XM Trading provides trading services to Japanese users. Therefore, most of the users are Japanese, but foreign users are also using XM. So, I tried to gather what kind of opinions foreign users have.
XM company profile
XM actually has three companies. If you search online, you should find three hits: XM.com, XMtrading.com, and XMGlobal. The parent company of these three is the same “Trading Point Holdings Ltd”, but they use different domains (company) depending on the country they provide.
XM account type
XM has four types of accounts: “Standard account”, “Micro account”, “KIWAMI pole account” and “Zero account”.
Distribution of XM registered users by country and region
I quoted from TradersUnion, a global trade review site. The country distribution of XM users is shown below. TradersUnion is a review site for forex companies and cryptocurrency exchanges. There are many reviews posted by users all over the world, so it is helpful, but it is better to keep it as a reference because there is fake information.
In the case of XM, there are a lot of Thai users. Overall, you can see that there are a lot of users in Southeast Asia, Southern Africa, and Central and South America. I have the impression that XM has succeeded in attracting customers because it will become one of the top Forex companies in the world.
Source : TradersUnion
On the other hand, in the case of XM Trading, Japanese users account for nearly 99%. In addition, it is clear that Thais, Koreans, and Americans are using this XM.
Source : TradersUnion
Reviews and reputation of foreign users
So what are the opinions of the few foreigners who use XM? Their opinions are drawn from TradersUnion word of mouth and reputation.
I get the impression that XM has a very cold response to users who don’t have much money. I have a user complaining about support.
The attitude towards clients with a small deposit is bad, I had to study everything myself, they told me so in the support – replenish the account with a decent amount and the attitude towards you will be different, but they themselves …. In communication, they use methods of manipulating people.Source : XMTrading Review 2023: Pros, Cons and Key Features (tradersunion.com)
Some users are dissatisfied with XMtrading’s slow withdrawal process. Especially in the case of bank remittance, it depends on the business days of the bank, so please be aware that there is a possibility that the remittance will be delayed.
I have been waiting for a month for the withdrawal of funds, the company sends replies, does not provide payment orders for the transfer and does not specify the timing of the transfer of funds! Sheer deception! Never contact them and warn all traders you know! They do not fulfill contractual obligations! Taking money!Source : XMTrading Review 2023: Pros, Cons and Key Features (tradersunion.com)
On the other hand, some users were very satisfied with the quality of support. This user appreciates the 24-hour support system very much and appreciates the fact that they are available at any time.
Immediately noticed that this broker strives to please both experienced traders and beginners. I am just starting to trade, so having a demo and a cent account is a priority for me. It is for this reason that I chose XMTrading. I was able to trade micro lots after depositing $5 into my account. Spreads are floating here, no additional commissions have been found yet. The 24/7 live chat support is very helpful. I turn to her for the slightest reason, they always answer. Due to gaps in theory and practice, not everything is OK for me yet – basically I close deals in the red. You still need to learn more, but for this you will have to rummage through other sites, because XMTrading does not have training. Perhaps at this time I will copy trades.Source : XMTrading Review 2023: Pros, Cons and Key Features (tradersunion.com)
Apparently, some users who were actually trading had their accounts blocked. XM has prohibited items, so if you violate it, your account may be frozen.
My account was blocked at XMTrading. An email was sent stating that I allegedly violate the Terms and Conditions of Business. Here is the text of the letter:Source : XMTrading Review 2023: Pros, Cons and Key Features (tradersunion.com)
Pursuant to our Terms and Conditions of Business, please consider this email as our official notice for the termination of our business relationship. Please note that your trading account will be temporarily suspended for the next seven (7) calendar days and then permanently disabled.
Some users who were dissatisfied with XMtrading gave up on XM and moved to other brokers.
I am totally disappointed with XM Trading. They give a very different worse price compared to other platforms and brokers. Due to this irregular behavior and price movement, my positions were closed, which disrupted my day and threw me completely off balance. Now I am convinced that maybe I should look for another broker.Source : XMTrading Review 2023: Pros, Cons and Key Features (tradersunion.com)
I found a post that XM is depriving users who have made a lot of money. However, since Japanese users have never heard of such cases, there is a possibility that it is false information.
I was with XMTrading few years. They were very good as far as I was making losses in my trading account. As soon as I started to make consistent profits, they suspended my account and feezed all funds.Source : XMTrading Review 2023: Pros, Cons and Key Features (tradersunion.com)
Open a free account
XM Trading allows you to open an account for free. Therefore, there is no risk, so you can easily open an account. The following article introduces how to open an account, so please refer to it.