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XM Globals Review: A Clone and Dirty Trading Scam

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XM Globals Review: A Clone and Dirty Trading Scam

What you see from XM Globals (xmglobals.com) is a sleek website with loads of functionality. The platform seems ideal to the naked eye as it feels like a professional trading platform. It even goes by a similar name to a renowned brokerage firm. The only addition is the ‘Globals’ name. We can even see the logo almost identical to the XM brand. For naïve investors, the two are the same. Here’s our clear XM GLOBALS REVIEW.

About XM Globals

One of the ways to expose the store was with their address. The store uses the address of XM brokers, one of the most reputable brokers in the world. And that’s how we exposed them as a clone platform trying to take advantage of investors.

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XM Globals is only to get more naïve investors to deposit with them. There’s no actual trading taking place, as withdrawal is an issue. The platform also risks your investment due to a lack of compliance.

XM Globals Review: Pros and Cons

Our xmglobals.com review will help expose other features that make it a scam. These include valid reasons why you should stay away from the broker. These are professional scammers waiting to pounce on naïve investors.

We will look at how the platform deceives traders and later blocks withdrawals. Astonishingly, XM broker hasn’t issued a press statement warning traders. Investors should know the platform is a clone and a scam.

Despite having a sleek website, we will expose the red flags found on it. Please be on the lookout for such stores that try and depict proven brokers. It’s a shame the website is still running, hopefully not for long.

Experts recommend researching a store thoroughly before signing up. A quick search on the web with the words XM Global review would yield the results you need. It all points to the store being a clone.

Accounts XM Globals

The platform offers three types of accounts, MAMM, PAMM, and Islamic trading. However, we found it weird that the platform fails to mention the acceptable minimum deposit. After a while, we found out why the platform hides such details.

Let’s take a closer look at these accounts;

MAMM

Traders get a promise of allocating trades to multiple subaccounts. The account also displays all trades in a tree structure. It can also run on any number of accounts. Sadly, there’s no mention of acceptable deposits or maximum leverage.

PAMM

These accounts work under the managed structured tiers. The master account holder can manage all accounts under this tier. Some features include a recurring fee and a percentage profit sharing module.

Islamic

It helps members access the CFDs market 24/7 without any breaks. Traders also get a wide variety of instruments with this account. What makes it unique is the SWAP-Free feature. Members are not subjected to any fees or interests.

Account features

Despite having these commendable accounts, the relevant information is missing. For example, we still don’t know the acceptable minimum deposit. And there’s a reason why. The platform will insist the more you deposit, the higher your chances of winning.

That’s untrue, and there are regulated brokers that even accept a minimum deposit of $10. Regulators allow a minimum deposit of up to $250. And then there’s the matter of leverage. Again, the platform fails to quote the acceptable leverage.

Depending on the trading instruments, regulators put a cap on maximum leverage at 1:100. This makes trading safe and secure for beginner traders. You don’t have to put your trading position at risk.

Accounts XM Globals

Affiliate programs

There’s already a referral program promising members a percentage with each deposit. However, note a few key issues before you partner with the platform. First, the platform won’t release any commissions to referral agents.

XM Globals is only interested in your connections. However, after it all settles down, you will face the wrath of those you directed to the store. Remember you are leading users to a platform that fails to allow withdrawals.

Available trading instruments

You get to trade four classes of assets on the platform. These include commodities, forex, indices, and stocks. Available commodities include coffee, cotton, crude oil, metals, and natural gas.

Traders get to trade major and minor currency pairs. Base currencies include EUR, GBP, JPY, and USD. Sadly, you don’t get to deal with exotic pairs, which limits traders from spreading risks.

Indices help day traders make a living. Some available indices include DAX, DOW Jones, NASDAQ, etc. You also get to trade stocks from leading companies. These stocks are from the manufacturing, tech, and textile industries.

Business holder

There’s little to point to who owns or runs the platform. And that makes XM Globals an anonymous trading platform. These are the main reasons why we had to flag down the platform. But unfortunately, with anonymity comes huge risks to traders.

Compliance, License, and Registration XM Globals

XM Globals doesn’t enjoy any compliance as it fails to have a valid permit from regulators. The platform doesn’t furnish members with a certificate from regulators. Not even the Financial Conduct Authority or SEC has heard of the store.

Make sure to check with regulators and confirm a platform’s compliance. Reputable regulators include Asic, BaFIN, CFTC, CNMV, CONSOB, and CySEC. Others include FINMA, FSA, and the NFA.

Business Registry

Even if the platform is in the process of having a license, it certainly would have some registration. But unfortunately, there’s not a single document to suggest the platform was registered in any jurisdiction.

Contact and support

Don’t expect any contact or support from the store. On the contact page, the physical location they claim to be in is Belize. The phone code is from the UK and rarely goes through. We see what the platform is trying to do.

One, the platform uses a virtual phone number. Two, it tries to penetrate the UK market using the phone code. None of it will work as we have seen such cases before. The WhatsApp group admin’s English clears the air, not from a native.

Is it safe to trade with XM Globals?

No, don’t even think of opening an account with the platform. The platform doesn’t have your interest at heart. The owner holds all funds without segregating accounts in a single offshore account.

The other issue with the platform is the lack of DDoS protection and SSL encryption. Chances are, hackers can gain access to the deposit and withdrawal portal. With that information, your bank and credit card details are at risk.

XMGlobals fails to deposit the minimum required deposit with regulators to offer brokerage services. Regulators use these funds to protect members from bankruptcy or insolvency. Those who’ve signed up won’t receive any compensation either way.

MT5 trading platform

Avoid investing and trading with xmglobals.com

It’s one of the only exciting things about the platform. The broker offers an intuitive and world-class trading terminal. Experts recommend using MT4, MT5, and SIRIX terminals, thanks to the ease of use.

Our Verdict on XM Globals

Please stay away from xmglobals.com or risk becoming their next victim.

PS: These are the best crypto bets to create a realistic profit margin.

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