I was a victim of fraud committed by one of the Forex Companies called XForex as I lost my Capital which is more than $19,900. This company is attracting clients in by exaggerating the amount of profits they will gain through investing and trading with them. When the client deposits money in their account then they play dirty tricks to cause losses deliberately through many ways in order to steal the deposited money.
1- First of all, Xforex Staff rushed me to register and open an account with them without considering the importance of reading and understanding the terms & conditions. They also lied about offering the demo account and about providing the professional expert who should guide me step by step and the evaluation prior to using the live account
I visited Xforex web site on last mid of October 2011 and after few hours I received a call from one of Xforex marketing team called Omar Abu Ataa. When I told him I am hesitated and afraid of losing my capital, he said it is a very profitable business and you shouldn't worry as we have all capabilities to make you a successful trader and he promised me to be given a special training and education using a Demo Account, the help of professional experts staff and evaluation prior to using the live account and he was pushing to convince me to complete my registration with them. As a result, he passed me through the activation process without showing or taking into consideration that the terms and conditions must be read and fully understood by the client. During the activation process I told him I can only trade with $1000 capital but he said try to make additional deposits now to take benefit from the $1200 bonus.
Finally, I decided to deposit an initial capital of more than $13000. Then I received a call from the Account Manager Mr. Ashraf Alzuabi and she asked me to log in to my account. However, he made me do some trades through her advices and the result was lost my money.
After a while, the I received a call from Ms. Nisreen Abo Ahmad who introduced herself as my new Account Manager. Ms. Nisreen the new Account Manager gave many false trading advices which caused a major loss in addition to neglecting the need of using stop losses strategy by her. I was requested by her to place mostly high value orders in rush basis with no understanding of the risky cases and their consequences. I believe that there should be only training by their staff in addition to analytical recommendations with warnings that it is my responsibility but not trading advices and that the losses I had as a result of their advices should be their responsibility not mines. However, although most of the trading advices were by telephone buy I have a proof by E-mail. I also sent a complain to her in this regard to take into consideration the type of advices she is asking me to follow.
Bad support services and wrong recommendations.
As a continuation to the previous point and when I had to deposit more money to fix my margin. My last deposit was $4800. I was trying to get my capital back and opened a position of buying Gold against USD on first week of May based on recommendation from XForex. The market has moved against XForex reports and on 17 of May 2012 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 tried to open another position that can make my account in balance but the platform did not allow me to do so and the results was online message says that my account has been calibrated.
I send the company email explaining what happened but the ignore opinion by putting the responsibly on myself.
1- First of all, Xforex Staff rushed me to register and open an account with them without considering the importance of reading and understanding the terms & conditions. They also lied about offering the demo account and about providing the professional expert who should guide me step by step and the evaluation prior to using the live account
I visited Xforex web site on last mid of October 2011 and after few hours I received a call from one of Xforex marketing team called Omar Abu Ataa. When I told him I am hesitated and afraid of losing my capital, he said it is a very profitable business and you shouldn't worry as we have all capabilities to make you a successful trader and he promised me to be given a special training and education using a Demo Account, the help of professional experts staff and evaluation prior to using the live account and he was pushing to convince me to complete my registration with them. As a result, he passed me through the activation process without showing or taking into consideration that the terms and conditions must be read and fully understood by the client. During the activation process I told him I can only trade with $1000 capital but he said try to make additional deposits now to take benefit from the $1200 bonus.
Finally, I decided to deposit an initial capital of more than $13000. Then I received a call from the Account Manager Mr. Ashraf Alzuabi and she asked me to log in to my account. However, he made me do some trades through her advices and the result was lost my money.
After a while, the I received a call from Ms. Nisreen Abo Ahmad who introduced herself as my new Account Manager. Ms. Nisreen the new Account Manager gave many false trading advices which caused a major loss in addition to neglecting the need of using stop losses strategy by her. I was requested by her to place mostly high value orders in rush basis with no understanding of the risky cases and their consequences. I believe that there should be only training by their staff in addition to analytical recommendations with warnings that it is my responsibility but not trading advices and that the losses I had as a result of their advices should be their responsibility not mines. However, although most of the trading advices were by telephone buy I have a proof by E-mail. I also sent a complain to her in this regard to take into consideration the type of advices she is asking me to follow.
Bad support services and wrong recommendations.
As a continuation to the previous point and when I had to deposit more money to fix my margin. My last deposit was $4800. I was trying to get my capital back and opened a position of buying Gold against USD on first week of May based on recommendation from XForex. The market has moved against XForex reports and on 17 of May 2012 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 tried to open another position that can make my account in balance but the platform did not allow me to do so and the results was online message says that my account has been calibrated.
I send the company email explaining what happened but the ignore opinion by putting the responsibly on myself.
