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

Eastern Cape, South Africa,
Apr 15, 2020,
Registered user

I am still waiting for withdrawal since 29 september 2015 ARN number - 1313

Service use: Live

Length of use: 0-3 Months

I am still waiting for my withdrawal since 2015...

Dear Valued Client,

Please find to follow ARN number received today from our payment provider as for your withdrawal of USD 5.00.

USD 5.00 - ** 8435 / 74143615255002207650694

Please kindly note that above number is the actual proof that funds are successfully held by your Bank.
Please liaise directly with your Bank and provide them with the said number so that they help you locate your funds.
We highly recommend you to give this number to a person of the upper hierarchy of your Bank as not all Bank Officers have access to such transactions.

Finally please keep in mind that, in case your Bank does not recognize the said number, further investigation from our end can only be processed if you provide us with an official letter from your Bank of non-receipt of funds stating that the said ARN number is either not recognized or holds no funds.
At your disposal for any further assistance or information required.
With best regards,

Angeliki Nerantzi

XM Team
Back Office
 
Reply by Chris Zacharia submitted Apr 27, 2020:
Dear Grantfxtrader,

I have investigated the issue and I can confirm that your withdrawal request for the amount of USD 5,00 was correctly and successfully processed by our Back Office Department. Particularly and as you were accurately informed via email, the funds were sent back to the initial source of deposit within the relevant processing hours (i.e., within 24 business hours of the withdrawal receipt).

Following your claims that you had not received the funds under question, the ARN was provided to you in order to liaise with your Bank and locate the funds. At this point, it should be noted that the ARN is a proof that the said transactions were successfully executed from our Company’s side.

You were also informed that in case you were still not able to locate the funds with the assistance of your Bank, further investigation from our end would be processed if you provided us with an official letter from your Bank of non-receipt of funds stating that the said ARN number is either not recognized or holds no funds.

Please note that the above (i.e., that we need an official document from your bank), was also communicated to you in your follow up emails with our Back Office personnel dated 04/03/2016 and 07/09/2017.

Due to the fact that for almost five(5) years, you never provided us with the said documentation, no further investigation could be processed by our side.

Thank you,
Los Angeles, Chile,
Apr 16, 2020,
Registered user

Just average

Service use: Live

Length of use: over 1 Year

XM was the first broker where I opened a trading account, back in 2016. I considered it good, but I didn't have anything to compare to anyway. After opening accounts with a couple other brokers I realized that XM swaps and spreads are not very good, the worst among the brokers I use now.

Mar 20, 2020 - 2 Stars XM was the first broker where I opened a trading account, back in 2016. I didn't have problems with them, but I didn't have anything to compare to either. After opening accounts with a couple other brokers I realized that XM swaps and spreads were just regular, but I didn't care much, XM was still working for me, and they were processing my withdrawals. My problem with them started this month, when I requested a withdrawal which was approved and, according to them, sent on March 3, but today March 20 it's still not arrived. For the last week they've only provided general answers saying they are investigating.

Reply by Chris Zacharia submitted Mar 31, 2020 Dear Ronaldv,

I have investigated your account.

From what I see in the communication your withdrawal was reversed by the payment provider and you have been informed about this through the following email dated 27th of March.

The email :

Dear Valued Client,

We would hereby like to inform you that today we received back the payment related to your Bank Wire withdrawal dated 4/03, as the payment was declined by one of the intermediary banks involved in the wire transfer.

As a result, we have credited your trading account with the whole amount, exceptionally covering the fees occurred.

You are kindly recommended to choose an alternative withdrawal method from the ones offered in our Members Area and submit a new request.

At your disposal for any further assistance or information required.

With best regards,

In the case you have not received this email please let me or your account manager know.

Thank you,
 
Reply by Chris Zacharia submitted Apr 22, 2020:
Dear Ronaldv,

Following investigation in your trading account, it is my understanding that you have successfully withdraw the funds related to your previous review.

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.

Thank you,
Mpumalanga, South Africa,
Apr 16, 2020,
Registered user

Spread manipulation on profit and fake prices

Service use: Live

Length of use: 3-6 Months

Xm this days it's like it's only interested on chowing our money and there's no fair trading as when you start being in profit they widen spread so that you can make little profit but when on a loss everything goes to normal and you lose fast in such a way that if you have a small account you blew it . Their prices are weirdly fake as I place orders on GBPUSD EURUSD AND AUDUSD ALL ON A BUY it went on negative for a longer period that when I placed this trades on another broker ten minutes later it instant went on a profit while the trades I made with xm where still running on a negative my account is 52002350
 
Reply by Chris Zacharia submitted Apr 22, 2020:
Dear Blessin Theo,

In order for me to be able to fully investigate your claims, please provide me with the order numbers you are referring to in your review.

Notwithstanding the above, please note that due to the recent market conditions affected by the global pandemic (COVID-19), abnormal spreads conditions may have arisen.

Thank you,
Singapore, Singapore,
Apr 16, 2020,
Registered user

Cannot log into my account

Service use: Other

Length of use: 0-3 Months

Hi,
I’m expediting some technical difficulty in logging into my account and when I tried to contact the customer support via email, it wouldn’t sent out and When I tried to contact live support, it says that my MT5 user ID is non existent even though I’ve been logging in and out of it for the past few days. I’ve only experienced problem with it just today.

I am starting to get worried and I do not want to accuse this company of something which may not be true. Please do get back to me as soon as possible and I would give a better review.

Thank you.
 
Reply by Chris Zacharia submitted Apr 22, 2020:
Dear Tammietheto Mo,

In order for me to be able to assist you, please provide me with your account number.

