XM (Trading Point of Financial Instruments)

Flat Earth Forex staff have a long history with XM, with our first deposit being 343 Euros in 2013. This is an interesting broker in that it allows margin trading (leverage) up to 888% and allows full hedging. After losing quite a lot of money (more than 23,000 Euros) trying to trade profitably with XM, we discovered some techniques which, if used judiciously, will enable the average trader to become a reasonable trader and retain much more profit. However, in general, this broker is to be avoided in our opinion, as the margin leverage it offers is far too generous ~ for a reason! Offering such leverage, and operating from a bucketshop jurisdiction like Belize (it’s new HQ), allows companies like XM to trade against client accounts with impunity (in fact, we suspect the algos and procedure calls for doing so are built right into the platform; and have been in place from the outset).

As a broker, we don’t recommend anyone to trade with XM, because (in general) they will blow up their account very frequently, especially if they are tempted to employ leverage higher than 100:1. We managed a high-leverage, losing account with XM for more than 20 months by hedging it, which naturally hedged the hedge that XM was applying against us on the gold price (the only asset we had in the account). Eventually, we lost the account because XM actively trades against its clients, in our opinion, perhaps more than any other broker out there. With a huge veneer of respectability (and dumbed-down support agents who themselves never trade anything: fact!) and with enormous pilfered funds at its disposal, XM will be around for a very, very long time and it will continue its predatory activities for the forseeable future. Our adice: avoid!

IQoption

Introduction to Broker Descriptions

This section describes each broker we have traded with over the past approximately fourteen years. Here we describe the broker, whether they are reliable for deposits and withdrawals; whether we have had any issues with the broker such as price spikes or unusual activity including apparently strange price activity or unusual money management methodology; and, of course, whether we made money or lost money with this broker and, how relatively easy or difficult it is to recover profit from this specific broker.

Also discussed are:

  • Our favorite EAs (Expert Advisors) which we have tested for this broker (either demo only; live only; or on both live and demo account trades).
  • Whether there are obvious or not-so-obvious differences in the trading patterns or other trading activities, between this broker’s demo accounts and live accounts.
  • Whether we used the web version of MT4 or the standard MT4 account with this broker
  • Whether we used a ‘gateway’ MT4 account (for example, a different broker’s MT4 platform) to access the broker’s MT4 account (due to perceived, real or other limitations or reasons);
  • Whether we recommend using the Bankers’ Nightmare methodology against the specific broker;
  • Whether we had any specific real legal problems or other ‘authentication or other’ problems with the broker;
  • What residential jurisdiction we were in when we operated the demo and/or live account with the broker (e.g., Canada; Singapore; China; United Kingdom;
  • Profitability Index for this broker (a relative grading which, based on our experience, accurately quantifies how easily or how difficultly it is to make and retain profit from this broker).

 

Flat Earth Forex staff have a long history with XM, with our first deposit being 343 Euros in 2013. This is an interesting broker in that it allows margin trading (leverage) up to 888% and allows full hedging. After losing quite a lot of money (more than 20,000 Euros) trying to trade profitably with XM, we discovered some techniques which, if used judiciously, will enable the average trader to become a reasonable trader and retain much more profit.

As a broker, we don’t recommend novice traders to trade with XM, because (in general) they will blow up their account very frequently, especially if they are tempted to employ leverage higher than 100:1. Second, novice traders are not experienced with hedging, which can be a useful strategy with XM and can help prevent significant drawdowns from becoming realized losses.

Oanda

Flat Earth Forex staff have a long history with Oanda. We first opened our account in 2014(?). This is an interesting broker as it is generally only allowed to offer services in Canada, Singapore and a few other countries, where margin leverage is restricted to 50:1 (2% of equity per account). In our opinion, one of the reasons we have become profitable on a daily basis with Oanda, is because it has been forced by regulators to offer margin leverage at a maximum of 50:1. This restriction helps prevent customers like you and me from blowing up our accounts through overleveraging and undercapitalizing.

Our recommendation is that even novice traders can comfortably trade with Oanda, as longas they never expose themselves to margin leverage above 50:1 (2%) which is enforced anyway on Oanda, by government regulation, in most jurisdictions (such as Canada or Singapore).

FXCM

Introduction to Broker Descriptions

This section describes each broker we have traded with over the past approximately fourteen years. Here we describe the broker, whether they are reliable for deposits and withdrawals; whether we have had any issues with the broker such as price spikes or unusual activity including apparently strange price activity or unusual money management methodology; and, of course, whether we made money or lost money with this broker and, how relatively easy or difficult it is to recover profit from this specific broker.

