Overview of Fake XM
Fake XM is an unregulated forex broker that has been flagged as a potential scam. The company lacks proper regulation and has received a low score for its business practices and risk management. It operates under suspicious regulatory licenses and has a high potential risk associated with it. The broker has been accused of fraudulent activities and has a poor track record, which raises concerns about its legitimacy.
Trading with Fake XM carries several risks, including the possibility of the broker not being able to pay out profits or return initial investments. The company may engage in fraudulent or unethical practices, and the absence of government or financial institution oversight means there is no protection for traders in case of financial losses.
While Fake XM offers a wide range of market instruments for trading, including stocks CFDs, equity indices CFDs, commodities CFDs, forex, energies CFDs, and precious metals CFDs, it is important to note that engaging in any financial activities with this unregulated broker is highly risky and not recommended. There are other regulated forex brokers available that provide a safe and secure trading environment for traders.
Pros and Cons
Fake XM is an unregulated forex broker with a poor track record and numerous complaints. Trading with Fake XM carries significant risks due to its lack of regulation and potential fraudulent practices. The broker's suspicious regulatory license and scope of business raise concerns about its legitimacy. One of the main drawbacks of trading with Fake XM is the absence of government or financial institution oversight, leaving traders vulnerable to potential financial losses without any protection. Additionally, the high potential risk associated with Fake XM includes the possibility of the broker being unable to pay out profits or return initial investments. Traders are advised to exercise caution and consider alternative options with regulated brokers that offer a safe and secure trading environment.
Is Fake XM Legit？
Fake XM is an unregulated forex broker that has been accused of fraud and has a poor track record. The company offers very high leverage, which can be very risky. There are many other regulated forex brokers that offer a safe and secure trading environment.
Here are some of the risks of trading with Fake XM:
The broker may not be able to pay out your profits or return your initial investment.
The broker may engage in fraudulent or unethical practices.
There is no government or financial institution oversight, which means that there is no one to protect you if you lose money.
Market Instruments
Fake XM offers 1000 market instruments for trading. Traders can access a diverse selection of financial instruments through its platforms, allowing them to engage in various markets. These market instruments include:
STOCKS CFDs: Fake XM provides the opportunity to trade Contracts for Difference (CFDs) on stocks. Traders can speculate on the price movements of stocks from different companies, potentially benefiting from price fluctuations without owning the actual shares.
EQUITY INDICES CFDs: Traders can also trade CFDs on equity indices through Fake XM. This allows them to speculate on the performance of major indices such as the S&P 500, NASDAQ, FTSE 100, and more, providing exposure to broader market trends.
COMMODITIES CFDs: Fake XM offers CFDs on commodities, enabling traders to speculate on the price movements of various commodities like oil, gold, silver, and other valuable resources. This allows traders to potentially benefit from changes in commodity prices without physically owning the assets.
FOREX: Fake XM facilitates Forex trading, offering a wide range of currency pairs. Traders can access over 55 currency pairs, including major pairs like USD/JPY and EUR/USD, allowing them to engage in the foreign exchange market and capitalize on currency price fluctuations.
ENERGIES CFDs: Fake XM allows trading CFDs on energies, providing exposure to energy markets such as crude oil and natural gas. Traders can take positions based on their analysis of energy market trends and potentially profit from price movements.
PRECIOUS METALS CFDs: Fake XM also offers CFDs on precious metals like gold and silver. Traders can speculate on the price movements of these valuable metals and potentially benefit from changes in their prices.
Pros and Cons
Account Types
XM offers four types of user accounts with different features and base currencies:
XM Micro Account: This account allows trading in various currencies such as USD, GBP, EUR, AUD, CHF, HUF, JPY, and PLN. The minimum deposit to start trading is $5, and one Micro lot corresponds to 1,000 units of the base currency.
XM Standard Account: The Standard account supports base currencies including AUD, USD, GBP, CHF, EUR, JPY, PLN, and HUF. The minimum deposit requirement is $5, and one Standard lot represents 100,000 units of the base currency.
XM Zero Account: The Zero account is available for trading in EUR, USD, and JPY. To activate this account, a minimum deposit of $10 is required. One Zero lot corresponds to 100,000 units of the base currency.
