I had opened an account with XForex ‚€“ Online Foreign Currency Trading and Forex Exchange which is a FX broker having offices in Cyprus and Canada. At the time of opening the account, I had provided them with a copy of the Bank statement, passport copy and a utility bill. Since then I have been buying and selling currencies with them. To fund the margin in the Xforex account, I had used one of my Credit card, a copy of which was also faxed over to them.
Since Novemeber 08 when I had opened the account , until now I made profits from buying and selling currencies with them. While I was making money, I was withdrawing sums which I had deposited with them using my credit card. They were all returned back to my credit card. However, in the last week of Jan I had asked for withdrawing a sum over and above the sums deposited using credit cards. I filled in the withdrawal request form and provided my bank account and sort code for them to credit these funds using Bank Wire Transfer.
Somehow, it took over a week and I did not receive any funds from them. I used to communicate with them on their online chat support with the relevant account manager asking for the funds to be credited. The reason they gave me was that their Bank in Cyprus was having some problems in wiring the funds over to UK and hence they are going to try to wire it via a Bank in Israel. I waited until Monday 2nd Feb to see if the funds arrive in my bank account. Finally on Monday the funds came in my bank account and in 24 hours they were immediately taken out from the same bank account. This is so unusual of them to do. The fact that they send money to my bank means it was my money that they do recognise and then they took it off. I think they wanted me to deposit more money with them on the day when they transferred money via wire to my account and then when I did not they reclaimed the funds back. This is clearly an wire fraud on their part.
In the meantime since I had all the profits sitting with the broker in the xforex account with them, they stopped my access to the account. On asking them on chat they claim that Online Security support team will be contacting me shortly to explain why did they stop access to my account or why did they take money out from my bank account. No one has contacted me and they have stopped my access to the account by which I can withdraw the funds.
My concern is that the Broker has committed internet fraud and does not want to give the profits that I have made over the course of my trades with them for the past 3 months.
I have a excel download of my account statement showing every trade that I made and all the withdrawals I had asked at an Action Number level. Also, I have the transcripts of my chats with them in an Acrobat format.
The Agreement on their website is below :
Forex and Currency Trading, Online Foreign Exchange Software
Here they clearly state that Trouvia Investments Limited, a private company registered under the laws of Cyprus having its registered office at Agias Fylaxeos & Zinonos Rossidi 3rd Floor , Suit no. 5. Limassol 3282
Please check into this company and avoid them from conducting fraud with any of the others. I think it should be shut down completely since it robs people of their money. Let me know if you need any other supporting evidence around my transactions with them including account statements or Chat transcripts.
Please let me know whats the best way of pursuing this case, so that I can get my hard earned money back
Results 1 to 10 of 19
- 02-05-2009, 01:38 AM #1Recruit
- Join Date
- Feb 2009
Xforex.com Fraud - Broker Run Away With My Money And Is Not Responding
- 02-05-2009, 12:38 PM #2
I think it would be reasonable to give them couple of days to explain why (and how!) they pulled the money back out of your account.
You should also ask your bank how the money arrived and was then removed. I always thought wire transfers could only be pulled back if there was a problem with the receiving account.
- 02-06-2009, 01:29 AM #3Recruit
- Join Date
- Feb 2009
Thanks for the reply. I have been trying to get in touch with them since the 30th Jan which is when they locked my account. The funds were withdrawn by me on the 23rd Jan by sending them a withdrawal notice, which they sent to my bank only on the 2nd Feb.
Checking with my bank they mentioned that with international wire transfer the merchant can recall the funds within 24 hours and that is what they did. They sent the money to my bank account from an account in Israel and then recalled it back. For international wire transfers my bank in UK mentioned that is allowed.
When I try to chat to them or call them the only answer I am getting is Online Security Department is looking at it and will get back to you shortly. Its been a week now and I havent received any concrete answers from them at all.
Appreciate if you can guide me further.
- 05-11-2009, 09:40 AM #4Recruit
- Join Date
- Feb 2009
An update from my previous post, it turned out that the customer care of the company dealt with the dispute in a professional manner in due course because I employed a 3rd party professional to discuss the dispute with them. The issues were resolved amicably in the end and we reached a settlement which was satisfactory to both parties. Therefore I have to say that what I said on my earlier post does not apply any longer.
