Hi All,
This is my first post on FPA, and this regarding XM.com. Here's my case:
On Thursday, July 10 2014, I suddenly receive MT4 messages on my phone regarding one of my trading account, it kept sending me withdrawal notification with comment on those as "various". I immediately go to their live chat support, and the result was 41 minutes chat without any satisfied answer.
Then I sent them an email about this matter, and have to wait until monday to get their "real" answer. Before I have their answer, I did an investigation by myself, and I found that all my EURUSD positions at that time was reset/moved to the price where the price started on 00.00 MT4 server time today (July 11, 2014 - 1.36073/1.36101). This the time where I post my second review on XM in FPA.
Later after that I got an answer from them in my email said that apparently they seems this was a swap calculation and they think that they have the right to do those changes. Here's their email reply on this case:
=====
Dear Mr Arfianto,
We thank you for choosing XM as your trusted broker.
Please kindly note that on that date the swaps on the positions were calculated in a different way and it is shown as ‘’variation’’ message. The positions were modified on the unrealized profit/loss of that position, which you can see on the variables. What happened is that the profit/loss of several of your positions was realized, which you can see in variation. The position however then continued at 0, meaning that there are actually no charges made to your account. All it did was realize the profit/loss of those specific positions, however the positions are continuing as normal so the equity, and overall your account was not affected.
Should you have any further questions, please do not hesitate to contact us.
=====
Then I told them that what they did was already cut my balance, and I ask them to restore my positions to original price. And tell them that they have 48 hours before I spread this case to known forex forum and financial authority where their licenses issued. In this reply they admitted that was done by them.
And then here it came another answer from their Indonesian representative:
=====
Selamat malam
Pada Kamis malam minggu lalu pada waktu pembukaan hari trading yang baru, pada beberapa instrumen, sistem merealisasikan beberapa Unrealized P&L (posisi floating) tanpa charge spread (swap tetap diperhitungkan). Pada prinsipnya, yang terjadi adalah sistem merealisasikan order kemudian mengembalikan proses tersebut dan posisi terbuka kembali di harga yang persis sama dengan semua data balance/equity kembali seperti semula.
Dengan demikian, performa akun secara keseluruhan tidak terpengaruh.
Contoh:
Anda memiliki 1 lot Buy EURUSD pada 1.30000 dengan Unrealized P/L -1000
Tadi malam harga SELL adalah 1.29000 (loss 1000 usd), maka sistem merealisasikan loss tersebut dan memodifikasi posisi Buy anda tepat ke 1.29000. Dengan demikian, tidak ada perhitungan spread karena posisi ditutup (realized P/L) dan dibuka kembali (unrealized P/L) tepat di harga yang sama. Semua perubahan balance akibat dari penutupan (realisasi) dikembalikan seperti semula sehingga tidak ada efek apa pun pada trading anda.
Kami mohon maaf untuk kebingungan yang ditimbulkan masalah teknis ini. Mohon cek ulang balance anda dan bandingkan dengan sebelum kejadian, jika anda merasa ada perhitungan yang tidak cocok atau ada yang mau ditanyakan silakan kontak saya melalui chat/email.
*in english:
Good night
On Thursday evening last week at the opening of the new trading day, on some instruments, systems realize some Unrealized P & L (floating position) without charge spread (swap still be calculated). In principle, what happens is the system order to realize the process and then returns the open position back in the exact same price with all the data balance / equity back to normal.
Thus, the overall performance is not affected accounts.
example:
You have a Buy 1 lot of EURUSD at 1.30000 with Unrealized P / L -1000
Last night SELL price is 1.29000 (1000 usd loss), then the loss to realize the system and modify the exact position of your Buy to 1.29000. Thus, there is no calculation of the spread because the position is closed (Realized P / L) and reopened (unrealized P / L) right at the same price. All change as a result of the closing balance (realization) restored so that there is no effect whatsoever on your trading.
