Is XM really a "SCAM"?

Hey ! I’ve tried demo trading now I’m willing to start trading with real money. Since I’m a scalper I decided to choose a broker with low spread and that also offers Islamic accounts so I found FOREX.COM and XM but XM may be a good option because they have lower spreads than FOREX.COM
After a research I also found that many people in other forums and online saying that XM is a scam and they don’t give withdrawals …
Now I need someone That is working/used to work with XM to tell me if what I heard about it is real or no
Thanks in advance ! :smiley:

For me, XM is good. I don’t have any problems with deposits and withdrawals.
I just withdraw money today, it’s no problems.


ive just started using xm, can you tell me more about the withdrawals procedure, something about you can only withdraw your deposit and then you have to use e-wallet?

XM might not be a scam, but they are very aggressive. They act like a market maker that frowns at you when you make profit. Thread wisely

1 Like

Maybe its not a scam but when you make profits and you are on positive balance for them they close your account without any explanation! the did to me twice

any more information? how exactly did they close your account?

Hi! you can check out what traders are saying on other threads here.

We are writing in connection with your accounts no. 52120850 with XM.

As per the relevant section of our Terms and Conditions of Business, please consider this email as our official notice for the termination of our business relationship.

In view of the above, you are kindly requested to close any open positions you have in your trading accounts by Wednesday 30/09/2020, 8:00 AM GMT+ 3 at the latest. Any positions in your Account(s) that are still open at that time will be liquidated automatically at prevailing market prices and your account(s) will be closed.

In this respect, please submit a withdrawal of remaining balance from your Members Area.

Kind Regards,

XM Team

Like this without any explanations

That is why I quit my job at XM back in May 2014…What they are doing is legal as a market maker like Oanda…but some of the practices are unethical I would say…for example spiking up/down spreads more than the market average to kill orders…Oanda at least don’t do this…and you experienced it yourself.

XM is definitely not a scam. It’s a licensed forex broker, with a multilingual support system for its clients. Its biggest disadvantage however is that it offers trading CFDs, cryptos and forex only for Europeans.