lastly the starting bonus amount was not credited to my account because they say I violated terms and conditions of which they cant tell me what is it.... is like they were trained to hide their scamming behavior through terms and conditions that they will never outline for u....

If u are looking into losing money constantly , you can choose them..
XM is scamming its customers, better search for a different broker with good reviews.. Never and Never consider a broker with this much problems, and goodluck to all traders in search of a broker.
 
Reply by Chris Zacharia submitted Aug 14, 2020:
Dear Sydney ¹11111,

In order for me to be able to investigate further the issue, please provide me your account number.

Thank you,
Dhaka, Bangladesh,
Aug 5, 2020,
Registered user

Customer support is very horrible.

Service use: Live

Length of use: over 1 Year

My trading a/c no 53029912 server real 42 .
They are 1 mail send me your account ( We are writing to you regarding your account(s) no. 53029912(hereinafter “your Account(s)”) held with our Company.
Pursuant to our Terms and Conditions of Business, please consider this email as our official notice for the termination of our business relationship. Please note that your trading account will be temporarily suspended for the next seven (7) calendar days and then permanently disabled.

Hear i say what kind rules i break ? i send 3 mail that asking this matter, but they are not answer. i think its a horrible things.
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Aug 14, 2020:
Dear Brokenheart,

I have investigated the issue raised and I can confirm that our business relationship was correctly terminated due to the fact that you have violated our Terms and Conditions of business.

Particularly, following investigation to your trading account, I can confirm that the trading patterns used in your trading account raised serious concerns that fraudulent activities were commenced in your trading account. Please note that the latter constitutes violation of our Terms and Conditions and as such, the business relationship was correctly terminated.

I can also confirm that you were accurately informed of the latter (i.e., termination of business relationship), via email, by the relevant Department of our Company.

Thank you
Kharar, India,
Jul 29, 2020,
Registered user

Xm is very bad broker.

Service use: Live

Length of use: 3-6 Months

Hello sir.
My name is deepak sharma from India.
my xm account number is 60894181.
I added my first deposit amount 6500rupees on 24th June 2020 via NetBanking. Transaction was successful but not update in my xm account. I sent many emails but they not gave me any resolution.
I deposit 5500 rupees again on 14th july 2020. But they guys again not add my money into my xm account.
Their support team seems like they don't want to help me.
I sent all my proof of transaction.
Don't trust xm. They steal your money without any warning.
  2 traders have found this review helpful
Cotonou, Benin,
Jul 29, 2020,
Registered user

They will close your account once you start making consistent profits

Service use: Live

Length of use: 0-3 Months

I own the following accounts at XM: 57036380,57043251,43124007. A while back, I deposited money and lost almost all of the funds and withdrew the remainder of my money. Last week, as I had some bonus (1.64$) in the micro account (43124007), I started trading and made 1.15$ profit within one week or so. That is the moment they sent me an email telling me that I am using "arbitrage cashback" and closed my accounts... I just want to warn those who still consider this broker, don't go there... They will be shining teeth at you when you are losing. Once you start being consistent, they will find excuses to close your account.

Oct 17, 2018 - No Rating Just terrible this broker. Technical problems or what, I can't say. But one word. Keep watch on your accounts or you will lose your money.

Oct 10, 2018 - 5 Stars They answered my question so, I will keep on monitoring my account to see how things go... For the time being, I have no reason to complain.

Oct 4, 2018 - 3 Stars Hi Chris Zacharia,

I'm the user who posted under the guest name "Just as it is"
I complained about my TP not being triggered and you said it doesn't make sense. So, here is my MT4 ID: 13201728

I see it is a complain from most of your client so, I would like to know what happened during the trading week of September 24 to September 28. You will notice that within that period, I manually closed my orders, because I found out that when my TP profits hit, they are not triggered.
Expecting your kind reply.
Peace

Oct 2, 2018 - 3 Stars Hi everybody,

I'm not a disgrunted user or a representative. This is just to let everyone know one fact about this broker: They do not trigger take profits on mico account.

