Unsupported/Abandoned complaint - xm.com trying to scam me

4evermaat

2nd Lieutenant
Messages
2,014
yes. No legit broker should be allowing you to trade without cleared funds. This means making sure the client is 'verified' first (KYC id/address verified; this is only done once), and each payment method is cleared before it is credited to your account. Why would a [regulated] broker do it any other way and put themselves at risk?

Perhaps the goal was not to have to return the money anyway if you were one of the 90% that lose.
 

Pharaoh

Colonel
Messages
19,995
Unfortunately, many regulators permit brokers to accept funds and allow trading to begin before documents are verified. In some cases, trading can begin even before documents are submitted.

Hopefully, more regulators will get stricter about this over time.
 

4evermaat

2nd Lieutenant
Messages
2,014
Unfortunately, many regulators permit brokers to accept funds and allow trading to begin before documents are verified. In some cases, trading can begin even before documents are submitted.

Hopefully, more regulators will get stricter about this over time.

Who specifically? AML/KYC rules require a client's identity be verified before broker accept funds. It's not difficult to do. No legit broker sending orders to the market would allow live trading without cleared funds. They would be putting their own funds at risk, and potentially a margin call if the funds were not clear.

Some [unscrupulous] brokers just go ahead and allow trading without full verification, mainly because they anticipate the client losing and want to hurry the gambler...er client along as fast as possible.
 

Pharaoh

Colonel
Messages
19,995
Check and see how many brokers say things like "Start trading within 5 minutes". Even if they require an upload, a client could upload pictures of puppies instead of real ID documents.

I fully agree with you that it's wrong, but I've seen many brokers ready to accept funds with little or no checking of docs.
 

Chris Zacharia

XM.com Representative
Messages
30
Ok they still keep on asking the verification amount, which i clearly didn't get. So i'm making a fraud case.

Dear vanwambekeseppe,

Our Financial Risk department has sent you an e-mail yesterday providing the ARN number of the transaction.
Please contact your bank and provide them the ARN number so they can trace the transaction.
 

vanwambekeseppe

Recruit
Messages
23
Dear vanwambekeseppe,

Our Financial Risk department has sent you an e-mail yesterday providing the ARN number of the transaction.
Please contact your bank and provide them the ARN number so they can trace the transaction.

Ok so they emailed me this yesterday:
Dear Sir,

Please find the Acquirer Reference Number (ARN) for the refund: 15276326366001956580609. Please contact the bank using the number provided. The issuing bank is able to trace the refund transaction.
Once you trace the funds we need a Statement showing the amount and the date you received it.
Furthermore, be advised that in case that the Bank can not locate the funds kindly ask them to issue an official letter of the Non Receipt of Funds and submit it via email and we will check and advise accordingly.
Kind Regards
I went to my bank that day and they couldn't allocate the transaction. So i asked my bank manager to make this letter of Non Receipt of Funds. I did this and submitted this. (see attachment)

Today i got this email:
Dear Sir,

We confirm receipt of your email and the letter attached therein. Please note that we are currently reviewing the letter for its validity and we will revert with our comments and, if applicable, our final response in due time.

Kind Regards,
I don't know what they are doing, the letter was signed by my bank manager but still they will not believe me.
It looks like they just don't want to pay me...
This makes me desperate and i have had a lot of stress this 2 weeks. 9000 euros are not nothing. So yeah, i don't know what to do anymore.
 

Attachments

  • IMG_20170118_0002.pdf
    237.8 KB · Views: 18

4evermaat

2nd Lieutenant
Messages
2,014
Just more stalling. They are suppose to process withdraw the same business day.

No legit broker would allow trading without cleared funds. They would have returned at least the deposited amount to the credit card you deposited with.... In this case $3,000. The remaining profit is usually sent via wire transfer, although they might allow other means.

First, get a FPA traders court case going. Do this NOW. You have more than enough evidence. And patience. (i wouldn't have gotten bank letter).

Then, file a case with both CySec regulator and Ombudsman. It might not do much, but at least there is a record. You'll have all the evidence already, so it wont take long.

Ask yourself this: if you LOST money, would they be asking you the same things after the fact? Would they give you a 'do over'?
 
Top