XM Review

  • Leverage: 1:30 to 1:1000

  • Regulation: CySEC, ASIC, FSC, DFSA

  • Min. Deposit: US$5

  • HQ: Cyprus

  • Platforms: MT4, MT5, XM WebTrader

  • Found in: 2009

XM Licenses

  • Trading Point of Financial Instruments Ltd -  authorized by CySEC (Cyprus) registration no 120/10
  • Trading Point of Financial Instruments Pty Ltd - authorized by ASIC (Australia) registration no 443670
  • Trading Point MENA Limited - authorized by Dubai Financial Services Authority (DFSA) reference No. F003484
  • XM Global Limited - authorized by FSC (Belize) registration no. FSC000261/397

  1. What is XM?
  2. XM Pros and Cons
  3. Awards
  4. Is XM safe or a scam?
  5. Leverage
  6. Account types
  7. Market Instruments
  8. Trading Fees
  9. Spreads
  10. Deposits and Withdrawals
  11. Trading Platform
  12. Customer Support
  13. Education
  14. Research
  15. Conclusion

Our Review Method

  • 55Brokers leading financial experts with over 10 years experience in Forex Trading checked full trading offering including fees, platforms, verified licenses and safety, contacted customer service and placed traders to see trading conditions precisely to give expert opinion about XM

What is XM Trading?

XM is a large Forex Broker started its activity in 2009 and so far operates clients from over 196 countries with a support staff speaking in 30 languages and is among the most trusted Regulated Brokers with good trading conditions and offering overall.

The main branch located in Cyprus regulated by CySEC, yet offices are truly cover global needs and serve through Australia, UK, Belize, Greece also authorized in Dubai and MENA region.

Is XM good broker?

There are about 1.5 Million Traders and investors at XM that selected broker proposals and services, there are many advanced trading solutions, yet suitable for beginning traders. So yes, we can conclude XM is a good broker with good trading conditions and reputation since XM aims to provide one of the best user experiences in the industry to its clients.

Generally, all procedures from account opening, managing, depositing/ withdrawing, and trading is straightforward, simple and transparent, which we will see in detail further within XM review.

XM Pros and Cons

XM is a broker with a great reputation and numerous regulations and very wide range of trading instruments which we mark as its main benefits. Besides, the offering is user-friendly and XM has one of the lowest deposit requirements among the industry, CFD costs we found average and platforms are very friendly to all types of traders.

At XM the account can be opened regardless of a net of capital with only 5$ or trading experience, also with its global approach and discovery of new markets, XM supports webinars and research materials, allowing to engage and start trading carer.

On the other hand, as we noticed XM has limited portfolio for EU clients, and outside EU clients there is no good investor protection.

Advantages Disadvantages
Multiply regulated broker with a strong establishment Europe clients may trade only CFDs, Forex and Crypto products
Wide range of trading opportunities
Global expands including ASIA, MENA, Africa regions
Excellent Education and Research
Low minimum Deposit
Competitive trading conditions

XM - official website

XM Review Summary in 10 Points
🏢 HeadquartersCyprus
🗺️ RegulationESMA, CySEC, ASIC, FCA, etc.
🖥 PlatformsMetaTrader trading software offering MT4 and MT5 platforms
📉 InstrumentsStocks, CFDs, Forex, Commodities, Portfolios, Metals, Cryptocurrencies (not available to all Entities of the Group)
💰 EUR/USD Spread1.6 pips
🎮 Demo AccountAvailable
💳 Minimum deposit5$
💰 Base currenciesVarious currencies
📚 EducationProfessional Education with webinars and Seminars
☎ Customer Support24/5

Overall XM Ranking

Based on our Expert finds, XM is considered reliable broker with good trading conditions suitable for various traders including European clients and excellent service that makes XM suitable for beginners with quality education and one of the lowest deposit requirements overall.

  • XM Overall Ranking is 9 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingXMFXTMAvaTrade
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
AdvantagesLow DepositEducationTrading Conditions

XM Trading Alternative Brokers

Yet, XM does not offer very wide range of trading instruments for European clients, mainly all are offered on CFD basis, while the range is larger for international traders along with various trading offerings too. Also, Spreads are within the average, some Brokers may have slightly lower spreads, based on our findings.

See detailed Alternative Broker Reviews:

  • FXTM – Good for Beginners and Good Fees
  • Dukascopy – Excellent for Shares, Futures Trading
  • AvaTrade – Good Instrument and CopyTrading

Awards

XM achieved a great focus on the Client’s needs while offers very competitive conditions and a range of services that attract global traders. Along time, we see great development of the company and its awards too, before company received awards from time to time, now they are on a regular basis. Apart from its highly good results and reputation among the trading community, XM received truly global recognition with many reputable awards for industry achievements including Best Forex Broker for Europe, Most Trusted Broker, etc.

XM Forex Awards

Is XM safe or a scam?

No, XM is not a scam. We consider XM a safe broker to trade Forex and CFDs, since XM is regulated and licensed by several top-tier financial authorities including FCA, ASIC, CySEC. Therefore, it is secure and low-risk to trade.

Is XM Broker regulated?

