XTrade (XForex) Fraud

[Ramin123]

Hi Ramin

Thats exactly what happened to me by XTRADE I have only found couple of solicitors , i suggest you speak with Phoenix advisors first . Lets combine are cases and get our money back. I have the solicitors number. others want 2k upfront just to take on case . register your case with ASIC AND Cysec


Raj

Hi Raj,

Thank you for your suggestion and I am sorry to hear it happened to you too. I read your post. May I ask whether you have referred to a financial ombudsman?

Also, with reporting to Cysec, they ask you to upload documents. What documents have you uploaded? I don't really have much except my trading history and the phone conversation i recorded and some emails.

Thank you for your time.

Ramin

 

[RahmanSL]

I have brokers/service providers calling my telephone numbers (not sure where they got my number)...after the first call to get their identification, I would quickly cut-off abruptly....after that, if I see the same tel number calling me, I would answer the call but not say anything just so they get charged for the long-distance call ...after a few more tries, these tel calls would cease!

 

[Pharaoh]

You can try complaining to the fraud department at your card's issuing bank. The problem is that debit cards offer a lot less consumer protection than credit cards.

 

[Ramin123]

You can try complaining to the fraud department at your card's issuing bank. The problem is that debit cards offer a lot less consumer protection than credit cards.

Wasn't sure my case would be eligible since I willingly gave my card details to Xtrade. I will try this however, anything is worth doing for this amount of money. Also, in the meantime I will invite someone from Xtrade to this forum whilst i process the complaints to CySec, ASIC and Action Fraud.
Xtrade completely ignored all my e-mails. Hopefully they can't ignore the webchat.

 

[Pharaoh]

This is where you have to explain and lay our your case for fraud very carefully. In a worst case scenario, you've wasted 10-15 minutes on the phone talking to someone in the bank's fraud department.

 

[RuthK]

Did you manage to get your money back from Xtrade?

Hi Ramin

Thats exactly what happened to me by XTRADE I have only found couple of solicitors , i suggest you speak with Phoenix advisors first . Lets combine are cases and get our money back. I have the solicitors number. others want 2k upfront just to take on case . register your case with ASIC AND Cysec


Raj

 

[Ramin123]

After complaint to financial ombudsman Cyprus, XTrade have finally responded to my claim to XTrade, not the financial ombudsman, and offered a resolution by crediting me 8000. I responded and demanded more of my losses and proposed 12000. they accepted and said this is final decision so I think i will accept this and get 12000 back, from the 18000 i lost.

 

[FxMaster]

After complaint to financial ombudsman Cyprus, XTrade have finally responded to my claim to XTrade, not the financial ombudsman, and offered a resolution by crediting me 8000. I responded and demanded more of my losses and proposed 12000. they accepted and said this is final decision so I think i will accept this and get 12000 back, from the 18000 i lost.

Good to hear that, keep us updated.

 

[RuthK]

In my case with Xtrade, I had a turnover of 8 brokers...but the worst was a rogue broker who tried to con me of money (saying his brother was ill with bronchial cancer and needed money for treatment...& later that his brother died & he had no money for funeral expenses). I steered clear but cos I had no trading knowledge, I took advice from Xtrade Brokers all the time. This broker's advice cost so much of my money to be stuck (& premium draining). I asked Xtrade to reinstate my trades cos I'm certain this bad advice was his personal vendetta for not giving him money but Xtrade refused to take responsibility for assigning me this rogue (who's still texting me with fraudulent deals though he's left Xtrade!)

Another thing is, right from the start, Xtrade broker said I shouldn't put stop loss as it causes loss of money and limits profit opportunities!

And, Xtrade Brokers use WeChat to communicate. Because I'm a language specialist, it became clear to me that someone else used my broker's WeChat account to test me (cos the language structure was soooo different!)

My brother also suffered massive losses as we both had same brokers. Worse, my brother wasn't paid IB (introducing broker) commissions. Then after much trouble, they say they've sent.

My brother introduced 2 clients but Xtrade claims the client who traded large volumes was never under my brother...so no payment at all for introducing this client!!! Honestly, Xtrade is soooo unscrupulous!!!

Where/how do I start to recover my money from Xtrade?

 

[Pharaoh]

After complaint to financial ombudsman Cyprus, XTrade have finally responded to my claim to XTrade, not the financial ombudsman, and offered a resolution by crediting me 8000. I responded and demanded more of my losses and proposed 12000. they accepted and said this is final decision so I think i will accept this and get 12000 back, from the 18000 i lost.

Remember - what you want is YOUR money back in YOUR bank account. They could credit your trading account with 10 million, but that does you no good if you can't withdraw it.