URGENT! X90: Scam broker

BlackViper

Private
Messages
29
Dear Friends, I have noticed that there is a broker which is not even listed in our community and he has made a very big advertising movement by using as keywords, the names of well known brokers in order to find new clients.

It's X90, a scam company, changing names and stealing money from people.
Please add it in the brokers list in order to gather reviews.
It's very serious, because they are suspending any account profiting for more than a couple of times, sending a general message describing generalities in a clause of their agreements (about price manipulation and arbitrage) , trying to provide an explanation for REMOVING ALL the funds from a clients account and never letting him log in again (!)

Many traders have been fooled by them and its a matter of time to see more posts like this.
I had a very bad experience.
My best friend recently faced the same problem with them, after he decided to ''try'' them.
 

BlackViper

Private
Messages
29
To be more specific, the company after a wait of many days and a couple of emails asking why the requested withdrawal has not been completed, suddenly suspends your account giving this message when you try to log in :
"Your account has been suspended. Please contact support.''

I was one of the few '' lucky ''because I had some screenshots BEFORE they blocked my account, with my withdrawal listed as rejected and with my balance set to zero!!
My best friend and another client I found in another general reviewing site could not take ANY screenshot at all!

Their support sends this email (it's the same) to everyone who was scammed :

''We have reviewed your account and trading record which indicated that your methods of trading are classified as market abuse which is strictly prohibited and it referred to in clause 25.1.4 of our user agreement. Briefly, it states: You will not use the Trading Platform in an abusive way by lag trading and/or usage of server latency, price manipulation, time manipulation and similar arbitrage practices. In such a case we reserve the rights to void/cancel part/all your abusive trading transactions, close all and any of your Trading Accounts and terminate the Client Agreement.
As the result , your account was made inactive and we will take steps to cancel any trading which are considered to have been achieved through abuse. You will not be able to trade with us anymore.''

LOL!! What those generalities mean?
1)Server latency and lag?? usually under those circumstances a trader is losing his money because he cannot close his positions.
Their platform was working fine anytime at traded

2) ''time manipulation and time manipulation '' another generality that makes no sense at all!!
Every trade is being done by selling or buying at a specific price and at a specific time that you think a good one (for example after a market panic or before a market close) trying to be profitable! So what price / time manipulation does mean?? the word ''trade'' is by nature connected with price and time manipulation! Noone wants to loose his money!

Finally this company simply made this clause in order to have the ''legal'' ability to cancel ALL the trades of any profitable client!?
Obviously they are not Serious but X90 DOESN'T exist in FPA LISTS!!

Please FIX this, I have emails and bank statement that prove that I am a client and screenshots in order to open a court case.
You are going to save dozens of other clients.
Because if you search for other brokers like Plus500 or UFX etc, this broker has put as keywords their names in order to be high in any search for forex brokers, acquiring more and more new clients!
 

BlackViper

Private
Messages
29
Thank you very much Pharaoh!! I didn't know that we can add brokers ourselves!

I am going to do this immediately!

Ps. In my previous msg I wanted to write ''price and time manipulation ''
(I mistakenly wrote ''time and time manipulation '')
 

FxMaster

Lt. Colonel
Messages
10,014
Thank you very much Pharaoh!! I didn't know that we can add brokers ourselves!

I am going to do this immediately!

Ps. In my previous msg I wanted to write ''price and time manipulation ''
(I mistakenly wrote ''time and time manipulation '')
Can we have the website name please?
 

FxMaster

Lt. Colonel
Messages
10,014
Of course!!
I added it in the brokers list too like dear Pharaoh said!

It's
x90.com
Two steps that you must follow

1st - Invite them to join this thread via email (Send email to every possible address).

2nd - Invite him via skype or any communication address you have for him.
 

BlackViper

Private
Messages
29
They replied from X90, trying to give a more... specified excuse for my case, so they made a new claim saying that there was abuse of the negative balance protection whichu they provide (their platform is like the XTRADE or Plus500 platforms which never let you go under zero - usual with the most market makers brokers).

They claimed this because many of m trades had been done with high margin before the market closes (for example for European indices).
And I had the following questions ( which of course I made to them also ) :

1) When a company like X90 (or iforex or Plus500 etc providing negative balance protection) are advertising their platforms,
they basically use the classic forex company advertisement ''trick'' : ''be a client of us, invest just 100 euros to dax (for example) and with a 2% up movement you will make 600 euros profit. With a 2% movement down you are going to lose only those 100 euros!!! ''

But when a client manages to find a way to catch those movements, for example opening a position before a market close, profiting from a gap at the open, they decide that they should not pay him because of abuse!
(But they don't abuse the lack of experience of thousands clients who believe that a market can ever go ONLY up2% one-way, while it's open , and that holding a 100 euros position with 100 euros margin -leveraged by 200 or 300- is in reality impossible!)

Even if the client manages to catch movements like these, without the market pauses, playing with the market opened for example just before the news releases, many brokers like the mentioned above, again find ways to loot the money of their clients: (a) if the market during the release move against the client’s high margin position, the broker many times doesn't ''manage" to close the client's position at the stop out level, not only leaving him no money at ALL but many times letting him go negative (so in the best scenario again he can be afterwards accused of negative balance abuse or in the worst scenario asking him to pay the negative balance if they don't offer NBP).
(b)if the market during the release is moving favoring the client’s position, giving him good profit, the broker again finds ridiculous excuses to CANCEL the profits of his trade!! A great example are the ridiculous shady rules of many brokers (examples Plus500 or Markets.com) that a position should be left opened for at least 5 or 10 or 20 minutes depending on how fast the client closed his profitable trade (lol!! but a position being blown out in just some secs is totally accepted!!) or that again the client was a NBP abuser the other times that he made negative balances (because the previous times the BROKER had not been fast enough to close the positions at the stop out level....and who can really persuade us that they don't do that intentionally every time ??

SO...it's the most easy thing for a broker to accuse a client of several abuses, even with really ridiculous excuses, while the REAL abuser many times is the broker himself!
And guess what... the accusations are almost done to the clients who make some profit!! The looser clients, even if they make much more often negative balances to their accounts, they are never considered abusers or rule breakers etc.

2) EVEN if someone accepts that the above ''selective'' accusations of abuses etc, have any reality behind them...
Then a serious and trustworthy broker SHOULD inform the specific client about ALL these, with an email or a telephone call, after for example a negative balance cover which had been considered ''abusive'', either proposing him different trading conditions (for example lower leverage) or - if there isn't any option like this- disabling the trading functions (read only) of the client’s account!
But...
INSTEAD of this, X90, don't inform the client (like in my case), letting him depositing AGAIN and AGAIN (hoping that he will lose!)
And WHEN he makes a new profit and he ASKS for withdrawal, they decide to REJECT his withdrawal and LOOT any balance left into his account, sending those ''explanations'' and suspending completely the account (in order to be impossible for the client to gather elements!).

NO dear Sirs of X90
This is a SCAM


Ps. Of course i invited them here giving the link of the thread and I told them that they will be added in the reviews list so that anyone can share his experience with this company.
 
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