XM Group is a group of regulated online brokers, which serves as Trading Point of Financial Instruments Ltd established in 2009 and regulated by the Cyprus Securities and Exchange Commission (CySEC). Another entity Trading Point of Financial Instruments was established in 2015 in Australia and is regulated by Australian Securities and Investments Commission (ASIC) (Also like FP Markets). Read more, why trade with Australian Brokers by the link  so the regulatory obligations are covered at a sustainable level as we see through our XM Review.

  • However, the point to consider is that – global operation enabled by XM Global Limited established in 2017 is regulated by the Financial Services Commission, allowing to offer its services across the globe. Despite the fact that IFSC is an offshore license, that does not actually implement strict overseeing of the trading processes, yet additional heavy regulation of the XM makinng it an acceptable choice.

Is XM a reliable broker?

The main idea of the regulation is that the trader can trade secure, knowing that clients funds collaborate according to the strictest rules with minimized risks of fraud or unfair use. XM operates its trading environment according to the regulatory measures making it a reliable broker.

ALso, Client funds are kept in investment grade banks and use segregated accounts, falling under the Investor Compensation Fund that ensures recovery of funds up to €20,000 in case the broker goes insolvent (note that the coverage scheme depends on the particular entity). Besides, one of the advantages you will get as a trader is Negative Balance Protection, so there is no risk to lose more than the available balance.

See our conclusion on XM Reliability:

  • Our Ranked XM Trust Score is 9 out 0f 10 for good reputation and excellent service along the years, also reliable top-tier licenses under which Broker operates. The only point is International trading available via the offshore entity.
XM Strong pointsXM Weak points
Regulated by Top-Tier Authorities Conditions and safety measures vary according to jurisdiction
Operates as a Group with Great ReputationInternational Proposal available via Offshore zone
Compensation Scheme
Negative Balance Protection

Leverage

Depending on the account type and the entity under which the XM follows regulatory obligations, you can use leverage on a scale from 1:1 to 1000:1. So important to understand which leverage level you are entitled to use, therefore always refer to the conditions of your residency. This leverage is not available to all the entities of the Group. The maximum leverage for clients registered under the EU and AU-regulated entities of the Group is 30:1.

As various XM entities apply different conditions due to regulatory obligations here are the leverage offered according to entity rules, also note, Leverage depends on the financial instrument traded:

  • XM offers leverage up to 30:1 applied to the EU-regulated entity, yet they are not available to all Entities of the Group
  • XM Australian entity and its regulation allows up to 30:1
  • And International entity offers high leverage of 1000:1

However, always choose your leverage smartly, as well as the entity under which you would like to trade, which you may learn more through the XM education center, see snapshot for EU clients below.

XM Leverage

Account Types

XM offering various account types, and made it simple as you may choose a preferred trading strategy like pattern trading through various accounts, either with smaller size via Micro Lots, or to trade regular size with Standard account based on spread only basis. Lastly, Zero Accounts will offer you another fee strategy where the spread is an interbank spreads starting from 0 pips with charges based on a commission  of up to $75 per lot.

See our snapshot of XM Accountn offering below, yet note the availability of the account types depends on each entity of XM so good to verify conditions applicable to you fully.

ProsCons
Available options between spread only or commission AccountsAccount Vary based on Entity
Micro Lot AccountAverage Forex fees
Low minimum deposit
Low CFD fees
No Hidden costs

Can you open XM account in South Africa?

If you are a trader from South Africa – yes you can open XM account, as XM applied for registration to local regulator since 2016 and even since appealing to South African traders. So truly worldwide traders can enjoy great customer-oriented features XM offers and engage in all the trading benefits relatively easily.

XM Account Base currencies

As for the account base currencies, by choosing XM Account you may select the base currency of your preference from the great supported selection. This range includes even the South African Rand (ZAR) or Singapore Dollar (SGD), besides to other global currencies.

So all in all registering with XM allows you transparency of money transactions, while you will avoid conversion fees for both deposits and withdrawals while selecting your preferred base rate.

XM Account Base currencies

Trading Instruments

XM offers a huge variety of products so you can enjoy a great choice that meets expectations and preferences. besides, we see dramatic growth inn instrument offering compared to previous years, adding more Cryptocurrencies and CFDs to the list.

A range of trading markets is available from a single multi-asset account that offers 6 Asses Classes and includes about 55 currency pairs with a total over 1000+ trading markets. And so you are able to trade Forex or CFDs on stock indices, commodities, stocks, metals, energies and Cryptocurrencies at XM all available from the same trading account.

  • The broker, under its XMGlobal brand, provides a selection of 60 cryptocurrency pairs for trading. This extensive range highlights the brand’s commitment to catering to the diverse needs of traders in the ever-evolving digital currency market.

Is XM a stock broker?

XM offers Stocks for trading too, actually a quite good range with popular and minor Stocks too, however mainly based on CFDs, so you not trading or investing in Real Stocks. Also, conditions and offering is different based on XM entity as we found by research.

