CXM Suspends Account, Refuses to Close Positions & Withholds Funds

FTI reminds investment enthusiasts that choosing a platform that is icmarkets customer area loginregulated by reliable regulatory agencies is crucial. Understanding the historical background of the platform, researching the trading conditions provided by the platform, trading software, and customer service are all essential processes.

Before choosing a foreign exchange platform for investment, it is essential to conduct sufficient research and investigation in order to better obtain investment security and a better trading experience. (More Forex complaint)

Recent Attention by FTI on Foreign Exchange Platform: Investors Complain of CXM Account Suspensions, Denied Position Closures, and Withdrawal Blocks via FTI APP.

Investor Outraged by CXM's Abrupt Account Suspension and Fund Withholding

The whistleblower has revealed a shocking incident that took place on the morning of September 28, 2023, involving the foreign exchange platform CXM. Without any prior notice or explanation, CXM suddenly suspended the individual's account (ID: 2132584008), rendering it inaccessible. Additionally, the client's backend access was also blocked, leaving them unable to manage their open positions or access crucial account information.

At the time of the suspension, the investor's account held unsettled orders with a total value of $171,992.74. Panicked and unsure of the situation, the investor immediately reached out to CXM's online customer support, only to be told that a dedicated account manager would contact them shortly. However, the promised call never came, leaving the investor stranded without any guidance or clarity.

Feeling desperate, the investor also sent multiple emails to CXM's official mailbox, all of which went unanswered. In an attempt to find solutions, they consulted with other platform's account managers who opined that the investor's trading activities were legitimate and that CXM's refusal to communicate was indicative of a cover-up.

As a loyal customer of CXM for several years, the investor had incurred losses exceeding 2 million RMB during this period. The sudden and unjustified account suspension, coupled with the withholding of funds, has left them deeply disillusioned and frustrated.

During subsequent communications with CXM's account manager, the investor was accused of engaging in "push-delay arbitrage" due to a mix of 0.01-lot grid EA trades and 10-lot manual trades. However, this accusation was deemed baseless as the two trading strategies involved different assets and timing, making the alleged connection tenuous at best.

The IB agent also intervened, attempting to negotiate a resolution through email. Out of over 170000 yuan, only 11000 yuan will be refunded. After further negotiations, the offer was increased to $16,000, which the investor deemed unacceptable. By November 2nd, CXM's stance had become increasingly hostile, with the account manager terminating all discussions and refusing further communication.

Feeling betrayed and helpless, the investor has pursued various avenues for redress, including filing police reports and lodging complaints with regulatory bodies. It was through the recommendation of a friend that they stumbled upon this platform to voice their grievances.

The investor emphasized that they had suffered significant losses of over 2 million RMB on CXM, generating substantial revenue for the platform. To now have their account unfairly suspended and funds withheld is an affront to fairness and ethical business practices. Notably, during the account opening process, CXM had explicitly stated that there were no trading restrictions, including the allowance for scalping, as evidenced by their promotional materials.

The investor's primary concern revolves around CXM's inconsistency in applying its own policies and the blatant disregard for customer rights. They urge for transparency, accountability, and justice in resolving this matter.

Introduction to CXM

CXM is a rapidly growing and high-quality foreign exchange broker, primarily targeting the B2B market and institutional clients. Founded by industry experts with decades of experience, CXM's team comes from various parts of the world, including the United States, Asia-Pacific, Eastern Europe, the Middle East, and Latin America. Our strength lies in providing diverse solutions to meet the diverse needs of our clients and partners. Our team members are all from the top ten global foreign exchange brokers, with exceptional technical skills and numerous accolades. We have successfully set up white label solutions for hundreds of clients around the world.

CXM, as displayed on the FTI APP, holds three licenses. It claims to have a UK FCA financial services license, a St. Vincent and the Grenadines FSA financial services license, and a Mauritius FSC financial services license, but the regulatory status of these licenses is stated as exceeding their operational limits. This poses a significant risk to investors' funds!

FTI Risk Alert: There are 42 monitoring and early warning notifications for the CXM foreign exchange platform. Please take note and be vigilant!

CXM has a score of 5.0 on the FTI APP, indicating a low credit rating. Investors should exercise caution before forextrustindex!

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