XM Global not complying to their regulations

Milly2000

Recruit
Messages
11
Maybe your case is a bit different but for me I deposited through neteller and neteller discloses date of birth to XM when there are transfers taking place, so they clearly know that my Neteller is mine I've never used bank transfer with XM so my bank has nothing to do with them though I have sent but I can see that they use this just to retain your money because my incident happened on the 16 January but they sent me and email 22 Feb saying they'll reply in no later than 30 days???

When they have said they will reply in 24 hours, I still have never been updated as to why my money should be withheld even if they had to send my money through today I still wouldn't know why was it withheld for almost two Months? Why do they offer themselves as a liable broker if people risk losing their money not through forex but by simply that they can take it at any time with no reasoning behind it


How can they be reviewing my issues today ?!!
 

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FxMaster

Lt. Colonel
Messages
9,318
Maybe your case is a bit different but for me I deposited through neteller and neteller discloses date of birth to XM when there are transfers taking place, so they clearly know that my Neteller is mine I've never used bank transfer with XM so my bank has nothing to do with them though I have sent but I can see that they use this just to retain your money because my incident happened on the 16 January but they sent me and email 22 Feb saying they'll reply in no later than 30 days???

When they have said they will reply in 24 hours, I still have never been updated as to why my money should be withheld even if they had to send my money through today I still wouldn't know why was it withheld for almost two Months? Why do they offer themselves as a liable broker if people risk losing their money not through forex but by simply that they can take it at any time with no reasoning behind it


How can they be reviewing my issues today ?!!
First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

Note: If you are new to FPA then invitation button will be enabled when your first post reaches 4 days old.
 

Chris Zacharia

XM.com Representative
Messages
29
I would like to file a case against XM they don't follow their regulations I deposited 1000USD and traded and made a profit of 1340 USD and further placed a withdrawal, this happened on the 16th January and so they did not process my withdrawal and said my account was under investigation they will get back to me within 24 hours and so I complied and granted them the time period that they specified and said they would further report to me if there was an issue with my account whatsoever and so they got back to me after their 24 hours had expired and asked me for the strategy I had used to make my profit, bear in mind they didn't report back to me stating if there was or was no problem with my account and bear in mind my account with XM was opened earlier 2018 it wasn't even this year and so they said they had to validate or confirm my account, an account which was so old... But they now said I need to confirm my identity which I confirmed when I received their 30USD welcome bonus early 2018

Then they further had their support team call one of their representatives which was Aneta and she asked for my ID number which I confirmed and my address which I did that as well

Then they emailed me again and said as per their anti money laundering policy they had to with hold my funds and that this was forex policy and so I went to read their conditions and nowhere did I find that after I deposit money into my forex account and make profit a broker is allowed to disable my account and with hold my funds alogg with my initial deposit included and so I confronted them about the regulations of anti money laundering policies and one of their agents ended up saying they would reverse my money which they didn't do, after some time I contacted them again telling them it was not allowed and they were trying to lie to me thinking I'm not aware of bonus conditions so after fighting them with facts and law they decided to only return 1000USD to my account and started asking that I send them documents of my personal bank account ID document and proof of address I then further told them I was not comfortable to post physical copies of my personal documents through the hands of a third party because those documents have my banking details and my entire identity but I'll have them certified scanned and emailed to them and so they agreed, which was over a phonecall and so when I finally sent the documents through to them certified and everything they then said that I had to post physical copies despite the fact that it wouldn't change anything and so I had to take my funds again and make physical copies and have the documents certified and physically posted again at my cost and I'm doing all these things without the knowledge of what's wrong with my account because there are no inconsistencies whatsoever I provided all the information they required of me to provide.

Then to my surprise they start emailing me asking for the trading strategy I use and I should share with them how I trade for which reasons I am still in the dark till today
Once I told the representative that I was going to file a case on FPA and they said no FPA will only make the process longer and so I waited for them to handle it and it's been a month no feed back I also asked them that if I did anything wrong why do they not open a case number for me with XM which I can track and follow up on it has been over a month I still don't have a case number my money hasn't been processed only my initial deposit has but my profits are locked in

So I would also like to enquire if are brokers allowed to ask for physical copies of ID banking details which include your bank account number and card number as well as address because I feel like that compromises my safety to scams especially when this sensitive information has to pass through other parties and is not directly sent to them because they don't want them soft copy
Dear Mrs. Mukary,

In response to your posts dated 21st January 2019, please find our responses below:

A.Withdrawal request dated 16/01/2019

Following thorough review and investigation of all information available in our systems, as well as all the correspondence you had with the relevant personnel of our Company in regard to your withdrawal request dated 16/01/2019 for the amount of USD 2,361.15, we can confirm that the said withdrawal request was correctly rejected by the relevant department of our Company and you were informed that your account was temporarily suspended for investigation purposes. In addition, you were also informed that due to the latter no withdrawal requests would be processed at that time.

