Broker-swindler XM: fresh review and customer feedback

• Categories: Forex

Unique review of the Forex broker XM from an experienced copywriter

The broker XM positions itself as an information center that helps to develop and earn in the field of crypto trading. The platform offers trading education and access to fresh analyses of financial markets. However, outside the xm.com portal, the broker’s reputation leaves much to be desired. Should you trust the Forex broker XM? We will conduct a detailed analysis.

Review of XM contact details: where to find a scammer?

Prior to collaborating with any brokerage company, it is crucial to ensure its honesty and transparency. Accurate information on location and correct contact numbers are the first signs of any financial organization.

The main website of the crypto-broker XM does not provide sufficient information about its own location. For example, here is how the address is described:

XM Global states that their office is located at 36, Makariou & Agias Elenis, Galaxias Building, 5th floor, Office 502, 1061, Nicosia, Cyprus.

This address is real but not associated with the XM broker. It is a government institution called “Citizens Service Center” at that location.

We called the specified center number +357 22 419191. It became clear from the conversation that no third-party companies operate there. It is a government institution providing services only to residents of Cyprus.

Company’s legal address: Central America, Belize, Cork Street 5.

Under US laws, any firm with the appropriate license can act as a Forex broker XM. However, the specific licensing company is not disclosed.

There are no legal or advocacy organizations at this address, indicating the dubious nature of the Forex broker XM.

The xm.com website lists awards and accolades.

It is worth noting that awards such as “Best Support”, “Best Customer Service in The World” do not exist. Apparently, the crypto-broker XM plays on the emotions of its clients.

Fake documents from XM scammers: a breakdown of the agreement

The client agreement of the crypto-broker XM stands out for its thoroughness.

Clause 42.1

Interpretation:

“We reserve the right at our own discretion to refuse to execute a transaction if any of the following conditions occur:

• the market is closed for trading,
• funds in the account do not cover the transaction (taking into account all commissions, fees, taxes, and additional amounts required besides the current price of the instrument(s))
• limits exceeded,
• suspicions of fraud,
• force majeure circumstances,
• breach of agreement,
• assumption of the non-genuineness of the transaction”.

Analysis:

The Forex broker XM has the ability to terminate, cancel, or freeze a transaction at its own discretion, even after it has been opened. The company may withhold your funds if it suspects you of fraud.

Clause 66.5

Interpretation:

“Upon refund, we reserve the right (but not the obligation) to transfer funds in the same payment method they were received. We are also entitled to:

• refuse withdrawal through certain methods,
• suggest an alternative withdrawal method,
• request additional documents in accordance with international standards.”

Analysis:

This means that XM may refuse your funds withdrawal due to the lack of necessary documents, which could lead to the loss of all funds. Many scammers exploit such schemes to delay withdrawals and zero out accounts.

Internet opinions about XM broker: analysis and conclusions

We provide you with reviews of the Forex broker XM left by former clients and partners.

Dmitri – user of the website www.xm.com:

“This company intentionally does not pay out money as it is on the verge of bankruptcy. Traders started withdrawing funds after the MT4 shutdown, but XM delays the process due to a lack of their own funds. The best way to deal with XM scammers is to contact the payment systems serving them”.

Review from a user named “slivlin”:

“I invested over $3,000 expecting to make a profit, but the brokers used my funds against me. They manipulate the chart for their benefit, making it impossible for ordinary people to earn in XM. The invested funds do not go into the market but remain with the broker. XM is a scam that no one influences”.

Conclusion: recommendations for cooperation with Forex broker XM

XM Pros:

• educational center with video tutorials,
• news portal on cryptocurrencies.

XM Cons:

• spreading inaccurate information,
• hidden actual location,
• poor customer support,
• bad online reputation,
• fake awards and certificates,
• withdrawal issues.

We strongly advise against collaborating with the crypto-broker XM. The firm operates to the detriment of its own clients, with the sole aim of extracting your money. More and more people online share stories of losing large sums due to XM. If you deposit with XM, the likelihood of getting it back is extremely low. Be vigilant!