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

[vanwambekeseppe]

Still waiting for them for their extra 'verification' method.
No one is answering me from their side, last email i received from the financial risk departement was 8 days ago.
This is taking too long, i have provided somany proof from my side. If i didn't post this thread, my account would be already terminated and no one would look at me.

 

[snapped2002]

I can see and understand your frustration my friend.
Stay the course and follow the steps by the mods here.
They will be a great help to you when no one else can.

 

[MohammedA1]

Omg i can't believe that XM is doing such thing

But wait.. let me tell you my experience with these (charges back, small fees,) or whatever they call it

I had the exact same problem with PayPal !
See ? PayPal cannot be a scam, but i had the same problem that even my bank did not stated that fee, i got my PayPal account activated by checking my bank account statement online and guess what... I found the small fee there on the online statement. Not sure why my bank could not see the fee.

So my advice is to create an account for your bank (they usually have online service) , then check your account statement.

Keep us updated

 

[MohammedA1]

Sorry. forget to tell you that my Skrill account had the same problem and the only way that i got the small fee notification is by the SMS

For skrill, I could not see the fee online, i saw it only on my phone by an SMS message

Try to activate the SMS notification service if your bank has it

 

[4evermaat]

@MohammedA1

The test charges are irrelevant at this point. Why would XM (or any broker, or even a casino) allow a client to trade with uncleared funds? In other words, if his debit card deposit wasn't already cleared, where is the money coming from to use as margin to hold all those positions?

Again, if his account was losing money, would he have been allowed a do-over? Because the client could make a similar argument that the card wasn't fully verified anyway, so the losses don't really count.

The lengths that brokers are going through to outright steal clients deposits lately is quite amazing really....

 

[MohammedA1]

@MohammedA1

The test charges are irrelevant at this point. Why would XM (or any broker, or even a casino) allow a client to trade with uncleared funds? In other words, if his debit card deposit wasn't already cleared, where is the money coming from to use as margin to hold all those positions?

Again, if his account was losing money, would he have been allowed a do-over? Because the client could make a similar argument that the card wasn't fully verified anyway, so the losses don't really count.

The lengths that brokers are going through to outright steal clients deposits lately is quite amazing really....

Well ... I agree, but they're humans, they made a mistake and I guess the guy on the verification department is mistaken not the entire company

I trade on xm and i made a lot of money with them, if they were scammers they would be caught before already

 

[MohammedA1]

Any updates?

 

[vanwambekeseppe]

Well i'm starting to go crazy.
It has been 12 days now since i have had an email from them or a response.
I feel completely ignored and i can't even see or understand why it takes more then a month to process my withdrawal. I have provided them everything they asked for. I have even provided them the signed bank letter.

The second problem is that i see that xm.com sponsors forexpeacearmy.com. They are promoted on the FPA.. This is why my open case is still in the preparation folder. The administrator of this forum told me he contacted them and they were working on it. But why don't they tell me this? Why can't they update the status of my situation? After 12 long and stressful days, it is still the same situation. So where is their work?? If this was another broker, the case would already be opened and the votes would already be guilty. But yeah, i guess money buys everything.

 

[4evermaat]

Well ... I agree, but they're humans, they made a mistake and I guess the guy on the verification department is mistaken not the entire company

yeah right. It's more than just a mistake. They are robbing the client, plain and simple. Why would any broker put themselves at risk like that? Unless the goal was for the client to go bust and therefore take the deposit that way. But the client 'won', and then all of a sudden this nonsense. XM did not dispute any of the trades, but the deposit itself. So why can't any of the profits be paid? The trades are independent of the deposit/withdrawal process. The client made his money via trading. What else is there to discuss?

They have no [good] reason not to pay the client. Except they just do not want to pay.

I trade on xm and i made a lot of money with them, if they were scammers they would be caught before already

Scams can run for quite a bit of time before they are caught, let alone shut down. This video was back from 2013, even though it was just published recently:



Keep in mind also people who may have been scammed but either did not keep good records or were too ashamed, fearful, etc to come forward.

Well i'm starting to go crazy.
It has been 12 days now since i have had an email from them or a response.
I feel completely ignored and i can't even see or understand why it takes more then a month to process my withdrawal. I have provided them everything they asked for. I have even provided them the signed bank letter.

.......

I do wish the OP the best of luck in getting his case moved forward. It should take longer than 1 business day to process a withdrawal btw. Not just as a professional courtesy to the client, but apparently the BS got so bad that even ESMA recently compelled EU brokers to implement same-day withdrawal processing (see page 60, section 7)

 

[Chris Zacharia]

Well i'm starting to go crazy.
It has been 12 days now since i have had an email from them or a response.
I feel completely ignored and i can't even see or understand why it takes more then a month to process my withdrawal. I have provided them everything they asked for. I have even provided them the signed bank letter.

The second problem is that i see that xm.com sponsors forexpeacearmy.com. They are promoted on the FPA.. This is why my open case is still in the preparation folder. The administrator of this forum told me he contacted them and they were working on it. But why don't they tell me this? Why can't they update the status of my situation? After 12 long and stressful days, it is still the same situation. So where is their work?? If this was another broker, the case would already be opened and the votes would already be guilty. But yeah, i guess money buys everything.

Dear vanwambekeseppe,

Please kindly note, that our Compliance Department has contacted the bank ( the bank from which you have submitted the letter ) and this bank has provided us with an official letter saying that this letter is not genuine, meaning that you are not the legitimate owner or user of the said credit/debit card, which you were using in order to deposit in your trading account.

By submitting an inaccurate information to our Company, you have violated our Terms and Condition of Business, therefore our business relationship will be terminated.

Please check your e-mail for more information and details from our Compliance Department.The e-mail has been sent to you yesterday.