General Information |
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Broker Name: | XM.COM (Trading Point of Financial Instruments Ltd.) |
Broker Type: | Forex |
Country: | Australia |
Operating since year: | 2009 |
International offices: | Cyprus, Belize |
Regulation: | CySEC, FCA 120/10 |
Address: | No.5 Cork Street, Belize City, Belize, C.A. |
Broker status: | Regulated |
Customer Service | |
Phone: | +501 223-6696 |
Email: | support@xm.com |
Languages: | English, Spanish, Russian, Chinese, Arabic etc. |
Availability: | 24/5 GMT |
Trading | |
Trading Platforms: | MetaTrader 4 |
Trading platform(s) timezone: | GMT+2 |
Demo Account: | Yes |
Mobile trading: | Yes |
Web based trading: | Yes |
Bonuses: | • A $30 no deposit bonus offered to all new clients; • An instant and automatic 100% bonus upon executive level entry to the XM Loyalty Program; • A monthly opportunity to win $50,000 and gain entry to the final round of the Forex World Championship (Prizes include: $500,000 in cash prizes, and 12 rounds of $1,000,000 in prizes) |
Other trading instruments: | Forex, stock indices, oil and gold |
Account | |
Minimum deposit ($) | $5 |
Maximal leverage (1:?) | 1:888 |
Spread | Variable |
Scalping allowed | yes |
Review Contents:
- Introduction;
- Trading Account Types at XM;
- XM Trading Conditions;
- Trading Elements Offered at XM;
- Safety of Funds, Regulations, and Licenses;
- Additional Information;
- XM Review Conclusion.
Introduction: Many Assets and Strong Regulations
XM is a part of the XM group, a part of the Trading Point of Financial Instruments UK Ltd.
It was established in 2009. Since then, it managed to become one of the biggest trading firms in the industry. XM has over 1.5 million clients from 196 countries. They pride themselves on being fair, understanding, and big. Furthermore, they provide many elements that have become useful to traders.
This XM review will analyze all of the advantages and disadvantages of the broker. We urge you to read the full review before you trade with XM. It is always important to gather much information about any broker before investing money with them. Thus, we hope this review will help you make the right decision.
Trading Account Types at XM
XM global limited offers four account types to traders. See the full list of their features below.
Micro Account
- Base currency options: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR
- Contract size: 1 lot=1,000
- Maximum leverage: 1:888
- Negative balance protection: Yes
- Average Spread on all majors: From 1 pip
- Commission: None
- Minimum trade volume: 0.01 on MT4, 0.1 on MT5
- Trading bonuses: Yes
- No deposit bonuses: No
- Islamic account: Optional
- Minimum deposit: $5
Standard Account
- Base currency options: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR
- Contract size: 1 lot=100,000
- Maximum leverage: 1:888
- Negative balance protection: Yes
- Average Spread on all majors: From 1 pip
- Commission: None
- Minimum trade volume: 0.01 Lots
- Trading bonuses: Yes
- No deposit bonuses: No
- Islamic account: Optional
- Minimum deposit: $5
XM Ultra-Low Account
- Base currency options: USD, EUR, GBP, AUD, SGD, ZAR
- Contract size: 1 lot=100,000 or 1 lot=1,000
- Maximum leverage: 1:888
- Negative balance protection: Yes
- Average Spread on all majors: From 0.6 pip
- Commission: None
- Minimum trade volume: 0.01 Lots or 0.1 lots
- Trading bonuses: No
- No deposit bonuses: Yes
- Islamic account: Optional
- Minimum deposit: $50
Shares Account
- Base currency options: USD
- Contract size: 1 share
- Maximum leverage: None
- Negative balance protection: Yes
- Average Spread on all majors: Varies
- Commission: Yes
- Minimum trade volume: 1 Lot
- Trading bonuses: No
- No deposit bonuses: No
- Islamic account: Optional
- Minimum deposit: $10,000
Trading Conditions at XM
XM has been in the industry for a decade. They have developed enough experience. Thus, they have the right tools to provide to their traders. We’ll start our XM trading review by looking at the conditions that most relate to forex markets. The broker offers over 1000 trading instruments and spreads as low as 0.6 pips, leverage of up to 1:888. On top of that, XM has very generous bonuses of up to $5000.
