Here is my live chat transcript with XM broker's customer service

You guys might find this interesting?! I don’t know. I just had a 40-min discussion with XM broker’s customer service agent regarding one of their responses to a negative review online. I don’t know the guy who posted that review. It’s just one of the hundreds of random reviews I read online. I found their response to this particular review super weird, so I decided to talk to them about it even though my English is pretty bad. I didn’t send them the review in the chat, I only sent their response to that review because the guy I was talking to is not interested at all in talking about any of that.

Original review url: forexpeacearmy[dot]com/review/goto?id=132306
(Note: I can’t put the actual links in the post because I’m a new user. Replace “[dot]” by “.”)

Original review and response screenshot:

The live chat transcript:

Harry Fri, 08/14/20 11:18:38 pm

Hello Jason ! Welcome to XM! How may I assist you?

Jason	11:18:49 pm	

Hi

Harry	11:19:05 pm	

hello

Jason	11:19:22 pm	

Is arbitrage trading allowed?

Harry	11:19:26 pm	

no it is not allowed as per our terms and conditions

Jason	11:19:32 pm	

whatelse is not allowed?

Harry	11:20:01 pm	

xmglobal[dot]com/legal-documents

Jason	11:20:32 pm	

yea, okay
give me a sec

Harry	11:20:49 pm	

ok

Jason	11:22:46 pm	

I’ve wanted to open an account, so, I started like reading reviews to see how reliable you guys are and all…
and I came across a bunch of reviews stating withdrawal issues and such
you guys replied to most of it
and I read a lot of those reviews and your replies
so, are there issues regarding withdrawal?

Harry	11:24:05 pm	

we process everything within 24 hours
always

Jason	11:24:16 pm	

right…

Harry	11:24:37 pm	

but we can not interfere on how banks process their transactions

Jason	11:24:50 pm	

yea,yea, I know all that

Harry	11:24:53 pm	

if a delay occurs from a bank we cannot interfere

Jason	11:24:59 pm	

anyways…I came across this one review…and your replied to that review blew my mind.
would you like to read it?
because I don’t get it at all
I could paste it here

Harry	11:25:59 pm	

please do no
do not

Jason	11:26:09 pm	

why not?
it’s a statement from a representative of your company

Harry	11:26:48 pm	

because i cannot comment on management anyway

Jason	11:27:14 pm	

you don’t have to comment
just explain it to me
what he meant exactly
alright?

Harry	11:27:51 pm	

ok

Jason	11:28:03 pm	

"I have investigated the issue raised and I can confirm that our business relationship was correctly terminated due to the fact that you have violated our Terms and Conditions of business.

Particularly, following investigation of your trading account, I can confirm that the trading activity patterns used in your trading account raised serious concerns that you were solely aiming to benefit financially without being genuinely interested in trading in the markets. Please note that the latter constitutes violation of our Terms and Conditions and as such, the business relationship was correctly terminated.

I can also confirm that you were accurately informed of the latter (i.e., termination of business relationship), via email, by the relevant Department of our Company on 04/05/2020."
The key reason he mentioned for terminating his account and withholding the client’s money is because I quote “I can confirm that the trading activity patterns used in your trading account raised serious concerns that you were solely aiming to benefit financially without being genuinely interested in trading in the markets.”

Harry	11:30:24 pm	

i dont know how i could add to that
what more i could add i mean

Jason	11:31:22 pm	

the key words are, again “you were solely aiming to benefit financially without being genuinely interested in trading in the markets”
I thought people trade because they wanna benefit financially

Harry	11:31:43 pm	

without being genuinely interested in trading in the markets

Jason	11:31:54 pm	

and how do you guys judge that?
and why do you care if someone is interested in trading or not?

Harry	11:32:38 pm	

you can refer to our Terms and Conditions Jason, I have nothing more to add to what is already there

Jason	11:32:53 pm	

It is mentioned in terms and conditions too?
that you company can terminate accounts and withhold money of other people if you think they are trading with “interest” and “passion” ?
*without interest and passion

Harry	11:33:56 pm	

withhold money?
without interest and passion?
i dont see that in the message you copied here

Jason	11:34:52 pm	

isn’t that why that guy’s account got terminated.
“without being genuinely interested in trading in the markets”
your representative literally said that he’s not genuinely interested in trading…so, they terminated his account
and he lost his money too
his review is a long one, I can copy if you want…but I highly doubt you wanna read it
anyways…forget about that
just answer me this…
I’m not interested in trading AT ALL
I just wanna trade to makey money…

Harry	11:36:43 pm	

termination does not mean that we take his funds

Jason	11:36:46 pm	

which is what everyone does btw
okay…forget about that

Harry	11:38:23 pm	

Is there anything else I can help you with?

