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XM review

XM Review (2022): A Trustworthy Broker or a Scam?

Scamming in the forex business has become too rampant. Even the most seasoned investors have fallen prey to these online scammers. Is XM one of them? Should you be worried about investing with this broker? Do money withdrawals go through? To answer these questions, read this in-depth XM review.

Have you lost money investing with XM? If yes, schedule a free consultation with our experienced team of experts who can help you get your money back.

Here’s all you need to know about XM.

XM Review: An Honest Look at XM

Established in 2009 under the parent name Trading Point, XM operates in 196 countries. The company says that it has over 5 million clients on its trading platform.

According to its website, the group claims that its staff speaks over 30 languages, and its management has visited more than 120 cities globally to understand the needs of its clients. 

While XM group has won several awards and accolades for its services, is this broker out to con people? Or is it a genuine investment partner?

Is XM legit?

Most forex brokers portray themselves as legitimate companies to attract unsuspecting investors. However, before investing with any of these companies, it’s advisable to do your due diligence to safeguard your investment. 

If you want to find out the whole truth about XM, we are here to help. We’ll establish who regulates this organization and whether they are reputable. We’ll also look at the company’s operations and services to come up with a final verdict on whether this brokerage firm is a legitimate company.

What is XM?

The company is an online brokerage firm specializing in forex trading, stock indices, stocks, commodity CFDs, metals, and energies trading. It offers 7 asset classes, 16 trading platforms, and over 1000 instruments.

XM Global Limited lists its address in Belize City, Belize, and is operated under its parent company Trading Point.

Due to its presence in different countries, it’s supported by more than 600 professionals who speak over 30 languages.

Is XM Regulated?

The XM Group is regulated by different bodies. According to the Cyprus Securities and Exchange Commission (CySEC) website, XM is regulated under its parent company Trading Point of Financial Instruments Ltd, with license number 120/10

XM regulation by CySEC

Other bodies that license it include:

  • ASIC in Australia under Trading Point
  • IFSC in Belize under XM Global Limited
  • DFSA in Dubai under Trading Point MENA Limited. 
XM regulation by ASIC

Is XM Regulated in the UK

Financial companies that operate in the UK are regulated by the Financial Conduct Authority (FCA). 

A quick search on the FCA website reveals that the parent company Trading Point of Financial Instruments Limited, has two registrations. The regulatory body has issued a notice about the cloned firm being part of a scam. 

FCA notice

The second registration has an application to cancel, and the FCA has issued temporary permissions.

Application to cancel

These kinds of problems raise potential red flags about the operations of XM’s parent company in the UK. 

Is XM Regulated in The US?

No. The brokerage firm doesn’t provide its services to residents in the US; therefore, it’s not regulated in the country.

Is XM a Scam?

Since the company began its operations in 2009, it has painted a picture as a legitimate company. So, what are some of the elements that this firm is using to appear legit? 

Regulation

XM is operating under regulation from these different bodies. But, even with regulation, companies can still be scammers, which is the case for most brokerage firms. It complies with CySEC, ACIS, IFSC, and DFSA. 

While all these bodies sanitize the company, you shouldn’t invest your money with a firm just because they are regulated. A lot of online scammers are also ‘regulated.’

The Trading Platforms

XM claims to offer 16 trading platforms. They offer MT4 and MT5, which are legitimate sites used by most forex traders. 

While these trading platforms are easy to navigate for most traders, it doesn’t mean that the company is legit. You still need to look at whether customers benefit or can access their funds from these platforms.

Account Types

The company has four different types of accounts, the Micro, Standard, XM Ultra Low, and the Shares account with different levels of risks. 

XM account types

Even with these different accounts, can the customers withdraw their cash? 

What are the red flags?

XM Scam Warning Signals

Customers can’t withdraw their cash

Although XM seemingly offers exceptional customer accounts, sites such as Trustpilot are awash with customer complaints of how they can’t withdraw their money.

With a 2.1/5 rating, the firm has been accused by so many customers of stealing their money when it’s time to withdraw. 

XM scam

Most customers got blindsided because the deposits and trading went smoothly, but things change when it’s time to withdraw the cash. 

Withdrawal issues

In addition, the company has poor customer service, making it difficult for clients to access their cash. As an investor, this doesn’t look like an ideal brokerage partner based on the multiple reviews.

The FCA Notices

The parent company, Trading Point, has two registrations on the FCA website, and both have issues. While one is a clone, the other one has temporary permission. These notices are suspicious and raise more questions about the legitimacy of XM as a company.

The Location

XM shows its location as Belize. On the other hand, Trading Point is headquartered in Cyprus. These two locations are known as hiding spots for some financial scams. Could the company be using the financial loopholes in these countries to legitimize its operations?

XM Review: The Verdict

At a glance, XM looks like a legit online brokerage. However, an in-depth look at its operations raises questions about its legitimacy. The multiple customer complaints on disappearing funds and inability to withdraw are the biggest red flags.

From the look of it, XM is a regulated scam.

Have you lost money trading stocks, CFDs, indices, metals, and energies with XM? Do you want to get your money back? Trader Protection has years of experience in helping traders get their money back. Book a free consultation with our team today! 

Author

Alan Tepfer

Alan Tepfer has been a pioneer of funds recovery for the victims of online trading scam victims for almost five years. His experience in chargebacks, online trading, and banking spans for close to a decade.

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