The leverage varies on the deposit, available funds on the account, and trading size. See the list below:
- 1:1 to 1:888 for $5-20,000
- 1:1 to 1:200 for $20,001-100,000
- And 1:1 to 1:100 for $100,001 and more
It is great that XM gives an option to choose your own leverage. Nevertheless, leverage only lowers with large amounts of deposits. Higher leverage involves much higher risk, so it makes sense why it is higher for lower deposits. XM wants to protect its users from losing too much money at once. Thus it offers 1:100 maximum leverage of $100,000 or more.
The spreads are average for the industry. Though the lowest available spread is 0.6 pips, it is still not good enough for the industry, especially that the lowest spread is on the micro account.
The minimum deposits are shallow. $5 to open a live account is more than what traders could ask for. In fact, this makes XM a great broker for beginners.
XM offers both MT4 and MT5 platforms to the users. You can download either one of the platforms on your mobile, desktop or trade from the web. The advantages of both platforms are that they are versatile, provide charting analytics, expert advisors, and more.
Overall, the trading conditions at XM are good. However, there are some drawbacks. Such as having high leverage on small deposits. But overall, the specs offered to outweigh the disadvantages.
Review of Trading Elements Offered at XM
XM offers over 55 currencies to trade. They have major, minor, and some exotic currency pairs. Additionally, XM offers five cryptocurrencies, including Bitcoin, Litecoin, and Ethereum. Their CFDs are vast, offering over 940 options such as precious metals, oils, stocks, and more. As we said earlier in our XM review, their asset selection is quite formidable.
The options for tradable financial instruments are pretty good. Though the currency list is comparably short to other brokers, it still offers all the basic pairs. The CFD list is large, giving you a chance to dabble into whichever commodity or stocks you want. It is also great that XM offers cryptocurrencies since we have come across many brokers who do not. As crypto continues to become more popular daily, it is essential to have an option to trade it.
Safety of Funds, Regulations, and Licenses at XM
XM prides itself on its regulations. They are active in many different countries and have strong licenses to prove their trustworthiness to their users.
ASIC regulates XM with license number 443670. Another branch, Trading Point of Financial Instruments Ltd, is under CySEC 120/10. The broker has further regulation by International Financial Services Commission with the number IFSC/60/354/TS/18. Lastly, we have FCA under 705428.
ASIC is the regulating financial institution in Australia. They are strict and demanding. The fact that ASIC regulates XM is definitely reassuring.
Next, IFSC is also quite important in global regulations. They are relatively new to the market but still provide strict regulations.
CySEC is not seen as the most trustworthy regulator, as they are offshore. Still, the watchdog regulates many great brokers. In the end, it depends on the broker itself to prove users their trustworthiness.
FCA is one of the toughest regulators in the world. Receiving their regulation is hard, as there are many requirements. As such, seeing FCA on the list of XM regulators is definitely a hugely positive sign.
Overall, we consider XM to be a well-regulated broker. We believe them to be trustworthy. Your funds are guaranteed to be safe with XM.
Additional Information About XM
The XM website is overly simplified, which comes in handy when looking for any information about the broker. Their menu lists everything without having to open any dropdowns. The website is available in a good amount of languages. The options include English, Malaysian, Chinese, Greek, Russian, Indonesian, French, Italian, German, Polish, Arab, Spanish, Korean, Portuguese, Vietnamese, and more. We are happy to see XM including so many cultures in their user base.
The customer service at XM has won multiple awards. They provide help in fourteen languages. You can get in touch with customer support via telephone or email. They are available 24 hours during trading days. Their live chat does not pop up on the homepage; you have to go to the menu and find it. Once you click the tab, the chat will pop up at the window’s end, leading you to a representative.
XM provides a large list of educational content, with some of the best materials to offer in the industry. They have beginners, intermediate and professional levels. That’s a big boost for our XM broker review since it helps users a ton. Whichever type of trader you are, you will definitely benefit from their courses and ebooks. They are easy to find on their website. Everything is listed on the menu.
The Payment options are inclusive to many countries, and XM keeps updating its options. They offer:
- Credit/Debit cards
- Bank wires
- E-wallets
They recently added more e-wallet options, such as Moneta, Qiwi, Cashu, Abaqoos, Przelewy24, GiroPay, and FasaPay. They have no fees for transfers unless it involves international bank wires. The e-wallets vary depending on the bank itself, but XM does not add any additional charges.
