XM Review

3.007 · 626 REVIEWS

Trading Point of Financial Instruments

Updated: Oct 30, 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

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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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3.007 · 626 REVIEWS
Forex Peace Army
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Traders Reviews

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,
Hohoe, Ghana,
Jun 12, 2020,
Registered user

Removing deposit and withdrawal option without informing customers

Service use: Live

Length of use: 0-3 Months

I deposited money into my XM account via mobile money through dusupay but now dusupay have been removed from their platform. They have a company policy that you can only withdraw via the method you used to deposit. Now Im wondering whether I would be able to withdraw since dusupay isnt on their platform anymore
 
Reply by Chris Zacharia submitted Jun 26, 2020:
Dear Nienu cassandra,

Please note that you are always welcome to contact our Customer Care personnel in relation to any clarifications you may require.

In case you wish for me to further investigate the issue, please let me know your account number.

Thank you,
Lagos, Nigeria,
Jun 9, 2020,
Registered user

Accoun restrictions

Service use: Live

Length of use: over 1 Year

I have been having issues with my broker (xm.com) for over 3 months now
I was having issues with withdrawal so I opened a new account with my other email with my real documents upload
I made another withdrawal and I was still having thesame issue
So I decided to withdraw all my money
My withdrawal was processing for some days then I got a mail that my account has been blocked
Reason stated was multiple accounts and money laundering
I'm still yet to get my money of my account back
I'm really worried.
  5 traders have found this review helpful
Reply by Chris Zacharia submitted Jun 26, 2020:
Dear Ibraheem_rahman,

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

Thank you,
AF, Zambia,
Jun 3, 2020,
Registered user

High Spreads

Service use: Live

Length of use: Have not used

I was a new user, registered with them as found them to be famous broker around. Unfortunately it took me by surprise to see their spreads. Example eurusd was around 23!
If they can elaborate here why such a high spreads?
I tried asking their helpdesk but wasnt satisfied with their answer.

Btw, i really liked their live chat and withdrawal time. For me they seem like a nice broker unfortunately i cant trade with such high spreads.
 
Reply by Chris Zacharia submitted Jun 26, 2020:
Dear Saqqa1,

Regarding your claims in relation to the spreads offered by our Company, please note that in XM we offer variable spreads and in order to keep spreads as narrow as possible, we aim to get optimal prices from all our liquidity providers.

However, due to the fact that spreads depend on market conditions, the unprecedented event which has been declared as a global pandemic (COVID-19), has led to extreme market volatility and abnormal market conditions such as thin market liquidity, abnormal spreads, etc.

Although we try our best to keep spreads as low as possible, the latter has affected the spreads provided by our Company and unfortunately, such conditions fall beyond our Company's reasonable control.

Notwithstanding the above, in case you wish for me to investigate further any orders, please provide me with your account number.

Thank you,
Kedah, Malaysia,
Jun 2, 2020,
Registered user

XM WON'T LET YOU REMOVE YOUR PROFIT

Service use: Live

Length of use: 3-6 Months

I have traded with XM in 2019 and after I burn my account with 500 USD, I stop trading and they also archive my account because I have inactive for a long while.

Last month, my friend invited me to trade again because he said that XM provide 100% trading bonus during ramadhan. Beside that, he also refer me to open a trading account and if I trade for one standard round lot XM will provide free trading bonus of $50.

Then I trade for EURNZD with 0.50 lots for two times, but making losses and not received any bonus, because they said that I have registered an account in the year of 2019. Nevermind, I accept this.

But the second incident, I am feel unacceptable

I have funded in 500 USD and trade for EURNZD and USOIL only, the USOIL have a strong uptrend last month and I have open a 50 Usoil Micro lots (5 Standard lots) for my trades and it really goes uptrend which let me make profits of 720USD. After few days, I opened another trade for selling USOIL and making profits of 230USD. But for the first time, my EURNZD have making losses of 113.52 USD therefore my total profits are only 836.48 USD.

1/6/2020, I open a new MT5 account which I am planning to trade using MT5 the next day. So I transfer 300 USD to my MT5 account and XM suddenly close my trading account at 2:30am. I am total shocked that my account had suddenly deducted 300 USD for not opening any trades. Then, I immediately withdraw my remaining money 1036.48 and luckily received it the next morning.

The next day, I contact the live chat and they arrange my account manager to call me. But after the account manager call me, I feel like those managers have no idea that what the company is doing at all. They just said that maybe I risk too much of margin and their regulator does not allow the client to do so. Then I tell him, I have a 10,000 USD and I want to split my capital to few accounts and some account go for high risk trading and some account go for low risk trading, but he said that company still not allow for high margin trading because breach the terms and conditions. After that, I ask him, how should I do my trades? He also have no comments.

From this incident, I can conclude that most broker won't let you take your profits and walk away because 90% of traders loss in this market, hence when you make big profits, they will have hundreds of way to prevent you withdraw the whole profits.
  4 traders have found this review helpful
Reply by Chris Zacharia submitted Jun 26, 2020:
Dear CYHng,

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

Particularly, the trading patterns in your trading account raised serious concerns that your trading account was used for “arbitrage” activities and therefore, the relevant Department of our Company, correctly flagged your trading account as having fraudulent activity. As per our internal procedures, the relevant department removed any profits generated and terminated the business relationship with immediate effect. I can also confirm that you were informed of the latter via email. I can further confirm that any amount deposited in your trading account has been withdrawn along with a portion of the profits generated.

In addition to the above, it was also identified that your trading information, including but not limited to the IP address, was the same as other clients of our Company who had also violated the Terms and Conditions of Business.

In view of the above violations, I would like to stress the fact that it was correctly decided to terminate 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.