We apologize for the confusion this caused technical problems. Please double-check your balance and compare it to before the incident, if you feel there are calculations that do not fit or have you wanted to ask please contact me via chat / email.
=====
They kept saying about swap, first of all my account is a swap free account, secondly the thing that annoys me wasn't the swap, but their practice where they think they could do anything with their traders orders. And in this reply suddenly the answer got biased, in one side they kept saying about swap, and the other side they also said this is a technical problem. I response that my balance has changed, my open positions has changed, my strategy ruined. And also I said the real problem is their practice which they think they have the right to modified the trade.
And another reply from them also kept saying where the changes was made and the real loss for the customer was 0, in my opinion this is really a silly answer, and then I replied them back with the same argument as what I put on the broker review:
Both from their International and Indonesia support are kept saying that "they did nothing wrong" in their eyes, and what they've done was seems legal for them.
I'm tired of their same answer again and again, I explained to them that I understand what they meant (because they kept giving me explanation in trade-positions-equity calculation) in every emails they gave me, which means they forced me to agree of their practice.
The real problem is not it, these are the real problem:
1. XM perform actions that change my open trades without my PERMISSION
2. XM apply the change all the positions that I have without any notice
3. What have XM did have screwed my trading strategy
4. Margin levels that I have was still far enough to withstand the floating loss, so there is no reason that my loss position had to be changed by XM (IF they would argue this matter as a margin call)
5. XM DO NOT HAVE THE RIGHT to arbitrarily change my trading positions both either in the profit and loss conditions
6. With the explanation of the XM which keep saying that there's nothing wrong with the changes and my loss was just equal to $0, but judging from my side, my loss is much greater than just $ 31.22, due to return to the starting position before XM revampedthe open positions require a long time to trade
I hope any existing members and new members should be aware of this practice, I'm going to submit this case to FPA, Cyprus Securities and Exchange Commission, and New Zealand Financial Service Providers Register as where XM licenses issued and all financial authority of where XM registered.
This is my first post on FPA, and this regarding XM.com. Here's my case:
On Thursday, July 10 2014, I suddenly receive MT4 messages on my phone regarding one of my trading account, it kept sending me withdrawal notification with comment on those as "various". I immediately go to their live chat support, and the result was 41 minutes chat without any satisfied answer.
Then I sent them an email about this matter, and have to wait until monday to get their "real" answer. Before I have their answer, I did an investigation by myself, and I found that all my EURUSD positions at that time was reset/moved to the price where the price started on 00.00 MT4 server time today (July 11, 2014 - 1.36073/1.36101). This the time where I post my second review on XM in FPA.
Later after that I got an answer from them in my email said that apparently they seems this was a swap calculation and they think that they have the right to do those changes. Here's their email reply on this case:
=====
Dear Mr Arfianto,
We thank you for choosing XM as your trusted broker.
Please kindly note that on that date the swaps on the positions were calculated in a different way and it is shown as ‘’variation’’ message. The positions were modified on the unrealized profit/loss of that position, which you can see on the variables. What happened is that the profit/loss of several of your positions was realized, which you can see in variation. The position however then continued at 0, meaning that there are actually no charges made to your account. All it did was realize the profit/loss of those specific positions, however the positions are continuing as normal so the equity, and overall your account was not affected.
Should you have any further questions, please do not hesitate to contact us.
=====
Then I told them that what they did was already cut my balance, and I ask them to restore my positions to original price. And tell them that they have 48 hours before I spread this case to known forex forum and financial authority where their licenses issued. In this reply they admitted that was done by them.
And then here it came another answer from their Indonesian representative:
=====
Selamat malam
Pada Kamis malam minggu lalu pada waktu pembukaan hari trading yang baru, pada beberapa instrumen, sistem merealisasikan beberapa Unrealized P&L (posisi floating) tanpa charge spread (swap tetap diperhitungkan). Pada prinsipnya, yang terjadi adalah sistem merealisasikan order kemudian mengembalikan proses tersebut dan posisi terbuka kembali di harga yang persis sama dengan semua data balance/equity kembali seperti semula.
