Former websites of this broker include Trading-Point. XM Group is a group of online brokers. 50 currency pairs and CFDs on cryptocurrencies, stocks, metals, commodities, equity indices, and energies for your personal investment forex factory calender trading options. Chris Zacharia, Mar 28, 2017XM is a forex broker.
Let other traders know if this service is worth checking or should be avoided. When I opened my account and traded with it I used to make losses but I found a strategy that was well for me and started making big profits by scalping the news. XM decreased my leverage from 1:888 to 1:100 and took all the bonuses for no valid reasons to why they were taken and the leverage decreased. They don’t care if we losing but try by all means to shut us down when we make profits. Before you run to the Forex Peace Army leaving a review labelling XM as a scammer it might be good to think about why this has happened to your account. If a client gets restricted from claiming any promotion that means that he has abused the fair terms of the promotion which was given in good will.
If a client gets his leverage restricted that means that he using leverage not for trading, but for trading abuse. The forms of abuse can be churning, arbitrage or any other form of abuse which we do not tolerate. XM does not cheat clients pending orders. Even if we wanted we cannot since client execution is not done by a human being.
Now although you have not left your account so I could transparently reply to your questions in a fair and transparent manner, we do not tolerate unethical behavior and unethical accusations. XM’s name speaks for itself so I will reassure you that coming to the FPA and posting false and unethical accusations will not help your position. XM provides its clients with promotions and offerings which are appreciated by clients which can understand that they should not try to engage in abusive trading since unethical trading behavior is not tolerated by XM. I’ve been trading with XM for over 2 years now and will continue to do so.
Most of the bad reviews on Forexpeacearmy. XM is base on users own mistakes and not fully understanding the terms of conditions of the bonus provided. Once they don’t get what they want immediately use the word scam rather than contacting xm. 100 and say xm not giving them their money. Company that refuses to pay me back and refuses to listen to me for my defense!
Feb 19, 2018 — 1 Star My account has been blocked without any valid reason, no proof or explanation from XM. A new claim has been filed but in the meantime my account is blocked! Problem: concerns with the MT5 platform, so I send my log files for analysis and refund and XM. I contacted Metaquotes for more information, they assured me that only the customer holds the MT5 log files of his account in his personal machine and that no broker can have them. I sent this message privately to MX.
While waiting for the final verdict, I would like to let you know that I have already contacted Cysec and FCA and prepared the first files with FPA and Financial-Ombudsman, ready for publication. I want proof of what you are saying because it is absurd. I’m contacting you here because the response times via middleoffice’s email address are way too long, and my patience has limits! First answer: «You were not connected after» x hour «, but I had closed about forty position after this time, everything was visible in my history and I had no trouble challenging their verdict so much. My first analysis: If I would not close positions after this «x hour», I could not prove that I was well connected and I would not have been refunded, NOT PERMISSIBLE! Second answer: «there was no attempt to close a position». My second analysis: If I did not identify the problem by myself, I would not have been refunded, NOT PERMISSIBLE!
Third answer: «Indeed you are right». What incompetence and lack of proffesionalism! This is unacceptable on the part of a department. And today I have a big problem with them!
My third analysis: a competent department? I had afterwards, to put back cause the blocking of my account, to ask for penalties and compensation, to be refunded as soon as possible! Your account has been blocked and you have very well been explained the reason which it was blocked. In addition to this, after you have opened a complaint with our compliance department, your case was reviewed and a reply has been sent by XM’s compliance department. In a nutshell, you have made a complaint about not being able to close an order. When we asked you to provide a copy of your log files in order to be able to research the case, the copy of log files you have sent to XM were edited. You had complained that you could not close an order because the platform was giving you the message that the market was closed.