• Please try to select the correct prefix when making a new thread in this folder.

    Discuss is for general discussions of a financial company or issues related to companies.

    Info is for things like "Has anyone heard of Company X?" or "Is Company X legit or not?"

    Compare is for things like "Which of these 2 (or more) companies is best?"

    Searching is for things like "Help me pick a broker" or "What's the best VPS out there for trading?"

    Problem is for reporting an issue with a company. Please don't just scream "CompanyX is a scam!" It is much more useful to say "I can't withdraw my money from Company X" or "Company Y is not honoring their refund guarantee" in the subject line.
    Keep Problem discussions civil and lay out the facts of your case. Your goal should be to get your problem resolved or reported to the regulators, not to see how many insults you can put into the thread.

    More info coming soon.

Problem XTB has not processed my withdrawal 20+ days

I am having an issue with a company
is there a thread about how to make a complaint to FCA(UK), IFSEC, CySEC etc?

You can make a complaint to the FCA online, this is the link to their complaints page and just follow the steps.


Hopefully its just an oversight with XTB and they get back to you today but, worth reviewing the link above just so you know the process.

If you believe they have acted fraudulently, you might like to also report to Action Fraud as well
 
I’m highlighting the portion of the letter which is shocking to me. Apparently the FCA have never heard of FPA.

Thanks for contacting the Financial Conduct Authority (FCA).

I understand from your query that the broker XTB Ltd (X-trade Brokers) has not returned your money in a timely fashion and are now ignoring your requests. You've also mentioned the firm ForexPeaceArmy. I appreciate this has caused concerns so I’ve provided information below which you may find useful.

XTB Ltd (X-trade Brokers) and ForexPeaceArmy

I’ve conducted a search on the Financial Services Register (the register) which is a public database of the firms we authorise and regulate and it also shows warning pages for unauthorised firms.

Whilst I've located a firm called XTB Limited on our register, based on the information you've provided I'm concerned that you've been dealing with a cloned firm. A ‘cloned firm’ is when individuals use details of a firm to suggest they work for the genuine firm. We call this a cloned firm and it is typically part of a scam.

You may wish to contact the genuine firm directly using the details on our register, as they may have further information they can provide you with. Please note that it's important to use contact details for firms from the register to ensure you're contacting the genuine firm.

Furthermore, I’ve been unable to locate a firm called ForexPeaceArmy which means they’re not authorised by us - this sounds like a scam.

If a firm is offering certain investments or financial services in the UK or if they have any affiliation to the UK, then they should be authorised by the FCA to do this. If they're not authorised then they may be operating a scam and you wouldn’t have any protections in place if anything went wrong.

Your next steps

I’m sorry to say, if you’ve dealt with a scam firm, it’s unlikely that you’ll be able to get your funds back. I appreciate that this must be really difficult to hear, but if you haven’t already done so, I’d urge you to report this matter to Action Fraud if you’re based in England, Wales or Northern Ireland, as they’re the UK’s national fraud and cyber-crime reporting centre. If you’re based in Scotland, I would suggest you report this to Police Scotland. If you don’t reside in the UK, then I suggest you report this to your local police. Please note that the FCA is unable to assist in recovering funds that have been invested.

Furthermore, if you're based outside of the UK, you may benefit in contacting your Home State Regulator, as they may have further information they can provide you with. You can find their contact details on this page. Please note it is important you confirm with them directly if they're the appropriate regulator for the activity this relates to.

Protecting yourself from scams

Our Scam Smart tool has information which can help protect you from scammers. We also have information on our website about forex trading scams which you may find useful.

