XM market claims that it has been in the market for a very long time, but we as a team of researchers hardly think so. The scam broker mentions many awards on its home page, but the jury’s authenticity is a questionable state.
Let us read about the scam broker more in this review.
XM market: Account types
The broker provides more than three trading accounts, all having one single aim to confuse the trader and then choose the account with the maximum profit options for the broker, not the novice.
The leverage decreases as the trader try to build up in the market, and in one of the accounts, the broker does not provide any leverage. This barrs the trader from accessing more of the market.
No leverage is something new, even for the scam brokers that we have come across till now. None of the legitimate brokers will come forward with the concept of no leverage.
This simply means that the broker does not trust the trader much and is sceptical about the fact that it will make the right trades.
In one of the accounts, the broker does not provide any protection from negative balance, neither dos it allows the trader to use that account for hedging purposes.
The minimum balance for that account is kept at ten thousand dollars. That is a lot to ask for, under the heading “minimum balance”. This amount is what a trader aims at making in the first few months of trading.
The broker does not think twice before asking for the trader’s hard-earned money and add it to the liquidity numbers. This is a scam practice and such brokers should not be entertained any further.
Tradable assets:
A lot of forex trading depends on the lot sizes a trader chooses, and most of the times these lots are of a fixed size. The scam broker XM plays round the lot sizes of the pre-defined lots and confuses the traders and ensures that the trader makes the wrong decision.
Apart from this, the broker claims that it offers more than a thousand tradable assets, but nothing can be seen on the website that supports this claim even slightly. What we could see, was a failed attempt to lure in the novice trader and mind tricks that force the trader to do what the broker says.
This is a scam practice and the broker does not make any sense in doing al this. After all, at a point in time, there will be associated traders in the firm who will know what is going on and they will expose the broker.
Stocks are traded, but they have a constraint that they can only be traded with CFDs. This is again, a scam practice. Trading with CFDs can be very risky and the broker knows this very well but still, promotes the trading practice to the novice. The people who know either little or nothing about trading are the target population of such scam brokers as they do not ask a lot of questions.
XM market also does not talk about cryptocurrency trading. The crypto market has seen a lot of turbulence in the past few days. BTC has seen the ups and downs, so has dogecoin when Elon Musk and Snoop Dogg joined forces to make the coin shine even more. Again, the broker knows all this but does not tell the traders to trade with the cryptocurrencies.
XM market: Trading platforms
The broker claims that it provides more than fifteen platforms to trade for its users but all of them are different versions of MT4 and MT5 for PC, desktop and android.
The fact that MT4 is an older version of the platform and should be immediately taken down is completely ignored by the broker. The older versions encounter some problems and the latest versions eliminate all of those problems, that is why versions exist. The older version of a trading platform cannot be trusted because it might fail to provide important signals and also give the trader sudden freezes. A frozen platform is the worst thing that a trader can see. It completely obliterates any possibility for a trader that can earn him any profit. The scam broker ensures that the trader is prone to wrong trades so that it can more and more money from them.
Education and research:
The broker does not provide any type of education material that can be even of a slight use for the trader. This is more than a scam practice.
Here, the broker is trying to be wrongful and evil. it is trying to make as much money s possible from th trader and is barring it from accessing the news and information that can help to build the quality fo trades that the trader commits.
The broker supposedly gives out trading ideas to its traders. These are just ideas and not complete trading strategies and everyone should be well aware of this fact. The broker does not mention a disclaimer about them and straight away puts them in front of the novice trader.
The trader is fascinated by new terms like going long and going short and most of them are thereafter either watching Leonardo play Belfort or seeing a movie about a genius who went short against the market.
These are just movies that pump the adrenaline of the trader and the broker very well knows this. It uses the trader against the trader itself. Such cunning brokers should be eliminated from the market immediately and should not be entertained any further.
Scam or safe:
as we see it, the broker is a complete scam and eaCh and every trader out there are advised to not financially get involved with XM markets. The broker hides information, does not have a clear stance on the market grip and fluctuates the lot sizes and leverage at its own will.
XM markets also claim that it has sixteen different platforms but in reality, those are just sixteen “variants” of the two platforms.
These are all completely scam practices, and the broker should not be entertained at all.
Conclusion:
The broker is a scam broker and we advise our traders to move their financials to different and legitimate trading firms like HFTrading, T1Markets, ROInvesting etc.
These brokers have been in the market fora very long time and have proven their worth and accord. These brokers are one hundred % safe for any traders, disregarding the level of expertise they hold.
Frequently asked questions:
Will I lose my money if I trade with XM market?
We are surprised that it has not happened to you yet. If it has not, then brace yourself or move out.
What else, other than a scam broker?
Know what leverage is, and how can it suck you dry financially. Know what CFDs are, what futures are and do not let these scam brokers get the most of you.
Be the first to leave a review.