XM Ultra-Low Account: The Ultra-Low account allows trading in GBP, EUR, USD, AUD, SGD, and ZAR base currencies. Traders need to make a minimum deposit of $50 to access Ultra-Low trading. One Standard Ultra lot represents 100,000 units of the base currency, while one Micro Ultra lot corresponds to 1,000 units of the base currency. It's important to note that the XM Ultra-Low account is applicable to limited entities within the XM Group.
Additionally, XM offers a demo account for users to experience simulated trading with virtual funds. The XM demo account provides a virtual base currency balance of $100,000 and replicates real market conditions. There is no time limit or trial period for using the XM demo account, allowing users to explore the platform and its features at their own pace.
Leverage
DUBAI FXM provides leverage options for traders based on the instrument being traded. The leverage ranges from 2:1 to 30:1, offering users the ability to amplify their trading positions. However, it's worth mentioning that the leverage applies only to clients registered with an EU-regulated XM entity, limiting its availability to specific jurisdictions.
Spreads & Commissions
The spreads and commissions offered by Fake XM vary depending on the type of account. In the XM Zero account, the spreads are commission-based, with an average of 0.1 pips on the USD/EUR exchange. However, when factoring in the $7 commission for each round-trip, the spread becomes 0.8 pips. On the other hand, the Standard and Micro accounts have commission-free spreads, but the average spreads on EUR/USD currency pairs range from 1.6 to 1.7 pips, which may be less appealing to XM Group clients. Fake XM claims to adhere to a policy of “no hidden fees” or “no extra commission,” ensuring that these commissions cover fund transfers and same-day withdrawals. It is important to exercise caution and verify the authenticity of Fake XM before engaging in any financial activities with them.
Deposit & Withdrawal
Deposit: Fake XM allows users to make deposits starting from a minimum of $5, depending on the type of account. Micro and Standard accounts require a $5 deposit, while Zero user accounts require a minimum deposit of $100. These deposits serve as fees for the broker services and cannot be refunded. Users have the option to add funds using electronic payment gateways, credit cards, wire transfer services, and local bank transfer services. The deposit amount should align with the supported base currency for the account, and automatic currency conversion may be available.
Withdrawals: Fake XM processes withdrawal requests within 24 hours. There are no additional fees charged for withdrawing funds. Users can choose to withdraw the money or store it in the Fake XM wallet or other eWallets. To ensure instant execution of withdrawals, users should avoid requesting requotes. In certain cases, Fake XM may offer commission and fee-free deposits and withdrawals.
Trading Platforms
MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the trading platforms offered by Fake XM. These platforms have been widely used in the industry and provide access to various trading instruments.
MetaTrader 4 is a popular choice among new Forex traders, with a user-friendly interface and intuitive layout. It offers real-time market status, charting capabilities, and a terminal window for monitoring positions and balances. MetaTrader 4 is available for desktop and mobile devices, catering to the on-the-go needs of traders.
MetaTrader 5, on the other hand, is an advanced multi-asset trading platform designed for institutions and large trading companies. It offers similar features to MetaTrader 4 but with additional functionalities. MetaTrader 5 is available on web, desktop, and mobile versions, providing flexibility and accessibility. It includes built-in trading robots and a database of trade strategies. However, it may be more suitable for advanced and experienced traders due to its complex programming and advanced tools.
Trading Tools & Educational Resources
Fake XM offers a range of trading tools and educational resources to support traders in their market analysis and learning journey.
XM TV: The Fake XM group offers XM TV, a service that provides real-time market commentary through video broadcasts. Developed in collaboration with industry leaders, the videos offer credible and authentic daily forex news. Market analysis is presented in an interview-style format, and the audio content is also made available as podcasts, allowing traders to access the information in multiple media formats.
Research and Educational Articles: In addition to videos, the group delivers market news content through documented articles. These articles cover various asset classes and provide market research, daily recaps, and fundamental and technical analysis. The group aims to improve its services by offering educational articles that cover essential aspects of forex trading. However, there is room for expanding educational content on CFD trading.
Webinars: Fake XM organizes webinars conducted by professional instructors in 19 languages. These webinars are scheduled to cater to different time zones and address the needs of traders with varying levels of experience.
Market Trading Signals: The group offers market intelligence data through trading signals under the “Trade Ideas and Technical Summaries” section. These signals are available only to live user accounts and are streamed from tools like Analyzzer, Autochartist, and Trading Central. Traders can also access MetaTrader signals and duplicate trades from expert traders and advisors.
