2011-12-16 NOTE: The FPA spent quite a bit of time and effort helping Ahmed negotiate a settlement with XForex. In the end, an agreement was reached for a percentage of his account balance. All sides agreed in advance that the amount was fair. Payment was sent and received. Part of the agreement was for the removal or amendment of these posts made by Ahmed. The FPA is disappointed to find this post was not altered or deleted by Ahmed.
The FPA is further disappointed that after a settlement was reached and Xforex's part of the terms of the agreement was completed, Ahmed initiated other shameful actions to violate the terms of this agreement.
The FPA feels that this damages our ability to negotiate on behalf of other traders.
UPDATE: This note has been modified. Evidently, some low-life scum decided to use what was written here to follow in Ahmed T. Al-Nasser's disgraceful footsteps. Details of the exact nature of his unethical actions have been removed so that people who want to negotiate in bad faith can't use this post as a guidebook to cheating.
The FPA sincerely hopes that XForex takes legal action against Ahmed T. Al-Nasser and anyone who emulates him. Anyone who acts in this fashion is not welcome at the FPA.
I was scammed by this Xforex Co. Their major role is to make clients lose through false recommendations and trading advises. However, this is a brief about my problems with them:
1. In the beginning I was rushed in to open an account with Xforex by the telephone call I received from thier marketing team and they didn't ask me to read and accept the terms and conditions of using this product and service. As a result of this, I was not aware of this risky market and the terms of using it.
2. As a new investor they were offering i.e one week training using a Demo Account and some training where I should have learnt about the risky market. Unfortunately I didn't get all of this and I was exposed to live trading immediately where I bore lots of loses and loses.
3. Another major thing to complain about is the style of investment and trading instructions I was receiving through the calls of my Account Manager where I was requested to place high value orders in rush basis with no understanding of the risky cases and their consequences. I believe that there should be only a training by their staff in addition to analytical recommendations with warnings that it is my responsibility but not trading instructions. The loses I had as a result of their staff's trading instructions should be their responsibility not mine.
4. Not using Stop Loses strategy is a big mistake. My Account Manager never taught me about Stop Loses Strategies although I requested her this through a previous complain by E-Mail. Stop loses strategy is high important especially for beginners like me.
5. No low margins notices received although my account was VIP and therefore, I believe I should be subjected to this advantage either by mobile or E-mail.
6. 6- Late Withdrawals caused me further troubles. I couldn't fix my margins by depositing additional amounts because of late withdrawals. I had two not received withdrawals. One of them dated on 2/06/2011 and the other on 11/06/2011 and they are not yet received by me till now. I ran out of margin and absolutely if I was given my withdrawals on time; then I could keep my margin by making an additional deposit.
7. As a continuation to the previous point and when I couldn't fix my margin through deposits, I requested the urgent help of Xforex Support Team through the Live Chat and they told me your only solution to fix your margin is by depositing more money which I couldn't afford. I then thought of the case and today I came with a conclusion that there was another solution that was missed up by their support team. I was having many EUR/USD and USD/EUR open positions and I could have fixed my margin simply by selling some here and there till I reach to an equivalent point. However, this was not advised by thier support team.
8. On the other hand, when I started to realize that this market is not suitable for me which happenned after I bore $4000 losses, I decided to withdraw all my balance and I made a withdrawal request of $10000. At that time my Account Manager called me trying to change my mind in order cancel the withdrawal request and I confirmed to her that I am sure of that as I found out that this market is not suitable for me. However, their staff postponed my withdrawal request for almost three days and they called me again to insist in cancelling the withdrawal. I believe that this is reallyh unlegal practice from them. Do you think that they have the right to postpone this withdrawal in a way that they push their client to change his mind. Is this legal and can they justify their staff actions to be within the terms and conditions!!!. As a proof I can provide the withdrawals records and to see that my withdrawal of $10000 was rejected and another one was placed alternatively with an amount of $5000 because of the interference and violations of XFOREX.
9. In addition to that, my account was classified as VIP but I was not awarded the services of the VIPs as I came to know that I should have been using another downloadable application with more benefits such as discounts in the spreads. I also came to know that my Account Manager has the experience for managing small accounts not VIPs.
10. I writed to them complaining about all these troubles but they denied most of these facts and they are still keeping my money that I requested back through withdrawals. In addition, they are now ignoring all my E-mails and messages.
I made the mistake of giving them my phone number. I got call after call after call from them trying to persuade me to just give them USD100 via credit card so that they could give me training (first, they arrange a time for training, and then say that I'll need to fund my account before that can take place). One of the calls was after 11:30 pm when I was in bed. The next call after that I said that they were being too pushy and not to call me again. They called me again. I said "What part of Do Not Call do you not understand?" and hung up. They rang back again and accused me of being rude to them! I have now laid a complaint with ASIC (Australian regulators) about their unprofessional behaviour.
*followup ASIC info*
It seems that unless you actually lose money (I didn't succumb to their pressure-selling tactics) ASIC isn't interested. Their response was ...
"Thank you for your correspondence of 14 March 2013. We note your concerns about the conduct of O.C.M. Online Capital Markets Pty Ltd and their unsolicited hawking of financial products and harassment.
After careful consideration ASIC has decided that we will not take any further action into the issues you have raised at this time."
I've recently joined Xforex depositing 100$ . I don't intend to extend the sum as I am a beginner in forex stuff. I will come back with updates. I will see if I can recover my money if I am not satisfied with them. Until now its strange for me that I can deposit with card, but to get my money back I need to send to email@example.com the requested documents.
I have requested my 100$ back, I have sent the signed document to firstname.lastname@example.org and by fax to +44-203516306.
First time they have refused and they have given no explicit reason.
This is the second time I try. email@example.com has my id card, credit card and utility scan.
Today I have received my $100 back from xforex to my card. Last Friday I have requested the second time, Thuesday they have accepted it after I have enquired Monday by phone. Thursday, today the transfer was finished.