XM Review: Customer Service
Another thing we’d like to mention in our XM review is the broker’s excellent customer support.
Online Support
Working hours: 24/5 GMT
Live Chat
support@xm.com
Phone Support
Working hours: 24/5 GMT
+501 223-6696
XM Broker Review Summary: Is it Good?
At the end of this XM review, we have to state that we are quite satisfied with XM. They have high security and regulations, due to which we consider XM to be a trustworthy broker. We consider the safety of funds to be one of the most important aspects of trading. As seen, XM seems to provide the highest level of security possible.
They provide a good amount of options for account types. Whether you wish to develop demo and novice XM zero accounts or trade professionally, you receive good benefits. We would also like to mention their bonuses which include:
- No deposit bonus for specific XM zero accounts
- Welcome bonus for all XM zero accounts
- Loyalty programs
- Special seasonal bonuses
It is great to see brokers reward their users from the get-go. Loyal users receive many benefits which give you tradable points. The welcome bonus is equal to a 100% match for up to $5,000. Furthermore, the no deposit bonus is $30 and can be used immediately upon registration.
Overall, we are happy with XM. We think they might be worth your time, especially if you want to develop your knowledge thoroughly with educational materials. They provide good tools for traders. Because of that, we think you will be satisfied with what you receive.
General considerations
Thus, you see that XM is providing a wide range of possibilities for trading. Moreover, you can choose your own leverage. Nevertheless, leverage only lowers with large amounts of deposits. Thus, higher leverage involves much higher risk. XM is concerned about protecting users from losing too much money at once.
As we already said in our xm.com review, the minimum deposits at XM are shallow. You can open $5 to open a live account. Thus, XM is a perfect broker for beginners as well.
Moreover, the XM is offering over 55 currencies to trade. They have some exotic, minor, and major pairs. XM is also offering five cryptocurrencies, including Ethereum, Litecoin, and Bitcoin. The broker offers over 940 options such as precious metals, stocks, oils, and more. As such, their CFDs are vast.
The XM website is straightforward. When looking for any information about the broker, that can be very handy and useful. The website is also available in various languages. The languages include Vietnamese, Indonesian, Russian, Greek, Chinese, Malaysian, English, etc.
At XM, the service of customers has won multiple awards. They are providing help in fourteen languages. Moreover, via email or telephone, you can get in touch with customer support. They are available during the forex trading days 24 hours.
It would be best to find the live chat in the menu, as it does not pop up on the homepage. Thus, the chat will pop at the end of the window once you click the tab.
Bottom line – regulations and safety
As we said earlier in our XM review, the broker also XM has regulations and high security. As such, XM is considered to be a trustworthy broker. One of the most important aspects is the safety of funds. Thus, XM provides that aspect: the highest amount of security possible.
Lastly, if you want to develop your knowledge with educational materials, then XM is the right choice for you. Good luck!
XM Review
Name: XM
Description: Since 2009 XM managed to become one of the biggest trading firms in the industry. It has over 1.5 million clients from 196 countries. They provide many elements that become useful to traders. They have high security and regulations, due to which we consider XM to be a trustworthy broker. Moreover, the XM is offering over 55 currencies to trade. They have some exotic, minor, and major pairs. XM is also offering five cryptocurrencies, including Ethereum, Litecoin, and Bitcoin. The broker offers over 940 options such as precious metals, stocks, oils, and more. As such, their CFDs are vast.
Overall
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Support
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Platform
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Spread
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Trading Instrument
Bad broker
They hand up on me on topics of withdrawals but are very prompt on deposits. Bad broker.
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Poor trading company
Poor trading company. They do not approve withdrawal requests.
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Rude
Rude brokers and customer service. They are just after your money.
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Poor customer service
I am very disappointed with their customer service. Aside from the long wait time, they sounded unamused and a bit rude.
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Worst broker
Worst forex broker I have seen. They can’t even give me decent profit and troubled me in processing withdrawals.
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Slow withdrawals
I have used their services for several months, slow withdrawals.
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Nonsense broker signals
Nonsense broker signals. They come up with market movement analysis that are really not good at all.
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Bad broker
Not a good trading broker. They never pay a profit.
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Slow withdrawals
Slow withdrawals. It took them almost a month. Had so many follow ups.
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Lose huge money
I have lost huge money. I regret using their signals and services.
