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fak XM delaying orders 3+ minutes slippage scam

Discussion in 'Scam Alerts' started by 4evermaat, Dec 17, 2016.

  1. 4evermaat

    4evermaat Master Sergeant

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    Often times you hear stories of brokers like [fak] XeMarkets using virtual dealer plugin in some form or another to trade against their client so that they will lose. Either delay execution significantly, cancelling trades without notice, reject opening or closing of trades, or delay/refuse withdrawals requests. I will show you in a 2 part video series that clearly shows that XeMarkets did not execute orders in the best interest of their clients (e.g. immediately), in clear violation of MiFID regulations. Here is the first part:



    These delays were way beyond acceptable execution times. I initially gave fak XeM the benefit of the doubt that it would return to the 300-500ms execution we were used to. But that proved to be fatal as all of the earned profit and some of the UN-withdrawn deposit money was lost when the slippage proved too great and leveled the account. Here is the 2nd half which explains the likely reason why it happened:



    Another smaller micro account (like $100 USD or so) with [fak] XeMarkets was trading the exact same strategy at the same time, without any manipulation in fill times, and entries/exits worked just fine. This was further proof that XeM was full of crap with the execution of the larger acct (which was > $6000 AUD at the time).

    I will attach here a copy of the FPA performance test of the larger account that was busted. You can see that it was almost doubled and then the insane delays/slippage kicked in, facilitating the demise.
    FPA performance test snapshot of busted account.
    All is not lost. I can then do so more performance tests with FPA (with more credible brokers) and other traders would have learned what to look for also.

    So many memories as I was preparing the videos and first article to turn it into a learning experience for others. The slippage got up to 6 minutes last look periods (different client, even larger account). It looks like they have re-branded from XeMarkets to XM, but their internal dealing operations have not changed. After conversation with several traders and other professionals in the industry, I certainly wouldn't deposit or refer anyone to such a broker.

    It took so long to get the videos uploaded because the original laptop that had all the evidence stored had crashed and the hard drive wasn't recovered until a couple of years later. Then the time needed to be set aside to recover as much as possible and produce the video. I'm just glad that I was able to recover it....so it wouldn't be just another trader ranting but without proof.
     
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  2. Pharaoh

    Pharaoh Colonel

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    Invite XM to come and join the discussion.
     
  3. 4evermaat

    4evermaat Master Sergeant

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    Already sent the email shortly after this post was generated. it was sent to 2 older support emails from xemarkes.com and support desk and dealer room emails xm.com; also CCed to FPA testing and forum emails.

    I'm pretty much done with them. Would like to see one of the FPA track records not count against me, so might file a traders court case.

    What did you think of the evidence presented so far?

    edit: You'd be shocked to find out how many of the major forex publications and forums actually did not want to touch this. Let's just say keeping this stuff quiet likely allows the advertising dollars to keep coming in. I learned a lot just in these past 2 weeks alone.
     
    #3 4evermaat, Dec 20, 2016
    Last edited: Dec 20, 2016
  4. Pharaoh

    Pharaoh Colonel

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    The videos are disturbing. I would very much like to see XM's interpretation of the situation.
     
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  5. 4evermaat

    4evermaat Master Sergeant

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    One major forex publication would not publish the video. Initially the article was approved, and then a senior editor silently deleted the video embed along with the reference to it, as if i wouldnt notice.

    A separate forex blog refused to run it after several days of thinking about it. His excuse was that another publication already ran it. It certainly wasn't an exclusive piece, and at a minimum they could have made an editorial out of it.

    A very popular forex forum revoked membership after replying to a user with one of these videos wanting to know about the reality of how forex brokers operate.

    There is a lot of conflict of interest in this business; the avg retail trader has no idea how deep the rabbit hole goes. Advertising dollars and referral commissions go along way to buy loyalty. I hope I havent put FPA in a precarious situation.
     
    #5 4evermaat, Dec 22, 2016
    Last edited: Dec 22, 2016
  6. FxMaster

    FxMaster Lt. Colonel

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    One question, You already shared link of the thread with XM?
     
  7. 4evermaat

    4evermaat Master Sergeant

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    ^^ Yes. The older XeMarkets emails have all bounced, but the XM support desk and dealing room emails have not. Neither did the FPA email addresses bounce.
    FPA scam alert email inviting XM.

    But anyone here is welcome to email/call them if they think they'll have better luck.

    I think most people that have complained did not have the comprehensive proof presented here. Because a lot of this I learned while developing automated systems. But screenshot and screen recording software has been around at least since 2006, if not earlier. But it is much more popular now along with camera phone content after youtube got famous.
     
  8. FxMaster

    FxMaster Lt. Colonel

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    Here is the link of xm Rep http://www.forexpeacearmy.com/community/members/xm.97618/ go ahead and invite him to this thread.
     
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  9. 4evermaat

    4evermaat Master Sergeant

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  10. Pharaoh

    Pharaoh Colonel

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    Helloooo XM! Calling XM!
     
: xm.com

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