  • XM Trading Markets Range Score is 8 out 0f 10 for good trading instrument selection, yet the only gap that the European entity offers mainly CFDs and Forex Instruments, and much wider range is only available for International Clients

XM instuments

Fees

XM operates with variable spreads, just like the interbank forex market and imposes no restrictions on trading during news releases. XM fixed spreads are higher than a variable ones, as well are more flexible to different trading strategies. That means all trading costs are calculated into a spread with no hidden fees and tightest spread offering.

Also, while selecting the broker it is advisable to check not only the spread but also consider non-trading fees, withdrawal fee or other charges which applicable so that you will see the full picture, compare some fees below based on our find.

  • XM Fees are ranked average, low with overall rating 8 out of 10 based on our testing and compared to over 500 other brokers. Fees might be different based on entity, also majority of currency pairs are on an average level for spreads, additional fees like funding fees, rollover
FeesXM FeesFXTM FeesAvaTrade Fees
Deposit feeNoNoNo
Withdrawal feeNoNoNo
Inactivity feeYesYesYes
Fee rankingAverageAverageLow

Spreads

XM pricing and costs are based on a spread, in case you will open Micro or Standard account. Also, XM spread is a fractional pip price that gets the best prices from XM’s various liquidity providers. Meaning, instead of regular 4-digit quoting prices you can benefit from the smallest price movements by adding a 5th digit, known as a fraction.

Below you may see average spread reference calculated throughout the day on a Standard account presented for most popular products. Even though some spreads might be higher than its industry competitors, the overall fee structure is rather average for Forex products and low cost for CFDs.

  • XM Spreads are ranked average/ low with overall rating 8 out of 10 based on our testing comparison to other brokers. We found Forex spread closer to the industry average of 1.2 pips for EURUSD, while other accounts based on commission might be good choice for professional traders
Asset/ PairXM SpreadFXTM SpreadAvaTrade Spread
EUR USD Spread1.6 pips1.5pips1.3 pips
Crude Oil WTI Spread5 pips9 pips3 pips
Gold Spread 35940
BTC USD Spread60200.75%

What is XM commission?

The commission fee is added on XM Zero Accounts only, as you will be trading with interbank spread quotes starting from 0 pips and commission charge as a trading fee. XM applies transparent conditions and a quite competitive offering of $3.5 per lot per 100,000 USD traded. Also, you may use the fee calculator provided by the XM for an easy understanding of your costs.

Fee conditions upon opening of trade

XM spread

Overnight fee

Lastly, for the fees it is neccessary to calculate also XM overnight fee or the fee that a trader pays in case the position is opened longer than a day and is agreed through a swap contract that comes as a cost. Every currency has a different interest rate which comes as a calculation.

As an example assume that the interest rates in Japan and the US are 0.25% p.a. and 2.5% p.a. respectively, with an open position, you can either gain USD 6.16 per day or lose USD 6.16 per day, as the rollover calculated as an interest to borrowed currency or earned on the purchased currency.

You may see also swap fee conditions on the snapshot above, as well for better information check out and compare XM fees with another broker Pepperstone.

Deposits and Withdrawals

The funds transaction at XM are managed in a customer-oriented way too, traders having a choice of multiple payment methods supported in all countries. Various payment options including commonly used, also XM introduced a local bank transfer option, which is definitely a plus for many countries since enables to fund the account through local banks and currency with no conversion charges.

  • XM Funding Methods we ranked Excellent with overall rating 10 out of 10. Minimum deposit is among lowest in industry, also Fees are either none or very small, besides range of supported funding methods is good, yet based on the entity you trade with. 

Here are some good and negative points on XM funding methods found:

XM AdvantageXM Disadvantage
Fast digital deposits, including Neteller, WebMoney and Credit CardsNone
5$ as a first deposit
Multiple Account Base Currencies
0$ deposits and free withdrawals
Withdrawal requests take up to 3 days

Deposit Options

XM Trading supports many Deposit Options, see below snapshot from our account opening.

  • Credit cards
  • Bank wire and Local Bank Transfer (available in some regions)
  • E-wallets including Neteller, Moneybookers Skrill, Western Union, etc

XM minimum deposit

XM Minimum Deposit amount is 5$ only for Micro Account or a Standard Account, in case you wish to trade with Zero account minimum deposit is competitive also, demanding 100$ as a start. However, the amount varies according to the chosen payment method and trading account validation status. Yet, you can read and find all the necessary info in the Members Area.

XM minimum deposit vs other brokers

XM Most Other Brokers
Minimum Deposit $5 $500

XM Deposit

XM Withdrawal

XM withdrawal options are the same as the deposit ones, including Bank Wire transfers, e-wallets and Credit Debit cards. XM applied 0% Withdrawal Fee and offers zero fees on both deposits & withdrawals. Very pleasant addition indeed, as the XM company got all the transfer fees covered including e-wallets, major credit cards, instant account funding, and wire transfers with no hidden fees or commissions.

Moreover, while the majority of brokers still charge for wire withdrawals, XM deposits and withdrawals above 200 USD processed by wire transfer are also included in the Company’s zero fees policy.

How do I withdraw from XM Account?

To withdraw funds from the XM trading account you should simply follow the next steps, also good to contact customer service in case of any questions or terms, since they were responsive enough to us too.