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Worst signals
The worst decision I have ever made is to trade with this broker. The signals are really the worst.
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Bad company
I got a cold call from this company. People are very arrogant. Have forced me to provide bank details over the phone.
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Poor services
Poor broker service. Do not trade with them.
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Worst broker
Not a bad broker, but worst. They approved all my withdrawal requests.
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Poor services
Poor services. trade with other brokers, not with them.
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Inaccurate signals
Not an ideal trading broker. The signals are inaccurate.
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Scammers
Notorious scammers. Avoid dealing with them.
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Weak broker signals
I am happy with the trading terms but not with the trading profits as if signals are weak.
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Bad broker service
Bad broker service. Very manipulative and do not listen to client concerns.
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Lost so much money on this
I advise everyone to take the time to read reviews prior to trading. I have traded with this broker and have lost so much money.
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Lose huge money
I have lose huge money. I regret using their signals and services.
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Bad broker
I had hard time requesting for withdrawal. Bad trading broker.
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Pricey trading instruments
Trading with them is too pricey. I am not going to deal with them again.
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Delayed withdrawals
I experienced great delays in the withdrawal process. It does not happen once but all the time.
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Scammers
Notorious scammers. Avoid dealing with them.
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Scammers
Scammers! Do not invest money here.
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Delayed responses
Delayed responses from customer service. Sometimes they don’t even reply at all.
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Do not deal with them
Do not deal with this broker. After doing some research I feel like what they have are plain cheating and not genuine forex trading.
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Poor forex broker
I have so much stress dealing with this broker. Customer services had a hard time understanding concerns and can’t communicate well. Signals are poor and withdrawal is very slow.
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Lose huge money
I have lose huge money. I regret using their signals and services.
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Lose huge money
I have lose huge money. I regret using their signals and services.
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Worst signals
The worst decision I have ever made is to trade with this broker. The signals are really the worst.
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Not worth trading with
They are good at convincing people to add more money. But not really worth trading with.
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Unable to withdraw
I have traded with this broker and I can confirm that once you deposit your money, you will not gonna be able to withdraw anything.
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Rude customer service
Rude customer service. They are very disrespectful.
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Poor signals
Poor trading signals. I have just wasted my money and time.
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Do not trust
Do not trust them. Dishonest brokers.
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Lose huge money
I have lost huge money. I regret using their signals and services.
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Scammers
Scammers! Do not invest money here.
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Poor broker performance
Poor broker performance. It is just a waste of money and time to trade with them.
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Bad broker
Don’t fall for their trading offers. It’s a trap, all they want from you is your money.
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Worst company
One of the worst broker companies, They do not honor their words.
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Do not trade with them
Save yourself from losing money. Do not be enticed by this broker’s offers. Do not trade with them.
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Poor signals
Poor signals and bad customer service. Find a better broker, do not deal with this.
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Slow withdrawals
Very slow withdrawal process. I have waited too long enough.
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Slow withdrawals
I have used their services for several months, with slow withdrawals.
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Slow withdrawals
Very slow withdrawal process. I have waited too long enough.
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Not worth it
Not worth my money and time. I have spent so much but the profit isn’t really that good.
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As if there is manipulation
I notice that there is manipulation on market movements and trading charts. As if nothing is real and all I can see are fake. I closed my account right away before losses becomes worst. If you wish to deal with them be careful and observe.
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Hassled withdrawals
I experience so much hassle on their withdrawal process and so I decided to just stop trading with the. It happens not just once but it happens on all of my withdrawals.
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Not recommended
Worst broker company to deal with. Not recommended.
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Bad broker
Not a good trading broker. They never pay a profit.
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Worst broker
Worst trading brokers. Avoid trading with them. I had nothing but losses.
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Not recommended
The big trading company but poor broker performance. Not a recommended trading broker.
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Slow withdrawals
Very slow withdrawal process. I have waited too long enough.
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Avoid them
Avoid this broker by all means. They are not regulated.
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Weak broker signals
I am happy with the trading terms but not with the trading profits as if signals are weak.
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Scammers
Notorious scammers. Avoid dealing with them.
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Bad customer service
Non-existent customer service. It is really very difficult to call them and they don’t even respond to messages.
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Poor trading services
Poor trading services. Signals are not profitable and customer service are very unresponsive.
