XM review: Regulations, Platforms, Features and Ratings.
3.088 •
674 REVIEWS
Trading Point of Financial Instruments
Also XMTrading.com
Updated: Mar 26, 2023
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XM.com
5 star XM broker review by Kiran, India
... I have an Ultra Low account and the spreads are almost tight (0.8 pips on EUR/USD). Execution time is good. But the best thing I like about XM is that they are providing local bank INR deposits and withdrawals for India, in a seamless manner. I deposited and made a withdrawal too without any hassle from my bank account. The withdrawal amount was transferred into my local Indian bank account on the 2nd working day of placing the request. It's awesome. I would surely recommend this XM broker for any Indian client.
What is XM Forex?
XM Group is a group of regulated online brokers:
- Trading Point of Financial Instruments Ltd was founded in 2009 and regulated by CySEC (Cyprus) became the first member of XM Group;
- Trading Point of Financial Instruments Pty Ltd was established in 2015 and it is regulated by ASIC (Australia);
- XM Global Limited was established in 2017 and is regulated by the FSC (Belize);
- Last member of XM family - Trading Point MENA Limited was established in 2019 and is regulated by the Dubai FSA.
XM trading offers full edition of the popular MT4, MT5 platforms which includes numerous proprietary indicators. XM TV provides daily forex news videos and market analysis, also available as an audio podcast.
Additionally, XM clients can benefit of Autochartist, Analyzzer, and ideas from Trading Central and of course the MetaTrader marketplace.
Please read XM Reviews below and share live trading experiences with this broker.
Broker Details
| Minimum Trade Size: | 0.01 |
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| Maximum Leverage: | 1000:1 |
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| Minimum to Open Live: | $5 |
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| Established: | 2009 |
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| Address: | 12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus |
| Contact: | support@xm.com, +357 25029933 |
| Regional offices: | |
| Regulators: | ASIC #443670, FSC #000261/309, CySEC #120/10, DFSA #F003484 |
| Prohibited countries: | Show all >> |
| Trading platforms: | MT4, MT5 |
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| Web Trading: | ✅ Yes |
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| Mobile Trading: | ✅ Yes |
| Currencies: | (55+) |
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| Cryptocurrencies: | (30+) |
| CFD: | (940+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities |
Trading Conditions |
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| EAs/Robots: | ✅ Yes |
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| News Trading: | ✅ Yes |
| Scalping: | ✅ Yes |
| Deposit Methods: | Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Neteller, Skrill |
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| Withdrawal Methods: | Bank Wire (BankTransfer/SWIFT), VISA, MasterCard, Neteller, Skrill |
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3.088 •
674 REVIEWS
Traders Reviews
A description of my wonderful experience with the brokerage XM
Service use: Live
Length of use: 3-6 Months
XM has been an exceptional broker for me, through it I and other traders believe I have room to gain more experience in the financial market. Great broker for those who want to trade in Forex.
The account keep Clarification
Service use: Live
Length of use: 0-3 Months
I send the official real document to open my account
And I deposit the money in
Then they said I need to proved the address
Which I did and I did 5 ;time ! I send the official bank statement 6months one PDF and then waiting for a day and shows Clarification needed
This issue have been run again and again 4times
I send the email I Chet online stuff
No one want to explain and teach me how to do it
They always asked me waiting for department which in 24hours
Ok fine
I wait and one day one email and fix nothing
The customer service Cannot support customer
Make Clint worry and loss time
Now is already 5days and my account hasn’t been done !
Be careful this broker !
The service is really really bad
And I deposit the money in
Then they said I need to proved the address
Which I did and I did 5 ;time ! I send the official bank statement 6months one PDF and then waiting for a day and shows Clarification needed
This issue have been run again and again 4times
I send the email I Chet online stuff
No one want to explain and teach me how to do it
They always asked me waiting for department which in 24hours
Ok fine
I wait and one day one email and fix nothing
The customer service Cannot support customer
Make Clint worry and loss time
Now is already 5days and my account hasn’t been done !
Be careful this broker !
The service is really really bad
3 traders have found this review helpful
Reply by Chris Zacharia submitted Oct 8, 2020:
Dear Jade10,
I have fully investigated the issue raised and I can confirm that your trading account under question was correctly not validated due to the fact that you had already had another real trading account with another company of our Group which was registered under a different Country.
More specifically, you submitted an application to open a real trading account and used a different country of residency than the one used in your previous, and still active, trading account. Please note that the latter cannot be accepted by our Company and therefore, your new trading account was not validated.
Further to the above, we can confirm that you had deposited funds in your trading account prior to its validation and few days after the opening of the account you requested to withdraw the said funds. Kindly note that as soon as the relevant Department of our Company was informed of your request, all necessary actions were taken in order for the relevant funds to be refunded.
In view of the above, I can confirm that any actions taken in relation to the subject matter were fully in line with our Terms and Conditions of Business.
Thank you,
I have fully investigated the issue raised and I can confirm that your trading account under question was correctly not validated due to the fact that you had already had another real trading account with another company of our Group which was registered under a different Country.
More specifically, you submitted an application to open a real trading account and used a different country of residency than the one used in your previous, and still active, trading account. Please note that the latter cannot be accepted by our Company and therefore, your new trading account was not validated.
