FXTM
FXTM
Partial withdrawal processed; remaining balance withheld
Description
Requested a full withdrawal of USD 5,200. Only USD 2,000 was processed, with the remaining USD 3,200 held without explanation. The complainant was informed that a 'bonus lock' applied to the remaining balance despite not having actively opted into a bonus program. The complainant asserts the bonus was automatically applied during deposit and the lock conditions were not clearly communicated.
Amount Involved
USD 3,200
Supporting Evidence
- withdrawal-confirmation-partial.pdf
- deposit-receipt.pdf
- bonus-terms-page-screenshot.png
Complaint Timeline
2025-08-05
2025-08-05
2025-08-05
2025-08-05
2025-10-30
Platform Responses
Commission Structure Transparency Enhancement
Saxo Bank acknowledges the feedback from IFCCI regarding the complexity of our tiered commission structure. We are currently developing a unified cost comparison tool that will allow clients to view total trading costs (spread + commission + overnight fees) for any instrument across all account types in a single view. This tool is scheduled for release in Q3 2026. In the interim, we have published a simplified fee comparison guide on our pricing page.
Pending verification. IFCCI will review the simplified fee comparison guide and monitor the development of the unified cost comparison tool.
IFCCI Research Responses
IFCCI has reviewed the complainant's documentation and notes that bonus lock mechanisms attached to deposits remain a significant consumer protection concern in the retail trading industry. IFCCI has formally requested FXTM's compliance team to clarify the opt-in mechanism for the bonus program and provide evidence that the complainant was presented with clear disclosure of lock conditions prior to the bonus being applied. A response deadline of 30 days has been set.
Legal Disclaimer
The IFCCI Transparency Programme is an independent research initiative and does not constitute regulatory supervision, professional financial advice, or official compliance certification. All findings represent research-based observations intended to contribute to financial industry transparency discourse and informed evaluation. FinScope is a technology platform developed to support the programme’s public-facing digital interface.