XM $30 deposit bonus debacle | Forex Factory

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XM $30 deposit bonus debacle

  • #1
  • First Post: Mar 5, 2015 11:50am Mar 5, 2015 11:50am
dont bother to collect the bonus
after meeting their lot requirements and their minimum 60$ withdrawal
i requested a withdrawal of 70$ only for them to tell me that they suspect me of arbitrage , and because of that they will disable my account, last time they slipped a friends stop loss and cost him 200$ in losses
below i attached a link to image of my trades
http://postimg.org/image/uptaarm3f/
another image of how they disabled my account
after requesting for withdrawal
http://postimg.org/image/8t9p4hyl9/
a link to the email they sent me
http://postimg.org/image/jia6gmxwf/
  • #2
  • Mar 5, 2015 4:16pm Mar 5, 2015 4:16pm
Is It possible that the real problem here is that you have 2 accounts with bonuses?

Anyway, I can't get to understand what they call "arbitrage trading"
"The Public Sucks" - George Carlin
  • #3
  • Mar 5, 2015 11:23pm Mar 5, 2015 11:23pm
those who cant afford to invest 100$ in forex account should not trade in the first case, as far as XM is concern I am not surprised these bastards would never let you win, they earned spread from your trading and gave you nothing.
Never chase the market
  • #4
  • Mar 6, 2015 10:48pm Mar 6, 2015 10:48pm
Quoting rozay
dont bother to collect the bonus after meeting their lot requirements and their minimum 60$ withdrawal i requested a withdrawal of 70$ only for them to tell me that they suspect me of arbitrage , and because of that they will disable my account, last time they slipped a friends stop loss and cost him 200$ in losses below i attached a link to image of my trades http://postimg.org/image/uptaarm3f/ another image of how they disabled my account after requesting for withdrawal http://postimg.org/image/8t9p4hyl9/ a link to the email...
Dear Rozay,

As per the Terms and Conditions of the No Deposit Bonus promotion, each client is allowed to claim the bonus once, and it appears that you opened several accounts using different personal details in order to claim the No Deposit Bonus more than once.

The decision to terminate your accounts was a result of your violations of terms and conditions of the promotion. However, I am confident that we would have found a solution, if you had contacted your account manager and admitted that you claimed the bonus several times before we discovered it ourselves.

Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)
  • #5
  • Mar 7, 2015 12:14am Mar 7, 2015 12:14am
Quoting XM
{quote} Dear Rozay, As per the Terms and Conditions of the No Deposit Bonus promotion, each client is allowed to claim the bonus once, and it appears that you opened several accounts using different personal details in order to claim the No Deposit Bonus more than once. The decision to terminate your accounts was a result of your violations of terms and conditions of the promotion. However, I am confident that we would have found a solution, if you had contacted your account manager and admitted that you claimed the bonus several times before we...

can you please post the details on the so called other accounts that i claimed no deposit bonus.
XM lacks integrity and thats it, if 70$ is a problem for you then i wonder what a 10,000$ withdrawal would take
  • #6
  • Mar 7, 2015 6:01am Mar 7, 2015 6:01am
The problem here is that they need to pay you $70 from their own pocket. Its a basically loss to them. And they not going to do that. But some people expecting to get free cash.
If you able to to turn $30 to $60 - deposit that amount with Oanda and you won't get any troubles getting your money or use your time in more productive way.
  • #7
  • Mar 7, 2015 6:22am Mar 7, 2015 6:22am
Quoting johnnycash
The problem here is that they need to pay you $70 from their own pocket. Its a basically loss to them. And they not going to do that. But some people expecting to get free cash. If you able to to turn $30 to $60 - deposit that amount with Oanda and you won't get any troubles getting your money or use your time in more productive way.
your right. the thing is that they shud stop making promises they cant fulfill
  • #8
  • Mar 7, 2015 6:52am Mar 7, 2015 6:52am
It's just a marketing.
  • #9
  • Mar 9, 2015 5:56am Mar 9, 2015 5:56am
Quoting rozay
{quote} can you please post the details on the so called other accounts that i claimed no deposit bonus. XM lacks integrity and thats it, if 70$ is a problem for you then i wonder what a 10,000$ withdrawal would take
Dear Rozay,

It is not in our philosophy or our vision to upset any of our clients, however its not appreciated coming to respected forums making allegations about XM, which are false.

You have opened more than 7 accounts from different emails, account numbers include: 2238676, 2227541, 64907, 2139311, 2227541, 2238676, 11142431.

All these have been opened with the same name and the same documents but with different emails.

Besides that this is is strictly not permitted I find it unethical to coming to the forexfactory.com opening threads, swearing, making false allegations about your accounts being cancelled when you have made every effort to try to violate simple and straightforward terms.

It is also important to note that you received no deposit bonus of $100 in late 2013 in your account no. 11142431 for participating in the Forex Expo and because at that time you did not violate the rules, you have been able to successfully withdraw profit of over $200 garnered from trading with the bonus funds.