Withdraw money step by step

1.    Login to your account

2.    Select on Withdraw Funds’ at the menu tab

3.    Enter the withdrawn amount

4.    Choose the withdrawal method

5.    Complete the electronic request with necessary requirements

6.    Confirm withdrawal information and Submit

7.    Check the current status of withdrawal through your Dashboard

How long does XM Withdrawal take?

While the XM Accounting team processes withdrawal requests quite quickly within 1-3 business days it depends on the country the money is sent to, as various rules and policies apply. The standard bank within the EU will take around 3 working days for the money to be available on your account, yet some methods or institutions may process almost instantly or take longer, all depending on the payment method you use.

XM Trading Platforms

In terms of trading software, XM clients access to make transactions and trades throughout well-known and perfectly-developed trading platforms MetaTrader4 and MetaTrader5 and its own one too.

XM, a brokerage firm, recently unveiled its “Social Area” platform. This addition enables traders to connect, gain knowledge, and challenge one another. Features highlighted on XM’s site include competitions, where traders can vie for prizes and managerial roles. Through Copytrade, novices can mimic expert trades, and with a community of over 10 million, the platform fosters global interaction among trading enthusiasts.

Platform Ratings

XM mainstay on the most popular industry platforms MT4 and MT5, obviously for traders’ advantage, as the platforms are very known and allow you to get numerous extensions or access comprehensive education on how to use tools. So the platforms gaining high ratings due to their international recognition are always a plus towards brokers’ proposals.

  • XM Platform are ranked Excellent with overall rating 10 out of 10 compared to over 500 other brokers. We mark it as excellent since XM offers choice between industry popular platforms like MT4 and MT5, also developed its own platform with good research, excellent tools, copy trading, Robot Trading, EAs and quality execution. 
Trading Platform Comparison to Other Brokers:
PlatformsXM PlatformsFXTM PlatformsAvaTrade Platforms
MT4YesYesYes
MT5YesYesNo
Own PlatformYesYesYes
Mobile AppsYesYesYes

Web Trading

Directly accessible just from one account and available in various versions all platforms are integrated with a full site of technical analysis, indicators and comprehensive tools, stop or trailing orders. So you may access XM trading just by the use of the browser and login to Web Trading, see below our recommendation and evaluation of Pros and Cons on XM Web Platform.

Desktop Trading Platform

Though XM made the software even more advanced and suitable through 16 Trading platforms, which cater just any device including web, mobile, and even multiple accounts trading. So you get full account functionality and make the trading process at ease and comfort if you select the Desktop platform or other versions to trade.

Since XM uses MT4 or its newer version MT5 you are able to use its powerful capabilities along with automated trading or trading robots. EAs available with unlimited use of charts for those that prefer technological trading, also great manual trading tools will assist in your strategy as well. So overall all demands and trading needs are covered and are at very sustainable level and might be good match to various types of traders.

Platform trading tools

In addition, we found numerous XM’s add-ones allowing you to enjoy extra benefits that the platform offers. This includes also XM VPS, Rapid Trade Execution and remote connection to a Virtual Private Server(VPS). The XM VPS brings non-stop work without your monitoring or even having the computer on. Clients that maintain a minimum amount of $5,000 or equivalent, are eligible to request a Free VPS, for the ones’ that can’t meet the requirement, still can request a tool with a monthly cost – $28.

Look and Feel

MetaTrader is known for its clean and good feel while trading, also its Charting are among the most powerful offerings in the industry. So, the same as we do, you will enjoy its look and functions offered.

XM MT4 Platfrom

Mobile Trading Platform

Of course, you are able to use your mobile for trading as well, XM MT4 Android and iOS apps, along with XM MT5 apps will give you access to a trading account with full account functionality. MT4 and MT5 apps also offer great charting with 3 Chart Types, over 30 technical indicators in its package, and a full trading history journal. So

How to place orders with XM?

Placing order is a quite seamless process, as MT4 or MT5 also allows one-click trading option. So you may choose between pending order or market order available on all platforms. There are risk tools available as well, which you should never skip and stick to your strategy. So to place an order you should follow the next steps

  1. Through Market Watch select the product you wish to trade
  2. Right click on the symbol “New Order”
  3. Select the order either Pending Order or Market Order under the “Type”
  4. Set Risk, Reward and Expectancy levels through set of Volume, Stop Loss, Take Profit
  5. Select Place
  6. Once done on you may adjust or cancel your order at any time, as well as close it manually once executed

XM mobile trading

XM Customer Support

As for the customer support and service, as we see XM globally covers trading needs while the customer service team available in international locations and speaks more than 25 languages including Chinese, Russian, Hindi, Arabic, Portuguese, Thai, Tagalog and more languages.

You can reach out to the customer support team 24/5. The broker is available through email, phone, or live chat. Also, we found that the service is of good quality with reliable answers, which confirms again XM’s client-oriented policy.