Dengan demikian, performa akun secara keseluruhan tidak terpengaruh.
Contoh:
Anda memiliki 1 lot Buy EURUSD pada 1.30000 dengan Unrealized P/L -1000
Tadi malam harga SELL adalah 1.29000 (loss 1000 usd), maka sistem merealisasikan loss tersebut dan memodifikasi posisi Buy anda tepat ke 1.29000. Dengan demikian, tidak ada perhitungan spread karena posisi ditutup (realized P/L) dan dibuka kembali (unrealized P/L) tepat di harga yang sama. Semua perubahan balance akibat dari penutupan (realisasi) dikembalikan seperti semula sehingga tidak ada efek apa pun pada trading anda.
Kami mohon maaf untuk kebingungan yang ditimbulkan masalah teknis ini. Mohon cek ulang balance anda dan bandingkan dengan sebelum kejadian, jika anda merasa ada perhitungan yang tidak cocok atau ada yang mau ditanyakan silakan kontak saya melalui chat/email.
*in english:
Good night
On Thursday evening last week at the opening of the new trading day, on some instruments, systems realize some Unrealized P & L (floating position) without charge spread (swap still be calculated). In principle, what happens is the system order to realize the process and then returns the open position back in the exact same price with all the data balance / equity back to normal.
Thus, the overall performance is not affected accounts.
example:
You have a Buy 1 lot of EURUSD at 1.30000 with Unrealized P / L -1000
Last night SELL price is 1.29000 (1000 usd loss), then the loss to realize the system and modify the exact position of your Buy to 1.29000. Thus, there is no calculation of the spread because the position is closed (Realized P / L) and reopened (unrealized P / L) right at the same price. All change as a result of the closing balance (realization) restored so that there is no effect whatsoever on your trading.
We apologize for the confusion this caused technical problems. Please double-check your balance and compare it to before the incident, if you feel there are calculations that do not fit or have you wanted to ask please contact me via chat / email.
=====
They kept saying about swap, first of all my account is a swap free account, secondly the thing that annoys me wasn't the swap, but their practice where they think they could do anything with their traders orders. And in this reply suddenly the answer got biased, in one side they kept saying about swap, and the other side they also said this is a technical problem. I response that my balance has changed, my open positions has changed, my strategy ruined. And also I said the real problem is their practice which they think they have the right to modified the trade.
And another reply from them also kept saying where the changes was made and the real loss for the customer was 0, in my opinion this is really a silly answer, and then I replied them back with the same argument as what I put on the broker review:
Both from their International and Indonesia support are kept saying that "they did nothing wrong" in their eyes, and what they've done was seems legal for them.
I'm tired of their same answer again and again, I explained to them that I understand what they meant (because they kept giving me explanation in trade-positions-equity calculation) in every emails they gave me, which means they forced me to agree of their practice.
The real problem is not it, these are the real problem:
1. XM perform actions that change my open trades without my PERMISSION
2. XM apply the change all the positions that I have without any notice
3. What have XM did have screwed my trading strategy
4. Margin levels that I have was still far enough to withstand the floating loss, so there is no reason that my loss position had to be changed by XM (IF they would argue this matter as a margin call)
5. XM DO NOT HAVE THE RIGHT to arbitrarily change my trading positions both either in the profit and loss conditions
6. With the explanation of the XM which keep saying that there's nothing wrong with the changes and my loss was just equal to $0, but judging from my side, my loss is much greater than just $ 31.22, due to return to the starting position before XM revampedthe open positions require a long time to trade
I hope any existing members and new members should be aware of this practice, I'm going to submit this case to FPA, Cyprus Securities and Exchange Commission, and New Zealand Financial Service Providers Register as where XM licenses issued and all financial authority of where XM registered.
