XM Markets have taken my profits!

[XM]

I traded with XM for a few months and made a modest profit just shy of £1000.
I received an email telling me in no uncertain terms that I was exploiting their service by using latency trading! I have responded with a formal complaint and received another email repeating their previous accusations and offering no evidence or explanation whatsoever. I have worked really hard at getting my trading knowledge to this point and am disgusted that a broker like this can simply cancel profits on a whim, citing no evidence and expect clients to just walk away! Disgusting. absolutely disgusting. I've submitted a complaint to the OCA in Cyprus.

Dear Kirst1,

Following a thorough investigation of your trading account, it has been concluded that the transactions carried out in your account were aimed at exploiting price latency arbitrage opportunities on our Company’s trading platform and at taking advantage of the internet delays which do not reflect the market rates at the time your trades were executed. This was achieved through the use of artificial intelligence software that allowed you take advantage of inefficiencies in pricing.

We sent you a request asking to stop using this software but you have failed to comply and continued exhibit the same trading patterns that we consider to be abusive. At this point, we had no other option but to terminate your account.

Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)

 

[stevesmain]

To XM

After thorough review & side by side comparison of MT4 stations as well as others...XM has a problem in that there station can not or HIGHLY likely does not due to them not wanting it to keep pace with the market at high volatility market times..allowing them to make "adjustments" according to there own rules.

most brokers that use MT4 demonstrate flagrant delay's causing price gaps at high volatility news times

 

[Gladiator76]

Dear Kirst1,

Following a thorough investigation of your trading account, it has been concluded that the transactions carried out in your account were aimed at exploiting price latency arbitrage opportunities on our Company’s trading platform and at taking advantage of the internet delays which do not reflect the market rates at the time your trades were executed. This was achieved through the use of artificial intelligence software that allowed you take advantage of inefficiencies in pricing.

We sent you a request asking to stop using this software but you have failed to comply and continued exhibit the same trading patterns that we consider to be abusive. At this point, we had no other option but to terminate your account.

Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)

Well, this means that there is a serious problem with your system or you are just causing delibrate delays since many traders complained that you removed their profits for this exact reason. And what about people who lost due to this issue? Do you contact them and correct the situation for them?

I really suggest you look back into your system and fix it or avoid delaying people's trades if you really want to be trusted by the traders. Having many complaints is not good for you or any broker even if the broker is generally considered good.

 

[alexx71]

Well, this means that there is a serious problem with your system or you are just causing delibrate delays since many traders complained that you removed their profits for this exact reason. And what about people who lost due to this issue? Do you contact them and correct the situation for them?

I really suggest you look back into your system and fix it or avoid delaying people's trades if you really want to be trusted by the traders. Having many complaints is not good for you or any broker even if the broker is generally considered good.

How many times we're stopped an so have a loss for a spike of the price ? Did you EVER hear a broker that REFUND your loss
and admit their platform has a delay in the price feed ? The answer is NO... NEVER !!
And why they claim to have this problem ONLY when you have a winner trade ??
So this reveal the true intention of the broker to keep the profits with a NO CREDIBLE reason !

 

[Gladiator76]

How many times we're stopped an so have a loss for a spike of the price ? Did you EVER hear a broker that REFUND your loss
and admit their platform has a delay in the price feed ? The answer is NO... NEVER !!
And why they claim to have this problem ONLY when you have a winner trade ??
So this reveal the true intention of the broker to keep the profits with a NO CREDIBLE reason !

Yes this happenned to me with another broker and they did refund me, so there are honset brokers out there although very few.

 

[XM]

Well, this means that there is a serious problem with your system or you are just causing delibrate delays since many traders complained that you removed their profits for this exact reason. And what about people who lost due to this issue? Do you contact them and correct the situation for them?

I really suggest you look back into your system and fix it or avoid delaying people's trades if you really want to be trusted by the traders. Having many complaints is not good for you or any broker even if the broker is generally considered good.