  • Customer Support in XM is ranked Good with overall rating 8 out of 10 based on our testing. Support is knowledgeable, fast answers are received on Live Chat, also quite easy to reach during the working days

See our find and Ranking on Customer Service quality:

ProsCons
Quick responseNo 24/7 customer support
Relevant answers
Availability of Live Chat

Education

Along with good customer service, every client can access numerous educational materials through XM Learning Center, fulll of trading data and other necessary information that brings trading to a better level. In this regard, XM went also far and developed truly wide education support throughout various regions with the purpose to educate traders, which is a great plus for all traders.

With XM you may count on quality learning, as we found based on our tests, defined also by your level, which includes Live Education offerings, Educational Videos, Forex Webinars, and regularly held Forex Seminars in various destinations. In addition, there are very well-organized tutorials, videos and tools at your disposal.

  • XM Education ranked with overall rating 10 out of 10 based on our research. XM provides great Education Materials, quality research and runs its Academy with Webinars, Excellent Trading videos and more. 

XM Research and Education

Research

In terms of research tools and Market materials, it is in good order at XM too. Along with News Feed, Technical Summaries and Technical Analysis, XM provides Fundamental Analysis and Trade Ideas suitable for beginning or advanced traders.

We do really like the way XM organizes its research tools, as you will find in one place everything that is required for your smarter trading decisions along with Forex Calculators, MQL5 and more. Also, exclusive technical indicators compatible with both platforms available for subscribers also making it possible to perform algorithmic trading.

XM benefits

XM Review Conclusion

In conclusion XM Review, it is a well-regulated broker with numerous highly respected licenses that delivers truly transparent conditions and is an extremely customer-friendly broker. No re-requotes and no hidden fees or commissions policy, as well Negative balance protection definitely a plus. So all in all, we had very comfortable as well the good real-time market execution, making XM very welcomed among trading offerings and suitable for various type of traders, including beginners and small accounts.

So overall we conclude XM has one of the most Comfortable proposals in terms of costs, trading conditions and opportunities overall before broker has much lower trading instruments in its range, but now it is one of the strongest points due to the wide range offered.

Based on Our findings and Financial Expert Opinion XM is Good for:

  • Beginning Traders
  • Traders who prefer MT4 and MT5 platform
  • Currency Trading and CFD Trading
  • Trading Investors
  • Suitable for a Variety of Trading Strategies
  • Long term Trading
  • Professional Trading
  • Forex Education
  • Trading with Low Deposit Requirement
Matteo Reichel From Philippines | | Tuesday, May 14, 2024

On the one hand, fact that this company has been around for about 15 years is impressive. But on the other hand, I know several brokers that have been operating for much longer. Nevertheless, it seems to me that over these 15 years since 2009, company built excellent reputation. And more than 10 million customers confirm my words. As for my experience, it is most likely the same as most of the clients of this company. I am happy with the way services work and consider this broker a good option.

  • Matteo Reichel
Nikunj Desai From Singapore | | Saturday, March 18, 2023

This is a scam and terrible broker. Please don't use them - there are many options. I have been using them for a couple months and changed to my local currency.in doing so, when I deposited money via credit card I was charged a DCC fee. Much to my dismay as XM doesn't tell you. So to reverse the fee I had to withdraw the amount and when i did XM started charging me fees and said I violated their policy. I have sent several emails and asked how and to date they have not provided a reason but yet charged me fees when their policy is zero fees for withdrawal and deposits. There are many better brokers please don't use XM

Bing Lee From Hong Kong | | Thursday, May 26, 2022

This company has this telegram channel that scam people for money.

  • Bing Lee
Cheang Sopheak From Cambodia | | Thursday, April 7, 2022

XM have problem withdrawal via online bank transfer is under maintenance over one months, support not responsible, be carful everyone.

Amanda From South Africa | | Tuesday, April 5, 2022

XM is a scam broker. They get you to send all your personal details and "give" you $30 and if you make a profit as I did ($450) you can't withdraw it because then they close your account and take the profits for them. STAY AWAY

Rukha From Uzbekistan | | Wednesday, January 5, 2022

Well maybe they are good and one of the oldest brokers out there but they know how to fuck you up professionaly and wipe offfff your account and send all kind of terms and conditions and policies that you never saw...and they will try clean them selfs so usual scammers and dushpaks !!!! Thank you for worst and fucked up expirience XM team!!!!!

H. B. From Turkey | | Tuesday, June 29, 2021

Those who use high leverage in XM should be very careful with the spreads opened at night, every trade that is 200 pips away from the SL point becomes a stop. The spread, which is 7 pips during the day, goes up to 100-200 pips at 00:00. My position is stopped just one second 200 pips away because of widing spread

  • H. B.
Tony From Indonesia | | Monday, February 8, 2021

Complete Scammer. Tried for 2 weeks, and I received an email that told me "In that regard, our Anti-fraud Department has brought to our attention that your Account is connected to an account that had been previously terminated because of the violations of the Client Agreement." Called account manager, He wont tell me what's wrong and nothing he can do whatsoever. Lost my profit, no explanation, no responsibility. XM is a scammer

Francis From Thailand | | Wednesday, April 22, 2020

they are real scammer, they took my money and did not give me my remaining balance I am taking legal action against these crooks