For your better understanding, prior to the processing of the said withdrawal request and upon relevant review of the trading activity in your account, please note that the trading patterns in your account strongly indicated that you acted in coordination with another client of our Company in order to exploit arbitrage opportunities by placing opposite orders. Due to our “no negative balance” policy, the trading strategy you were trying to exploit would have limited the potential loss to the entire balance of the account having the loss making position and the account having the profit making positions to have unlimited upside potential which will duly cover the losses suffered in the loss making account.

This cannot be deemed as an acceptable strategy as you create an environment which does not follow the fair rules of trading and makes the strategy in a way risk free and therefore not permitted. In this respect, we quote below the Clause 49.4 of Terms and Conditions of Business/Client Agreement for your reference:

“49.4 Any indication or suspicion, in XM’s sole 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 without being genuinely interested in trading in the markets and/or taking market risk), internal hedging in coordination with other parties, abuse of our ‘no negative balance’ policy, fraud, manipulation, cash-back arbitrage or any other forms of deceitful or fraudulent activity, will constitute all Transactions carried and/or profits or losses garnered as invalid. In these circumstances, we reserve the right to close/suspend (either temporarily or permanently) all of the Client’s trading Accounts and cancel/or all Transactions [..]”.

In view of the above mentioned violation, we can confirm that the withdrawal request dated 16/01/2019 was correctly rejected and your account was temporarily suspended. Following the Company’s first email and once the above findings were identified, you were requested via another email to provide the necessary documentation for verification purposes and respond to specific queries in relation to your trading account and trading activity. We note that you did not respond to any of the questions asked regarding your trading activity and account and that the documents were not provided in the requested manner and form. Furthermore, we note that your Client Relations Manager attempted to contact you numerous times via telephone, however, you were unreachable. At this point, we would like to stress out that the Company, pursuant to the Terms and Conditions of Business which govern its business relationship with its clients and in line with its policies and procedures, has the right to request additional information from its clients.

B.Withdrawal request dated 21/01/2019

We can further confirm that on 21/01/2019 you had submitted a withdrawal request, again for the amount of USD 2,631.15. Taking into consideration the above violation and the fact that you were not reachable and did not provide the requested documentation in the manner and form requested, any deposits made in your trading account were sent back to the source of deposit (i.e., USD 1,000) whilst the remaining amount of USD 1,361.15 was credited back in the trading account (which remains suspended). As you were already informed, the said amount may be sent to you upon receipt and review of the requested documentation, provided that such documentation is received in the manner and form requested and appears to be in order.

We hope that the above information explains what has occurred, and we would like to assure you that we always abide by the Client - Company agreement which governs our business relationship.
 

Milly2000

Recruit
Messages
11
Firstly since we are on a public platform I provided my evidence as to how your company has kept my money with no explanation, since you believe my account is connected with another account you are more than welcome to provide evidence in your claim and follow upon that case. The way you are doing things indicates to me that you are lying and it would be easy for any company to easily decline a withdrawal and say the account "corresponds" with another account and if I had broken any bonus rules the regulations are XM is to remove their bonus from the account but I can confirm that the last time I logged into my members area my bonuses were still available which also indicates to me that your IT department didn't find me faulty in any activity because if they did they would have removed bonuses and another procedure that has been brought to my attention is that if accounts are interconnected the two or more clients are to be refunded their money and profits may be withheld, and as you also mentioned before this if you claim I practiced an illegal strategy then why further ask for documentation that I have provided to you in the form of scans and I have an email from you that states that the emailed copies are in the correct form which is contradictory to what you are now stating then I further posted the documents to you in any case but what do documents have to do with trading strategy that you believe may be connected with another account? Will they somehow reverse my profits?

So as a broker what I'm saying to you is I won't let any forex scams go past me unnoticed and you are dealing with an individual that knows terms and conditions I am not the ignorant type of people that you may scam without consequence, so if you can somehow I don't know how possible that would be fore you but I'd love to see you hit a dead end, show us on fpa that my account is interconnected with another account then you would also have to reverse the other clients money with proof because it is easy for you to type here that you have reversed the money and none of us would actually know but if you going to make such claims disclose evidence and if true reverse every clients money as per your regulation policy
 

Milly2000

Recruit
Messages
11
XM has a clause that goes something like this "any suspicious activity connected to accounts subjected to bonus accreditation will be nullified and the entire process will be reversed" but I will provide a screens hot for you as well because it now seems to me you also don't understand the company policies yourself or there is a lack of employee training


Clearly I just logged into my account now today and I am still subject to a bonus of 20% which would have been the first thing XM was supposed to remove when they "supposedly found my account suspicious" but it's now more than two months later with no resolution from you. This process is very simple Mr Chris it's either you give me my profit as per your service agreement and if your claim is I'm interconnected with another account reveal the details and reverse the money and provide not me but FPA and all of its members proof that you did find these accounts interconnected in such and such a way and the money of every client has been reversed you can't go around cheating people off their money with no responsibility to account for and what irritates me is that you also withheld my initial deposit for long after I told you that I use my money I live I have expenses yessie you guys gone make me hate forex. How can NONE of your claims have no evidence?
 

