Problem XM Global not complying to their regulations

[Milly2000]

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

 

[Milly2000]

I have a lot of screenshots of the ongoing issue which I'm having difficulty to post but if they are needed I'm more than happy to provide them along with the transcripts

 

[Turbocharger]

Hello,
I face a similar problem with XM Global (xm.com) broker. Except that the my initial deposit IS also locked in with them, with the argument that my bank did not sent me an official mail stipulating that my card number and account number have been closed. So, I cannot withdraw funds, because they pretend my bank is obliged to send me detailed bank account/card closure mail.
The emails I transferred to them from my bank do not clearly mention my bank account number/card number.

Whereas FIBOGROUP, for example, allowed me to withdraw with Skrill, once they got the proof that Neteller doesn't support my country anymore.

I will try to complain directly with their regulator (Belize). Seems like it is very very hard to withdraw money from them, if not impossible. They try to find to find your weak point instead of tryng to help you. Don't use new anti-laundering rules or regulation as an argument. I sent them clear enough proof of what I pretend (impossibility to obtain more information from my bank and sure anough proofs to prove my credit card number).
So, for me, it is a scam, personnally. Any respectable broker in UK/France would have allow me to withdraw my funds with the elements I sent to them. The better than the good, isn't good itself.

 

[Milly2000]

So how could I get a hold of Belize? Or get them to at least state on this platform why they tamper with our accounts

And according to regulations the initial deposit is to go back to source of deposit but since you provided evidence they were supposed to assist you with your withdrawal. So XM is actually scamming us

 

[Turbocharger]

They just told me that I will be able to withdraw my money (initial deposit + profits) when the card used to fund the account will expire (not before 2021!!). They guaranteed me that. So, I am not so stressed anymore, although it can be annoying. Not a scam, but a legally zelous broker.

 

[Milly2000]

But with me I don't even know what the issue with my account is they received money through my neteller which reflects my name and date of birth so I don't know which identity they are looking for but I'll wait and see maybe they'll make sense but they are on thin ice with me honestly, they didn't handle my issue by the book I feel like they completely neglected their own regulations I had to force them to reverse my initial deposit

 

[FxMaster]

Hello Chris Zacharia,
Can we have your attention here, please?

 

[4evermaat]

@Milly2000, please use the invitation tool on this thread to formally invite the broker to this thread. also, leave a review of your experience if you have not already done so.

In addition, I do hope you will receive your money back. XM seems to have a pattern of cleverly denying withdrawals and such. To get an idea of what they are capable of:



@Turbocharger , please open your own independent scam alerts thread against XM and submit your evidence there. Also submit a review if you have not done so already.

 

[Turbocharger]

I am sorry, but unless real scam, I won't open my own scam alert thread about XM. I will soon withdraw my money from them. They finally admitted that my previous bank account is now closed, so the tied card. So, they removed the card as a withdrawal option. They said to me they will allow me to withdraw by wire transfer. I will tell you guys about that, once done.

 

[Turbocharger]

I had to send undeniable proof of the closure of my previous bank account to them by email, and that was tough to prove that it was now closed, because of my ex-bank, sho didn't send me a clear email containing account number / card number. But I finally succeded, thanks to my client ID that was onto my ex-card, that appeared also in the card statements that I sent to them! That's why XM didn't want me to withdraw using another way. All payments I made using my ex-card ti fund the account went to Cyprus (all lines contain "CYP"), so I am pretty confident to be able to withdraw by wire transfer.