Andy From Singapore | | Friday, March 20, 2020

The worst broker ever, deposited 3k into my Xm account. Funds deducted from my bank account with payment reference number and details. XM says bank rejected the transaction. Calls back my bank to check, transaction is successful and funds deducted from my bank account with payment details Contacted XM again, and same reply, bank rejected the transaction, when ask for proof to show that the transaction was rejected, not given. Ask for a call back, not done. Just keep repeating the same reply, transaction rejected by my bank. If you don’t want your money to just vanish, skip XM

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81 responses to “XM”

  1. 1000+ trading instruments… I am sure I am not the only one that is impressed by that number. Most brokers struggle to provide over 500 instruments, but this one… it is really magnificent. There are about 9 market classes, so it is usually fun deciding what to trade.
    The broker has much to offer, and I am speaking from a professional point of view. Finding a broker that is as reliable, versatile, and even as socially involved as XM… I do not thing you can find another honestly.
    All the tools a pro needs are available.

  2. I am quite happy that I have joined.
    Basically, I didn’t question the broker’s reliability cuz the brand name is kinda loud in trading circles.
    I had questions to what account to choose ro which payment method would be the most optimal, so I picked credit card and made a top-up.
    Surprisingly, funds were credited within several minutes and the broker didn’t charge any commissions.
    It’s so user-friendly, in my opinion, plus the company ensures full-fledged protection of all transactions, keep clients’ funds in segregated accounts and it’s also notable. One can trade with a complete peace of mind.
    The same is true about withdrawals… uhm, I haven’t withdrawn funds yet, but I know that I will use the same method that I used for replenishing the acc. These are the rules, but ok.

  3. For me, I pretty much enjoy the copy trading of the broker. I try to use the educational resources to learn but I couldn’t just carve out the time. So, I saw the copy trading possibility as a sign, and its been alright. I will keep trying to learn tho… It can only benefit me.

  4. Quality and reliability are unarguable things about the XM.
    One may argue about trading conditions, maybe pricing model employed here, but I find a very small number of reviews where guys say that spreads from 0.6 pips are too wide. Lmao, these are the tightest spreads I traded with…
    Still, many men – much opinion.
    I like that I can use any trading strategy here and earn benefits.

  5. It was incredibly easy to set up an account and even easier to make a deposit. It was my first time opening a real account, and I was a bit afraid of the procedure, but it happened to be easy, like paying at an online store.
    All you need to do is follow the instructions and choose your payment methods. I used a bank card, and the funds showed instantly on my trading account.

  6. Having a broker that has multiple market instruments is a very good trait, I mean you don’t want to be limited to the number of assets you are able to trade and earn with… this platform has given me a good ground to maximize my profits.

  7. Customer support is a very important aspect when evaluating the reliability of a broker. Only reliable brokers provide excellent customer support and through this aspect, you can differentiate them.
    XM excels in this regard!
    Its support team was always quick to respond to my questions. They have integrated the best support tool – chat, and the team behind is proffy and knowledgeable.

  8. I’ve heard a lot about XM cuz I am a big fan reading different brokers on the various financial resources and I needed to find a suitable broker for me and I chose XM broker. They offer four types of trading account with beneficial conditions and it is quite impressive that each of them have a minimum threshold deposit of 5$ except the last one Shares Account.
    So I decided to choose a micro account cuz as I said before I am still a rookie and it’s a good chance to trade on a real market with small volumes and after a while I will switch to another account. What account did you like most, guys?

    • I went for Ultra Low Standard account because spreads are the tightest and start from 0.6 pips which is perfect for my scalping strategy, at the same time there are no hidden fees, leverage can be as big as x1000 and hedging is allowed. You know it’s tough to imagine scalping without hedging, as it;s one of the most widespread ways to mitigate risks…
      So, yeah, I believe this is the most appealing account, but micro one also looks pretty attractive.

  9. Even though European traders are a bit restricted in the choice of assets, it doesn’t make much sense to me.
    As for a rookie it was important for me to have forex pairs and I usually trade majors like EUR/USD and others with favorable trading terms. Spreads don’t exceed normal values and I know that it’s important to have them tight. I got this knowledge in the broker’s edu section 🙂

  10. Wow, the broker launched in 2009…ok, it has been already…oh, 15 years! A remarkable indicator for a broker!
    Wow. I see that broker is regulated by a number of reputable bodies. When I see and read the word CySEC , I understad that this boker is a real deal. Some brokes hardly get one regulation, but XM has several.
    Moving on, I am reading that the broker has clients in 196 countries? seriosuly? It is practically the whole world! I gotta verify this number, but you know, I kinda believe it…
    That leverage of up to 1:1000 is really huge, customers are lucky there:)

    shall check website now

  11. This is a highly reliable broker with strong regulation. They are regulated by major and authoritative jurisdictions CySec, FSCA, FSC, DFSA and the last one means the Dubai Financial Services Authority and there are not many brokers that have a license from Dubai.
    It indicates that the broker is a world class brokerage firm. So I do not need to worry about my funds and I can trust them fully.

  12. I decided to sign up with XM for a few reasons.
    I don’t have much trading experience; in fact, I am still learning a lot about the basics and how the market works. But one of the first lessons I learned was how to choose a broker. Probably everybody knows this: it must be a regulated and well-established brokerage company.
    XM excels in this regard.