In relation to the enquiry that forex peace army initiated I would like to state that the continuation of that is no longer necessary due to the amicable resolution of the dispute and further to this I remain available for any clarification".
- 12-01-2009, 05:18 PM #5Recruit
- Join Date
- Dec 2009
- 02-21-2010, 02:10 PM #6Recruit
- Join Date
- Feb 2010
I have similar problems with xforex, can you please let me know who is the third party professional claimer that you used to deal with xforex who can make them return the money back to you? I am waiting for them (xforex) to return all money that belong to me this week (they said between 7-10 workings days but now is near 15 days there is still no trace of money that they said they already "approved" for my withdrawal. If they fail to let me know where is my money then I have to deal with them in a very professional manner. They are truly sc.... broker.
Thanks for your help in advance
- 02-21-2010, 06:41 PM #7Sergeant
- Join Date
- Oct 2007
- 02-22-2010, 04:33 AM #8Sergeant
- Join Date
- May 2009
- 05-13-2011, 04:33 AM #9Recruit
- Join Date
- May 2011
Hi Hemang n friends,
I have just deposited my account on xforex.com. Although its just $100, Im really worried to continue trading with them after reading this thread. They are right now asking me to provide them with my utilitybill, passport copy and my scanned credit card with my signature in it (of course i must only show the last 4 digits) of my card number.
Is providing this statement dangerous? If I want to take out my deposit, should I do it before or after providing them with these infos? And May I know who is the third party you send to resolve the conflict? So i might do the same thing in case the same problem happened to me. Hope to hearing from you soon and thanks so much
- 03-22-2013, 10:11 AM #10Recruit
- Join Date
- Mar 2013
i need help
I opened an account around 2 weeks ago..and somebody from your company immediately called me up and all.. at first I was having second thoughts since I had already been scammed with huge amounts before and even $100 is not just a small amount.. it is hard-earned as well.. I was told that I could earn per day with their help and not to trade without help.. because I do not want to risk and lose all my money.. because $100 for me is already something. It is not just harvested from a tree or something.
I was told that an account manager will call me the next day I paid.. but I was called a day after already.. actually, he committed a lot of times but failed to call or do what he promised.. it was more than 3x already..no word of honor.. but i let it pass since he was nice and accommodating.. despite all the bad feedbacks i've seen over the internet, i still took the risk in investing in your company.. and i invited my friends to invest too and convinced them that it isn't a scam.. and i do not want to have a broken friendship just because of your company and negligence.. actually, despite of all those broken commitments, i still forgave him because he went beyond his work by calling us despite after office hours and that is a great appreciation in our part.. but now, he isn't responding a single message and email.. and did not call since friday just to at least update us.. I HATE IT WHEN WE ARE LEFT HANGING IN THE AREA.. plus he promised to call my friend that i invited and joined xforex already.. but he never called her also.. i'm really allergic to those who commit and do not find a way to at least update us what is happening.. my mom once told me that there are some companies who are only good at first but when they get what they want, they do not pursue their obligations anymore.. which is so disappointing.. and VERY UNPROFESSIONAL.. coz i expected a lot since you are also a "legal" company.. as what your staffs said.. and to think I had cancelled a lot of my appointments on those days he said he's going to call at that certain time of day and am not working just so i could focus on trading.. so disappointing . And i get a response that I was scary because I got mad? we're not that stupid to get mad without any reason.. this is not the first time that happened
the account manager assigned to my account said that he was going to call me on Friday and deposits $100 back to my account since he keeps on assuring that the position we opened will go up and I just follow 'coz I am still new in forex trading and i started it with my hard-earned money..
this is not the first time wherein I was assured by this our account manager that he's going to call me and help me trade and all..a lot of broken commitment which is VERY DISAPPOINTING for a legal company like yours..
and imagine,from $100,it became $7plus the next day and all i did was just follow whatever he asks me to do since i am still a beginner and don't want to risk my hard-earned money.. .
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