Not upheld: Service failure / System access - alleged inability to deposit funds due to technical error complaint against XTB Limited

Decision detail

Summary

Mr A complained that he was unable to deposit funds into his CFD trading account with XTB on 16 April 2025 due to a system error, which prevented him from hedging his gold trading positions. As a result, one of his short positions was closed on 22 April 2025 due to insufficient margin, crystallising a loss of approximately £25,000. Mr A provided a video showing an error message when attempting to access the deposit function and argued XTB had failed to maintain adequate systems and regulatory standards. The ombudsman found that while Mr A experienced difficulty depositing funds, the evidence did not establish on the balance of probabilities that this was caused by an XTB system failure rather than issues at Mr A's end, and that even if a failure had occurred, causation to the claimed losses was not established since Mr A successfully deposited funds between 16-22 April and could have achieved his risk management objectives through alternative means.

The Ombudsman's reasoning

The ombudsman acknowledged that while Mr A experienced an inability to deposit funds, the evidence did not establish on the balance of probabilities that this was caused by an XTB system failure. The error message Mr A saw could have resulted from issues at his end (internet connection or device communication) rather than XTB's systems. The absence of error logs at XTB, the firm's investigation findings, and the lack of other similar complaints all supported the conclusion that XTB's systems likely functioned properly. Additionally, even if a system error had occurred, causation was not established because Mr A successfully deposited funds between 16-22 April (albeit insufficient amounts), and he could have achieved his risk management objectives through partially closing his existing position rather than opening a hedging trade.

How this compares

Source

Read the original decision on the Financial Ombudsman Service website