Thank you,
doha, Qatar,
Apr 17, 2020,
Registered user

high price of oil

Service use: Live

Length of use: 0-3 Months

at 17/04/2020 i found that the price of the oil every where is 18.30
and at xm it is 25.5
when i ask them and i have screen shots for that, they r telling exactly copy and past from the conversation as following :

Please be informed that you cannot compare the prices on other brokers to XM as we have our own liquidity provider Mohamed

i cant understand how is that so lets say i go with them 25 and all over the world its 18

after 18 becomes 20 they have the right to make the 25 is 20 also or what and when i ask them they replied :
The price of the market is changing miliseconds Mohamed and we do not have control over that
It will be depends on how good you are on trading and base on your own strategy Mohamed
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Apr 22, 2020:
Dear Jumbo,

Following investigation, I can confirm that the price for the contract of OIL-May20 reached the price of USD 18 during the timeframe under question, however, please note that on 17/04/2020 the only OIL contract available for trading in our platform was OIL-Jun20, since the OIL-May20 had expired.

In this respect, correctly you were able to see a different price for the OIL contract since it was for a different one.

In case though you were able to see something else beside the above mentioned, please let me know in order to proceed with a more thorough investigation.

Thank you,
BANGKOK, Thailand,
Apr 22, 2020,
Registered user

DO NOT FALL INTO IT< REAL SCAM

Service use: Live

Length of use: 0-3 Months

i traded a few barrels of oil just today to try out but unbelievably they withdrew my whole deposit which was more than the amount I traded then they said i lost 20% then i said ok so what happened to the rest of my deposit, they said will back to you later.
ANYWAY, I LOST MY MONEY, AND IT IS YOUR MONEY TO DECIDE TO LET THESE CROOKS TO TAKE IT, JUST SHARED MY DAMN STUPIDITY
  1 trader has found this review helpful
Reply by Chris Zacharia submitted Apr 30, 2020:
Dear Francisj,

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

Thank you
Johannesburg, South Africa,
Apr 23, 2020,
Registered user

XM.com #The Kings Of Ducking And Diving

Service use: Live

Length of use: 0-3 Months

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!
  1 trader has found this review helpful
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,
justin,
3123, South Africa,
Apr 23, 2020,
Guest

This broker has messed me around for a week now with my identification documents, I have now given them my drivers license,certified copy of my national id, color photo of my temporary id and coloured photo of my passport yet somehow I am still denied. waste of my time I would rather use other brokers who have excepted me with less than half of this information.
 
Reply by Chris Zacharia submitted Apr 30, 2020:
Dear Justin,

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

Thank you,
Kyiv, Ukraine,
Apr 24, 2020,
Registered user

Good stable broker with high spreads and smooth withdrawals

Service use: Live

Length of use: over 1 Year

XM is my first broker where I opened an account almost 3 years ago. First was demo, after real.

In general i'm happy with them, as found here everything I need for trading. I like their educational materials and free daily signals, really zero fees and fast withdrawals. One time also got a bonus.

From the other side, their spreads could be much lower. This forces to trade with higher leverage that increases risks.

If you want to open account with XM, read carefully their Terms before, don't breach them and everything will be fine.

4 stars from me because of high spreads.
 
cairo, Egypt,
Apr 24, 2020,
Registered user

blocked after my first withdrawal, 80% of my deposit stolen the next day

Service use: Live

Length of use: 0-3 Months

i read lots of reviews here and i thought that was an honest broker responding to almost every bad review and asking for details to clarify the picture and investigate the case, will see now what will happen, i'll reply to this review of what happens and will probably go to court for all new users to know that they are scammers
my account number :54161285
my story : i made my first withdrawal and they sent me an email that it was processed (didn't receive yet - but we will see in a couple of days) to find my account was blocked the same day ! i contacted customer support the agent told me that an email was sent to me (i never received it) and he also told me that doesn't know any details and that he asked them to send it again (they never did)
so i sent them official customer support mail which should be processed in 24 hours asking them to send me that email to know what on earth did i do wrong and clarify the picture (they never responded) i logged into my account after the 24 hours passed to find that 80 % of my remaining deposit are GONE!!!!
i contacted the customer support again and they told me that they don't know poop and i should what for that poopy email!! I HONESTLY THINK THAT THEY ARE STALLING TO STEAL MY MONEY IF I DID NOTHING!
 
Reply by Chris Zacharia submitted Apr 30, 2020:
Dear Hussein Magdy,

Following investigation of your trading accounts and trading activity, I regret to inform you that your trading accounts were terminated due to the fact that you were placing opposite orders within your trading accounts.

This cannot be deemed as an acceptable strategy as you create an environment which does not follow the fair rules of trading and makes the strategy in a way risk free and therefore not permitted. It should be also noted that the latter constitutes a violation of our terms and conditions of business. In addition to the previously-mentioned, I can confirm that the remaining balance in your trading account can be withdrawn using an alternative method of withdrawing as your initial source of deposit has been fully refunded.

Regarding the issue raised in relation to your withdrawal request dated 23/04/2020, I can confirm that it was correctly and successfully processed by our Back Office Department. Particularly and as you were accurately informed via email, the funds were sent back to the initial source of deposit within the relevant processing hours (i.e., within 24 business hours of the withdrawal receipt) by our Company; however, Cards settlements take approximately 2-5 working days to be completed and funds to be reflected into your records. As the timeframe under question has not passed yet, please allow some time in order for your funds to be reflected.

In case you do not receive the funds under question within the mentioned timeframe, please note that following the 10th working day of the finalization of the withdrawal, you may contact our Customer Care personnel in order to further assist you with the issue (i.e., provide you with the ARN in order for you to be able to locate the funds with the assistance of your Bank).

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.