  13. When it comes to mobile trading apps, XM’s one is a solid option. I use an android version, and it works really well. I do not get major glitches or bugs.
    This platform has great account customization options. Also, I like how SL and TP widgets are integrated, when I set SL point I can clearly see what is the esimated loss might be. This feature allows me to calculate risks ahead of the trade.

  14. Interesting review of the broker. I read it and it gives impression that there are more pluses than minuses.
    I am an still not experienced, but I have already decided to go with XM. It has many positive sides as described in the article.
    I really like its learning center, for me it is very helpful, especially videos on FX.
    Glad the customer support was quick to reply back to my questions.

  15. Things have not worked out as expected using XM and it’s obvious i’m not the only one in this situation. I think they need to communicate better with their users concerning payouts, up until last week I reached out to silvana_tenreyro (at) dot com and they’ve helped accordingly as XM has been edgy with payouts.

  16. They promised a guaranteed return on my investment but after investing my life savings, I got nothing in return. They seemed legitimate at first, but it was all a scam. I urge people to stay away from fake platforms and not risk their hard-earned money like I did. Report scam to cybertecx net for payout solution

  17. I made 3 transactions on Aug. 8, 2022, two of them were successfully refunded on my binance account. When I did the first 2 transactions, I received 2 refund links on my email due to underpaid reasons before proceeding to my 3rd transaction. I remembered when I did my third transaction, I make sure that I’m now putting the exact amount of $61.64602 and then the link asked me to put my wallet address where they can refund my money if the transaction will not get successful and the wallet address I put in was my binance wallet address. Right after that I’m confident that I did it successfully since I don’t have refund email received. I checked it from time to time to my xm account and it did not reflect. So that time I’m thinking that maybe there was a delay or something, but the day goes on and it did not show up on my xm account. I also did communicate this to coinify which is the payment provided who processed my deposit. They asked me if I’m familiar with the wallet address xm provided me and per confirmation with XM they don’t recognize it and me either. As per coinify response there is a possibility that I got scammed. As of this moment no resolution has been provided by xm. XM crypto deposit is not secured guys. Beware about this, hacker can hack their payment channel. My money was lost and no one is responsible to refund it.

  18. Stay a way! They know ways how to steal money from you. I opened sell stop order with a very tight stop loss, and my order was executed 325points below my order!

  19. THEY ARE A SCAM HAHAHAHHA PLEASE BE AWARE THAT THIS COMPANY IS A SSCAM DO NOT OPEN ANA ACCOUNT IWTH THEM!

  20. The XM is a scammer make the trading price is not at a market price in stock.I sell the US30 price is 31559 the market Price up to 31660only but the XM app the price is up to 31880 and 1 time I sell btc price is 29350 the market price is up to 30350 but the Xm app price is up to 33500 make buyer money gone

  21. Xm is a scammer trader .me sell the US30 price at 31500 the XM make the price up to 31880 make my money gone the market price us30 is 31660 only

  22. XM is thief. They do not even send your initial deposit back. They deleted my account and didin’t send my deposited amount. They steal and they fraud. Do not trade with XM and don’t trust them. They can delete your account anytime and send you a mail that saying your accounts been disabled due to suspicious trading. ( what that supposed to mean? If you are STP you can not take peoples initial deposit with such lying argument ) Been trading for 10 years never seen a broker like this before. Big and fraud company.

  23. XM don’t send the legal documents for fiscal report, so you risk to make FRAUD.

    XM are using your personal details an you’ll be abused by other traders day by day.

    XM is giving the exactly opposite advice in most important situation, so b careful if you are a beginner!!!

    XM using platform data to sell it to partners big movers of the market! Stay away, never with capital high!!!!

  24. XM is SCAM!!!! Do not trust this fraud company. I have 3200 usd on my account they only paid 300 usd back to me. That is even lower than my initial deposit. If you want your money back, I suggest not to sent any money to this SCAM company.

    • Yup, I have bad experience with this broker. Thank God that I did not deposit so much. Please don’t try this broker or else your life will be ruined.

  25. XM STOLE MY DEPOSİT. I have deposited a week ago. One day I couldn’t open my account and I couldn’t login to client portal.
    They ERASED my account. YES THEY ERASED IT.
    Now when I asked to client manager they told me it is a normal situation.
    I want a solution. If someone read this from XM’s team. Please reach me !

  26. XM is SCAM & FRAUD broker they didn’t pay my deposit of around 2500 usd that I’ve deposited a week ago.

    I made profit of 350 usd.

    I said it is okay not to pay my profit but I want my initial deposit back which is around 2500 usd.

    They didn’t pay it.
    They stole it!!!

    Client manager acts like this is standard procedure but this is unacceptable, my Metatrader accounts and client portal access deleted.

    Really sad to see that this company is even after for 2500 usd.

    What a shame!

    Don’t trade with XM they won’t let you take your money back!

