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I've spend around 2 hours in live chat trying to understand why my stop loss on a short was triggered I entered a trade at Eur/Usd 1.12558 hours later put a stop at 1.12548 price reached 1.12509 and closed my position. they said my trade closed because price reached ASK price, the spread is 1.7 pips not 4 pips. This happened to me so many times and never happened using other brokers. I will just move and never use XM again, be careful people.
Quoting rare
I've spend around 2 hours in live chat trying to understand why my stop loss on a short was triggered I entered a trade at Eur/Usd 1.12558 hours later put a stop at 1.12548 price reached 1.12509 and closed my position. they said my trade closed because price reached ASK price, the spread is 1.7 pips not 4 pips. This happened to me so many times and never happened using other brokers. I will just move and never use XM again, be careful people.
Thx for information! Will be careful.
Xm.com are scamers they scamed me twice today and last year ! Avoid them I will be gathering all info about them scaming people!
They do not scam only the high capital people coz scared to be cout by regulators!
Quoting itrader007
After trading with xm for a few years my visa has blocked xm. Visa said xm is in one the fraudulent sites so they won't allow me to make a deposit. Now I can't trade unless I do a bank wite. XM has been very effective and fast I never had any issues regarding withdrawal. After I was stopped making a deposit by visa I contacted xm and noone replied. It's been a few months now. I reside in Canada. Please let me know what's going on. Thank you
coz they are scam bags
Quoting Grom
Xm.com are scamers they scamed me twice today and last year ! Avoid them I will be gathering all info about them scaming people! They do not scam only the high capital people coz scared to be cout by regulators!
How did they scam you? Did you withdraw any money?

If they could send me 18,750$ on skrill i think it shouldnt be a problem for you http://photoshar.in/18k-withdrawal-xm
Quoting rare
I've spend around 2 hours in live chat trying to understand why my stop loss on a short was triggered I entered a trade at Eur/Usd 1.12558 hours later put a stop at 1.12548 price reached 1.12509 and closed my position. they said my trade closed because price reached ASK price, the spread is 1.7 pips not 4 pips. This happened to me so many times and never happened using other brokers. I will just move and never use XM again, be careful people.
you do not understand the spread is not fixed and has never been fixed.

A spike of the spread will close your position. Moving to other brokers do not solve this problem.
If u find a fixed spread dealer, then be more careful. There has to be some tricks.
Quoting rockthepips
{quote} How did they scam you? Did you withdraw any money? If they could send me 18,750$ on skrill i think it shouldnt be a problem for you http://photoshar.in/18k-withdrawal-xm
Also i won the contest prize 4300 US dollars and i withdraw the full amount without any problems
People shouldn’t blame the brokers for their extremely tight stops being triggered during volatile periods
Quoting XM
Hi Everyone , Please allow me to introduce myself, my name is Costas and I am an employee of a regulated Forex Broker named Trading Point of Financial Instruments Limited. The purpose of this thread is to assist the Forex Factory members with any questions regarding Trading Point and Forex in general. Our Company provides its Clients with a variety of tradable financial instruments including currencies, metals, energies and stock indices which may be traded via our MT4 platform with some of the markets most...


Important note: Trading Point

does not provide services for citizens of the United States of America.


http://www.trading-point.com/xm



Dear Trading Point:

Develop a genuine, real, true STP/ECN Forex Trading Exchange and register a company through the CFTC as a "Financial Exchange" in the United States of America. That will do more to instill confidence in Retail Traders of Forex that you indeed are sincere about:

 

  1. Strict policy of real-time market execution with no re-quotes and no rejections
  2. Seamless trading operations through the enhanced MT4 software
  3. Reliable banking solutions with client fund protection
  4. The same quality conditions for demo and forex accounts

When your website has this bullet point:

  1. Up to 888:1 flexible leverage


It really makes those of us who have been around the business for over a decade very suspicious - very suspicious indeed. And, with good reason. What sane, rational minded, knowledgeable Trader be doing wielding 888:1 against risk. Even with the most extremely low cost basis per trade profile imaginable, the MAE Ratio phase of the vast majority of trades made will drive remaining cost basis into oblivion.

No. The Trader does not have to use 888:1. Understood. However, the fact that a "Broker" would even offer it is highly subject to serious penetrating question.

If your company has liquidity providers for "over 100 instruments" then you have sufficient liquidity to build a real, genuine, true, transparent STP/ENC Forex Trading Exchange and trust me when I say, if you build it - they will come flocking to your doorstep to sign a Membership Agreement with your company.

Be a change agent XM/TurningPoint. Be that shining light upon a hill in a very dark land of corrupt Retail Forex "Brokers" by creating a trading environment where the small guy can one day become the big guy. You have plenty of room to make wonderful profits through a fee based exchange model coupled to modest annual membership dues. You can collect fees from both the buyer and seller per transaction and have a successful business model at the same time.

