IndianXM is a forex broker that registered its official website on June 22, 2023. This broker offers a wide range of trading markets through platforms like MT4, MT5, and cTrader, including forex, commodities, indices, bonds, cryptocurrencies, stocks, futures, and more.
Company Registration Information and Regulatory Status:
According to the public information on IndianXM's official website, the broker is regulated by several regulatory bodies including the Israel Securities Authority (ISA), the Australian Securities and Investments Commission (ASIC), the Seychelles Financial Services Authority (FSA), the Securities Commission of The Bahamas (SCB), and the Cyprus Securities and Exchange Commission (CySEC). It obtained license number 812646574 from ISA and SD018 from FSA.
Upon verification, it was found that ASIC, FSA, SCB, and CySEC do not have a broker named IndianXM listed, and the ISA's website is inaccessible. The FSA's website indicates that the entity with license number SD018 is Raw Trading Ltd, which is the registered entity of broker IC Markets in Seychelles.
Opening an Account:
To open an account with IndianXM: Visit the broker's homepage and click “OPEN AN ACCOUNT” to enter the account registration page. Fill in and submit the required personal registration information to successfully register the account.
Trading Accounts:
IndianXM offers three different types of trading accounts: cTrader Account, Raw Spread Account, Standard Account.
cTrader Account:
- Trading platform: cTrader
- Trading commission (per lot): $3.0 (round turn $6.0)
- Spreads starting from: 0.0 pips
- Minimum initial deposit: $200
- Leverage: up to 1:500
- Maximum positions: 2000
- Server location: London
- Micro lot trading (0.01): Supported
- Currency pairs: 61
- Index CFD trading: Supported
- Margin call level: 50%
- One-click trading: Supported
- Islamic account: Supported
- Allowed trading methods: All
- Order distance restrictions: None
- Programming language: C
Raw Spread Account:
- Trading platform: MetaTrader
- Trading commission (per lot): $3.5 (round turn $7.0)
- Spreads starting from: 0.0 pips
- Minimum initial deposit: $200
- Leverage: up to 1:500
- Maximum positions: 2000
- Server location: New York
- Micro lot trading (0.01): Supported
- Currency pairs: 61
- Index CFD trading: Supported
- Margin call level: 50%
- One-click trading: Supported
- Islamic account: Supported
- Allowed trading methods: All
- Order distance restrictions: None
- Programming language: MQL4
Standard Account:
- Trading platform: MetaTrader
- Trading commission (per lot): $0.0
- Spreads starting from: 0.6 pips
- Minimum initial deposit: $200
- Leverage: up to 1:500
- Maximum positions: 2000
- Server location: New York
- Micro lot trading (0.01): Supported
- Currency pairs: 61
- Index CFD trading: Supported
- Margin call level: 50%
- One-click trading: Supported
- Islamic account: Supported
- Allowed trading methods: All
- Order distance restrictions: None
- Programming language: MQL4
Trading Platforms:
IndianXM claims to offer trading platforms such as MT4, MT5, and cTrader on its official website, but it does not provide download links for these platforms, and IndianXM cannot be found on these platforms either.
Deposits and Withdrawals:
IndianXM supports deposits and withdrawals through credit/debit cards and electronic wallets.
Summary:
Traderknows reminds investors that IndianXM is actually an unregulated scam website. Investors are advised to choose brokers with transparent information, strong regulation, and a good reputation for their investment and trading activities to avoid unnecessary financial losses.
Currently, this broker is marked as "suspected fraud" on Traderknows.