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Poor trading service
Poor trading services. I have used this broker service for a month and I never got any refund. I have observed signals are most of the time against the market movements.
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Bad company
I got a cold call from this company. People are very arrogant. Have forced me to provide bank details over the phone.
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Slow withdrawals
Stay away from this trading broker. Withdrawals are really slow.
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Slow responses
Slow responses from them caused me so much trouble. I even had losses because of slow responses.
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Unresponsive
Unresponsive customer services. They never reply to chats and email and it is so difficult to contact them by phone.
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Do not pay profit
They do not pay a profit. They have to change terms which obviously is their way to block withdrawals.
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Inconvenient
Inconvenient to trade with, they are very difficult to contact and are very unresponsive on emails and chats.
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Unable to withdraw
I have traded with this broker and I can confirm that once you deposit your money, you will not gonna be able to withdraw anything.
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Slow withdrawals
Slow withdrawals. It took them almost a month. Had so many follow-ups.
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Scammers
Stay away from them. They are goons and scammers.
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Lost so much money on this
I advise everyone to take the time to read reviews prior to trading. I have traded with this broker and have lost so much money.
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Scammers
Scammers! Do not invest money here.
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Delayed withdrawals
I experienced great delays in the withdrawal process. It does not happen once but all the time.
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Slow
Slow customer service and withdrawals. Not trading here again
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Do not trade here
Do not trade here. They do not approve withdrawals no matter what.
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Slow withdrawals
I have used their services for several months, with slow withdrawals.
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Bad company
Bad company, unprofessional people, and the worst services. Avoid trading with them.
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Inaccurate signals
Not an ideal trading broker. The signals are inaccurate.
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Inconvenient
Inconvenient to trade with, they are very difficult to contact and are very unresponsive on emails and chats.
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Inefficient broker
I do not recommend trading with this broker. Very inefficient.
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Worst services
Services are becoming worst as days pass by. I am not recommending this broker at all.
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Worst signals
The worst decission I have ever made is to trade with this broker. Signals are really worst.
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Bad broker service
Bad broker service. Very manipulative and do not listen to client concerns.
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Annoying withdrawal
Very annoying withdrawal process. They ask for so many documents.
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Bad services
Bad services. Do not use this broker service.
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Slow withdrawals
Very slow withdrawal process. I have waited too long enough.
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Do not approve withdrawals
It is not a good idea to invest money here. They will never approve withdrawal requests.
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Beware
Beware their offers. There is always a catch.
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Do not trade here
Do not trade here. They do not approve withdrawals no matter what.
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Poor customer service
I am very disappointed with their customer service. Aside from the long wait time, they sounded unamused and a bit rude.
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Worst broker
Worst forex broker I have seen. They can’t even give me decent profit and troubled me in processing withdrawals.
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Got so many losses
They have fooled me to deposit more. I could have cut my losses if I stopped trading earlier.
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Nonsense broker signals
Nonsense broker signals. They come up with market movement analysis that are really not good at all.
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Bad mannered
Bad-mannered brokers and customer service will always treat you badly. Sarcastic and arrogant.
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Bad services
Bad trading services. They do not process withdrawals and ignore you after the deposit stage.
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Pricey trading instruments
Trading with them is too pricey. I am not going to deal with them again.
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Poor broker performance
Poor broker performance. As if they are not real brokers, they are not well-versed in online trading.
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Inaccurate signals
Not an ideal trading broker. The signals are inaccurate.
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Lose all my money
I am now facing so much misery because of this trading company. I have traded with them and lost all my money.
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Poor broker performance
Poor broker performance. As if they are not real brokers, they are not well-versed in online trading.
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Do not trade with them
Save yourself from losing money. Do not be enticed by these broker offers. Do not trade with them.
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Poor trading results
I thought I can get the best trading services here since they are a big broker company. However, I get so many losses, poor trading results.
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Not worth it
Not worth my money and time. I did not gain profit from trading with this broker.
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Scammers
Notorious scammers. Avoid dealing with them.
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Poor trading signals
I go crazy with the signals. I get consecutive losses and I wonder why. I had to stop trading with them before losses worsen.
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Not legit
Not a good idea to trade with them. They are not legit brokers.
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Pricey trading instruments
Trading with them is too pricey. I am not going to deal with them again.
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Worst trading experience
I had the worst nightmares because of them. I deposited money hoping to get good returns and unfortunately, I did not get anything from them. I lose all my money instead and am now facing so many problems.
