MG
Mj G
Active since Nov 2025
3
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Reviews
3 reviews5 months ago
Urgent Formal Complaint Regarding System Failure, Unauthorised Fund Loss and Denied Compensation
I am submitting a formal complaint regarding the loss of my account funds which occurred due to technical issues on your platform. On the morning of 28 November 2025, I attempted to close my trades while they were in profit, but your system continuously returned "system error" messages. I was unable to close trades, withdraw, or manage my account. Shortly after this, all my funds were wiped, and my balance went to zero, without any action from me. Your support team initially confirmed that XM was experiencing technical problems. However, despite this acknowledgment, I have now been informed that XM will not compensate me. This is unacceptable, especially since other brokers were fully operational and their clients were able to manage their trades. Additionally, there are inconsistencies in my account records: My trades were closed at a –36,000 ZAR loss even though my account had over 50,000 ZAR in equity. My deposit history incorrectly shows 3,000 ZAR, although I deposited 10,000 ZAR. I was told this was due to “margin protection,” yet my account was left at zero, which contradicts the idea of protection. These losses occurred solely because XM’s system prevented me from managing my trades. I request: A full refund of the funds lost due to the platform malfunction. If this matter is not resolved within 5 business days, I will escalate it to the relevant regulatory authorities.
53 replies
5 months ago
Urgent Formal Complaint Regarding System Failure, Unauthorised Fund Loss and Denied Compensation
Dear XM Compliance Team, I am writing to lodge a formal complaint regarding a serious incident that occurred on my trading account on [insert date], which resulted in the complete loss of my account funds due to technical failures on your platform. Summary of Events On the morning of 28 November 2025, I attempted to close multiple trades that were in profit. However, your system repeatedly returned "system error" messages, preventing me from closing or managing my positions. During this period: I could not close trades, I could not withdraw funds, I could not perform any account functions due to platform errors. Immediately afterward, my account balance was reduced to zero, without any action on my part. This occurred while your support team confirmed that XM was aware of ongoing technical issues and that these issues were being investigated. Further Concerns 1. Involuntary Closure of Trades My trades were force-closed at a –36,000 ZAR loss despite my account having more than 50,000 ZAR in equity at the time of the system failure. 2. Incorrect Deposit Record My account reflects a deposit of 3,000 ZAR, while I actually deposited 10,000 ZAR. I have screenshots proving this discrepancy. 3. Contradictions in XM’s Explanation Initially, your support team acknowledged a platform malfunction. Later, I was told the issue was “global” and not XM’s responsibility. Other brokers did not experience these issues and their clients were able to manage trades normally. I was told the losses were due to “margin protection,” yet the system removed all my funds, leaving me with zero, which contradicts the idea of protection. Request for Resolution Given that: I was prevented from managing my trades due to XM’s acknowledged system errors, My funds were wiped without my consent, My deposit history is inaccurately recorded, No compensation has been offered despite the platform failure originating on your side, I request the following: 1. Full restoration/refund of the funds lost as a direct result of XM’s system malfunction, and 2. Correction of my account deposit records to reflect the actual deposit amount of R10,000. If this matter is not resolved within 7 business days, I will escalate my complaint to the relevant regulatory bodies overseeing XM’s operations, including but not limited to: The FSCA (South Africa), CySEC, ASIC, And any other applicable authorities. I trust that XM, as a regulated broker, will act in accordance with its obligations to ensure fair treatment of its clients, especially when platform faults prevent normal trading activity. I look forward to your urgent response and resolution.
0 replies
5 months ago
XM is a ****
I have just been ****med by XM their system was down and now they took all my money... ****
0 replies
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