Chargeback against XM.com

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Hello there, I am considering a charge back against xm.com after loosing my deposit money (around $2,000 USD.) Although in their rules and regulations, they claim that even if I win the charge back, they will take it to court for not only the charge-back but all legal expenses etc. and file a report to my country's police for credit card fraud, and report it to my country's credit bureau. I am located in Canada, and they are not regulated within my country ( Along with every other binary options firm.. )- which would make pursuing legal action for them next to impossible am I right? Jump to page 60 and read the conditions down below, I think it's all BS and I will probably go ahead with the charge back , but just wanted to post here to get some clarification before I did.

https://www.xm.com/assets/pdf/new/terms/XM-Client-Agreement-Terms-and-Conditions-of-Business.pdf

Thanks
 
Hello there, I am considering a charge back against xm.com after loosing my deposit money (around $2,000 USD.) Although in their rules and regulations, they claim that even if I win the charge back, they will take it to court for not only the charge-back but all legal expenses etc. and file a report to my country's police for credit card fraud, and report it to my country's credit bureau. I am located in Canada, and they are not regulated within my country ( Along with every other binary options firm.. )- which would make pursuing legal action for them next to impossible am I right? Jump to page 60 and read the conditions down below, I think it's all BS and I will probably go ahead with the charge back , but just wanted to post here to get some clarification before I did.

https://www.xm.com/assets/pdf/new/terms/XM-Client-Agreement-Terms-and-Conditions-of-Business.pdf

Thanks
Hi there,

I placed a deposit of €250 with Binaryonline and to I went to my bank and processed a chargeback on my Visa card, the bank didn't seem to think it was any problem at all and the process only took a couple of minutes or so, they done it all on their computer in the bank, so now I will see just how long it takes!!!
 
A legitimate chargeback against an illegitimate company (like nearly all binary brokers) should be as easy as Arnot reports. Sadly, most banks are not nearly so cooperative.

An illegitimate chargeback attempt can result in issues. Without knowing the exact nature and details of your dispute with XM, there's no way to know if your attempt is valid or not. Trying to do a chargeback without a valid reason is a form of fraud.
 
A legitimate chargeback against an illegitimate company (like nearly all binary brokers) should be as easy as Arnot reports. Sadly, most banks are not nearly so cooperative.

An illegitimate chargeback attempt can result in issues. Without knowing the exact nature and details of your dispute with XM, there's no way to know if your attempt is valid or not. Trying to do a chargeback without a valid reason is a form of fraud.
Out of all your comments, how many are positive towards the scam retail fx brokers; and how many are negative? I suspect it is 79% or higher. Shall i do a survey?
 
Go for it. Read every post I've ever written. Of course, if you use anything short of "call the police now!" as a standard for being positive, you'll be skewing the odds. Then again, you once went after me for suggesting people file a complaint with the UK authorities, so I guess I must have been endorsing that broker by suggesting going through legal channels instead of visiting their offices and personally attacking them. So, if you are going to post statistics, each of your claimed "positive" and "negative" posts will need to name the broker, state why you feel it's a scam broker or not (since you seem to have little knowledge of the FPA's system of declaring a broker to be scam), a quote of what I said, and a link back to the original post here in the FPA's forums (both so everyone can see if the statement was truly positive or negative and so that people can verify if the quote is accurate and in context). I'd personally be fascinated to see what you come up with.

I do wonder if you are mentally capable of determining positive vs. negative posts. From what I can tell in this thread, you wanted me to wholeheartedly endorse a chargeback with zero information on whether such a complaint was justified legally or ethically. This desire seems based solely on your personal dislike of the broker without regard to any of the facts of what did or did not happen. My statement in post #3 above would be considered neutral by any rational observer.

Even on some of the worst brokers out there (where the owners are facing criminal charges), I often try to ask a few questions first to gain a full understanding of the situation, unlike some people who prefer to open fire before confirming the proper target.

I'll also make you a deal. If you can find one post anywhere inside the FPA where I wholeheartedly endorse traders opening accounts with any one broker (as opposed to saying "you may consider testing them with a small amount of money"), I'll happily pay you $1000. (Note: I do believe once or twice I've sarcastically told someone to go open an account at a known scam - anyone with any shred of intelligence will be able to tell that was not a real endorsement). If you can find me posting an IB link to a broker anywhere inside the FPA (other than quoting someone else who may have used an IB link - typically to show they have been using an IB link), I'll pay you $5000. I don't have any IB links inside or outside the FPA, but I know of one broker employee who misused my name on another forum, so I'm not going to pay because of something some scumbag said while impersonating me elsewhere. Obviously, I'm most well know here, so if I wanted to make money this way, I'd do the endorsements here if I ever was going to do them.

Will 10 days be sufficient for you to prove your theory how evil I am or else to give me a well deserved apology for acting like a spoiled child when the world doesn't bend to his will? Please let me know. Otherwise, if I've seen no proper response in 10 days, I'll have to assume your research proved me innocent, but you were too embarrassed by your shameful behavior to step forward and admit it.
 