Also discussed are:

  • Our favorite EAs (Expert Advisors) which we have tested for this broker (either demo only; live only; or on both live and demo account trades).
  • Whether there are obvious or not-so-obvious differences in the trading patterns or other trading activities, between this broker’s demo accounts and live accounts.
  • Whether we used the web version of MT4 or the standard MT4 account with this broker
  • Whether we used a ‘gateway’ MT4 account (for example, a different broker’s MT4 platform) to access the broker’s MT4 account (due to perceived, real or other limitations or reasons);
  • Whether we recommend using the Bankers’ Nightmare methodology against the specific broker;
  • Whether we had any specific real legal problems or other ‘authentication or other’ problems with the broker;
  • What residential jurisdiction we were in when we operated the demo and/or live account with the broker (e.g., Canada; Singapore; China; United Kingdom;
  • Profitability Index for this broker (a relative grading which, based on our experience, accurately quantifies how easily or how difficultly it is to make and retain profit from this broker).

Flat Earth Forex staff have a long history with XM, with our first deposit being sometime before August 13, 2010.

We would not recommend anyone trading with FXCM and there are many reasons for this.

First of all, we lost about 7500 GBP with FXCM, mainly due to constant platform failures and price spikes.

Plus 500

Introduction to Broker Descriptions

This section describes each broker we have traded with over the past approximately fourteen years. Here we describe the broker, whether they are reliable for deposits and withdrawals; whether we have had any issues with the broker such as price spikes or unusual activity including apparently strange price activity or unusual money management methodology; and, of course, whether we made money or lost money with this broker and, how relatively easy or difficult it is to recover profit from this specific broker.

Also discussed are:

  • Our favorite EAs (Expert Advisors) which we have tested for this broker (either demo only; live only; or on both live and demo account trades).
  • Whether there are obvious or not-so-obvious differences in the trading patterns or other trading activities, between this broker’s demo accounts and live accounts.
  • Whether we used the web version of MT4 or the standard MT4 account with this broker
  • Whether we used a ‘gateway’ MT4 account (for example, a different broker’s MT4 platform) to access the broker’s MT4 account (due to perceived, real or other limitations or reasons);
  • Whether we recommend using the Bankers’ Nightmare methodology against the specific broker;
  • Whether we had any specific real legal problems or other ‘authentication or other’ problems with the broker;
  • What residential jurisdiction we were in when we operated the demo and/or live account with the broker (e.g., Canada; Singapore; China; United Kingdom;
  • Profitability Index for this broker (a relative grading which, based on our experience, accurately quantifies how easily or how difficultly it is to make and retain profit from this broker).

 

Flat Earth Forex staff have a long history with XM, with our first deposit being 343 Euros in 2013. This is an interesting broker in that it allows margin trading (leverage) up to 888% and allows full hedging. After losing quite a lot of money (more than 20,000 Euros) trying to trade profitably with XM, we discovered some techniques which, if used judiciously, will enable the average trader to become a reasonable trader and retain much more profit.

As a broker, we don’t recommend novice traders to trade with XM, because (in general) they will blow up their account very frequently, especially if they are tempted to employ leverage higher than 100:1. Second, novice traders are not experienced with hedging, which can be a useful strategy with XM and can help prevent significant drawdowns from becoming realized losses.

DXM

Introduction to Broker Descriptions

This section describes each broker we have traded with over the past approximately fourteen years. Here we describe the broker, whether they are reliable for deposits and withdrawals; whether we have had any issues with the broker such as price spikes or unusual activity including apparently strange price activity or unusual money management methodology; and, of course, whether we made money or lost money with this broker and, how relatively easy or difficult it is to recover profit from this specific broker.

Also discussed are:

  • Our favorite EAs (Expert Advisors) which we have tested for this broker (either demo only; live only; or on both live and demo account trades).
  • Whether there are obvious or not-so-obvious differences in the trading patterns or other trading activities, between this broker’s demo accounts and live accounts.
  • Whether we used the web version of MT4 or the standard MT4 account with this broker
  • Whether we used a ‘gateway’ MT4 account (for example, a different broker’s MT4 platform) to access the broker’s MT4 account (due to perceived, real or other limitations or reasons);
  • Whether we recommend using the Bankers’ Nightmare methodology against the specific broker;
  • Whether we had any specific real legal problems or other ‘authentication or other’ problems with the broker;
  • What residential jurisdiction we were in when we operated the demo and/or live account with the broker (e.g., Canada; Singapore; China; United Kingdom;
  • Profitability Index for this broker (a relative grading which, based on our experience, accurately quantifies how easily or how difficultly it is to make and retain profit from this broker).

 

Flat Earth Forex staff have a long history with XM, with our first deposit being 343 Euros in 2013. This is an interesting broker in that it allows margin trading (leverage) up to 888% and allows full hedging. After losing quite a lot of money (more than 20,000 Euros) trying to trade profitably with XM, we discovered some techniques which, if used judiciously, will enable the average trader to become a reasonable trader and retain much more profit.

As a broker, we don’t recommend novice traders to trade with XM, because (in general) they will blow up their account very frequently, especially if they are tempted to employ leverage higher than 100:1. Second, novice traders are not experienced with hedging, which can be a useful strategy with XM and can help prevent significant drawdowns from becoming realized losses.