Please note that if you’ve been a victim of a scam then you’re more likely to be targeted by other scammers possibly as part of a recovery room scam. A recovery room scammer will pose as a reputable firm that will help you recover the money you've lost from a previous

Further information from you

As the regulator, whilst we don’t look into or investigate individual cases of scams we're interested in any information. Therefore, if you could provide me with the following information this would be greatly appreciated:

  • How did you initially find out about XTB Ltd (X-trade Brokers) and ForexPeaceArmy?
  • Do you have any other contact details for them i.e. website, contact number, email address, postal address?
  • Do you know the names of any individuals that you’ve dealt with?
  • What product / service / investment did they offer you?
  • What were you told about the product / service / investment they offered?
  • How much did you pay in total?
  • Do you have the account details of where they wanted payments to be made to?
  • If you have any paperwork regarding this, please send this to me.
  • Were you asked to download any screensharing software such as AnyDesk?
  • Do you reside in the UK? If not, in which country are you based?
Once I receive this information I will pass it on to the team who collect intelligence on firms that appear to be providing regulated financial products and services without our authorisation. Just to set expectations, we’re unable to provide feedback regarding what action is taken as a result of the information that’s shared with us. We understand that this can be frustrating but you can read more about these restrictions and why they exist here.

How was your experience with us

Lastly, to help us improve our service, I'm interested in finding out about your experience with the Supervision Hub today. I'll send you a link to a survey and I'd appreciate it if you could take a few moments to share your feedback on the service you've received from me.

Yours sincerely

Ayobami
Supervisor / Supervision Hub
Supervision – Retail and Authorisations

12 Endeavour Square
London
E20 1JN
www.fca.org.uk
 
I’m highlighting the portion of the letter which is shocking to me. Apparently the FCA have never heard of FPA.

Thanks for contacting the Financial Conduct Authority (FCA).

I understand from your query that the broker XTB Ltd (X-trade Brokers) has not returned your money in a timely fashion and are now ignoring your requests. You've also mentioned the firm ForexPeaceArmy. I appreciate this has caused concerns so I’ve provided information below which you may find useful.

XTB Ltd (X-trade Brokers) and ForexPeaceArmy

I’ve conducted a search on the Financial Services Register (the register) which is a public database of the firms we authorise and regulate and it also shows warning pages for unauthorised firms.

Whilst I've located a firm called XTB Limited on our register, based on the information you've provided I'm concerned that you've been dealing with a cloned firm. A ‘cloned firm’ is when individuals use details of a firm to suggest they work for the genuine firm. We call this a cloned firm and it is typically part of a scam.

You may wish to contact the genuine firm directly using the details on our register, as they may have further information they can provide you with. Please note that it's important to use contact details for firms from the register to ensure you're contacting the genuine firm.

Furthermore, I’ve been unable to locate a firm called ForexPeaceArmy which means they’re not authorised by us - this sounds like a scam.

If a firm is offering certain investments or financial services in the UK or if they have any affiliation to the UK, then they should be authorised by the FCA to do this. If they're not authorised then they may be operating a scam and you wouldn’t have any protections in place if anything went wrong.

Your next steps

I’m sorry to say, if you’ve dealt with a scam firm, it’s unlikely that you’ll be able to get your funds back. I appreciate that this must be really difficult to hear, but if you haven’t already done so, I’d urge you to report this matter to Action Fraud if you’re based in England, Wales or Northern Ireland, as they’re the UK’s national fraud and cyber-crime reporting centre. If you’re based in Scotland, I would suggest you report this to Police Scotland. If you don’t reside in the UK, then I suggest you report this to your local police. Please note that the FCA is unable to assist in recovering funds that have been invested.

Furthermore, if you're based outside of the UK, you may benefit in contacting your Home State Regulator, as they may have further information they can provide you with. You can find their contact details on this page. Please note it is important you confirm with them directly if they're the appropriate regulator for the activity this relates to.

Protecting yourself from scams

Our Scam Smart tool has information which can help protect you from scammers. We also have information on our website about forex trading scams which you may find useful.

