Is The XM Broker Scam? | XM Safety and Reliability

Pros

Cons

  • Negative balance protection
  • Regulated by IFSC
  • Segregate account funds
  • Over 3.5 million users
  • No client protection
  • Not regulated by top-tier FCA
  • Does not hold a banking license
  • Not listed on stock exchange

Introduction

XM broker has been a leading forex and CFD broker since 2009. It has over 3.5 million active users with more than 2.4 billion trades executed through it. It has been awarded with several awards since its foundation and regulated by financial authority like IFSC.

Is XM Regulated?

The XM broker is regulated by the International Financial Services Commission of Belize (IFSC).

On the other hand, XM broker is not regulated by top-tier FCA.

Is XM a Scam?

XM broker has a long record as a trading platform since 2009 with more than 3.5 million users worldwide and passed through different global crises ending with the coronavirus.

On the other hand XM has no banking license or even listed in stock exchange.

XM Awards

Since its foundation in 2009, XM was awards like:

  • 2021
  • Best FX Service Provider by COLWMA
  • 2020
  • Best Broker in Customer Service by FX168
  • Best Customer Service Experience by Global Business Awards
  • Best FX Service Provider for 2020 by COLWMA
  • Global Forex Broker of the Year in the Global Forex Awards 2020
  • Best Forex Affiliate Broker Programme — Europe by the Global Forex Awards 2020
  • Most Reliable Broker – Global by CFI
  • Most Transparent Broker – Global by CFI
  • Best Online CFD & FX Trading Broker – Global by the European Magazine
  • Best FX Broker for Europe 2020 by World Finance Magazine
  • Best FX Broker for Australasia 2020 by World Finance Magazine

 

  • 2019
  • Best Customer Service Global by CFI
  • Best Market Research and Education Global by CFI
  • Best FX Service Provider by COLWMA
  • Fastest Growing Broker 2019 by Followme Awards
  • Global Forex Broker of the Year in the Global Forex Awards
  • Most Trusted Asian Forex Broker in the Global Forex Awards
  • Best Broker by FinTech Age Awards 2019
  • Best FX Broker for Europe 2019 by World Finance Magazine
  • Best FX Broker for Australasia 2019 by World Finance Magazine
  • 2018
  • Best Forex Customer Service by Shares Magazine in UK
  • Best Market Research & Education by CFI
  • Best FX Broker Europe for 2018 by World Finance Magazine
  • 2017
  • Best Trading Support for 2017 by CFI
  • Best FX Service Provider for 2017 by COLWMA
  • Best FX Broker Europe for 2017 by World Finance Magazine
  • Best Forex Execution Broker by Shares Magazine
  • 2016
  • Best Local Customer Service 2016 by FX168
  • Fastest Growing Broker MENA in the 9th Saudi Money Expo
  • Best Gold Broker 2016 by CNFOREX
  • Best Forex Broker 2016 by CNFOREX
  • 2015
  • Best FX Technology Provider 2015 by FX168
  • Best Local Customer Service 2015 by FX 168
  • 2014
  • Best FX Technology Provider 2014 in the 6th Saudi Money Expo
  • Best FX Technology Provider 2014 in the 10th China Int. Investment & Finance Expo

Client Protection

Unfortunately, XM broker does not provide any client protection and no protection amounts provided.

But the good thing is that XM has a negative balance protection and segregates account funds in case anything goes wrong.

Negative Balance Protection

XM does provide a negative balance protection for the EU customers.

Two-step Verification

Unfortunately, XM lacks the two-step verification method while logging in.\

FAQs

  1. How long does it take to open an account?
  • It takes about 5 minutes only to open your XM account.
  1. Does XM allow bot trading?
  • Yes, you can. All our trading platforms support the use of EAs.
  1. Does XM give a bonus?
  • Yes, and you can apply to the XM bonus program.
  1. Does XM allow scalping and hedging?
  • Yes, XM does allow scalping.
  1. Where is my money held?
  • It’s held in segregate accounts in order to avoid financial disasters.

 

  1. Is my credit card information safe with XM?
  • Yes, XM uses a safe technology to make all your information safe.
  1. How do I login using the MT4 mobile platform?
  • Steps:

1. Go to ‘Settings’

2. Click on ‘Manage Accounts’ or ‘Settings’

3. Then click on the small plus sign or select ‘New Account’

4. Then select ‘Log in to an existing account’

5. Search for the broker name

6. Select the server your account was set up on

7. Enter your login credentials and password

8. Click on ‘Sign In’

  1. When trading forex, will you lose more than your initial deposit?
  • Both our MetaTrader 4 and XM platforms are set to automatically close your positions when your margin requirement reaches 100% (stop out level).
  • Please note that this process is automated and is not a guarantee that your account will not enter into a negative equity situation and you should keep a balance amount in your account above your required margin.
  1. Can I login to more than one account from the same computer?
  • Yes, you can do such a thing by using the MT4 Multi Terminal.
  1. Can I login to the same account through different devices?
  • Yes, you can login to the MetaTrader 4 platform using the same password and username through different devices.
  1. When will my demo account expire?
  • At XM, demo accounts have no expiry date. So, you can trade virtually as long as you want.


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