COMPLAINT about XM

Go to the link, click on information then click on start conversation. Write there that you have a problem with xm and you opened the thread in scam folder.

Please help me , I'm in a nightmare. The situation turns against me while I am innocent and they are wrong ....
 
Dear Mr. Lamarque,

We acted in good faith and tried to research the error which you claimed to have on the trading platform and after not being able to find what is wrong, we once again in good faith requested you to send your log files to make sure.

When you sent your log files to XM, you sent log files which were edited in a very obvious fashion attempting to back-up your false claim.

The message “market closed” is always in brackets of this format “[…]” and not in parenthesis of this format “(….)”.

In this respect, we consider that your behavior, actions and intentions towards our Company were made in bad faith with the sole aim to deceive our Company and claim reimbursement for you loss-making orders.

As noted in the email correspondence which you have received by XM's compliance department, the decision to terminate your account is final and not reversible.

This case has been closed by XM's compliance department.

Thank you,

There was misunderstanding, please, Mr. Zacharia, find my log files on your side in your servers (because I do not have them anymore) and you will see that you are wrong!

It is unfair what is happening, understand me and put yourself in my situation please.
 
Here is my letter of formal notice attached.
I will not hesitate to share my experience wherever I could

Best regards,
LAMARQUE Martin
 
Dear All,

The above complaint has been handled by XM's compliance which has thoroughly investigated the case.

For reasons of transparency I am sharing the exact reply as sent by XM's compliance department.

Thank you,

XM.com (Trading Point Financial Instruments UK Ltd.) has no valid proof or suspicion for refusing my refund. Show us, please, the proof of your advancements, deliver me my journal autentique and analyze it. You will see that you are wrong.

If not, you are outlawed and you must pay me back!

Sincerely and waiting to read you
 

You should have an English version of the letter please. Especially if you will be submitting complaint to regulator or a forum like FPA, you should have English version. You are trying to receive help [for free], but you are making it difficult for them to help.

There was misunderstanding, please, Mr. Zacharia, find my log files on your side in your servers (because I do not have them anymore) and you will see that you are wrong!

It is unfair what is happening, understand me and put yourself in my situation please.

The broker ultimately has the log files. The client side may have logs as well, but the broker side have all the logs for all of their clients already. They are the ones that maintain the trading servers for Christ's sake.

I agree that minor changes like [] vs () is trivial to the larger problem of poor execution or balance removal. But you should just attach the log as a screenshot or as a text file vs copying it into a program that cannot accept certain characters. Always find a way to quickly save and backup (dropbox, idrive, etc) any important files (screenshots, video recordings, log files, etc.)

The best thing to do is to record the screen with the chart and journal tab visible (showing 6+ lines if possible). This is not required, but helps against particularly scammy brokers such as XM:



You used a mobile device for some or all of the transactions, which would be more difficult to record. You have witnesses just a small part of what scam brokers can do:
  1. refuse to execute order
  2. add artificial delay to order (usually to prevent execution at favorable price)
  3. slip winning orders/instantly execute losing orders (asymmetric slippage).
  4. Delay or refuse legitimate withdrawals.

And I suppose you didn't check to see if they were actually onboarding you from their UK office. (assuming they have real operations there). They may advertise they have UK office/regulation, but your account was likely onboarded through their Cyprus office where regulation is quite lax.

Reputable broker can give you a full trace of how an order was handled from the order send request to when it comes back from the liquidity provider(s) and the final result. We're talking 0-400 milliseconds here (and < 20 milliseconds if you are co-located at trading server). It's like mailing a physical package with a tracking number. From the moment it is picked up to the moment it is delivered, each exchange point is recorded.

But if 90% of traders lose, and many of these broker owners come from a gaming/casino background, who needs to actually provide bonafide brokerage service?

The best you can hope for is some justice from FPA traders court case (which you must file separately here). But you need to do a better job of organizing your proof and keeping records. You should at least have daily confirmation or monthly statements sent to your email. Any trades that you know or suspect you have a problem with, immediately preserve all proofs related to those trades. The desktop app makes this easier to do as there are dedicated journal logs. You can also run applications that help automate some more of this process.
 
You should have an English version of the letter please. Especially if you will be submitting complaint to regulator or a forum like FPA, you should have English version. You are trying to receive help [for free], but you are making it difficult for them to help.



The broker ultimately has the log files. The client side may have logs as well, but the broker side have all the logs for all of their clients already. They are the ones that maintain the trading servers for Christ's sake.

I agree that minor changes like [] vs () is trivial to the larger problem of poor execution or balance removal. But you should just attach the log as a screenshot or as a text file vs copying it into a program that cannot accept certain characters. Always find a way to quickly save and backup (dropbox, idrive, etc) any important files (screenshots, video recordings, log files, etc.)

The best thing to do is to record the screen with the chart and journal tab visible (showing 6+ lines if possible). This is not required, but helps against particularly scammy brokers such as XM:



You used a mobile device for some or all of the transactions, which would be more difficult to record. You have witnesses just a small part of what scam brokers can do:
  1. refuse to execute order
  2. add artificial delay to order (usually to prevent execution at favorable price)
  3. slip winning orders/instantly execute losing orders (asymmetric slippage).
  4. Delay or refuse legitimate withdrawals.

And I suppose you didn't check to see if they were actually onboarding you from their UK office. (assuming they have real operations there). They may advertise they have UK office/regulation, but your account was likely onboarded through their Cyprus office where regulation is quite lax.

Reputable broker can give you a full trace of how an order was handled from the order send request to when it comes back from the liquidity provider(s) and the final result. We're talking 0-400 milliseconds here (and < 20 milliseconds if you are co-located at trading server). It's like mailing a physical package with a tracking number. From the moment it is picked up to the moment it is delivered, each exchange point is recorded.

But if 90% of traders lose, and many of these broker owners come from a gaming/casino background, who needs to actually provide bonafide brokerage service?

The best you can hope for is some justice from FPA traders court case (which you must file separately here). But you need to do a better job of organizing your proof and keeping records. You should at least have daily confirmation or monthly statements sent to your email. Any trades that you know or suspect you have a problem with, immediately preserve all proofs related to those trades. The desktop app makes this easier to do as there are dedicated journal logs. You can also run applications that help automate some more of this process.


Thank you for all these indications 4evermaat!

I am in contact with a mediator of the AMF as well as Cysec currently. I am creating a website (union) to gather a large number of people in dispute with XM.com (with proof) so that they can file complaints with the AMF so that Trading Point of Financial Instruments Ltd is blacklisted in the French country as well as in Europe!

It will be a very bad publicity MERIT!

My site will be published soon online since Mr Chris Zaparia does not answer me! We put everything in place with the mediators.

* For information, the document that I provided (mise en demeure) must be, legally, in the language of my country.
 
This case was already filed and then dismissed.

1, The dispute is over trades on non-forex instruments, so is not qualified for Traders Court.
2. The evidence shows signs of alteration by the trader.
3. The original case thread was also abandoned.

Once a case is dismissed, refiling does not restart the case. The new filing has been dismissed. The Scam Alerts thread and review remains. If further escalation is desired, please take it to the regulators.
 
It is equally important to keep good records; do not assume the broker will do all of this. But most traders are uninformed, and even more [unscrupulous] brokers take advantage of this.
 
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