Please note that if you’ve been a victim of a scam then you’re more likely to be targeted by other scammers possibly as part of a recovery room scam. A recovery room scammer will pose as a reputable firm that will help you recover the money you've lost from a previous

Further information from you

As the regulator, whilst we don’t look into or investigate individual cases of scams we're interested in any information. Therefore, if you could provide me with the following information this would be greatly appreciated:

  • How did you initially find out about XTB Ltd (X-trade Brokers) and ForexPeaceArmy?
  • Do you have any other contact details for them i.e. website, contact number, email address, postal address?
  • Do you know the names of any individuals that you’ve dealt with?
  • What product / service / investment did they offer you?
  • What were you told about the product / service / investment they offered?
  • How much did you pay in total?
  • Do you have the account details of where they wanted payments to be made to?
  • If you have any paperwork regarding this, please send this to me.
  • Were you asked to download any screensharing software such as AnyDesk?
  • Do you reside in the UK? If not, in which country are you based?
Once I receive this information I will pass it on to the team who collect intelligence on firms that appear to be providing regulated financial products and services without our authorisation. Just to set expectations, we’re unable to provide feedback regarding what action is taken as a result of the information that’s shared with us. We understand that this can be frustrating but you can read more about these restrictions and why they exist here.

How was your experience with us

Lastly, to help us improve our service, I'm interested in finding out about your experience with the Supervision Hub today. I'll send you a link to a survey and I'd appreciate it if you could take a few moments to share your feedback on the service you've received from me.

Yours sincerely

Ayobami
Supervisor / Supervision Hub
Supervision – Retail and Authorisations

12 Endeavour Square
London
E20 1JN
www.fca.org.uk
Wow, didn't expect to read that!
 
Here is my response to the FCA representative.

Dear Mr. Ayobami,

Thank you for your response.

There has been some confusion that I’d like to correct. My complaint is only with X-Trade Brokers (XTB) and not Forex Peace Army.

XTB is a brokerage firm offering forex and CFD trading using their own proprietary software and until recently, MT4 and MT5. I am attempting to withdraw my account funds from this broker. I am sure that I am not dealing with a cloned firm but rather the company on your register. The contact information is the same. The business name is the same and does not match the cloned firm names on your website.

Forex Peace Army is a volunteer-run website that offers brokerage ratings and advisories regarding complaints about broker dishonesty and possible scams. It allows victims to publicly state the details about their cases. I only wished to inform the FCA that I have made a complaint there. I did not give them any money and I believe they are legitimate.

Answers to your questions follow:

  • How did you initially find out about XTB Ltd (X-trade Brokers)?
    An advertisement on a website, probably


    Forexfactory.com around April 2020

  • Do you have any other contact details for them i.e. website, contact number, email address, postal address?

Téléphone : 01.53.89.60.30

Email: paul.delbart@xtb.fr

www.xtb.com/fr
support@xtb.fr ou par téléphone au 01 82 88 93 72

  • Do you know the names of any individuals that you’ve dealt with?
Paul Delbart
Paul.delbart@xtb.fr

Gigy Ndakiza
gigy.ndakiza@xtb.intercom-mail.eu

Maxymilian Burian
maxymilian.burian@xtb.intercom-mail.eu

Édouard Budzinski
edouard.budzinski@xtb.intercom-mail.eu

  • What product / service / investment did they offer you?

Forex CFD

  • What were you told about the product / service / investment they offered?

    Basically what you can find here. https://www.youtube.com/xtbfr

  • How much did you pay in total?
    If you’re asking for the amount I initially deposited I am attaching details to this email as a pdf.
  • Do you have the account details of where they wanted payments to be made to?
    Yes. Please See the PDF attached.
    [redacted]


  • If you have any paperwork regarding this, please send this to me.
    Attached
  • Were you asked to download any screensharing software such as AnyDesk?
    No
  • Do you reside in the UK? If not, in which country are you based?
    Canada
    Further to this matter I have recently discovered 2 emails that were not mentioned during my chats with company representatives. One of them is asking for an IBAN number which is NOT USED by Canadian banks. They are asking for something which my bank cannot provide. This would make the transfer of my funds impossible which I’m sure is their aim. These email screenshots are also attached.

    Regards,
    Callum MacKendrick
    1.825.823.9199
 

Attachments

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I’m highlighting the portion of the letter which is shocking to me. Apparently the FCA have never heard of FPA.