Further to the above, we can confirm that you had deposited funds in your trading account prior to its validation and few days after the opening of the account you requested to withdraw the said funds. Kindly note that as soon as the relevant Department of our Company was informed of your request, all necessary actions were taken in order for the relevant funds to be refunded.
In view of the above, I can confirm that any actions taken in relation to the subject matter were fully in line with our Terms and Conditions of Business.
Thank you,
D
I haven't had any issue with XM services
Length of use: 0-3 Months
Am shocked to hear certain issues about XM and kinda wondering if it's the same company I registered with, traded for while and made withdrawal without any issue before I went on a sabbatical break. Am really shocked to hear all this... For XM is a good broker
1 trader has found this review helpful
E
Very Bad broker Bad Execution Hates profitable traders
Service use: Live
Length of use: 0-3 Months
XM Very bad broker!!! XM executed my orders at different latter times than market price reach it which resulted in my loss.
I sent them logfiles to see my pending orders price were set before market price reached it first time but XM executed it later!!
For full 2 weeks XM didn't reply to my emails that were complaints of their failure system regarding those orders, then random emails arrived from random XM representative with nonsense excuses then lastly they sent me a link to their execution policy that they hide behind to cheat clients by executing their orders at times XM want!!!
Lastly, I had a pending buy order to be executed EURCHF 1.0743, XM executed it 1.07445 at 00.00 time!!! then they closed it at a loss 1.0744 despite my take profit was 1.07475 & market price reached 1.07482 but XM closed it at loss 1.0744!!
XM representative excuses were:
"Ok, i can see this order. You were having a lost. Remember that XM protects you with "Negative balance"
Then this: "XM protects your account with negative balance. You cannot lose more money than you deposited.
You had a lost."
Then this: "You cannot lose more money than you deposited."
Then this: "We cannot reimburse your loss, cause it closed at a profitable price, you were having a loss of -1.1"(Actually I lost 1.1 instead of profiting 10$)
Then this: "Let me explain you again. Your order was closed because you were having a loss."
CAN YOU BELIEVE THIS NONSENSE!!?? My order was floating at few dollars loss so XM closed it!!! KNOWING that there was no margin call or level or whatever affected in anyway!!!
But XM employees insisted on their ignorance!
XM SCAM broker is amateur manipulator cheater..XM never reply professionally to your email that proves XM faults/cheats!
That clearly proves that XM is a liar/manipulator or/& really very IGNORANT
If you are a profitable trader, XM plays dirty!
I doubled my account in 2 months then XM started cheating with many fake bad executions
Stay away of XM SCAM BROKER!!!
I sent them logfiles to see my pending orders price were set before market price reached it first time but XM executed it later!!
For full 2 weeks XM didn't reply to my emails that were complaints of their failure system regarding those orders, then random emails arrived from random XM representative with nonsense excuses then lastly they sent me a link to their execution policy that they hide behind to cheat clients by executing their orders at times XM want!!!
Lastly, I had a pending buy order to be executed EURCHF 1.0743, XM executed it 1.07445 at 00.00 time!!! then they closed it at a loss 1.0744 despite my take profit was 1.07475 & market price reached 1.07482 but XM closed it at loss 1.0744!!
XM representative excuses were:
"Ok, i can see this order. You were having a lost. Remember that XM protects you with "Negative balance"
Then this: "XM protects your account with negative balance. You cannot lose more money than you deposited.
You had a lost."
Then this: "You cannot lose more money than you deposited."
Then this: "We cannot reimburse your loss, cause it closed at a profitable price, you were having a loss of -1.1"(Actually I lost 1.1 instead of profiting 10$)
Then this: "Let me explain you again. Your order was closed because you were having a loss."
CAN YOU BELIEVE THIS NONSENSE!!?? My order was floating at few dollars loss so XM closed it!!! KNOWING that there was no margin call or level or whatever affected in anyway!!!
But XM employees insisted on their ignorance!
XM SCAM broker is amateur manipulator cheater..XM never reply professionally to your email that proves XM faults/cheats!
That clearly proves that XM is a liar/manipulator or/& really very IGNORANT
If you are a profitable trader, XM plays dirty!
I doubled my account in 2 months then XM started cheating with many fake bad executions
Stay away of XM SCAM BROKER!!!
1 trader has found this review helpful
Reply by Chris Zacharia submitted Oct 8, 2020:
Dear Ed Forex,
In order for me to be in position to fully assist you, please provide me with your account number and the order under question.
Thank you,
In order for me to be in position to fully assist you, please provide me with your account number and the order under question.
Thank you,
T
Tape
India, India,
Aug 11, 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
They have done fraud twice on my deposits
Be aware of these frauds
2 traders have 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,
Please provide me with your account number in order for me to be in position to further investigate the issue.
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/
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.
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 e-wallet, this payment is received the same business day.
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 e-wallet, this payment is 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.
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.
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.
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.
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 Financial Services Commission (FSC) #000261/309;
- Cyprus Securities and Exchange Commission (CySEC), registration #120/10;
- Dubai Financial Service Authority (DFSA), registration #F003484.
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 1000:1 that can be instantly changed in your account members area. Maximum leverage will vary by which branch of XM you trade with as well as by what instruments are being traded.
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.
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.