Build the Exchange. But, whatever you do, please don't offer this community yet another Retail "Broker" experience.

F-X-C-M | A Classic Retail Bucket Shop Scam Artist Who Manipulates Prices
Quoting demark1
{quote} you do not understand the spread is not fixed and has never been fixed. A spike of the spread will close your position. Moving to other brokers do not solve this problem. If u find a fixed spread dealer, then be more careful. There has to be some tricks.
Moving to another broker fixed my issue, I know spreads aren't fixed but XM changes the spread you paid AFTER you opened a position. Let's say you long Eur/Usd and paid 1.0 spread and put a 15 pips stop loss. The pair moves 10 pips against you and they increase the spread to 5 pips, your position close and you have paid an additional 4 pips spread, that's unacceptable. Beside try trading the news with Xm you have 20 to 40 pips spread!!!

Anyway if you are happy with them keep it up it's your money, I wasn't that's why I left.

Good Luck.
Quoting rare
{quote} Moving to another broker fixed my issue, I know spreads aren't fixed but XM changes the spread you paid AFTER you opened a position. Let's say you long Eur/Usd and paid 1.0 spread and put a 15 pips stop loss. The pair moves 10 pips against you and they increase the spread to 5 pips, your position close and you have paid an additional 4 pips spread, that's unacceptable. Beside try trading the news with Xm you have 20 to 40 pips spread!!! Anyway if you are happy with them keep it up it's your money, I wasn't that's why I left. Good Luck.
What r u talking about? Changed your spread to 5 pips every time you have a position? that would be very funny.

I trade eurusd with xm and do not have such a problem.
spread widening is normal.

some brokers may change the spread up to 20 pips a few times a day. your position could be closed with is 20 pips loss
During NFP, the spread may spike up to 100 pips, then u could lose 100 pips.

u can check spreads on myfxbook.com
http://www.myfxbook.com/forex-broker-spreads
widening the spread during news time is normal have a look at oanda its blows out but not because the broker is widening it. there is low liquidity during these times bugger all orders sitting around so the spread widens looking for the next available ask and bid.

wendigo
Quoting wendigo
widening the spread during news time is normal have a look at oanda its blows out but not because the broker is widening it. there is low liquidity during these times bugger all orders sitting around so the spread widens looking for the next available ask and bid. wendigo
Pretty much this. You need to be conscious of what time it is during the trading day. Remember, 5pm EST is the end of the trading day, and spreads widen A LOT.

I've been trading the USD/ZAR a lot recently. And I've watched the spreads go from an average of 8 pips during the busy times (London and NY sessions), to 20-60 pips right after the day closes.

All brokerages have that spread widening during the slow times, and during some of the fast times too.

Some people have mentioned about charts freezing. I'm willing to bet it's during big news releases. XM isn't the only company where that happens. I've known of people using older, longer-established brokerages like FXCM, and they've experienced platform freezing up to an hour during big news releases. If a broker offers no re-quotes, then they're doing that to protect themselves. By the time you're seeing the price on your screen, it's already moved away from that with the banks. So XM is not going to give you a re-quote on your position, and they're not going to open it at your price because they'll lose money doing so.

My advice, don't trade the news. It's too much of a gamble these days. Trade around news, or don't trade at all is my personal motto.
Quoting iDoubleStoch
Dear Trading Point: Develop a genuine, real, true STP/ECN Forex Trading Exchange and register a company through the CFTC as a "Financial Exchange" in the United States of America. That will do more to instill confidence in Retail Traders of Forex that you indeed are sincere about: Strict policy of real-time market execution with no re-quotes and no rejections Seamless trading operations through the enhanced MT4 software Reliable banking solutions with client fund protection The same quality conditions for demo and forex accounts When your website...
Why would they want to cater to America's rules? FIFO, max 40:1 leverage, etc. I mean, the leverage is not that bad, but it makes the case that only people who already have a decent amount of disposable income can participate in forex trading. Allowing people to use smaller initial deposits, with higher leverage to reduce the margin deposits is what absolutely helps out the little guy. Furthermore the FIFO rule is there to benefit the banks. It limits traders from opening multiple positions, which could potentially turn losing days into winning or break-even ones.

Here in Canada, the leverage rates are even worse. I would need to put down $10k usd as a deposit, to trade 1 standard lot (by the global definition of 100,000 units. According to Canadian brokerages, 1 standard lot is 10,000 units) on the GBP/JPY. All to make what? Maybe a quick profit of $200-$300? That's also not taking into consideration floating losses. Roughly $12k is what I would need for one position with one standard lot. That's ridiculous.