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Milly2000

Recruit
Messages
11
You first false information you are providing on this platform is that you say I was never reachable to you guys and I spoke to Aneta over the phone several times for over an hour and I have an email from Aneta confirming that I have answered her phonecall I even have a transcript telling one of your live chat members to tell Aneta after I asked for her number so I could call her myself and you said "account managers call clients and are not allowed to give contact details to clients" but there will be a screenshot proving your allegations to be untrue

Further to that Mr Chris I have never refused to provide any document I provided the necessary documents electronically and I have another email that confirms the electronic reception of my documents

Further to that over the phonecall I had expressed my concerns about handing over my personal details in the hands of a third party and was comfortable to sending them directly to you guys through electronic forms, after you guys confirmed reception of the documents still made another excuse as to why not to process and reactivate my account and the agreement to my account manager and myself was to send electronically. Then when you came with an excuse I further posted the documents and provided you with a tracking number below will be my receipt attached to prove post of documents as well, so I'm aware of you trying to portray me as dishonest and none compliant but below will be proof proving ALL your allegations to being false unless I wasn't in contact with XM all this time.
 

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Milly2000

Recruit
Messages
11
Sir I could collect evidence against XM the whole just through my emails I have managed to locate a transcript where I personally asked for Anetas landline contacts

Which is contradictory to you saying I was NEVER Reachable I even have a transcript asking you guys to open a case for me and you blatantly refused and you said there are other ways to solve an issue without cases and case numbers and if I am so wrong and practice all these allegations you say I practice then why don't you open a case against me I asked you to open a case with me over a month ago until I came to FPA. Below are transcripts as well proving I was always willing to talk to you guys but Aneta ended up not replying she even further told me only compliance could reply to me
 

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Milly2000

Recruit
Messages
11
Is Chris' job description not to attend cases like these? I've contacted them through email and through live chat and they have started their antics of referring me from one person to the other

This is a very simple straight forward case I really don't see why it needs to be stretched over months and months

#BoycotXM
 

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Chris Zacharia

XM.com Representative
Messages
29
Dear Mrs. Mukary,

Please refer to our previous response dated 26/02/2019 and note that the Company remains to its position, as all actions taken in relation to your trading account were in line with our Terms and Conditions of Business which govern our business relationship.

Further to the above, we reiterate that we have evidence confirming that the trading activity in your account aimed to exploit arbitrage opportunities by placing opposite orders with another client of our company (i.e., orders of opposite direction (i.e., buy and sell) on the same financial instrument of equal size), opened and closed at the same time. Therefore, in view of the said violation, it was correctly decided to terminate our business relationship. As indicated previously, the said evidence contains information not only for yourself but with regards to another client as well. Hence, due to confidentiality clauses we shall not disclose such information on a public forum.

As already confirmed in our previous response, any amount deposited in your account was sent back to the source of deposit whilst the remaining amount of USD 1,361.15 was added back to the trading account in question. As you were already informed, such amount will be sent to you once you provide the requested documentation to the Company in the manner and form requested (i.e., electronic/scanned copies will not suffice). We note that the said documentation has not been provided yet. We would like to stress the fact that the Company, as a regulated entity, has strict controls and procedures in place to identify and prevent any type of fraud and abuse in order to ensure compliance with the applicable laws and regulations. Based on the latter, the Company has the right to request additional documentation from its clients. At this point we would like to assure you that the Company has the required tools, systems and procedures in place to ensure that all of its clients’ privacy and information are adequately safeguarded.

In conclusion, please note that your Client Relations Manager, during the period 16/01/2019 - 21/01/2019 has attempted to contact you numerous times via telephone; the telephone conversation was eventually established on 21/01/2019 once you provided a valid telephone number to contact you.

Having said the above, the Company reiterates once again that when the requested documentation is received, in the manner and form requested), it will be reviewed by the relevant department and once it is confirmed that the said documentation is in order, we will proceed accordingly with sending the amount of USD 1,361.15 to you.

Please note that this is our final response and no further correspondence will be entered into in relation to this matter.

Kind Regards,
 

Milly2000

Recruit
Messages
11
Firstly you said I was never reachable now there is a change of statements, and I said you are more than welcome to provide the evidence since this case is in relations with my account how can you not be able to disclose information related to my account to me?.

And if you claim to have evidence against two interconnected accounts why don't you as XM prove the case through providing evidence to me personally if you're uncomfortable on FPA, because there are steps and procedures to be followed when these things arise so if I'm wrong you need to be transparent with me as a client and then as a company follow your company's procedures to deal with the case so if there was substantial evidence I believe you would have "nullified" all my profits and returned money to every involved account unless you as XM agree that you only follow your regulations when they work in your favor and compromise on procedures when they are in clients favor, because I don't believe that with substantial evidence you would still not have my balance "nullified" and all funds reversed

So if I am interconnected with another account why can you not invite your other client into this platform so you can prove what we talking about
Further more I have provided XM with my tracking number for the post and that was done a while back so you can't
 
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