Yes I would like to hear more as well
Well what I'm going to explain right now is only a very small part of the story and how they suck you in, With Xtrade it started with A call from their team specifying that I sign up with a minimum of US$250 at first, once I had deposited that amount they would active my account and i could start trading.
I was sent some documents from Xtrade to sign and I had to send copies of my drivers licence and proof of address.
I was called again a couple of hours later by a "senior Account manager" who went on to sell me his services by stating that he had been in the game of stock trading for over 25 years and he could help me drastically increase my wealth, we started trading with the minimum amount I had initially deposited, in around 2 days we had made a few small trades which made around $70-$80, then I got a call from him saying I needed to make a bigger deposit in order to achieve some real results and make bigger winning trades, he asked me to deposit US$5000, at first i resisted and said i didn't have that kind of money, he kept insisting that i find the money some how. he didn't call me for a couple of days and when he did call me back we would open very small trades and kept asking me again if it was possible to get the funds required as there was some major opportunities and big movements in the market that we needed to take advantage of.
I did eventually deposit the funds only because i did see that in that first week that we had made 8 out of 10 winning trades and made around $400 with only 2 very small looses. so he convinced me that with a larger amount we could obviously make bigger winning trades. I deposited around US$14,000 and They put in a"deposit bonus" of US$5000, (keep in mind this Bonus for later).
we started making some very successful trades on the European markets and made in a few days US$8,000 so now my account went from US$19,000 (including bonus) to US$27,000, At this point I figured I could withdrawal a couple thousand dollars, but when i put in my request my account manager called me and said if i cancelled my withdrawal we could use the equity in my account to take advantage of the markets to make bigger profits, I of course listened to him because after all he did have over 25 years of experience.
The next trade that we opened was on the European market as advised by the account manager, he said we are looking to make US$6000 to US$8000 on the next trade, We opened the trade and immediately the trade started to go into the negative, it was hovering around the -$15,000 to -$17,000.
for those wondering why I never put put in a stop lose, was because as the account manager said that initially the market might go against you at first and your stop lose wont let you trade past that turn around point, I did email my account manager with my concerns and he said to me to be patient as the market would turn in our favor, It never did and the account was wiped out within a few hours.
the only amount left in my account was around US$1800 to which i tried to withdraw, but was declined as Xtrade had told me it wasn't my money as it was their bonus deposit only left in my account.
I was very disappointed and blamed myself.
I was asked by the account manager if i could deposit another US$5000 to recover my funds, which I did not do at first.
after a few months I was contacted by my account manager asked if i wanted to start trading again and he gave me a sob story on how he felt extremely bad and didn't want my lose to be on his mind, so I believing he was legitimate I deposited another US$7000 and this time after following his directions on which trades to open the account was wiped out over night, I was very upset by this and emailed and tried to get in contact with him, emails where not answered nor where my calls.
It is a very similar story with Alpha financial group but a lot more complicated.
So to anyone reading this and have heard about Xtrade or Alpha financial group please stay away from them.