Thanks for contacting the Financial Conduct Authority (FCA).

I understand from your query that the broker XTB Ltd (X-trade Brokers) has not returned your money in a timely fashion and are now ignoring your requests. You've also mentioned the firm ForexPeaceArmy. I appreciate this has caused concerns so I’ve provided information below which you may find useful.

XTB Ltd (X-trade Brokers) and ForexPeaceArmy

I’ve conducted a search on the Financial Services Register (the register) which is a public database of the firms we authorise and regulate and it also shows warning pages for unauthorised firms.

Whilst I've located a firm called XTB Limited on our register, based on the information you've provided I'm concerned that you've been dealing with a cloned firm. A ‘cloned firm’ is when individuals use details of a firm to suggest they work for the genuine firm. We call this a cloned firm and it is typically part of a scam.

You may wish to contact the genuine firm directly using the details on our register, as they may have further information they can provide you with. Please note that it's important to use contact details for firms from the register to ensure you're contacting the genuine firm.

Furthermore, I’ve been unable to locate a firm called ForexPeaceArmy which means they’re not authorised by us - this sounds like a scam.

If a firm is offering certain investments or financial services in the UK or if they have any affiliation to the UK, then they should be authorised by the FCA to do this. If they're not authorised then they may be operating a scam and you wouldn’t have any protections in place if anything went wrong.

Your next steps

I’m sorry to say, if you’ve dealt with a scam firm, it’s unlikely that you’ll be able to get your funds back. I appreciate that this must be really difficult to hear, but if you haven’t already done so, I’d urge you to report this matter to Action Fraud if you’re based in England, Wales or Northern Ireland, as they’re the UK’s national fraud and cyber-crime reporting centre. If you’re based in Scotland, I would suggest you report this to Police Scotland. If you don’t reside in the UK, then I suggest you report this to your local police. Please note that the FCA is unable to assist in recovering funds that have been invested.

Furthermore, if you're based outside of the UK, you may benefit in contacting your Home State Regulator, as they may have further information they can provide you with. You can find their contact details on this page. Please note it is important you confirm with them directly if they're the appropriate regulator for the activity this relates to.

Protecting yourself from scams

Our Scam Smart tool has information which can help protect you from scammers. We also have information on our website about forex trading scams which you may find useful.

Please note that if you’ve been a victim of a scam then you’re more likely to be targeted by other scammers possibly as part of a recovery room scam. A recovery room scammer will pose as a reputable firm that will help you recover the money you've lost from a previous

Further information from you

As the regulator, whilst we don’t look into or investigate individual cases of scams we're interested in any information. Therefore, if you could provide me with the following information this would be greatly appreciated:

  • How did you initially find out about XTB Ltd (X-trade Brokers) and ForexPeaceArmy?
  • Do you have any other contact details for them i.e. website, contact number, email address, postal address?
  • Do you know the names of any individuals that you’ve dealt with?
  • What product / service / investment did they offer you?
  • What were you told about the product / service / investment they offered?
  • How much did you pay in total?
  • Do you have the account details of where they wanted payments to be made to?
  • If you have any paperwork regarding this, please send this to me.
  • Were you asked to download any screensharing software such as AnyDesk?
  • Do you reside in the UK? If not, in which country are you based?
Once I receive this information I will pass it on to the team who collect intelligence on firms that appear to be providing regulated financial products and services without our authorisation. Just to set expectations, we’re unable to provide feedback regarding what action is taken as a result of the information that’s shared with us. We understand that this can be frustrating but you can read more about these restrictions and why they exist here.

How was your experience with us

Lastly, to help us improve our service, I'm interested in finding out about your experience with the Supervision Hub today. I'll send you a link to a survey and I'd appreciate it if you could take a few moments to share your feedback on the service you've received from me.

Yours sincerely

Ayobami
Supervisor / Supervision Hub
Supervision – Retail and Authorisations

12 Endeavour Square
London
E20 1JN
www.fca.org.uk
FPA is not providing trading mate, it's a Forum and educational website about the Forex.
 
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