FxMaster
Colonel
- Messages
- 12,238
Here is the link of XM Rep https://www.forexpeacearmy.com/community/members/xm.97618/ go ahead and invite him to this thread.
4evermaat
2nd Lieutenant
- Messages
- 2,705
1) invite XM to this thread. Copy this thread url to their support / compliance email addresses. Also reach out to their social media accts and their rep here on FPA.
2) Write a review of them on the XM review page to share your experience with others. Please do so as a registered user.
3) If you you don't get a satisfactory response from XM after a week, you can proceed to file an FPA trader's court case against them.
A quick look at your trading history screenshot shows you held onto trades for several minutes. Perhaps XM can explain what is illegitimate about them. This is quite winnable for FPA court case and also regulators as it seems pretty cut/dry that they cancelled your profits without any reason.
Question: Did you open your account with XM Cyprus or XM Belize? If you can go back and dig up your account opening statements and/or the docs that you. Do you remember which website you opened your account? How long ago did you open account?
It is a common scam to have "more legit" regulation, but then funnel clients to the "less legit" or looser regulatory body. Cyprus is nothing to shout home about, but Belize I would imagine would have zero recourse in these cases.
4) You can always complain to the Belize Ombudsman and/or Cyprus Financial Ombudsman if you don't get a satisfactory result. Don't expect any miracles though.
Chew on this while you gather your evidence:
----------------------------------------------------
@AsstModerator can you update XM's review page to show their new/alt name is XM Global Limited? So what is that now, 5 names? XEM / XE Markets, Trading Point of Financial Instruments, XM.com, XM Global Limited, XMTrading.com
Belize seems to be a recent regulation for XM. I thought their regulation (where clients were being onboarded) was only in Cyprus and Seychelles
Btw also, They are NOT regulated in ASIC. They shouldn't have an ad saying that.
Ask them to prove their regulation. The ASIC told them back in 2015 to stop advertising that they were. (ASIC link)
They are also not regulated in UK. Similar to IronFx scam, they might have a regulatory license in a different name (Trading Point), but do not onboard any customers via UK license. It will either go through Cyprus or Belize. (Or Seychelles for Japan clients)
They are not regulated in Japan either (FM article a year later). But XMTrading.com is still going, still [illegally?] unboarding Japan clients.
A lot to update
What started as a simple reply became a whole scam alert in itself. XM is slicker than coconut oil, without the health benefits.
2) Write a review of them on the XM review page to share your experience with others. Please do so as a registered user.
3) If you you don't get a satisfactory response from XM after a week, you can proceed to file an FPA trader's court case against them.
A quick look at your trading history screenshot shows you held onto trades for several minutes. Perhaps XM can explain what is illegitimate about them. This is quite winnable for FPA court case and also regulators as it seems pretty cut/dry that they cancelled your profits without any reason.
Question: Did you open your account with XM Cyprus or XM Belize? If you can go back and dig up your account opening statements and/or the docs that you. Do you remember which website you opened your account? How long ago did you open account?
It is a common scam to have "more legit" regulation, but then funnel clients to the "less legit" or looser regulatory body. Cyprus is nothing to shout home about, but Belize I would imagine would have zero recourse in these cases.
4) You can always complain to the Belize Ombudsman and/or Cyprus Financial Ombudsman if you don't get a satisfactory result. Don't expect any miracles though.
Chew on this while you gather your evidence:
----------------------------------------------------
@AsstModerator can you update XM's review page to show their new/alt name is XM Global Limited? So what is that now, 5 names? XEM / XE Markets, Trading Point of Financial Instruments, XM.com, XM Global Limited, XMTrading.com
Belize seems to be a recent regulation for XM. I thought their regulation (where clients were being onboarded) was only in Cyprus and Seychelles
Btw also, They are NOT regulated in ASIC. They shouldn't have an ad saying that.
Ask them to prove their regulation. The ASIC told them back in 2015 to stop advertising that they were. (ASIC link)
They are also not regulated in UK. Similar to IronFx scam, they might have a regulatory license in a different name (Trading Point), but do not onboard any customers via UK license. It will either go through Cyprus or Belize. (Or Seychelles for Japan clients)
They are not regulated in Japan either (FM article a year later). But XMTrading.com is still going, still [illegally?] unboarding Japan clients.
A lot to update
What started as a simple reply became a whole scam alert in itself. XM is slicker than coconut oil, without the health benefits.
Wallydon70
Recruit
- Messages
- 3
it seems all brokers are scam one way or the other irregardless of the stars they get for reviews... so where do we turn to :[
4evermaat
2nd Lieutenant
- Messages
- 2,705
You should verify first if a broker is indeed a market maker/dealer (or hybrid broker-dealer) or strictly acting only as a broker for your trades. Maybe this video will help:
I think most traders should either:
a) stick with a true a-book broker (Prime of Prime)
b) pick a broker/dealer with a verified relationship with Prime of Prime.
c) open ONLY cent level account with trusted dealer. (rarely open standard acct with those brokers).
4evermaat
2nd Lieutenant
- Messages
- 2,705
@tianwo81 Any update on your withdrawal or Trader's Court case?
RahmanSL
Major
- Messages
- 2,934
Looking at your trading account with a small deposit of USD69.50 and then seeing that you have traded with 0.04, 0.08, and 0.10 size lots makes me cringed and wonder what type of Trader you are.
I think I will leave my opinion to myself and let XM's representative sort this out with you. Good luck to you!
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