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Scammers
Scammers! Do not invest money here.
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Slow withdrawals
Very slow in terms of withdrawals and execution. Some latencies cause me so much trouble.
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Nonsense
Do not waste your money and time on this nonsense.
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Unprofitable signals
Unprofitable trading signals. I am not happy with the services either.
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Bad people
Bad people. Give me my money back.
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Rude and unprofessional
Rude and unprofessional. That is how they deal with me right after depositing my money. I felt like they are just after deposits and are not really meant to help on the whole trading process.
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Slow withdrawals
Very slow in terms of withdrawals and execution. Some latencies cause me so much trouble.
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Poor customer service
Poor customer service. They can not assist me in my trading needs and can not seem to understand English fully.
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Delayed withdrawals
Delayed withdrawals are my reasoning for quitting. I don’t think they are good brokers to deal with.
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Worst services
Worst trading service I have ever used. Slow withdrawals and poor signals.
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Worst company
Worst company to deal with. Been there, avoid them.
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Not recommended
Not a good deal. Not recommended to anyone.
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Bad services
Bad services. DO not trade with them.
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Unregulated and unprofitable
Keep yourself away from this broker, they are not regulated and they do not pay a profit.
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Do not deal with them
Funny how these people believe that they can get bank details over the phone. Do not provide anything when they called.
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Poor company
Poor company. Do not deal with them.
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Pathetic behavior
Pathetic behavior. They sounded so arrogant and aggressive force to get bank account info over the phone.
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Worst services
Worst services. Do not trade with them.
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Do not deal with them
Do not trade with this broker. They are difficult to deal with when it comes to withdrawals.
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Hassled withdrawals
I experience so much hassle in their withdrawal process and so I decided to just stop trading with them. It happens not just once but it happens on all of my withdrawals.
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Slow withdrawals
Slow withdrawals and slow customer service response. I am really annoyed with all of the delays I have experienced from this broker.
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Poor broker service
Poor broker services. Do not deal with them.
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Do not invest here
Do not invest money here. They will do all possible ways to reject withdrawal requests.
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Poor customer service
Poor customer service. They seem so clueless about their services.
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Extremely worst
Extremely worst experience. They were able to convince me to add more money and sadly I lose all overnight.
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Pricey trading instruments
Trading with them is too pricey. I am not going to deal with them again.
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Got so many losses
They have fooled me to deposit for more. I could have cut my losses if I stopped trading earlier.
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Got so many losses
They have fooled me to deposit for more. I could have cut my losses if I stopped trading earlier.
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Don't deal with them
They freeze my money and accused me of violations I never made. Don’t deal with them.
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Do not trade
Worst customer service and slow withdrawals. Do not trade with them.
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Rubbish broker service
Rubbish customer service and poor trading signals. I felt like they are not really experiencing brokers.
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Inaccurate signals
Will never trade with them again. Signals aren’t accurate and not profitable as well.
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Pricey trading instruments
Trading with them is too pricey. I am not going to deal with them again.
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Poor trading results
I thought I can get the best trading services here since they are a big broker company. However, I get so many losses, poor trading results.
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Pricey trading instruments
Trading with them is too pricey. I am not going to deal with them again.
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Poor customer service
Poor customer service. They can not assist me in my trading needs and can not seem to understand English fully.
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Poor services
Poor services. Not a good broker to deal with.
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Pricey trading instruments
Trading with them is too pricey. I am not going to deal with them again.
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Sluggish services
Sluggish services and withdrawals. Not worth my money and time.
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Pricey trading instruments
Trading with them is too pricey. I am not going to deal with them again.
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Delayed withdrawals
Delayed withdrawals. They do not process withdrawals promptly. Even if I comply with all of the requirements, I still have great delays on withdrawals.
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Unable to withdraw
I regret trading with this broker. I was not able to withdraw money from them.
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Pricey trading instruments
Trading with them is too pricey. I am not going to deal with them again.
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Unreliable
Unreliable trading signals and services to trade with. I’d rather trade on my own.
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Poor broker performance
Poor broker performance. Can’t remember getting anything good from the trades.
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Pricey trading instruments
Trading with them is too pricey. I am not going to deal with them again.
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Stay away
Stay away from them. They will lure you and will never let you withdraw.
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Unable to withdraw