XM Group is a well-known international forex, CFD and crypto broker operating since 2009. The company serves hundreds of thousands of traders from 196 countries. In this review, we will carefully check the activities of xm.com to see if there are any scammers here.
- XM Group General Information
- Registration and Client Portal Review
- XM Group Trading Conditions
- Account Types Review
- Trading Platform
- XM Group — Deposit and Withdrawal of Funds
- Research and Education
- Affiliate Program
- Is XM Group a Scam?
- Legal Information and License
- Xm.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
XM Group General Information
|Phone number||+357 25029933|
|Address||12 Richard & Verengaria Street, Araouzos Castle Court, 3rd Floor, 3042 Limassol, Cyprus|
|Assets||Forex (currency pairs), CFD|
|Leverage||From 1:5 to 1:30, also from 1:1 to 1:1000|
|Trading platform||MetaTrader 4, MetaTrader 5, XM App|
Registration and Client Portal Review
The XM Group site immediately tries to grab users’ attention with big words. The company describes its advantages and provides financial market analytics.
On a positive note: at the top of the page there is a warning about the high risk of losing money when trading CFDs.
The footer indicates that the parent organization is Trading Point. It’s registered in Cyprus. Detailed information about the company is unknown.
To register in the system, click on the button “Open an account”. You should choose the type of account and trading platform right away.
In the second step, you need to provide detailed information about yourself, your address of residence, and your investment profile. XM Group evaluates your investment knowledge and asks about your political status.
You will get access to your client portal (“Members Area”) after email confirmation. The screen displays the most important news. Trading, deposits and withdrawals are available only after account validation. However, you can run a demo account on the MetaTrader Web Version.
XM Group Trading Conditions
Clients can choose the most profitable trading account on unique and regulated terms. At the same time, we were surprised that leverage up to 1:1000 is mentioned by the reviews on the Internet. What is the clue? Let’s see.
Account Types Review
Licensed XM Group broker offers three types of accounts with different lots and spread conditions.
From 1 pip
From 1 pip
From 0 pip
|Lot size per trade||
Islamic accounts are available for any type of account. The leverage level depends on the type of financial instrument.
Let’s stop now. Our editor from India opened the xm.com website, and saw a very different picture. Just look at this!
We see other accounts, huge lot sizes, and crazy leverage. A broker with such conditions would not be able to obtain a license and serve EU citizens. Why in India (and probably in many other countries) has the firm given itself carte blanche?
The answer is found in the footer. XM Global Limited controls this version of the site. The company is registered in tropical offshore Belize and does not follow the requirements of major financial regulators.
The company offers the popular MetaTrader 4 and MetaTrader 5 terminals for trading. Each platform (regardless of your geo-location) is available on Windows, Mac, iPhone, iPad, and Android. There are also MT4 and MT5 WebTrader. The broker has its own XM Group Mobile App.
The official xm.com website has links to all versions. There are detailed instructions for downloading and using terminals.
Unfortunately, we were unable to run a demo account without profile validation. There is still an entrance to MetaTrader in your Members Area, so you can evaluate its appearance and set of tools.
XM Group — Deposit and Withdrawal of Funds
The company claims that more than 25 payment systems are available to customers. The Members Area has the following deposit methods:
- Visa and Mastercard bank cards
- Bank Wire transfer
- Payment systems WebMoney, Skrill, Neteller, SticPay, etc.
To proceed to the deposit and withdrawal methods, you need to verify your account. XM Group does not charge any deposit or withdrawal fees, except for bank transfers over $200.
You will not be able to perform any activities on the platform without verification. To do this, you must upload the following documents to your client portal:
- Identity card
- Utility bill
- Bank statement.
These requirements also apply to XM Group Global customers. Hoping offshore companies also adhere to KYC and AML policies.
Research and Education
XM Group positions itself as a major international broker that strives to provide its clients with the best data. 20 specialists from all over the world are daily engaged in market review, technical analysis, and offer trading ideas. Their performances are available on video and podcasts from popular platforms.
Clients can also improve their knowledge with educational videos, webinars, tutorials, and more. Join the Learning Center.
XM Group offers a very beneficial partnership. It involves the search and registration of partner accounts. Add a referral profile to the service in 3 minutes. The reward system is quite generous:
- No restrictions
- Reward up to $25
- 10% deductions for referrals to the second level are given
- Deductions for webmasters up to $650.
To log in to the affiliate program and find out more details, just visit partners.xm.com. The broker also gives out deposit bonuses of up to 50% and runs seasonal promotions.
Is XM Group a Scam?
The broker is definitely not a scam. However, the existence of an offshore copy of the site with overly risky trading conditions forces investors to be cautious. Let’s see if it is worth trading here if you are not an EU or UK citizen.
Legal Information and License
Checking legal entities (Trading Point of Financial Instruments Ltd, XM Global Ltd) showed that they are indeed licensed in the relevant jurisdictions. Alas, the registries of Cyprus and Belize do not disclose detailed information about firms.
Trading Point was founded in 2009. The license 120/10 was issued in 2010. The permit allows it to work in the EU and the UK. XM Global Limited is licensed in Belize (000261/309) but no other details are available.
We assume that the Belize regulator does not have sufficiently strict requirements for brokers, so trading becomes high-risk.
Xm.com Domain Info
We have already found out that the information on the site changes depending on your geolocation. However, there is also a domain https://www.xmglobal.com/ for offshore trading. The company does not explain these facts, nor does it provide hyperlinks between its divisions. Obviously, this is done to mislead visitors.
Meanwhile, both domain names were created in the 90s. The Internet Archive showed that www.xm.com passed to the broker only in the summer of 2013. Previously, there were other resources, although XM Group quasi-worked since 2009.
Note that the site on the second domain was launched in November 2018.
The list of XM Group communication methods is not encouraging. The “European” version of the site offers over 2 dozen e-mails for the main countries of the world. You can also call international phones or write to the company’s departments. By the way, there is no online chat.
The “offshore” version of the site (or www.xmglobal.com) gives only 1 email address and 1 phone number. Online chat is available here after registration.
Pros and Cons
- XM Group – major international broker
- Cyprus license
- MetaTrader support.
- Offshore mirror
- Very generous referral program
- Few contacts outside Europe
- The actual period of work is not clear
- High-risk trading terms.
Frequently Asked Questions (FAQ)
Yes, this broker’s branch is officially registered in Cyprus and licensed by CySEC.
The minimum deposit on all accounts is $5.
Yes, you can quite trust the broker if you live in Europe. In other cases, there may be problems.