Jason	11:38:38 pm	

can I open an account, deposit my money and trade with you just for the sake of benefiting financially without any interest in trading at all?

Harry	11:39:04 pm	

as long as you respect our terms and conditions

Jason	11:40:28 pm	

then why did you terminate that guy’s account because he’s I quote “not interested in trading”?
that violates your terms and conditions?

Harry	11:41:45 pm	

sir, you can ask all you want but first i dont know the case you are referring to and even if i did i would never disclose information about other clients
as long as you follow terms and conditions you will be fine
if you dont like our Terms and Conditions no one is forcing anyone to be a client
its up to you

Jason	11:42:28 pm	

am I asking for something personal to disclose?
I’m talking about publicly available information

Harry	11:43:27 pm	

what can be disclosed is already there
Is there anything else I can help you with?

Jason	11:44:54 pm	

and that’s exactly what I’m asking about. Can you terminate my account because you think “I’m trying to financially benefit for myself without actually being interested in trading”?

Harry	11:45:45 pm	

if you violate our Terms yes

Jason	11:45:49 pm	

I mean does policies like that are even legal? since you guys are regulated by at least 3 different exchange comissions?

Harry	11:46:10 pm	

a query to the regulator can convince you

Jason	11:46:38 pm	

so, not being interested in trading violate your terms?

Harry	11:47:38 pm	

if your trading activity patterns solely aiming to benefit financially without being genuinely interested in trading in the markets.
which violates terms and conditions

Jason	11:49:05 pm	

wow…what other motivation can one have other than benefiting financially to risk their money to trade?

Harry	11:49:19 pm	

sir you are missing the point but we are not going to debate this any more
you can send you written query
to sypport@xm[dot]com
support
and we will forward it to the compliance department
Is there anything else I can help you with?

Jason	11:50:22 pm	

what’s the point I’m missing here?

Harry	11:50:47 pm	

you can send you written query as this is as far as i can go

Jason	11:51:28 pm	

you know you doesn’t sound very professional at all being in the customer service sector.
I asked legitimate questions
about what YOUR people said
and all you did is beat around the bush

Harry	11:51:55 pm	

you are asking legal questions not customer care questions
so i need to direct you to the legal departmnent

Jason	11:52:23 pm	

I asked if it was legal only ONCE

Harry	11:52:44 pm	

no the whole discussion is about terms and conditions

Jason	11:53:02 pm	

and you don’t deal with terms and conditions?

Harry	11:53:21 pm	

no
i am a customer care officer
i can redirect your query to the compliance department
once you send your email

Jason	11:54:41 pm	

okay, great. It was nice talking to you.

Harry	11:55:18 pm	

likewise

Jason	11:55:33 pm	

I’m gonna paste this conversation in the public forum if you don’t mind

Harry	11:56:07 pm	

i can send you the transcript if you like

Jason	11:56:23 pm	

I already sent the transcript to my email

Harry	11:56:30 pm	

ok
Is there anything else I can help you with?

Jason	11:56:33 pm	

thank you

Harry	11:56:45 pm	

you are welcome

Jason	11:57:01 pm	

let’s be honest, harry. you can’t help with anything. you can stop asking me that question.
bye

Harry	11:57:18 pm	

so is this discussion over Jason?
bye

That is quite amazing. Did you follow up in writing asking for a response before you ask the regulator for one?

Wow sounds like BS. That’s another broker added to the list of brokers not to trust.

We should not be surprised in the slightest. I spend a lot of my work time dealing with “first line support” calls to datacentres for IT support, so I understand their processes pretty well. So I am often amused when I get those calls out of the blue like “have you had an accident that was not your fault”? Even the calls from my current supplier asking “we want to know how we can serve you better” to which I reply “by not cold calling me and annoy me so much I will think of changing supplier”. First line support (with brokers or any other modern service) has very little leeway for original thought of the poor b***r sat behind the helpdesk. The vast majority of responses are scripted on the screen in front of them, and that helps the legality of the service provider in preventing one of their agents daring to be an actual human being. The problem is that the suits that write the potted responses are rarely real world people, and they sometimes get it horribly wrong. I can never recall actually ever calling a broker with a question relating to process. When I have made my mistakes in the past I have always been able to see where the problem was, and it was always a problem created by me in lack of understanding of proper process.

1 Like

If my memory serve me right,
XM is market maker,
Maybe he is scalping which is probihited

Unfortunate! Did you connect to the legal or compliance department?