XTrade (XForex) Fraud

[RuthK]

OMG!

 

[klabauterman]

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?

i think now its just too late. hope this case not repeat again, hope you solved this issue soon

 

[Ramin123]

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?

I complained to XTrade first and then complained with the Financial Ombudsman of Cyprus. I searched for similar cases that the financial ombudsman of the UK has resolved (they publish complaints and their resolution on their website) and complained on similar grounds to Cysec and Financial Ombudsman Cyprus. XTrade contacted me with a resolution.

 

[Ramin123]

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.

Indeed the agreement states that the money will be credited in my bank account. So fingers crossed.

 

[RuthK]

I complained to XTrade first and then complained with the Financial Ombudsman of Cyprus. I searched for similar cases that the financial ombudsman of the UK has resolved (they publish complaints and their resolution on their website) and complained on similar grounds to Cysec and Financial Ombudsman Cyprus. XTrade contacted me with a resolution.

Thank you Ramin!

 

[RuthK]

Thank you Ramin!

I just spoke to an account manager from Xtrade. He says Xtrade is not under CySec (but it was when I joined about 2-3 years ago). Nownits under the International Financial Services Commission (Belize) which sounds fishy! So how do I lodge a report? When did Xtrade change regulators??

 

[Pharaoh]

Google for IFSC Belize and you'll find them. While reporting, ask them how long they've been regulating XTrade. You could also ask Cysec when XTrade changed regulators or if it's splitting itself between 2 regulators.

 

[RuthK]

Google for IFSC Belize and you'll find them. While reporting, ask them how long they've been regulating XTrade. You could also ask Cysec when XTrade changed regulators or if it's splitting itself between 2 regulators.

Wow! Thanks so much!!!

 

[Ramin123]

Wow! Thanks so much!!!

Good luck and keep us updated!