Watch Out for XM: the High-rating Broker Isn’t 100% Risk-free

Exposed broker: XM

Regulatory Status: under valid regulation

Complainant: Mr. Sadon from Saudi Arabia

Cause of complaint: losses due to irregularities on the trading platform

WikiFX is scheduling an exposition this year in Dubai, the financial capital of the UAE, and as the initial preparations proceed recently, we received a complaint against broker XM from Mr. Sadon, an investor from Saudi Arabia. He shared his experience of suffering unjustified losses when trading on XM, in order to warn other investors against the broker.

Event Recap (Mr. Sadons narration)

Today, Id like to ring an alarm for investors trading on XM and to other investors as well, especially those who are new to the forex circle. Hopefully my experience can prevent more fellow investors from falling victim to this scam.

The broker XM swindled me US$300 by manipulating the price on the platform and changing my stop-loss setting. Without my authorization, the platform replenished my margin account 3 times for US$100 each time, until my balance was used up.It was during the last of such irregular operations that I found out something was wrong, because surprisingly enough, when I made the same transaction in another demo account, I achieved the goal and made profits, yet on the XM platform it was in the situation of a stop loss!! In another occasion, I noticed that the transactions in both accounts were profitable when I logged on the platform. But suddenly, the balance on the XM platform became negative, and the broker later informed me that my account was at a stop loss. I immediately took a screenshot of my trading records and contacted the company about the issue. They asked for my account number and phone number, saying that they would look into the matter and call me back.

I waited for several days, yet the account manager (his name was Krikor) didn't even call me, so I reached out again, this time through email. In the following week, I contacted the brokers agents again and again, but they never answered my requests.

About XM

WikiFX App shows that XM is currently under valid regulation, holding MM licenses from ASIC(Australia) and CySEC(Cyprus), while subject to offshore regulation from IFSC and FSA. Having been in business for more than 5 years, the brokers score is 9.26, boasting a fairly high reputation in the forex industry.

Conclusion

From this case we can see that XM, despite its good compliance record, is not completely risk free as investor still suffered from irregularities. Should you notice any similar problems when trading on this platform, keep the evidence and contact the broker immediately. If you are having difficulties reaching the broker, you can seek WikiFX‘s help by providing the key evidences, and we’ll do our best to help you recover your funds.