Forex XM broker is one of the oldest forex trading exchanges, winning the sympathy of many investors. However, there are still many people new to forex who are hesitant about choosing a broker. The article below from MForex will help you better understand the XM exchange as well as its reputation. At the same time, answers the questions of many traders about whether XM is scam or fake. From there you will know whether you should open an XM account or not.
Is the information about XM being a scam true?
There is not a single official article from the mouthpiece that XM is scam. Usually, these are false rumors from competitors, wanting to lower the reputation of the exchange.
Forex XM broker is fully licensed to operate in developed countries. At the same time, it is under the management and supervision of international agencies such as FSC, IFSC, and CySEC,… Therefore, it is impossible for XM is scam. No fraudulent organization can be licensed by internationally renowned and reputable organizations.
Sometimes the information flow about XM is scam that makes you feel scared. However, be alert to distinguish right from wrong. In the next part, MForex will analyze the reputation of the XM exchange, thereby eliminating this doubt.
>>>See more: Is XM scam or not? The truth about XM forex exchange
Is the most objective assessment of the Forex XM broker reputable?
Below are some XM trading reviews that you should be interested in:
Under the management of many reputable organizations
If a forex exchange is licensed by reputable organizations, one thing is certain: that exchange is reputable. However, nowadays many exchanges have fake licenses. Therefore, when you intend to open a trading account with that exchange, check the information about the exchange. You can visit the official website of financial institutions to check if that broker is on the licensed list.
XM is considered by experts to be extremely reputable. Because it has been licensed and managed by the following international financial organizations:
- CySEC (in Cyprus) issues license number 120/10.
- ASIC (in Australia) issued license number 443670.
- IFSC (in the UK) issued license number 60/354/TS/18.
Evaluate Forex XM broker on security criteria
Under the management of the above agencies, XM is required to comply with regulations on customer information security. Since its founding until now, XM has supported a large number of transactions and has accounts all over the globe. However, there have not been any confirmed cases of information being leaked to the outside world.
Along with that, the XM MT4 and XM MT5 platforms integrate advanced security technology. With layers of protection including username, password, and 2-step authentication. This minimizes the possibility of bad actors accessing other people’s accounts. At the same time, creates more favorable conditions for trading on accounts.
Long operating time
XM Global Limited Company officially established the Forex XM broker exchange in 2009. Up to now, it has been operating sustainably for more than 14 years and has become one of the leading forex exchanges in the market. In particular, the number of customers that XM serves has reached more than 5 million, worldwide.
14 years is not a small number, proving the reputation of XM exchange. A forex exchange operating continuously for 14 years shows the exchange’s efforts in serving customers best. At the same time, in the current economic recession trend, the XM exchange still stands firm. Can a scam exchange do that?
Multilingual, seamless customer support service
The support service at Forex XM Broker has been positively evaluated by many customers. XM has a 24/5 online customer care team, supporting transactions from Monday to Friday. Full forms such as online chat, email, and phone.
Although it is an international exchange, XM has a consulting team that speaks more than 30 languages, including Vietnamese. Therefore, investors around the world will receive the best support upon request.
In addition, XM regularly organizes seminars for investors. Held annually in many different countries through online platforms. The seminar was attended by veteran and experienced traders. The purpose is to share and guide investors to make the right decisions, thereby making profits in just a short time.
>>>See more: The most detailed instructions for login XM for traders
Are XM is a scam promotion or real?
Currently, XM Exchange has implemented many promotions and incentives for customers. Especially contests with many big prizes for the winners. Everything is true. However, some individuals do not understand how and under what conditions to participate, so they are still skeptical.
Below are some of the promotions that most people are interested in:
- Immediately deposit 100,000 virtual USD into a Demo account for beginners to practice trading.
- Bonus 30$ to newly registered account for the first time.
- Receive $35 immediately into your account for 1 successful referral of others to join the exchange.
XM review on pros and cons? Should I participate?
XM is a scam? To know whether to join XM or not, you need to understand the advantages and disadvantages of the exchange. Specifically with the XM reviews below:
Advantage
- Operating for more than 14 years, managed by large, extremely reputable organizations.
- All information is transparently disclosed on websites and social networks.
- Multilingual support in more than 30 languages, ensuring accessibility for all customers.
- Low spread, from only 0.6 pips.
- Diverse trading products, more than 1000 products, including rare currency pairs.
- With high liquidity, transactions are performed continuously.
- Flexible trading hours between countries.
- High-security policy, optimally protecting customer information and assets.
- The minimum deposit is only $5.
- Many attractive incentives for both existing XM traders and new customers.
Defect
- Leverage is not applied to stock products.
- The higher the deposit amount, the lower the XM leverage. This affects traders’ trading flexibility.
- Does not support deposit and withdrawal methods using Paypal wallet. While Paypal is a quite popular method, chosen by many Vietnamese people.
- The exchange does not trade on weekends.
- Sometimes the trading volume is so large that the exchange is overloaded. Therefore, withdrawals are a bit slower than usual.
Although there are a few limitations, with many outstanding advantages, the XM exchange still fully meets the needs of traders. Along with flexible support for trading platforms and free commissions, XM is the ideal choice for newbies.
Hopefully, through the article, MForex has helped you know whether XM is scam or reputable. Besides, clearly understand the advantages and disadvantages of the exchange and decide whether to open an account at XM or not.
If you have any questions related to the XM exchange, please leave a comment below the article. Or if you still don’t trust the exchange, please contact MForex via hotline or online chat channel for answers.
FAQ
Is it safe to deposit and withdraw money on XM?
Currently, XM allows customers to make extremely fast and safe deposits and withdrawals. Through many popular payment methods such as Internet banking, Google Pay, Skill, Webmoney, Visa/Master card,…
Normally, deposit transactions on XM are completed within a few minutes. Withdrawals may take a little longer but at the latest within 24 hours.
Is the XM exchange licensed?
Some countries do not have licensing regulations on foreign exchange trading. However, you can trade forex on the international XM platform managed by reputable international organizations.
Is the $30 bonus promotion on XM is scam?
Many people do not believe in the $30 Bonus program on XM when opening a new account. But the reality is, that this exchange is running this attractive promotion. Accounts opened for the first time will be given $30 immediately for trading, but not for direct withdrawal.
Just register and verify your account and you will immediately receive $30. Check it out for yourself!
