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xforex.com scam

Discussion in 'Scam Alerts' started by manneke, Apr 1, 2010.

  1. manneke

    manneke Private, 1st Class

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    beware of xforex.com
    Before we opened an account with xforex we asked them if there is any problem trading at newsrelease time, they answered (emails in our posession) that it is no problem at all, and not only they allow it but they will not ask to stop trading or close account. After we traded and made money,they refused to give us any of our our money -even the non news related trades-,just send back the deposit and closed accounts. it seems they are not regulated.
     
  2. Pharaoh

    Pharaoh Colonel

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    Sounds like we may have another deposit-only brokerage on our hands.
     
  3. manneke

    manneke Private, 1st Class

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    those that are not regulated by anyone are dangerous, they don't even feel they have to answer you.
     
  4. manneke

    manneke Private, 1st Class

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    scam

    I see they are continuing not to give money back.very dangerous to put money with all those brokers,especially if they are market makers and use your money to fund their "business"
     
  5. manneke

    manneke Private, 1st Class

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    scam

    FPA got involved, they promised an "explanation" in a few days...dragging those few days for a month ! FPA gave a warning on website/review against them. They don't like it ,now they promised to "contact us" soon...
    Big scammers, stalling and promissing but not paying !
     
  6. shadi fadi

    shadi fadi Suspiciously connected to Skyline Brokers (Banned)

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    this is the first time i hear about this firm, where is the location of this firm?
     
  7. Omniith

    Omniith Recruit

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    Let me explain how xforex works.

    You can earn money from using them, BUT here is how it works.

    1)They are a no commission per trade platform
    2)They earn your money thru 2 ways
    a) High pip spreads, other platforms has a spread of 0.2 to 0.5 pips. xforex has a spread of 3-5pips.
    b) Movements are per 1 pips, you need to have your trades moving in your direction for 1 pips after xforex spreads.
    Meaning a trade of 25,000 you dont see a 0.25 increase when market moves 0.1 pips in your favor. you will only see 2.5 increase if you
    have 6 pip moved to your favour. Anything less than 6 pip, u get ZERO, NOTHING.
    3)To ensure u earn from their platform, you need to make sure your trade crosses a full pip mark.

    It is ridiculous, the more u trade the more they earn.
     
  8. bigdolly

    bigdolly Master Sergeant

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    Actually news traders are walking on the edge, because broker can change their TOS regarding news trading in any time and accuse traders in tricky trading.
     
  9. Pharaoh

    Pharaoh Colonel

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    Unless the broker claims the account is ECN. A true ECN broker should welcome news traders. If they suddenly outlaw news trading, I'd consider that to be proof that the broker either never was ECN or stopped being ECN.
     

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