Furthermore, the reason XM grants the $30 no deposit bonus to new clients is to try our services, test our execution and understand our philosophy so it would make no meaning not allowing our clients to withdraw funds from their account.

Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)
  • #10
  • Mar 11, 2015 10:55am Mar 11, 2015 10:55am
I've been with XM for over a year now. Respectable Broker. I have had no problems getting my withdrawals. I would highly recommend. You deposits go on instant, and the up to 5 day withdrawal wait goes a lot faster than that most times max a day or two. Plus I have an XM debit Mastercard. My experience has been positive.
I'll pick up the crumbs don't need the whole pie
  • #11
  • Mar 17, 2015 10:31pm Mar 17, 2015 10:31pm
Quoting XM
{quote} Dear Rozay, It is not in our philosophy or our vision to upset any of our clients, however its not appreciated coming to respected forums making allegations about XM, which are false. You have opened more than 7 accounts from different emails, account numbers include: 2238676, 2227541, 64907, 2139311, 2227541, 2238676, 11142431. All these have been opened with the same name and the same documents but with different emails. Besides that this is is strictly not permitted I find it unethical to coming to the forexfactory.com opening threads,...
Though seemingly rightful, this is a little unprofessional - the account numbers and tone and all.. A trader wouldn't be a trader if he/she didn't try to game the system. Some just focus on the wrong game entirely!

When someone asks me if I give bonuses, I shutter. I immediately know which kind of trader it is that I am dealing with. The professional traders that I've dealt with never see a bonus as a sign of strength. A small bonus is made in seconds trading standards. Serious players will look you over when you offer these gimmicks.

To be fair, as we live in a marketing world; the goals of the marketers do not always line up with the goals of traders. There is a miscommunication between the inner workings at most brokerages, and this is normal. It takes a lot to simply stay in this game as a trader, and if you have: you understand the markets better, yourself, and what's at stake - so there are not many that work at brokerages that 'get it'

The bonus will go away when the numbers don't prove, that the cost of running the promotion does not reflect very favorably to their bottom line.
  • #12
  • Mar 18, 2015 12:02am Mar 18, 2015 12:02am
Quoting rozay
dont bother to collect the bonus after meeting their lot requirements and their minimum 60$ withdrawal i requested a withdrawal of 70$ only for them to tell me that they suspect me of arbitrage , and because of that they will disable my account, last time they slipped a friends stop loss and cost him 200$ in losses below i attached a link to image of my trades http://postimg.org/image/uptaarm3f/ another image of how they disabled my account after requesting for withdrawal http://postimg.org/image/8t9p4hyl9/ a link to the email...
XM is another Scam broker like scammer hotforex that the scum forexpeacearmy defends on its website, disallowing any scam case from legit clients to reach forexpeacearmy fancy court for voting!!!
  • #13
  • Mar 18, 2015 3:29pm Mar 18, 2015 3:29pm
Worst account I had.

Tested 1 day. Was not able to place an order few minutes before the FOMC meeting.

You can avoid this broker.

(I'm a independent hobby fx & oil trader and am not affiliated to any other broker...)

cheers
sar3
  • #14
  • Mar 24, 2015 4:46am Mar 24, 2015 4:46am
Quoting Ed-Forex
{quote} XM is another Scam broker like scammer hotforex that the scum forexpeacearmy defends on its website, disallowing any scam case from legit clients to reach forexpeacearmy fancy court for voting!!!
Dear Ed-Forex,
XM is a reputable and transparent legal entity and is by all standards a leader in the Forex Sector. XM has done nothing wrong or illegal and has no intention nor obligation towards you, yet you accuse the company of various wrongdoings. I kindly ask you to refrain from making any further claims which may mislead other traders.

I would like to state it again that the person who started this thread was able to withdraw profits that he made on his first no deposit bonus account. Later, he opened several accounts using different personal details in order to be able to claim the no deposit bonus again. This was a violation of the No Deposit Bonus promotion that led to termination of his trading accounts.

Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)
  • #15
  • Mar 24, 2015 4:53am Mar 24, 2015 4:53am
Quoting sar3
Worst account I had. Tested 1 day. Was not able to place an order few minutes before the FOMC meeting. You can avoid this broker. (I'm a independent hobby fx & oil trader and am not affiliated to any other broker...) cheers sar3
Dear sar3,

In terms of order execution speed, there are several factors that affect forex trades, such as market volatility, trading volume and overall system availability. I would like to reassure you that XM fills all our clients’ orders at the best available market price at all times. We also do our best to provide you with the lowest possible spreads combined with the best trade execution speed.

You have left a claim without sharing your MT4 ID. I kindly ask you to follow up with your MT4 ID to initiate an investigation and transparently present the full data of your claims.

Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)
  • #16
  • Mar 24, 2015 11:37am Mar 24, 2015 11:37am
Quoting sar3
Worst account I had. Tested 1 day. Was not able to place an order few minutes before the FOMC meeting. You can avoid this broker. (I'm a independent hobby fx & oil trader and am not affiliated to any other broker...) cheers sar3
I have to agree with the worst account I had statement.
Ive tested this broker along with many other brokers in the past couple of months.
The MT4 platform was running fine for days with no freezes or glitches whatsoever, then I placed a short entry on the Eur Usd.
The trade ran about 50 pips into profit and had reached my TP so I tried to close the trade and the platform froze. I knew that the market was going to start moving against me which is why I wanted to close the short and enter long, what a coincidence that it chooses to freeze after days of running absolutely fine at that exact moment in time.
When do you think the platform came back to life?
Yep, you guessed it. An hour later and all profits wiped out the platform decides to wake up.
Im not seeking any resolution and im not seeking any explanations from the XM representatives. Im just sharing my experience of this broker with anyone who cares to read.
Ive read so much bad press about XM and I wanted to find out whether there was any truth to the freezing platform statements.
In my opinion, they are all true.
Thankfully most of the brokers I tested were spot on regarding their platforms, execution and withdrawal times. I didnt even get to the withdrawal stage with XM.
  • #17
  • Mar 25, 2015 10:04am Mar 25, 2015 10:04am
Quoting jizzyjay
{quote} I have to agree with the worst account I had statement. Ive tested this broker along with many other brokers in the past couple of months. The MT4 platform was running fine for days with no freezes or glitches whatsoever, then I placed a short entry on the Eur Usd. The trade ran about 50 pips into profit and had reached my TP so I tried to close the trade and the platform froze. I knew that the market was going to start moving against me which is why I wanted to close the short and enter long, what a coincidence that it chooses to freeze...
Dear jizzyjay,

I am sorry to hear that you had an issue with one of your trades.

You said that you are not seeking explanation, yet you are accusing the company of wrongdoing. I believe it would be fair if you share your MT4 ID or the ticket number in order for us to investigate your claims.

I am confident that we could have immediately resolved this issue, if you had reported it to our customer support.

Kind regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)
  • #18
  • Mar 25, 2015 12:34pm Mar 25, 2015 12:34pm
Quoting XM
{quote} Dear jizzyjay, I am sorry to hear that you had an issue with one of your trades. You said that you are not seeking explanation, yet you are accusing the company of wrongdoing. I believe it would be fair if you share your MT4 ID or the ticket number in order for us to investigate your claims. I am confident that we could have immediately resolved this issue, if you had reported it to our customer support. Kind regards, Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)
Firstly, if you read my post properly, at no time did I accuse your company of any wrongdoing. I merely submitted my opinion and my experiences when using your platform which I believe is a very fair thing to do.
When using an online platform to conduct trading activities the last thing I want is a platform that freezes. Its quite a simple thing to grasp.
Yes, you may be able to or may have been able to resolve my issues but freezing platforms is not an issue I need or want to be wasting my time to try and resolve. Lets face it, from the numerous posts around the internet regarding the same issue its clear that you either cannot or will not fix the issues anyway.
I believe it would be fair if XM listened to what disgruntled clients are saying about the platform and rectified the issues instead of blaming other factors.
Ive used your customer services and lets say I was less than impressed, couple that with the fact that a freezing platform gives me no confidence in you as a broker and you should reach the land of understanding and common sense.
Thats me being diplomatic, lets leave it at that shall we.
I wish XM all the best in the future.
  • #19
  • Mar 26, 2015 4:16am Mar 26, 2015 4:16am
Quoting jizzyjay
{quote} Firstly, if you read my post properly, at no time did I accuse your company of any wrongdoing. I merely submitted my opinion and my experiences when using your platform which I believe is a very fair thing to do. When using an online platform to conduct trading activities the last thing I want is a platform that freezes. Its quite a simple thing to grasp. Yes, you may be able to or may have been able to resolve my issues but freezing platforms is not an issue I need or want to be wasting my time to try and resolve. Lets face it, from the...
Dear Jizzyjay,

Thank you for your reply.

I have read your initial comment and it does leave open the issue that the freeze which you have experienced, could be done intentionally while that is surely not the case which is why I have said you are accusing XM of misdoing.

I totally respect your decision if you feel XM is not the broker of choice for you however it is only fair and transparent that if you have experienced a freeze which might resulted to any loss to your account, for that loss to be reimbursed after we have checked it and verified it.

It’s really not a case of trying to be nice or diplomatic its what is fair to you or to any of our clients.

If you would like me to assist in resolving this issue for you please feel free to share your MT4 ID and the time and date this has occurred and I will reply immediately with my findings.

Kind Regards,
Andrey - Official Representative of XM (Trading Point of Financial Instruments Ltd.)
  • #20
  • Mar 26, 2015 9:38pm Mar 26, 2015 9:38pm
Quoting jizzyjay
{quote} Firstly, if you read my post properly, at no time did I accuse your company of any wrongdoing. I merely submitted my opinion and my experiences when using your platform which I believe is a very fair thing to do. When using an online platform to conduct trading activities the last thing I want is a platform that freezes. Its quite a simple thing to grasp. Yes, you may be able to or may have been able to resolve my issues but freezing platforms is not an issue I need or want to be wasting my time to try and resolve. Lets face it, from the...
if you have an sl with them during news, you risk heavy slippage
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