xmgroupfx.com is a Contract for Difference (CFD) broker, with its domain registered on August 5, 2024. The broker primarily serves retail and institutional clients, offering trading services in forex, precious metals, commodities, energy, stocks, indices, and other financial derivatives, and does not provide services to jurisdictions where local laws or regulations may be violated.
Corporate Registration and Regulatory Status
According to public information on its official website, xmgroupfx.com claims to have licenses from multiple regulatory bodies, including the Financial Crimes Enforcement Network (FinCEN) in the US (MSB ID: 31000257135391), the National Futures Association (NFA) in the US (NFA ID: 0559918), the Australian Securities and Investments Commission (ASIC) under Trading Point of Financial Instruments Pty Limited, the Cyprus Securities and Exchange Commission (CySEC) under Trading Point of Financial Instruments Ltd, the Belize Financial Services Commission (FSC) under XM, license number 000261309, and DFSA under Trading Point MENA Limited, adhering to strict regulatory standards.
Upon verification, it was found that the company details, regulatory information, brand logos, and trading names mentioned on xmgroupfx.com's website are misappropriated and mimic those of the well-known broker XM. Moreover, the Belize Financial Services Commission (FSC) does not list any company with license number 000261309, and the FinCEN website reveals that MSB ID 31000257135391 belongs to Goldmans Global. Additionally, the NFA does not list any company with NFA ID 0559918.
Trading Instruments
xmgroupfx.com offers a variety of financial derivatives for trading, including forex, precious metals, commodities, energy, stocks, and indices.
- Forex: The exchange of currencies from different countries, the world's largest financial market primarily used for currency exchange and speculation.
- Precious Metals: Such as gold and silver, used as investment hedges and tools against inflation, with prices typically affected by economic uncertainty and inflation.
- Commodities: Covering raw materials and agricultural products like oil, natural gas, copper, soybeans, and wheat, with prices influenced by supply-demand dynamics and the global economic outlook.
- Energy: Including oil, natural gas, and coal, sensitive to global economic and political events, often exhibiting significant price volatility.
- Stocks: Represent partial ownership of a company, with investors earning part of the company's profit (dividends) and value growth (capital appreciation) by buying shares.
- Indices: Indicators reflecting overall market performance, such as the S&P 500, Dow Jones Industrial Average, and NASDAQ Composite Index, where index fluctuations mirror the overall market trend.
Account Opening Process
The steps to open an account with xmgroupfx.com are as follows:
- Visit the official website and click the "OPEN AN ACCOUNT" button to enter the registration page.
- Fill in your email address and set a password; receive an email verification code.
- Enter the verification code and submit the application form; once the account is successfully registered, complete KYC verification to make deposits and trade.
Trading Accounts
xmgroupfx.com offers four types of trading accounts: Micro Account, Standard Account, XM Ultra Low Account, and Shares Account.
Micro Account:
- Base Currency Options: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR
- Contract Size: 1 lot = 1,000
- Leverage: Up to 1:100
- Negative Balance Protection: Provided
- Major Currency Pair Spreads: As low as 1 pip
- Commission: None
- Maximum Open Orders/Pending Orders: 300
- Minimum Trade Volume: 0.1 lots (ST5)
- Maximum Lots Per Ticket: 100 lots
- Hedging: Allowed
- Overnight Interest (Swap): Present
- Islamic Account: Optional
- Minimum Deposit: $5
Standard Account:
- Base Currency Options: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR
- Contract Size: 1 lot = 100,000
- Leverage: Up to 1:100
- Negative Balance Protection: Provided
- Major Currency Pair Spreads: As low as 1 pip
- Commission: None
- Maximum Open Orders/Pending Orders: 300
- Minimum Trade Volume: 0.01 lots
- Maximum Lots Per Ticket: 100 lots
- Hedging: Allowed
- Overnight Interest (Swap): Present
- Islamic Account: Optional
- Minimum Deposit: $5
XM Ultra Low Account:
- Base Currency Options: EUR, USD, GBP, AUD, ZAR, SGD
- Contract Size: Standard Ultra Low Spreads: 1 lot = 100,000; Micro Ultra Low Spreads: 1 lot = 1,000
- Leverage: Up to 1:100
- Negative Balance Protection: Provided
- Major Currency Pair Spreads: As low as 0.6 pips
- Commission: None
- Maximum Open Orders/Pending Orders: 300
- Minimum Trade Volume: Standard: 0.01 lots; Micro: 0.1 lots
- Maximum Lots Per Ticket: Standard: 50 lots; Micro: 100 lots
- Hedging: Allowed
- Overnight Interest (Swap): None
- Islamic Account: Optional
- Minimum Deposit: $5
Shares Account:
- Base Currency Options: USD
- Contract Size: 1 share
- Leverage: None
- Negative Balance Protection: Provided
- Spreads: According to exchange regulations
- Commission: Applicable
- Maximum Open Orders/Pending Orders: 50
- Minimum Trade Volume: 1 lot
- Maximum Lots Per Ticket: According to shares
- Hedging: Not allowed
- Overnight Interest (Swap): None
- Islamic Account: Provided
- Minimum Deposit: $10,000
Trading Platform
xmgroupfx.com claims to provide users with the ST5 proprietary trading platform, supporting both PC and mobile versions. However, clicking on the mobile download link on the official website directs users to apps such as "Vlockedxa" on the App Store and "EVJORERJG" on Google Play, both of which are used by several known scam brokers.
Deposits and Withdrawals
xmgroupfx.com does not clearly disclose the supported deposit and withdrawal methods, associated fees, or minimum amounts on their official website.
Conclusion
Traderknows reminds investors that xmgroupfx.com is a scam website that fraudulently uses information from the official website of the well-known broker XM to mislead and deceive investors. The contact information provided by the website is very limited, with only an email available for communication. Investors are advised to choose brokers with transparent information, strict regulation, and a good reputation to avoid unnecessary financial losses.
Currently, this broker is labeled as "Suspected Fraud" on Traderknows.
