Demo Account Guide
Demo Account Guide
R

Is XM Broker Safe?


Gabriella

Feb 4 2020 06:42


Daniel Robson

Feb 5 2020 02:53

Hi Gabriella,
XM broker has regulated by FCA, ASIC, and IFSC. So, I think XM is a trusted broker. 


Jhon Lee

Feb 6 2020 06:40

How come I lost a lot of profit. Initially, I already made a 200% profit from my capital, but after making more entries it ran out directly. Please help.


Daniel Robson

Feb 7 2020 07:02

Hi Jhon Lee, From my observations, XM is still quite good. I never find a complaint about cheating or unfair pricing. To assess whether the broker is fair, it should be equipped with strong evidence such as screenshots, accounts, and transactions. For example from your case, each profit reaches 200%, try to take a screenshot of your accounts' ID, trade positions, and charts. This is done to see the loss is purely a transaction, or due to broker interference.


Jhon Lee

Feb 8 2020 01:58

Thanks for your response, here is I attached my screenshot. 

screenshot

 


Daniel Robson

Feb 12 2020 02:20

Hi Jhon Lee,
The proof that you attached is not strong and clear enough. You have to give more specific proof about the XM broker fraud with clear evidence. I am not trying to defend XM, I just want to make it clear. As a guide, let me give you examples of specific evidence guidelines. This is a true story that happened to one of my friends. Broker's cheating is chart manipulation when there is big news. The evidence attached is following bellow:

  • a graphic screenshot is taken from the broker he is using. In the graph, there is a sign where the long shadow manipulation is.
  • a graphic screenshot contains the same pair and time frame in 3 different brokers.
  • a screenshot of the transaction before being manipulated (complete with its SL position)
  • a screenshot of the transaction after being manipulated (loss hit SL)

He explained that the long positions he took previously are taken at a certain price. However, when the news came out, his position hits SL due to the long lower shadow. After he compared with his friend's chart, it turned out that the shadow that occurred was not as long as his friend's broker, there was a difference of about 25 pips more.

I think you losses after 200% profit, it can be caused by various causes, including:

  • personal entry error
  • requote overtrading is subject to a large slippage gap
  • chart manipulation
  • SL has not been hit but the transaction has been closed

Thank you!