Today we look at XM.com Review. In my opinion, there is much more going on behind the scene of the trade brokers. There are usually worse than who we already know, from their website. The advert themselves with very enticing promises but they are usually empty promises. These have been proven by many complains in social media about this scam brokers.
Owner: Trading Point Holdings Ltd
Price: Minimum $5
Clients: Binary options traders and cryptocurrencies
Overall rating: (2.1 / 5)
What is XM.com Platform?
The broker XM.com is a registered trade company being operated by Trade Point of Financial Instrument LTD located in Cyprus. The broker is registered in CySEC and FCA regulations. Founded in 2009, this is another broker that started on a very high note and later came down to robbing traders and clients off their money.With numerous complaints about their customer service, serious transactions delays, and absurd reasons to deny withdrawals.
Trading Forex, precious metals, stock indices, and energies, they feature over 60 currency pairs and more than 100 financial instruments that can be traded both online and by phone. They have a Demo Account available which is automatically funded with $100,000 virtual currency to try out their system.
What I want to note when it comes to demo accounts is that you should not trust them 100% as many are manipulated to give you the ease of mind that you are successful in your trading. Unfortunately, the moment you do decide to invest real money into the account, you realize that your results are far from what you experience with your demo account.
This is a common tactic used by brokers in order to lure traders to invest and is definitely not the first that I see it. You should look into the demo account as an opportunity to see if you are comfortable with the platform, rather than to see if you will make profitable trades.
Multilingual Personal Account Managers are at both demo and real account clients, done via live chat, by telephone or email in over 14 languages, assisting them with a professional support 24 hours on 5 business days. But with all this, the broker doesn’t seem to respond to complaints. Their numbers, lives chats never go through.
I am trading this real account with support and resistance setup the red line.
Anyone knows it will come down to my take profit
After opened my position with my target and stop loss done I go to sleep.
On the next day I saw this happened xm broker did not closed my trades after it hit TP 5 times now I am in a great loss this is what xm broker did they only want your money.
I tried send a message to check my account for compensation until now they ignore.
Deposit and Withdrawals from the XM Broker
In this XM.com Review, we found that deposits and withdrawals are the main problem when it comes to selecting a broker. The problem stems mainly from the issues traders face upon withdrawals. In the XM Broker website, they state that the funds are kept in Tier 1 segregated Barclays account.
They also make claims that account funding is automated and funds are processed 24/7. This seems reasonable, but I’ve seen plenty of people that had their trading delayed due to issues with funding. They go on to claim same day withdrawals. I cannot even begin to detail the type of lie that this is.
Some of the most serious complaints and accusations for this broker are exactly concerning their serious delays in withdrawals as well as denial of withdrawals due to loopholes in the terms as well as verification problems that seem impossible to get around.
Both demo and real account XM clients can trade on as many as 8 trading platforms that support the market, limit, stop and trailing orders, and directly accessible from 1 account. This speeds up trading operations and gives traders great flexibility to trade from anywhere and at any time with ease. At XM, Metatrader 4 works with an unlimited number of demo and real accounts, and Expert Advisors (EAs) are also supported.
The available trading software is as follows: MT4 Terminal; MT4 for Mac; Web Trader; iPhone Trader; iPad Trader; Droid Trader; Mobile Trader. Apart from this, the XM MAM Trader allows multi-account management to fund/asset managers and multiple account holders with an unlimited use of charts and EAs.
XM and cryptocurrencies
Just last year Xm introduced bitcoin into their assets. The broker has been on Forex and now he just introduced Bitcoin and Us dollar pair. I am so determined and focused in such a way that when someone is so new at something, I don’t relate so much. The same case with Xm, I don’t think it is the right platform to broker your cryptocurrencies when there are more trusted cryptocurrency platforms.
Considered to be the most popular bitcoin pair in the world, Bitcoin / US Dollar (BTCUSD) is digital currency that can be now traded on the MT5 platform of XM, offering clients several outstanding benefits such as zero commissions, zero fees, and low margin requirements.
Though there are some positive reviews, they are very few and many seem to be fake. They provide little real information and are usually written in very limited English and detail. The negative comments and reviews, however, provide plenty of information and detail to prove that they are legitimate and very serious. Mostly the positive reviews about a Trade platform are usually paid to praise the broker. I refuse to fall for that what so ever. If a platform got a problem we have to point it out.
My point here is, we have identified issues with customer care, deny of withdrawal, delayed withdrawal and so on. This automatically makes the broker not worth it. More so when we as the king crypto are mostly looking for the best platform to trade cryptocurrency, XM.com is ruled out. Why? because they just introduced Bitcoin barely and a year ago. To trade Bitcoin or any other cryptocurrency, you will need a get a broker who has built their reputation.
To me, the broker is not recommended. Not unless they solve the issues we have identified, of which I don’t think they will in coming future, investing with the broker will only make you broke. You will need to look for a well-established broker with a good reputation.
Perhaps in the past, the XM Broker started off well, but over the last couple of years their true colors have shined and they have taken a serious turn for the worst by using typical scam broker tactics to fool their traders and rob them of their profits. My advice to you all is that you should look for a very reputable broker before you can invest your hard earn money. XM.com Review is just a way to expose the broker, not exactly as a scam but through the issues and responsibilities, the broker has failed to fulfil to the Traders.
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I wish you the best!
Crypto trader and blogger on: