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
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.
do not recommend this broker.
2 traders have 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,
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,
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.
I would really appreciate if I got an explanation about this.
1 trader has found this review helpful
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,
In order for me to be able to further investigate the issue, please provide me with your account number.
Thank you,
S
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,
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,
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.
N
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.
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.
1 trader has found this review helpful
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,
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,
N
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,
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,
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.