Dear Gladiator76,

I can assure that our system is robust but there have been several isolated cases when traders used a highly sophisticated software which allowed to obtain and compare institutional price feeds to pricing on XM's platform, and exploit arbitrage scenarios.

This cannot be deemed as an acceptable strategy as it creates an environment which does not follow the fair rules of trading and makes the strategy essentially risk-free. I would like to stress out that no trades were delayed and this particular case involves a client who was using prohibited trading software and techniques.

Lastly, on those rare occasions when a trade might have been affected by an error in execution, we do provide fair compensations regardless of profit or loss on this trade.

Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)

 

[alexx71]

Dear Mr. Andrey,

it seems that you want escape from my question.

You said : " I can assure that our system is robust but there have been several isolated cases when traders used a highly sophisticated software which allowed to obtain and compare institutional price feeds to pricing on XM's platform, and exploit arbitrage scenarios. "

Now I can answer you that is better if you improve your technology because YOUR JOB as a broker is provide a price in the forex market
and it's a fact well known that volatility is high in the forex, so if your company is not able to afford the NORMAL price volatility of the market
maybe is better do not operate in the forex market and open a casino online....forgive my irony or I can think that you can take this issue
as an excuse to cancel the profit of trader and so is better do not improve anything.

The " sophisticated " software that you're talking... I never met anyone that works with that kind of software but from your words it seems
that is very popular, could you make an example ? or this is just an invention ?

ANYWAY I could agree with you about avoid this kind of trading and as long is clearly written in the clauses it's OK in my opinion
do not trade in this way.

But to get to my original question posted here more than 150 days ago and never answered :

IS FUNDAMENTAL NEWS TRADING ALLOWED BY YOUR COMPANY ??? If the " trigger " come from a news feed and NOT FROM AN INSTITUTIONAL
PRICE FEED ( to exploit the latency ) is the trade accepted ? YES or NOT ? Simple. Thank you for your attention.

 

[veri5]

fair rules of trading ? risk-free? fair rules are already established by regulators in USA and UK and MIFID directive .... so be so sophisticated and pay trader ! next it could be very sophisticated to fix your unsophisticated systems to match sophisticated retail traders, at least connect some ECN liquidity ...

 

[XM]

Dear Mr. Andrey,

it seems that you want escape from my question.

You said : " I can assure that our system is robust but there have been several isolated cases when traders used a highly sophisticated software which allowed to obtain and compare institutional price feeds to pricing on XM's platform, and exploit arbitrage scenarios. "

Now I can answer you that is better if you improve your technology because YOUR JOB as a broker is provide a price in the forex market
and it's a fact well known that volatility is high in the forex, so if your company is not able to afford the NORMAL price volatility of the market
maybe is better do not operate in the forex market and open a casino online....forgive my irony or I can think that you can take this issue
as an excuse to cancel the profit of trader and so is better do not improve anything.

The " sophisticated " software that you're talking... I never met anyone that works with that kind of software but from your words it seems
that is very popular, could you make an example ? or this is just an invention ?

ANYWAY I could agree with you about avoid this kind of trading and as long is clearly written in the clauses it's OK in my opinion
do not trade in this way.

But to get to my original question posted here more than 150 days ago and never answered :

IS FUNDAMENTAL NEWS TRADING ALLOWED BY YOUR COMPANY ??? If the " trigger " come from a news feed and NOT FROM AN INSTITUTIONAL
PRICE FEED ( to exploit the latency ) is the trade accepted ? YES or NOT ? Simple. Thank you for your attention.

Dear Alexx71,

Yes, of course you can base your trades on analysis of the fundamental data.

Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)

 

[alexx71]

Dear Alexx71,

Yes, of course you can base your trades on analysis of the fundamental data.

Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)

I don't talk about analysis, I talk about instant reaction after the news, I was very clear and I know you understood....
but again you are vague and not have a clear answer... readers can take their conclusions... I know for sure that
you delete the profits after news event and you do not allow withdrawal of profits !!!! You are a market maker that
make profits on losses of people.