Tradepedia: Fake XM provides a unique service called Tradepedia, offering an in-house video course on Forex and CFD trading education. The video series covers different chapters and provides insights into advanced trading practices. The course instructor demonstrates the use of proprietary indicators, such as the Avramis River indicator.
Reviews
Based on the information provided, it appears that the customer support of Fake XM is associated with fraudulent activities. The individuals involved, such as Tang Ming, Wang Tianrui, assistant Yaoyao, and others, employ deceptive tactics to gain the trust of investors. They lure people into their software or platform, induce them to make deposits, and then engage in fraudulent practices. Users have reported difficulties in withdrawing funds, being deceived by false promises of high returns, and encountering obstacles when attempting to contact customer support. It is crucial to exercise caution and avoid falling victim to such scams.
Customer Support
Fake XM provides email support for its customers. Traders can reach their customer support team by sending an email to admin@xm-tradingforex.com. Email support allows customers to communicate their queries, concerns, or issues in writing, providing a formal and documented means of communication.
Conclusion
In conclusion, Fake XM is an unregulated forex broker with a poor track record and numerous complaints. Trading with Fake XM carries significant risks, including the possibility of the broker being unable to pay out profits or return investments, engaging in fraudulent practices, and the absence of government or financial institution oversight to protect traders from financial losses. Although Fake XM offers a wide range of market instruments for trading, including stocks CFDs, equity indices CFDs, commodities CFDs, forex, energies CFDs, and precious metals CFDs, it is important to note that the lack of regulation and transparency raises concerns about the safety and legitimacy of the broker. Additionally, the customer support of Fake XM has been associated with fraudulent activities, with reports of difficulties in fund withdrawals and deceptive tactics used to lure investors. Traders should exercise caution and consider other regulated brokers that provide a safe and secure trading environment.
FAQs
Q: Is Fake XM a regulated forex broker？
A: No, Fake XM is an unregulated forex broker that operates without any valid regulatory licenses. Trading with unregulated brokers carries significant risks.
Q: What are the risks of trading with Fake XM？
A: There are several risks associated with trading with Fake XM. These include the potential inability to withdraw profits or initial investments, engagement in fraudulent practices, and the absence of government or financial institution oversight to protect your funds.
Q: What market instruments are offered by Fake XM？
A: Fake XM offers a variety of market instruments for trading, including stocks CFDs, equity indices CFDs, commodities CFDs, forex, energies CFDs, and precious metals CFDs.
Q: What types of user accounts does Fake XM provide？
A: Fake XM offers four types of user accounts: XM Micro Account, XM Standard Account, XM Zero Account, and XM Ultra-Low Account. Each account has different features, base currencies, and minimum deposit requirements.
Q: What leverage options does Fake XM provide？
A: Fake XM provides leverage options ranging from 2:1 to 30:1, depending on the instrument being traded. However, please note that leverage availability may be limited to specific jurisdictions.
Q: What are the spreads and commissions charged by Fake XM？
A: The spreads and commissions offered by Fake XM vary based on the account type. The XM Zero account has commission-based spreads, while the Standard and Micro accounts have commission-free spreads. It's important to verify the authenticity of Fake XM before engaging in any financial activities with them.
Q: How can I deposit and withdraw funds with Fake XM？
A: Fake XM allows users to deposit funds using electronic payment gateways, credit cards, wire transfer services, and local bank transfer services. The minimum deposit requirement depends on the type of account. Withdrawals can be requested, and the funds are typically processed within 24 hours with no additional fees charged.
Q: What trading platforms are offered by Fake XM？
A: Fake XM offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5) as its trading platforms. These platforms provide access to various trading instruments and are available for desktop, web, and mobile devices.
Q: What trading tools and educational resources are available with Fake XM？
A: Fake XM offers trading tools such as XM TV for real-time market commentary, research and educational articles, webinars in multiple languages, market trading signals, and a proprietary video course called Tradepedia for Forex and CFD trading education.
Q: What are the reviews and customer support like for Fake XM？
A: Reviews suggest that Fake XM is associated with fraudulent activities and deceptive customer support practices. Users have reported difficulties in fund withdrawals and communication with customer support. The only available customer support channel is through email.
WikiFX