XM – Is it scam or safe?
XM is a trading name of the Cypriot financial company Trading Point Holdings Ltd that is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) and is registered with the FCA in the UK. The CySEC license allows it to conduct financial services, including forex.
However, there are some posts in forex forums that inform about poor customer service (no answers or great delay response), IDs verification problems, pushing customers to invest more funds and slow execution of cash withdrawals.
So far, we haven’t received any complaints from clients of XM.com.
If you feel frustrated by XM.com and have something to share with us, please fill in the form below, describing your case:
This broker is not serious. I am fed up with these policies when you want to withdraw. I use skrill to deposit money and I wanted to withdraw around $700 but receives almost $100 less. XM explained me they will send the remaining part to my debit card. OK, this should take no more than 2 business days. I choose skrill because they execute payments within 24 hours. So, I really do not recommend this broker. They must change their withdrawal policies and make them easier for customers!
I do not recommend this broker! They are a price manipulator, they have their own candles on the chart. Me and my friend trade the same deals and we suffered a loss due to the fake price. We compared charts to other brokers and such candles never exist!
They refuse to execute my withdrawal request. I earned my profit with their bonus of USD30. They said I used arbitrage practices which I obviously didn’t. I made a complaint and they told me the reason was I logged from the same IP of other clients. I wanted to show me the IP and the names of other clients but they refused because it was confidential. Try to avoid them, they use scamming tricks!
All cfd brokers work like this one. They steal your money until they can. Everything is ok if you lose money and they close accounts that are profitable. They never pass your order to the real market but instead they are the other side of each deal of yours. The truth is no one of cfd trading platforms are made for profits. They are designed so that you always lose.
I started trading with XM several years ago and the balance was positive after all trades. Till now I never had any problems and they started when my winning deals have become more frequent. I checked and their conditions didn’t notice I can receive my profit to my card. XM didn’t want to perform my withdrawal request because their card operator didn’t allow them to transfer money to my bank account via my debit card. I was forced to use some other payment methods such as web wallet, skrill etc. I think these are some type of scamming practices. Then the customer support became rude and you are nothing. I do not recommend them. Stay away from XM!
I have been trading with XM since 2013 and I will stay with them. All they services are good including customer support. The only thing I don’t like are their spreads. They haven’t changed since the beginning.