XP Markets.Com

Tony Lakeman

This is the first stage of logging a case against www.xpmarkets.com.

I opened an account with xpmarkets on the 2nd of July and of course agreed with the terms and conditions. My account manager contacted me and gave me a little bit of training as promised (no problems so far). He also mentioned a deal with a trade insurance that I may be interested in and would check with his manager to see if it was available.

This was offered via Skype, I was offered a £2k insurance policy if I deposit £1300. The insurance policy means that any lost trades are refunded up to £2000.

This is how the skype conversation went:

[05/07/2013 11:27:46] Allen xpmarkets: and it is a deposit of 1300 pounds but we can do 2 payments of needed and you get the benefits
[05/07/2013 11:28:03] Allen xpmarkets: also you will receive the insurance of 2000 pounds on your account
[05/07/2013 11:28:13] Allen xpmarkets: perfect way to set up your account
[05/07/2013 11:28:31] Allen xpmarkets: also perfect timing because we have strong annoucements later on
[05/07/2013 11:37:15] Tony Lakeman: how am i tied in again reagrding the insurance on the account?
[05/07/2013 11:37:22] Tony Lakeman: sorry for all the questions
[05/07/2013 11:37:26] Allen xpmarkets: you are not tied in at all
[05/07/2013 11:37:34] Allen xpmarkets: you just cannot withdrawl the amount you have in insurance
[05/07/2013 11:37:50] Allen xpmarkets: for example if you have 400 in insurance you cannot withdraw that amount
[05/07/2013 11:37:54] Allen xpmarkets: but what youhave in your balance yes

I took the insurance and invested £1300 (plus the £500 initial investment). Traded for the next couple of weeks and then went to make a withdrawal.

Skype went as follows, over a few days:

[18/07/2013 15:05:18] Tony Lakeman: thanks Allen, can you credit these lost trades for me please
[18/07/2013 15:05:23] Tony Lakeman: 11085342 £30
11085165 £20
11069042 £50
11069037 £50
11069034 £50
11069031 £80
11051912 £40
11051083 £60
11051074 £60
11051068 £60
11051050 £70
11049520 £20
11019152 £70
11017508 £30
[18/07/2013 15:05:26] Allen xpmarkets: ok
[18/07/2013 15:05:27] Allen xpmarkets: will do
[18/07/2013 15:07:03] Tony Lakeman: cheers
[18/07/2013 15:12:03] Allen xpmarkets: the system says you have a pending withdrawal I cannot credit the insurance when you have a withdrawal active please cancel the withdrawal so I can take care of that
[18/07/2013 15:13:10] Tony Lakeman: will i be able to start it again when you have done the credit? also why wouldnt it let me withdraw more than the sum pending?
[18/07/2013 15:13:58] Allen xpmarkets: yes you can start again and this time I will make the withdrawal through me not through the system
[18/07/2013 15:14:24] Tony Lakeman: ok, will cancel it now
[18/07/2013 15:14:40] Tony Lakeman: done
[18/07/2013 15:15:02] Allen xpmarkets: ok give me 5 min
[18/07/2013 15:31:20] Allen xpmarkets: trades credited

[18/07/2013 15:36:14] Tony Lakeman: my account will show approx £3600 once the withdrawal has been credited back. Can i withdra all of that if i want to?
[18/07/2013 15:38:27] Allen xpmarkets: yes you can did you send your documents in already ?
[18/07/2013 15:38:59] Tony Lakeman: yes all sent in yesterday, why couldn't i withdraw more than £1200 yesterday?
[18/07/2013 15:39:13] Allen xpmarkets: that is the limit by card
[18/07/2013 15:39:43] Tony Lakeman: oh i see, so i can do two lots of £1200 if i wanted?
[18/07/2013 15:39:57] Allen xpmarkets: yes you can
[18/07/2013 15:40:20] Tony Lakeman: ok cool, thanks Allen

[22/07/2013 15:27:16] Allen xpmarkets: yes you can arrange a withdrawal through me
[22/07/2013 15:27:24] Allen xpmarkets: and I will look into that now about the balance
[22/07/2013 15:28:30] Tony Lakeman: ok, can i withdraw £2k please, once the old one is back on my account
[22/07/2013 15:30:28] Allen xpmarkets: I will set that up
[22/07/2013 15:30:39] Tony Lakeman: thank you

[24/07/2013 17:28:02] Tony Lakeman: and did you do the £2k withdrawal, sorry about all the questions, just trying to account for all of my money so i know where I am
[24/07/2013 17:28:21] Allen xpmarkets: yes activated that
[24/07/2013 17:28:41] Allen xpmarkets: your documents are with finance correct ?
[24/07/2013 17:28:48] Tony Lakeman: yep
[24/07/2013 17:28:57] Allen xpmarkets: ok then it should go theough over the weekend
[24/07/2013 17:29:18] Tony Lakeman: ok cool, what about the cancelled withdrawal
[24/07/2013 17:29:53] Allen xpmarkets: that amount will be place on your withdrawal from what I see on your account and the rest will be taken from your account
[24/07/2013 17:30:50] Tony Lakeman: ok, we will see what happens, if you could credit back the lost tradea and hopefully i wont have to bother you again :)

[30/07/2013 11:18:26] Tony Lakeman: [29 July 2013 14:42] Tony Lakeman:

<<< Hi Allen Any idea when my £2k withdrawal will be with me, you mentioned last week it would probably happen over the weekend
[31/07/2013 14:09:00] Tony Lakeman: Allen, Does my current account balance include the £2k withdrawal and the £1400 one that i did yesterday? And when can i exoect to see the £2k one?
[31/07/2013 14:09:57] Allen xpmarkets: Yes if meade a withdrawal then all your funds are on both withdrawals and now they are combined on one withdrawal I will let you know when it is sent your way
[31/07/2013 14:11:26] Tony Lakeman: ok thanks Allen

[01/08/2013 14:07:53] Tony Lakeman: I have just had an email saying my withdrawal request has been rejected. Why?
[01/08/2013 14:18:28] Allen xpmarkets: really let me look into that hold on
[01/08/2013 14:18:42] Tony Lakeman: thanks
[01/08/2013 14:18:44] Allen xpmarkets: can you send me the letter please
[01/08/2013 14:19:58] Tony Lakeman: its just an email from support@xpmarkets.com and simply says ''Your Withdraw Request was rejected!''
[01/08/2013 14:20:12] Allen xpmarkets: hold on I have to look in to this
[01/08/2013 15:19:38] Tony Lakeman: any joy Allen?

I have never heard from Allen again, the contact phone number is dead and I have tried numerous times to chat through live chat, but it says your message has been sent and we will get back to you. Still waiting for a reply.

In the meantime I spoke to a solicitor who said: In law contracts can be oral as well as written, terms and conditions are agreed and form part of the contract. Ordinarily I would say that there is a very good claim here because the salesman told you that you could get out at any time and indeed this was risk free. That would mean that they could not hold you to the promotion wager requirement.That as the conversation with the salesman was after you agreed the terms and conditions.

The solicitor said to send a letter asking for monies to be credited back to my account within 14 days, or you will take them to a small claims court.

I have sent the letter about 10 days ago recorded delivery, but they cannot deliver it for some reason.

Sorry this is so long winded, but couldnt think how to explain it any other way.

Cant see how i can take them to court, if I cant deliver mail to them.

Tony Lakeman
Go ahead and email every address you can find for these people and invite them to join this thread here in Scam Alerts.

There is no such thing as forex insurance. Anything like that is just a way to extract money from gullible traders.

I've posted a couple of postal addresses in your thread in the Case Preparations folder.