fak XM delaying orders 3+ minutes slippage scam

[Jozefntou]

XM is well known for slippage issues on large volumes, try with smal lot .1 it's fine. After try with 4 lots and above you will be surprised. But wow in your case it seems the virtual dealer slippage set plugin was maxed out. Usually XM rep replies on the FPA review section. But I really cannot see how they can cover this up since you have the videos.

 

[Chris Zacharia]

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 But that proved to be fatal as all of the earned profit and some of the UN-withdrawn deposit money was lost when the slippage proved too great and leveled the account.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.
View attachment 29122
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.

Dear 4evermaat,

Our support team has checked all the correspondence history and they did not find any e-mails sent from you regarding this matter, therefore please kindly provide your logs files regarding this matter and send it to support@xm.com.
Our support team is open 24/5 and you can contact us by e-mail, live chat or phone.Once you will provide us with logs files - we will investigate this case and contact you accordingly.

 

[4evermaat]

XM is well known for slippage issues on large volumes, try with smal lot .1 it's fine. After try with 4 lots and above you will be surprised. But wow in your case it seems the virtual dealer slippage set plugin was maxed out. Usually XM rep replies on the FPA review section. But I really cannot see how they can cover this up since you have the videos.

1) regardless of lot size, there shouldn't be such slippage, especially for
It was a micro account. The maximum single position size I think was .76 standard lots ($77,000 valued). 1.00 standard lot is appx $100,000 worth of base currency.

2) Hopefully more people come forward with more recent evidence, either from XM or other brokers pulling the same crap.

Dear 4evermaat,

Our support team has checked all the correspondence history and they did not find any e-mails sent from you regarding this matter, therefore please kindly provide your logs files regarding this matter and send it to support@xm.com.
Our support team is open 24/5 and you can contact us by e-mail, live chat or phone.Once you will provide us with logs files - we will investigate this case and contact you accordingly.

How nice of you to finally stop by. So you did not find any emails, eh?

Check these screenshot. They show XeMarkets or XM was in fact contacted back in May, 2013 at least once (was contacted also via live chat a few times, but no screenshot). On the more recent contact on Dec, 2016 , I made sure in addition to sending the email to support@xm and dealing @XM to cc FPA forum admin. And the FPA forum private messaging system, a generic XM contact here was PM-ed on , I CC-ed other FPA members that can vouch that the PM was sent. So to say that you didn't receive it is quite misleading IMO.

In any case, the embedded youtube videos in the first post have just about all of the evidence anyway, including journal log file screenshots. (pretty much the entire first video and the first 2.5 minutes of the 2nd video.) They show ticket number, account #, and timestamps of several of the suspect trades.

Instead of stalling for more time, can you just explain your version of how the slippage and order delays came about?

 

[Chris Zacharia]

1) regardless of lot size, there shouldn't be such slippage, especially for
It was a micro account. The maximum single position size I think was .76 standard lots ($77,000 valued). 1.00 standard lot is appx $100,000 worth of base currency.

2) Hopefully more people come forward with more recent evidence, either from XM or other brokers pulling the same crap.



How nice of you to finally stop by. So you did not find any emails, eh?

Check these screenshot. They show XeMarkets or XM was in fact contacted back in May, 2013 at least once (was contacted also via live chat a few times, but no screenshot). On the more recent contact on Dec, 2016 , I made sure in addition to sending the email to support@xm and dealing @XM to cc FPA forum admin. And the FPA forum private messaging system, a generic XM contact here was PM-ed on , I CC-ed other FPA members that can vouch that the PM was sent. So to say that you didn't receive it is quite misleading IMO.

In any case, the embedded youtube videos in the first post have just about all of the evidence anyway, including journal log file screenshots. (pretty much the entire first video and the first 2.5 minutes of the 2nd video.) They show ticket number, account #, and timestamps of several of the suspect trades.

Instead of stalling for more time, can you just explain your version of how the slippage and order delays came about?

Dear 4evermaat,

In the video you are mentioning account number 55335, although this account number is not registered on your name or your e-mail address.Could you please explain your relationship to the account number 55335?Also, our representative was trying to reach via telephone the client with account number 55335, the one you are referring to in the video, and also he was trying to reach you, but both phones were not answered.The reason of the call was to clarify more details on your complain.

 

[Chris Zacharia]

In addition to my previous reply, we kindly request you to send as full log files, only in this case we can investigate this case fully and provide you with detailed clarification on this matter.The log files provided in the video are not enough to see the whole picture of what has happened.Please note, that the log files should be provided only from XM MT4 platform.

Also note that form client 55335 we never received any complaint, the email correspondence is not from client 55335.

 

[Chris Zacharia]

Our Representative was trying to reach via telephone a client- 55335, the one you are referring to in the video, and also he called you, but both phone calls were not answered.
The account number 55335 is not registered on your name, nor your e-mail address.The reason of his phone call was to get more detailed information on this matter.

 

[FxMaster]

Our Representative was trying to reach via telephone a client- 55335, the one you are referring to in the video, and also he called you, but both phone calls were not answered.
The account number 55335 is not registered on your name, nor your e-mail address.The reason of his phone call was to get more detailed information on this matter.

Hello Chris, Can you please look at this thread https://www.forexpeacearmy.com/community/threads/xm-com-trying-to-scam-me.48647/#post-270086 and short his problem?