I registered a micro account with them and deposited $5 to check them out. Up till them, everything was fine but, when I started scheduling orders, stop losses and take profits, things went awry.
Xm has never initiated my scheduled orders nor has it trigered my take profit. On the other hand, they almost always trigger stop losses. So, they could not pretend that it is only logistics problems.
Forewarned is forarmed: Don't trust them with your take profits. You cantrust them with your stop losses on the other hand.

Reply by Chris Zacharia submitted Oct 3, 2018 Dear Just as it is,

You make various accusations against XM which don’t make any trading sense. It is impossible for these events which you describe to happen.

I would be more than happy to check your case and transparently reply to you but I will need your account number in order to do so.

Please follow up with your account number.

Thank you,

Reply by Chris Zacharia submitted Oct 8, 2018 Dear "The Way it is",

I have checked your account.

The reason you are thinking your Take Profit (TP) orders are not being triggered is because of the following:

"Sell Orders are closed with Ask Prices and not Bid Prices".

The MT4 chart is generated with Bid Prices always so when you are looking at the chart you must always take into consideration the Spread in order to determine the Ask price which is ultimately the price that will trigger your Take Profit (TP).

As I noted in my previous reply it does not make any sense for XM not to trigger your Take Profit (TP) orders simply because we cannot choose to trigger them or not. If you input them in the system the server does that for you and has nothing to do with XM.

I hope my explanation was helpful and any doubts you may have had are now sorted.

If you have the kindness please change your rating and title on your original review now that the misunderstanding has been cleared out.

Thank you,

Reply by Chris Zacharia submitted Oct 24, 2018 Dear the way it is,

I have once again checked your account after I have explained what you were doing wrong on October 3rd 2018. From what I see you have been stopped out.

From what you post on your latest review I cannot understand what exactly is the problem. In your previous review you were confused and could not understand that "Sell Orders are closed with Ask Prices and not Bid Prices".

In order to possibly help you clarify your issues I have requested your account manager to contact you on Monday the 22nd of October. I have just followed up with the account manager and she has informed me that she has not been able to reach you via phone or email.

If you let us know what exactly is your complain/query or question in your latest review we will be able to help you.

Thank you,
  2 traders have found this review helpful
Reply by Chris Zacharia submitted Aug 14, 2020:
Dear The Way It Is,

I have thoroughly reviewed the issue raised and I can confirm that the business relationship you had with the Company was correctly terminated due to the fact that you have violated our Terms and Conditions of Business.

Particularly,it has been identified that you were connected, through the same trading information (i.e., 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 Bonus Programs.

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, and as you were accurately been informed by the relevant Department of our Company, via email, our business relationship was correctly terminated.

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,
amman, Jordan,
Jul 27, 2020,
Registered user

Positions closed automatically

Service use: Live

Length of use: 0-3 Months

Not sure what's happening, but i encountered two incidents where two positions were automatically closed at loss. At the two positions, closure happened before even reaching to tp or sl. just out of the blue, positions were closed!

How's that possible and what to do to regain my money?
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Aug 14, 2020:
Dear Bu3oon,

Please provide me with further details (e.g., order number, instrument, date and time, etc) in relation to the subject matter in order for me to be able to investigate the issue.

Thank you,
matale, Sri Lanka,
Jul 9, 2020,
Registered user

scam broker

Service use: Live

Length of use: 0-3 Months

they have block my account without sending me the reason to do that. they only tell that according to their terms this decision has been taken.
do not recommend this broker.
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Jul 20, 2020:
Dear Arjunawijesekara,

I have investigated the issue raised and I can confirm that our business relationship was correctly terminated due to the fact that you have violated our Terms and Conditions of business.

Particularly, following investigation to your trading account, I can confirm that the trading patterns used in your trading account raised serious concerns that fraudulent activities were commenced in your trading account. Please note that the latter constitutes violation of our Terms and Conditions and as such, the business relationship was correctly terminated. Additionally, no adjustments were made to your trading account and therefore, you were able to withdraw any available balance in your trading account during that timeframe.

I can also confirm that you were accurately informed of the latter (i.e., termination of business relationship), via email, by the relevant Department of our Company on 13/07/2020.

