Regulatory authorities keep stipulating stringent rules and regulations to make licensed forex brokers act in the best interest of investors. Unfortunately, some brokers still follow unethical practices and make people suffer losses. XM is one of those regulated brokers having a bad reputation among investors. Let us share why people don't prefer signing up with it.
XM - Overview
Founded in 2009, XM operates under the brand name of XM Global Ltd, based in Limassol, Cyprus. The company is a member firm of Trading Point Group. With a full suite of MT4 and MT5 trading platforms, and multiple account types, the brokerage claims to have evolved into the world's most reputable investment firm. It provides retail and institutional trading services across various financial markets, including forex, indices, stocks, energies and commodities. The company holds multiple regulations from the various regulators worldwide, including Australian Securities and Investment Commission (ASIC – 443670), Cyprus Securities and Exchange Commission (CySEC – 120/10), Belize Financial Services Commission (Belize FSC - 000261/309) and DuBai Financial Services Authority (DFSA – F003484).
Despite being a regulated firm, XM is unfortunate to have awful clientele feedback. While clients report withdrawal issues, the company also receive critics amid price manipulation, bogus bonus offers, and poor customer support. Let us share a few screenshots of XM customers' feedback on various social and digital platforms, including BrokersView.
Is XM a Scam Broker?
No, since we have verified its license status, the broker isn't a scam. Instead, it’s a multi-regulated investment firm completely authorized by top-tier regulatory authorities, including the ASIC, CySEC, Belize FSC and DFSA.
What To Do Being An Existing XM's Client?
If you face any of the highlighted issues, try escalating them to XM customer support. It could well be the case for a person facing withdrawal issues that the company couldn't verify his account. Those facing delayed trade execution might have a slower internet connection, and slow customer support could have resulted due to increased traffic on the broker's website.
However, if you believe none of these issues exists, it might be the broker's fault that you should report to the concerned regulatory authority. Remember to provide as much detail as possible when writing to the concerned regulatory authority. Do not forget to attach screenshots of your trading account, deposits made, withdrawal requests and any communication between you and the broker.
Signing up with regulated brokers doesn't necessarily mean that you are all secure against any potential scam. It's just that you have more confidence in a regulated firm compared to a non-regulated entity. Further, you can at least report the broker's misconduct to the relevant regulatory authority, which is impossible otherwise. You can read "Regulators" on BrokersView.