 

[4evermaat]

For those of you just tuning in, here is a youtube playlist in which the first 2 videos as listed in the OP are the ones most directly related to this case:

Youtube playlist with practical examples of order delays and other bucket shop tactics.​

In addition to my previous reply, we kindly request you to send as full log files, only in this case we can investigate this case fully and provide you with detailed clarification on this matter.The log files provided in the video are not enough to see the whole picture of what has happened.Please note, that the log files should be provided only from XM MT4 platform.

What specifically is missing from the video or screenshots that you would need to investigate a particular trade? You have the transaction number, date/time stamps, account #, and instrument traded.

Also note that form client 55335 we never received any complaint, the email correspondence is not from client 55335.

Yes you did. But his wife forgave him for being taken in by the XeM scam and then client 55335 had to do other things with his family. So not everyone has time or energy to come to a place like FPA. He had no idea a broker could do these things.

Dear 4evermaat,

In the video you are mentioning account number 55335, although this account number is not registered on your name or your e-mail address.Could you please explain your relationship to the account number 55335?.....

He was copying trading signals from myself, which is why I have as much evidence as I do. When I detected suspicious activity, I began to take some notes, including record the terminal with screencast software for my own records to study why the delays were occurring. As I mentioned earlier, the laptop had crashed and the evidence almost lost....but i managed to recover the data.

Our Representative was trying to reach via telephone a client- 55335, the one you are referring to in the video, and also he called you, but both phone calls were not answered.
The account number 55335 is not registered on your name, nor your e-mail address.The reason of his phone call was to get more detailed information on this matter.

Even if you wanted a phone call, you would first email and ask when is a good time to reach someone. In this case, only email or this forum thread is fine. I cannot see anything you would say on the phone that you cannot say here or on a live chat. But live chat support already admitted that management does not come to live chat. So I guess email is the only reputable means to get legit response from XM.

So now that all of the technicalities are out of the way, you basically have 2 choices:
1) You can continue stalling all you want, which doesn't change what happened, or
2) you can explain how in the world execution could take upwards of over 5 minutes in some cases without the use of some kind of virtual dealer plugin set to maximum-trade-against-the-client settings.

Hello Chris, Can you please look at this thread https://www.forexpeacearmy.com/community/threads/xm-com-trying-to-scam-me.48647/#post-270086 and short his problem?

Assuming that the scam is in fact a bona fide case, I'm sure there will be several more threads over the coming months as newer deposits get smaller and smaller

 

[xaviertansync]

I agree. I would very much like to see XM join the discussion.

Well, I had been trading with tons of brokers in the past, and never with XM due to the heavy negative reviews in FPA. With the inception of this thread and the denial of their comment on this post, it kinda makes me ponder on their ability to solve issues with their customers. This is the ugliest fact ever.

 

[Chris Zacharia]

For those of you just tuning in, here is a youtube playlist in which the first 2 videos as listed in the OP are the ones most directly related to this case:

Youtube playlist with practical examples of order delays and other bucket shop tactics.​

What specifically is missing from the video or screenshots that you would need to investigate a particular trade? You have the transaction number, date/time stamps, account #, and instrument traded.



Yes you did. But his wife forgave him for being taken in by the XeM scam and then client 55335 had to do other things with his family. So not everyone has time or energy to come to a place like FPA. He had no idea a broker could do these things.



He was copying trading signals from myself, which is why I have as much evidence as I do. When I detected suspicious activity, I began to take some notes, including record the terminal with screencast software for my own records to study why the delays were occurring. As I mentioned earlier, the laptop had crashed and the evidence almost lost....but i managed to recover the data.



Even if you wanted a phone call, you would first email and ask when is a good time to reach someone. In this case, only email or this forum thread is fine. I cannot see anything you would say on the phone that you cannot say here or on a live chat. But live chat support already admitted that management does not come to live chat. So I guess email is the only reputable means to get legit response from XM.

So now that all of the technicalities are out of the way, you basically have 2 choices:
1) You can continue stalling all you want, which doesn't change what happened, or
2) you can explain how in the world execution could take upwards of over 5 minutes in some cases without the use of some kind of virtual dealer plugin set to maximum-trade-against-the-client settings.



Assuming that the scam is in fact a bona fide case, I'm sure there will be several more threads over the coming months as newer deposits get smaller and smaller

Please kindly note, that the reason why we are asking for full log files is to see the time stamp and any connection issues that the client might had from his side. We would then cross reference this with the logs we have here to see the connections and timeouts. Unfortunately, if a client can not provide the full log files, we can not make a full investigation from our side.

As the client who owns the account did not send any e-mails or complaints concerning this case for 3 years, we are unable to provide any information to a third party. If the client wished to make it public we have no issue in replying once the correct steps for complaint have been taken.

Our support team is helping our clients with various questions and complaints, although in case of complaints such as public forums there is another procedure. The client would need to submit a complaint form. By the procedure, a client who has any kind of complains should submit a complain form, which is available on our website, and this complain form will be reviewed by the relevant department.


We offer a demo account (that reflects a Standard Account) for the clients, who want to test any kind of EAs or strategies without a real investment.This is one of the reasons, why we offer DEMO accounts to our clients, so everything can be tested and examined before investing.

Also a client, could have contacted his personal account manager if he had any questions or complaints which we have not seen any communication from the client to said account manager or complaints department concerning this case.


Traders should be aware of the delayed execution reasons, which can be client’s connection, signal provider connectivity, VPS service and etc., this is why we are expecting a client to contact us directly and provide full log files from his side so we can investigate. All this information is located on the webpage in the terms and conditions as well as the Risk disclosure.