Thank you,
Mbabane, Eswatini,
Jul 2, 2020,
Registered user

Withdrawal transaction denied

Service use: Live

Length of use: 3-6 Months

I was told about XM and how fast they are, I deposited 5$ via credit/debit card option and claimed 30$ bonus without a problem. I made profit and tried to withdraw but only funds amounting to my deposit were withdrawn. I continued trading and made profit again, tried withdrawing through credit/debit option and my transaction was denied 'We would like to inform you that all your available card deposits, which are processed within the refundable time period allowed by our payment processors, have been fully refunded' I didn't understand what this meant so I wrote an email to their support and they replied back with the same message. I must say from the deposit one might think that there aren't problems judging from the speed.

I would really appreciate if I got an explanation about this.
 
Reply by Chris Zacharia submitted Aug 14, 2020:
Dear Takhelemo,

In order for me to be able to further investigate the issue, please provide me with your account number.

Thank you,
germany, Germany,
Jun 30, 2020,
Registered user

Dear XM and Mr Chris Zacharia, How can i send my account number?

Service use: Live

Dear XM and Mr Chris Zacharia, How can i send my account number?

It is not possible to send mesage in Conversation of forexpeacearmy.com

The error message is appeared.
Oops! We ran into some problems.
You may not start a conversation with the following recipients: xm.com.

(I read your entry below,
Reply by Chris Zacharia submitted Jun 26, 2020:
Dear Sabel,

In order for me to be in position to further investigate the issue and provide you with additional details in relation to your query, I will need your account number.

Thank you,)

Jun 15, 2020 - 2 Stars Someone get similar message from XM (KYC team?)?

They sent me a message as ( Request for Additional Documentation )

i sent my personal information and information about fund many times with many documents.
IT needed so much effort.
But they are not satisfied with my documents and they told me, (my account will be closed.)

How did you resolve those problems?

Reply by Chris Zacharia submitted Jun 26, 2020 Dear Sabel,

In order for me to be in position to further investigate the issue and provide you with additional details in relation to your query, I will need your account number.

Thank you,
 
Forex Peace Army
Review moderation team note
When you submit a review, there is a box for account number.  What you put in that box is visible to the reviewed company's representatives and to the FPA, not to the general public.
Nick,
Durban, South Africa,
Jun 13, 2020,
Guest

Withdrew my deposit. Withdrawal already processed. Didnt recieve my money!!

Service use: Live

Length of use: over 1 Year

Have been trading 3 years with Xm broker however have never withdrew funds.

Last time I took some trades they were simultaneous buys and sells of the same instrument. As my account was going into a loss of 55% my account. The broker decided to close my open orders and reversed the loss bringing my account back into the initial deposited amount.

Thereafter sending me email saying they terminating my business relationship with them and will no longer have an account with them and they tell me to withdraw my deposit. Its been two days sinced they emailed me saying my withdrawal has been processed yet there is nothing in my bank account.

Is this how you treat your clients XM. You dont give us our withdrawels. And clearly you have no right to accuse me of trading wrong as you do offer hedging opportunities.

Not to be trusted this Broker Xm.
 
Reply by Chris Zacharia submitted Jun 26, 2020:
Dear Nick,

I have thoroughly reviewed the issue and I can confirm that your trading accounts have been closed due to the fact that the trading activity in your trading accounts, showed a trading pattern/behavior that was aimed at exploiting arbitrage opportunities. In addition to the previously mentioned, it has come to our attention that your trading information, including but not limited to the IP address, is the same as other clients of our Company.

Kindly note that the latter are not in line with our Terms and Conditions of Business and constitutes violation of the said terms which you accepted and agreed with, prior to the establishment of our business relationship.

In view of the above, I can confirm that our business relationship has been correctly terminated and any available funds in your trading account have been sent back to the initial source of deposit.

Regarding the said funds and your claims that you have not yet received them, I would like to inform you that in order for us to be able to proceed with an investigation by our end, we need to be provided with an official letter from your Bank, stating that the funds under question (i.e., GBP 5.00) have not been received. Kindly note that the said statement must be starting from 12/06/2020 and it must contain the following information:

·Bank Name

·Bank Account Number;

·Full Name of Bank Account Holder;

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.