Hello,
some days ago xm (Trading Point of Financial Instruments Ltd ) has stolen my profits.
I have an account since november 2013. until few days ago I was loosing but friday I finally recovered most of my total loss with them.
the 11th of april, they cancelled the bonus of 30% (who cares!) Few hours later I closed my trades and, obviously, I requested the withdrawal of all of my money.
What did they do? They gave me back just the last deposit I did (4400 eur) and they have put a -3600 EUR as part of the profits.
I started a compliance to ask based on what I see that "minus" on my account.
this was their answer:
<<After review of your Trading History we have decided to remain with the original decision by our Middle Office Team, who suspected you were using the bonus for arbitrage trading which is not permitted.
I would like to remind you of paragraph 4.9 of the Company's Bonus Terms and Conditions:
"Any indication or suspicion, in the Company’s discretion, of any form of arbitrage (including but not limited to risk free profiting), abuse (including but not limited to participant's trading activity patterns that indicate that the participant solely aims to benefit financially from the Credit Bonus without being genuinely interested in trading in the markets and/or taking market risk), fraud, manipulation, cash-back arbitrage connected to a Credit Bonus or any other forms of deceitful or fraudulent activity, will nullify all previously credited bonuses of the Eligible Client’s live Micro, Standard or Executive Accounts with XM and/or any and all transactions carried and/or profits or losses garnered therein. In these circumstances, XM reserves the right, at its sole discretion to close/suspend (either temporarily or permanently) all such Eligible Client’s live Micro, Standard or Executive Accounts with XM, cancel all orders and annul all profits of such participant. In these circumstances, XM shall not be liable for any consequences of the bonus cancellation, including, but not limited to, order(s) closure by Stop Out."
Our decision in this matter shall be regarded as final and binding on all participants and that, other than the notification set forth herein, no further correspondence will be entered into.
>>
So, based on SUSPECTS they cancelled my profits?! without entering in the technical reason (based on what xm has suspects?!) , what I believe is that it is not acceptable at all to cancel results based on "suspects".
Also, they should have nullified my losses too. In that case I would have got back around 4000EUR, which is more than the profits I did recently.
They simply cancelled the last 6 trades instead of cancelling all the profits and losses as declared in the terms and conditions.
I started a complaint to the Cysec, but I suppose it will take a lot before seeing again the money earned with lots of efforts.
Anyone else got the same problem?
I attached to this post my account statement and the exchange of emails till their final decision.
some days ago xm (Trading Point of Financial Instruments Ltd ) has stolen my profits.
I have an account since november 2013. until few days ago I was loosing but friday I finally recovered most of my total loss with them.
the 11th of april, they cancelled the bonus of 30% (who cares!) Few hours later I closed my trades and, obviously, I requested the withdrawal of all of my money.
What did they do? They gave me back just the last deposit I did (4400 eur) and they have put a -3600 EUR as part of the profits.
I started a compliance to ask based on what I see that "minus" on my account.
this was their answer:
<<After review of your Trading History we have decided to remain with the original decision by our Middle Office Team, who suspected you were using the bonus for arbitrage trading which is not permitted.
I would like to remind you of paragraph 4.9 of the Company's Bonus Terms and Conditions:
"Any indication or suspicion, in the Company’s discretion, of any form of arbitrage (including but not limited to risk free profiting), abuse (including but not limited to participant's trading activity patterns that indicate that the participant solely aims to benefit financially from the Credit Bonus without being genuinely interested in trading in the markets and/or taking market risk), fraud, manipulation, cash-back arbitrage connected to a Credit Bonus or any other forms of deceitful or fraudulent activity, will nullify all previously credited bonuses of the Eligible Client’s live Micro, Standard or Executive Accounts with XM and/or any and all transactions carried and/or profits or losses garnered therein. In these circumstances, XM reserves the right, at its sole discretion to close/suspend (either temporarily or permanently) all such Eligible Client’s live Micro, Standard or Executive Accounts with XM, cancel all orders and annul all profits of such participant. In these circumstances, XM shall not be liable for any consequences of the bonus cancellation, including, but not limited to, order(s) closure by Stop Out."
Our decision in this matter shall be regarded as final and binding on all participants and that, other than the notification set forth herein, no further correspondence will be entered into.
>>
So, based on SUSPECTS they cancelled my profits?! without entering in the technical reason (based on what xm has suspects?!) , what I believe is that it is not acceptable at all to cancel results based on "suspects".
Also, they should have nullified my losses too. In that case I would have got back around 4000EUR, which is more than the profits I did recently.
They simply cancelled the last 6 trades instead of cancelling all the profits and losses as declared in the terms and conditions.
I started a complaint to the Cysec, but I suppose it will take a lot before seeing again the money earned with lots of efforts.
Anyone else got the same problem?
I attached to this post my account statement and the exchange of emails till their final decision.
