XM ( Trading Point Holdings Ltd ) removed profits generated from legal news trading

[alexx71]

I think that their silence speaks by itself.

This is what you can do : Begin to write an online complaint :

Cyprus Securities and Exchange Commission

Maybe they don't care our mail... but if they want continue their business they must respect the rules and regulators is the way to go.

....This is the only way to " talk " with this kind of brokers....

 

[stevetrade]

I've already filed a complaint with the Cyprus Ombudsman. I'm still interested in what FPA think of the matter as I feel any unfair behaviour by brokers should be judged and made public to the community. I guess court is in recess at the moment...

 

[Alonedevils]

Another Dead Thread ..

 

[tsai sze ling]

Hello. XM is joining getting complains in this forum. Better beware of choosing forex broker.
There has been many problems of forex broker since CHF.
Hello, XM. It is wise to keep your client trust at top level.
It is difficult to get back client trust once you destroyed it. Trust takes many years to build. Once client trust is broken, you will never get it back.
Look at the broker delaying client withdraw, they will never get back client trust and move one way...sinking

 

[Kerobokan]

I do have to say that a lot of those trades are less than one minute which will always arouse suspicion with any online broker,then again I sent an email to XM a couple of weeks ago with regards to opening an IB/Fund Manager account with them and received no response at all.Which usually means only one thing,they don't want professional traders who know how to identify scam brokers and what to do with them once identified!
Had exactly the same result with Markets.com as well,if they don't want to take on professionals it's a very,very bad sign and a warning to stay away!

 

[4evermaat]

A market making (instant) or STP broker should be able to simply add a few milliseconds (100-500ms) to their order fill last look during news times. This would minimize that the broker does not get caught in latency arb. All these reports of order fills being cancelled (particularly only when a withdraw is requested) is ridiculous. I suggest only using cent accounts here, but move on to a broker who has a real Prime Broker (or Prime of Prime) clearing their trades.

 

[Ralph Benitez]

This is cute. Whilst being able to prove arbitrage is almost impossible. It is evident that you are arbing news releases by the trading duration and the fact your trading pairs are not consistent when it comes to major news releases. It seems you are trading only when there is an arbitrage opportunity. In this forum alone there are heaps of cases of someone trying to arb a broker with "advanced price action systems" and "institutional news feed trigger systems" that are just other names for latency arbitrage. The Forex market is not the futures market, it is not on an exchange and most of the time it is not traded on limit. Although cancelling trades is stupid the broker covers their ass legally in their terms. A smarter broker will just slip you to the real price when you execute, and ultimately this strategy wouldn't work. Which is probably why you used XM in the first place.

 

[Pharaoh]

Ralph, are you suggesting that people should trade the same pair on all news releases or be found guilty of arbitrage?