  27. Must say I will complain to:
    International Financial Services Commission (IFSC)

    And:
    Australian Securities and Investments Commission (ASIC)
    I have strong proof they send 60$ instead 160, and 40$ instead 500$.
    Scam company support try to all problems solve to repeat some unpropriet requests, over end over again. Send this, send that they try to exosted you to stop fighting. But they owe me 560$ I don’t give up my money

  28. Stay away, I’m make withdrawal request 500$, and get only 40$. 1 more time deposit 100, earn 500, make withdrawal and get only 60!?!
    Fraud company I send bunch of documents, bank statements to prove my issues yet they claim that send money but they didn’t.
    Stay away,!

  29. I’m a Filipino living in Switzerland. Thanks for the heads up! I almost want to open an account with XM. Glad that I did some research and review about the company. I hope that your problem will be solved. Thanks for sharing.

  30. It’s nice to have an option of choosing the leverage as I implement several trading approaches. Trading conditions and the choice of instruments are fine. The support is responsive and quick.
    The only concern is to stick to the MetaTrader’s platforms. It would be great to have an alternative terminal using modern technology. For instance, cTrader looks impressive in terms of having everything well placed and informative. Several functions for easy manual trading are more effective there, in my opinion.

  31. Wanna to ask… How many type of package for the investment plan do u have? Withdraw time any special requirement fee needed for upgrading package or else?

  32. I’m a Canadian citizen and I live in Toronto. Is it possible for me to open a forex account in your company, and if so under which jurisdiction? Does that entity have a license (and its license number)?

  33. Am I able to open multiple trades on currency?

    Example:
    2021.03.12 06:10:00 898487925 EURJPY sell 0.2 130.096
    2021.03.12 06:54:51 898518561 EURJPY sell 0.2 130.076
    2021.03.12 06:55:08 898518779 EURJPY sell 0.2 130.082
    2021.03.12 08:53:02 898647305 EURJPY buy 0.2 130.063
    2021.03.12 09:11:36 898668649 EURJPY sell 0.2 130.119

  34. So far i just started to open an account here in XM im a filipino small time trader though but after gaining profit i tried to withdraw fortunately nothing bad news came up it all goes smoothly though i will just wait for 24hrs for me to recieve my profit

  35. It seems they allowing only one device that cause automatically close account the device to be close (that is PC). Unless there is a bug in the program of meta trader 4 or 5 once you open the other device meaning only one device is allowed. The reason is for security reason if the password was changed caused to lock or closed the other account. The solution raise a ticket the account from PC and mobile phone is the same account you need only to prove some document is the same person that using the same account and that is time consuming for verification and you need to be patient to use both device. BTW they monitoring also your location that IP address and current location to complete the verification process avoid using VPN during verification process.

  36. my experience with XM has been great so far.
    I’ve been trading with them for just over a month and I tested the withdrawl process early on. I had no issues with my withdrawl, it was in my bank account in either 2 or 3 days.
    I love that they offer micro accounts for small traders and their email. I had a problem with one of my bonuses and support got back to me the same day and kept me right.

    Thank you XM, I am grateful for your straightforward trading platform! I’d love to see some more indicies being added in the future though 🙂

  37. my first account on xm global is for pc and mac and my plan for that account is for long term trading for a shortestime is one year so i made another account for my mobile phone. that im using right now. i monitor my first account thrue my daily report. but last week when i try to open my first account using my pc i was surprice that i cant access it any more.so i try to contact there costumer support here in the philippines it say to me that i close that account WHY do i have to close my first account that i know that i have deposit to that account for me to trade. and there staff came back to me and say if i accidentaly close that account theres is no problem because my fund and my profit that i gain is still on that account they only just need to investigate to fix the problem and reopen that account. so i wait a while but when she came back to me the good conversation suddenly change they accusing that i close that account.could anyone here in comment section would you close your own account if you deposit your savings just trade. and i know what the reason because when the time they investigate my first account they saw a gain a big profit and i mean big thats why they accusing me on closing my own account what they want is to get my profit for there own good no i will not allow that i will fight for that account because that is mine they dont want to reopen it because they so the big profit that i gain for almost 1 1/2 months of trading on that account. your filipino support in the here in my own country i think XM GLOBAL need to investigate in your filipino support because many on there comment section has a problem just the same im experience right now i will not give this up xm global family fix this if not i will make the right way to get what i deserve to get by the way for the first time i trade in XM i screen shot all my deposit and i dont use your demo account

  38. Its a scam … They came up with wild accusations when i try to widthdraw from my bonus acc… I would stay away from this type of trading company

  39. Is dragonpay legitimate to transfer my funds? I would like to verify if I can transfer my requested withdrawal of money direct to my savings account? BDO

    • Dear Mason,
      We are currently not collaborating with dragonpay. You can see the available deposit/withdrawal methods on our site (e-wallets, credit/debit cards, online Banks, Traditional Banks)

  40. Comment Area
    Is it allowed for individual trade or for corporate Clint’s only? Interested to know.

    • I made a withdrawal request on April 19, since then they said it would be processed for 2-5 working days, it’s more than 2-5 working days and I haven’t yet seen anything,Then, yesterday I Sent an email to XM support or whatever, and I haven’t gotten a response till now as I type…

      XM, I’m not impressed, your services are poor!

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