I regrettably joined XM.com early last year but never did anything with my account for months. They called me a few times, wondering why I hadn't started trading with them. Later in November 2016, I did start trading with them, and experienced high spreads, slow market executions on trades, and slippage on hedged positions- nor did I ever receive the $30 sign-up bonus.

I ended up losing $3,157.76 CAD in total because of this. Also, they are not regulated in Canada! So they should have NEVER BEEN DOING BUSINESS WITH ME. They are allowed to offer services in Canada, but if and only if they are regulated in Canada, which they are not! The same goes with numerous other countries they offer services to as well, which they probably aren't regulated in either and are still offering services.

I made a chargeback through VISA on these grounds, and they are refusing to pay it. So now I am forced to fight back through social media to bring more attention to my case. I have made a youtube video, a Twitter, and will be posting this thread on their facebook page daily to warn others until my case is resolved. DO NOT INVEST WITH XM.COM. THEY ARE SCAMMERS, AS ARE ALL BINARY OPTIONS WEBSITES. PLEASE STAY AWAY FROM XM.COM AND BINARY TRADING IN GENERAL.



Please follow me on twitter here too, I've already hit 1,000 followers!
https://twitter.com/XmScam
 
I see Lonsdale Cross never bothered to drag himself back and back up his malevolent accusations against me or to provide a proper apology for trying to smear my name. That's typical of the hit and run tactics he's used in other threads.
 
..........

I made a chargeback through VISA on these grounds, and they are refusing to pay it. So now I am forced to fight back through social media to bring more attention to my case. I have made a youtube video, a Twitter, and will be posting this thread on their facebook page daily to warn others until my case is resolved. DO NOT INVEST WITH XM.COM. THEY ARE SCAMMERS, AS ARE ALL BINARY OPTIONS WEBSITES. PLEASE STAY AWAY FROM XM.COM AND BINARY TRADING IN GENERAL.



Please follow me on twitter here too, I've already hit 1,000 followers!
https://twitter.com/XmScam


XM is one of the more sophisticated scams I've seen in recent times; a little bit more clever than IronFx.

Can you elaborate on specifics on how [your bank] refused to process your chargeback? What is the name of the issuing bank of the credit card (or debit card)? We need more details like date of original deposit. With fraud you usually have 120 days to make a claim.
Also, what specifically did XM do that caused losses? (maybe start a new scam alerts thread with these specifics). Were the execution delays you speak of something like this:



I would recommending leaving 1 star review on FPA to show how they.

You can also attempt an FPA court case. But first I recommend creating a scam alerts thread specifically detailing how they ran a scam on you and submit evidence of this.
 
XM is one of the more sophisticated scams I've seen in recent times; a little bit more clever than IronFx.

Can you elaborate on specifics on how [your bank] refused to process your chargeback? What is the name of the issuing bank of the credit card (or debit card)? We need more details like date of original deposit. With fraud you usually have 120 days to make a claim.
Also, what specifically did XM do that caused losses? (maybe start a new scam alerts thread with these specifics). Were the execution delays you speak of something like this:



I would recommending leaving 1 star review on FPA to show how they.

You can also attempt an FPA court case. But first I recommend creating a scam alerts thread specifically detailing how they ran a scam on you and submit evidence of this.


My Credit Card was a TD VISA card, (Toronto Dominion) and I won the Dispute, XM just however, was refusing to pay it, until yesterday I checked my balance and I saw they paid back about 55%. I've already left a one-star review, and did try making a new thread with the last post I made, but it was moved her instead by admin.

What I was experiencing was indeed similar to the video you posted.

Needless to say, I am glad at least they paid back some of the money, and hopefully, they pay back the full amount and then I can call this case resolved.
 
My Credit Card was a TD VISA card, (Toronto Dominion) and I won the Dispute, XM just however, was refusing to pay it, until yesterday I checked my balance and I saw they paid back about 55%. I've already left a one-star review, and did try making a new thread with the last post I made, but it was moved her instead by admin.

If you won the dispute (with the bank/credit card provider), then the credit card provider issue you a credit for the disputed balance regardless of what the merchant does? Depends also on the country's consumer protection laws. But most developed countries like Canada should refund the disputed amount within a couple of days after ruling in your favor. In many cases, they will issue a provisional credit within 24 hours.

What I was experiencing was indeed similar to the video you posted.

I'm hardly surprised. There is actually a youtube playlist that exposes a few other brokers bucket shops caught doing something similar:

youtube.com/watch?v=uMYxrYC2hNg&index=3&loop=1&list=PLAeDv9ZS_kDM-xKXekrkEWuRIow4QpJc9

Needless to say, I am glad at least they paid back some of the money, and hopefully, they pay back the full amount and then I can call this case resolved.

When you say XM paid back some of the money: Did they pay it back to mt4 acct, or pay it back to your payment processor (or credit card?)
 
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