Withdrawal problems are prevalent and inevitable with many brokers in the forex trading niche. Although they’re minimal compared to other brokers, XM brokers aren’t left out regarding withdrawal problems and complaints.
Such objections in the industry are, nonetheless, unavoidable. Users often get frustrated when they cannot withdraw profits, hence the reason for many complaints about different brokers concerning withdrawal issues in the sector. XM is one of the platforms facing such complaints. Not surprisingly, it is a leading business in the industry, so some customers may complain about its withdrawal procedure. Over the years, various blog posts, reports, or forums on the subject can be easily found.
Many XM clients lodge withdrawal complaints occasionally, according to studies across numerous websites. However, you should note that, as customers often like to assert their right to complain, these complaints are often invalid and based on misconceptions. Below are photos that show complaints of customers about XM withdrawal issues.
As you’d notice in the different customer complaints above, specific complaints are due to the violation of the company’s withdrawal policy, inaccurate user information, and unacceptable mode of withdrawal, while some result from errors on the company’s part, which can be rectified quickly. Some other users, however, give excellent feedback about the firm, as shown below.
Now you must be asking yourself if you should be concerned about these withdrawal issues. The preceding pictures show that although the company faces minimal withdrawal issues, its customers receive consistently outstanding service.
Note that only users with withdrawal challenges post them online, which is the sole reason for the negativity and panic over the internet.
Moreover, why would a top broker in the industry rated by Forex Ratings with over 12 years of existence choose to purposely irritate its users when it can satisfy them and surpass its rivals by providing a better platform? The firm will undoubtedly strive to protect its brand and boost its revenue while maintaining customer satisfaction.
Although specific problems can not be prevented entirely, customers only need tolerance and understanding. So you shouldn’t be concerned about this problem as it is a common one that you can easily avoid or address.
Read: XM review
Common XM Withdrawal Problems
According to the preceding pictures, some common withdrawal problems that can hinder your payment are as follows:
1. Bank Card Withdrawal Restrictions
Know that XM can only transfer the exact amount you deposited back to your card. Hence, your profits can be wire transferred to your bank account. For instance, you opened your account with $50 and earned a profit of $40.
In receiving your funds, $50 will be paid via your bank card, while your $40 profit will be sent via bank transfer or other methods such as Skrill, Neteller, UnionPay, etc. If you’ve used an E-wallet to deposit, you can also use the same E-wallet to withdraw your earnings.
2. Longer Waiting Period of Withdrawal
Usually, the company takes 24 hours to process your withdrawal request on business days. However, the method of payment determines how long it takes to receive your funds. For example, you receive your money from e-wallet payment on that same day, whereas bank wire or credit/debit card payments typically take two to five working days, depending on your bank and country.
3. Funds Not Showing in your Account
In an attempt to guard against fraud and follow regulations against money laundering, XM remits users’ funds to their initial funding source. Hence, your withdrawal is made via your deposit method. If you deposit via e-wallet, your withdrawal will be made via e-wallet. This goes for all withdrawal methods.
4. Request for Personal Documents
As you must be aware, XM is a regulated company. The company may ask you to supply some identity files for security purposes. Be aware that certain conditions must be met to confirm your withdrawal request. This is also an attempt to follow the regulations against fraudulent activities.
5. Rejection of Withdrawal Request
XM may deny your withdrawal request if your account has any suspected fraudulent activities. For example, your application may be rejected if you use a virtual private network (VPN) to access the platform; your account is believed to have been hacked.
Furthermore, your request may as well be rejected if you provide third-party withdrawal details as it is against the company’s regulations. Your account is as well at the risk of suspension.
How Would You Overcome These Situations?
The first step in overcoming these occurrences is to thoroughly study and comprehend the terms and conditions and the withdrawal policy. This familiarizes you with the company’s operations and, as a result, reduces the number of issues, including withdrawals.
As a client of XM, be prepared for unique problems when utilizing the platform, as there is no such thing as a perfect platform. The company’s only option is to cut it down. As a result, the problem should be resolved swiftly and efficiently. However, as the firm works to improve its customer experience, you’ll need to be tolerant and understanding as well.
Where Do You Turn To?
If you cannot resolve your issues using the platform’s help and FAQ pages, you can contact the customer service agent via live chat. The service is available 24 hours a day, five days a week. You can explain your issue and receive the necessary feedback from the online representative.
Alternatively, you can contact the support team directly via email ([email protected]). Phone help is also provided, where you can call a professional to describe your situation better and receive the appropriate explanation and directive to address it.