Now 888:1 is overkill, I agree. But some people out there have a high risk appetite. They're fine with putting $200 in the account, and betting it all on black. If they win, they win. If they lose, they come back a couple of weeks later with another $200 deposit, and do it all over again. I'm funding an account with about $400 I have sitting around from a couple of old brokers that I used to trade with. 500:1 leverage it is for me! Am I trading 1 standard lot at a time, no. It's 1 mini at a time, but I have a huge amount of financial freedom to do things like pyramid my entries, add into profitable positions, as well as have an abundance of capital (relatively speaking) free.

As far as them not being true ecn/stp broker, you can trade micro lots with a standard account. That is why they can't call themselves a true ecn/stp broker. Those trades do not go out to market. No bank or third party brokerage is going to pick up those trades.
Quoting iDoubleStoch
{quote} Up to 888:1 flexible leverage It really makes those of us who have been around the business for over a decade very suspicious - very suspicious indeed. And, with good reason. What sane, rational minded, knowledgeable Trader be doing wielding 888:1 against risk.
Hi Stoch
Been trading with a macro account of lot size 0.01 with that leverage for about 4 month and have no problem. Blow a few demo accounts and now with understanding comes proficient.
It is not the size of the leverage that kill's an account. It is the size of lot placed, qty of open orders, frequency of trading, orders placed not in accordance with a trading plan. Not knowing when to walk away from a bad setup on chart. a bad workman always blames his tools

XM have been the broker in use from the very start. The points mentioned in your post and elsewhere, they do have that in place and yes they also have the same problems as other brokers.

  1. Strict policy of real-time market execution with no re-quotes and no rejections
  2. Seamless trading operations through the enhanced MT4 software
  3. Reliable banking solutions with client fund protection
  4. The same quality conditions for demo and forex accounts

Quoting itrader007
After trading with xm for a few years my visa has blocked xm. Visa said xm is in one the fraudulent sites so they won't allow me to make a deposit. Now I can't trade unless I do a bank wite. XM has been very effective and fast I never had any issues regarding withdrawal. After I was stopped making a deposit by visa I contacted xm and noone replied. It's been a few months now. I reside in Canada. Please let me know what's going on. Thank you
Maybe it depends on how large the deposit you wanted to make? I just made a $225 deposit with no problems. Although I did use Mastercard.
Maybe it's just your specific financial institution that has blocked them. My bank's Mastercard wouldn't work when I tried using it on the Playstation Network for my PS3. Yet my HBC Mastercard worked with it just fine.

Thing is with some of the financial institutions blocking charges, they're doing so because a handful of people complained about it. Whereas the majority of people might have had no problems with it. Don't forget, when some people lose big, they'll try and cry scam in order to get their money back. Those people cause lots of problems. In Alberta, people need to become registered investors, and have $250,000 in assets and/or cash to trade forex. It's a ridiculous rule, but I'm willing to bet a few people lost big because of bad trading, and cried about it. Now the province says basically only wealthy people can trade it. People like me who aren't wealthy, wouldn't have the opportunity to trade part-time to make some extra money. Fortunately, I live in Ontario, so those rules don't apply to me.
Quoting rare
I've spend around 2 hours in live chat trying to understand why my stop loss on a short was triggered I entered a trade at Eur/Usd 1.12558 hours later put a stop at 1.12548 price reached 1.12509 and closed my position. they said my trade closed because price reached ASK price, the spread is 1.7 pips not 4 pips. This happened to me so many times and never happened using other brokers. I will just move and never use XM again, be careful people.
one thing xm are good at is hunting SL
Quoting rozay
{quote} one thing xm are good at is hunting SL
Stay away of cyprus based brokers
Hi Andrey.
I was wondering if its possible for all my pending orders(limit and stop) to be triggered at BID price and filled at ASK price?with this all my orders(both limits and stops) will be executed simultaneously regardless of spread widening but still I will be paying for the spreads.Thanks
Quoting itrader007
After trading with xm for a few years my visa has blocked xm. Visa said xm is in one the fraudulent sites so they won't allow me to make a deposit. Now I can't trade unless I do a bank wite. XM has been very effective and fast I never had any issues regarding withdrawal. After I was stopped making a deposit by visa I contacted xm and noone replied. It's been a few months now. I reside in Canada. Please let me know what's going on. Thank you
Dear itrader007,

Could you please leave your MT4 account number here, so your account manager can contact you and help regarding your deposit issue.





Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.
Quoting daviekim
Hi Andrey. I was wondering if its possible for all my pending orders(limit and stop) to be triggered at BID price and filled at ASK price?with this all my orders(both limits and stops) will be executed simultaneously regardless of spread widening but still I will be paying for the spreads.Thanks
Dear daviekim,

Please kindly note, that MT4 platform does not have this kind of option, since the SELL order is executed at BID price the Sell limit order takes into consideration BID price and BUY order is executed at ASK price, so the Buy limit order takes into consideration the ASK price.





Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.
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