XM is Scam Broker

[tudoan]

I get scam from XM.com on NF 10.01.2014. They sent to me email as below:

We are writing in connection with your Account no. ****2162818 (hereinafter “your Account”) with Trading Point of Financial Instruments Ltd. (“Trading Point”). In that regard, our Anti-fraud Department has brought to our attention that the trading patterns in your Account(s) raise serious concerns that your Account was being used for ‘arbitrage’ activities. Pursuant to the terms and conditions such activities are being qualified as fraudulent.

Accordingly, we regret to inform you that, in accordance with the terms and conditions, we have decided, with immediate effect to, (i) close all of your trading Accounts with Trading Point, (ii) to nullify all trades carried out in your trading Account(s) with Trading Point on 10.01.2014, and (iii) to cancel any and all profits or losses garnered in your trading Account(s) with Trading Point on 10.01.2014.
Please note that, in accordance with the terms and conditions, our decisions are final and binding on all participants and that, other than the notification set forth herein, no further correspondence will be entered into.

Yours Faithfully.

------------
Andrey Balan
Middle Office


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They showed me the reason when i asked: Please show me the reason why ?


Dear Mr. Doan,

You had opposite trades with another client on 10.01.2014.

Kind regards,

 

[tudoan]

They said that accept do hedging on 2 accounts if only trade with my fun and now they cancel my profit and said that i trade opposited with another account.

 

[weinghong]

you can do hedging on same account but not with others account, if you want to do hedging with others account please use others broker. And for this case they will fully return your deposit fund and cancelled your profit, maybe will close your both account also

 

[tudoan]

you can do hedging on same account but not with others account, if you want to do hedging with others account please use others broker. And for this case they will fully return your deposit fund and cancelled your profit, maybe will close your both account also

Let see their confirmed about do hedging on 2 accounts. They violated their confirmed

Dear Sir,

We thank you for choosing XM as your trusted broker.
Regarding your concern I would like to kindly informed you that I have received a reply on your request from our Middle Office.
If you cancel your bonus with us and you will use only your funds in trading, then you can hedge from 2 accounts ( for example, 1 Sell order on one account and the same order but Buy on the other account ).
If you wish to use this strategy, you will first need to send a request to our Back Office to cancel your bonus on the e-mail backoffice@xm.com and once your bonus will be cancelled, you can start trading.

Should you have any further questions, please do not hesitate to contact us.

We are happy to inform you that, XM is going to cover all transfer fees (deposits and withdraws) on both sides (excluding bank wire transfer, which we cover on our side only).
We also offer promotions such as our 30% bonus for depositing.

Wishing you a great day and happy, and successful trading!

Kind Regards,
Viktorija Balane
Customer Care Department

 

[tudoan]

you can do hedging on same account but not with others account, if you want to do hedging with others account please use others broker. And for this case they will fully return your deposit fund and cancelled your profit, maybe will close your both account also

Please find email of XM Customer Care department confirmed to allow hedging on 2 accounts if don't receive their bonus.

 

[XM]

Dear tudoan,

Bonus does not have to do anything with our decision to terminate your trading account The problem is that hedged positions were opened minutes before the NFP release to take advantage of sharp price movements and our favorable trading conditions (negative balance protection, fast execution, and high leverage). This allowed you to generate abnormal and almost risk-free profit that after the internal investigation was considered as invalid.

In the email conversation with me, you denied having opposite position and that you are unaware of the opposite position in the second account but later you said friends have access to your account and that they could have copied your trade. Later, you have finally admitted that the owner of the second account is your friend.

This, coupled with the fact that you were asking our customer support prior to enraging in activities that can be considered as fraudulent, clearly indicates that hedged position were opened not in the course of normal trading activity, but to exploit company's trading facility and you well aware of the opposite position in your friend's account.

Kind regards,
Andrey

 

[stevesmain]

Ok, Lets translate

XM is ok with hedging, just not when the market is going to move {be it rapidly or not}

Eh Gads there is a tonne of strategy's, EA's, courses, etc. all designed to create risk free trading. Who wants to loose? Seems if one finds something that works XM will hide behind their mothers skirt & cry he hurt me!
XM uses trading conditions to attract customers, but cry's foul when they are used!

You live by your own rules or you do not!
From their web page!
"# 3 – Industry Leading Execution

We are acknowledged as industry leaders for our superior execution with no re-quotes and no rejection of orders. Our business model relies on the firm conviction that in forex execution is everything."

Either you do not reject trades or you reject trades. Be it on the same account or another, should not matter who's it is! Time is irrelevant!

There is a pattern emerging! If they do not like the way one trades they cry foul {fraud or arbitrage etc.}.

XM fix you system/station, stop using your clients as whipping boys. Correct your web page. AND pay your clients!

 

[tudoan]

Dear tudoan,

In the email conversation with me, you denied having opposite position and that you are unaware of the opposite position in the second account but later you said friends have access to your account and that they could have copied your trade. Later, you have finally admitted that the owner of the second account is your friend.

Kind regards,
Andrey

I didn't denied you about opposite position,let check email again. I checked with friend to make sure this account opened oppsite or not because we have a team trade together. So, i asked you check IP of transations of my friend account and IP of transactions of my account where difference or not. You didn't check and focus on opposite position while Your customter care deaprtment confirmed with us that we can do hedging on 2 accounts if don't use your bonus,just trade with my fun. There accounts don't use bonus why they can not do hedging on 2 accounts.

After I showed email to you about Your customter care deaprtment email. You said that:

Dear Sir,

The bonus should have been cancelled on both account but you did not comply.
Apart from your violations of the Client Agreement and fair rules of the Deposit Bonus Promotion, there were no violations from our side.
We have the required proof of your violations and I am afraid that your review will be disregarded.

Kind regards,
Andrey
​

=============================
After I sent account transaction with no used bonus to you then you find the way to say about 2 accounts did hedge together again with purpose cancel profit transactions. It is unfair.

Dear all,
Please find my account statement in attachment with no bonus used and with the confirmed of XM department, my account did'nt violate any rules of their traiding.

Tudoan

 

[tudoan]

Dear tudoan,

Bonus does not have to do anything with our decision to terminate your trading account The problem is that hedged positions were opened minutes before the NFP release to take advantage of sharp price movements and our favorable trading conditions (negative balance protection, fast execution, and high leverage). This allowed you to generate abnormal and almost risk-free profit that after the internal investigation was considered as invalid.

This, coupled with the fact that you were asking our customer support prior to enraging in activities that can be considered as fraudulent, clearly indicates that hedged position were opened not in the course of normal trading activity, but to exploit company's trading facility and you well aware of the opposite position in your friend's account.

Kind regards,
Andrey

I don't think that do hedge on 2 accounts is risk-free profit way. What do you think if price move up and down quickly. Both accountd will be stopout, right ?

What is transaction you consider as normal normal trading activity ? So, with you i can not trade with hign news, right ?
With information your customer care confirmed then the way to do hedge on 2 accounts was allowed at your company if don't abuse bonus.

 

[weinghong]

lets do the police report to cypus police and also make a complain to CYSEC, you may do it before XM take another action