XTrade (XForex) Fraud

Ramin123

Recruit
Messages
15
Hello FPA,

I have been following this forum a while since I had some issues with XTrade and finally decided to post this Scam alert after a month of no response to my emails and no help through calls and live chats.

I was completely new to world of trading prior to this.

Xtrade called me after I registered for a demo account from a UK LONDON number. They tried hard to make me open a account with $100 dollars deposit in return of a demo account and promised me a %100 bonus. Initially I refused because I merely wanted to do some practice on demo account with no deposit but few days later they called me again when I logged in to see the platform and they promised me 100% bonus, free trading education through videos and literature and also a financial adviser that will train me whilst helping me make money. After hard selling and promising me that I can withdraw any time, I made the deposit. No one told me of any terms and conditions on the bonus or everything else or the risks involved etc etc. Just rushed everything to get me make a deposit on 31.08.2015.

Then someone called Andrew Sellers called me every morning from the same LONDON UK number. He had a British accent and said he is based in London! He tried to gain my trust by 'training me' and making me watch the trading videos that I got for making deposit. after I watched the videos, he promised me a 100% bonus if I made a deposit before the US Fed interest rate announcement on Friday in 2 days time. I was unsure but he kept saying that $100 dollars is not enough to trade profitably and profits are greater if i make larger deposit. He seduced me with his promises and I made a deposit of $4,568.70 on 03.08.2015.

After this on 07-09-2015 I was handed over to Mark Adams called me from the same number and he claimed to have 15 years experience in trading and he told me I should trust him and his advice as he was going to train me. I was self educating myself prior to starting an account with XTrade and was not yet ready to trade but Mark Adams said he will advice me on trades to do and train me in this manner. I continued self educating myself as I didn't learn anything useful from Mark but I did lose tremendously as I will explain..

He told me to do a currency trade that resulted in $167 profit. Immediately after this he tried to convince me that I should deposit more money in my account so we can do more trades simultaneously and make more profit. Foolishly I believed he was trustworthy and I deposited $4,198.15 on 07-09-2015 as that was all I had in my bank account. 3 trades later he helped me make $2500 profits. He insisted I should deposit more money so we can trade more instruments simultaneously with lower risk. I informed him I have a cash savings which I need to deposit in the bank before I can deposit in Xtrade account so I did next morning that and deposited $9,232.80 on 08-09-2015. That day he advised me to do 5 trades and all were profitable and accumulated around $15000. profit.

The next day on 09.09.2015 again he asked me If I can deposit more money! I told him I have exhausted all my savings and all my money I have in the bank. Until this point, all the trades he adviced me to do were profitable. The next day, (coincidentally the day after I told him I don't have any more money to deposit!), everything reversed and every single trade he gave me in his training resulted in losses. He told me to do simultaneous trades on indices and commodieties. What high risk I realise now!
I saw that the markets were not in my favour and I emailed him on advice whether to close them and requested him to call me ( i could not call him due to the fake virtual London number he called but he was based in Cyprus) because I was worried and could see that the trend of all the trades were going down. He did not reply to my emails and before I could take action all the open positions closed automatically after the they plummeted in value which resulted in my account equity falling below the maintanance margin.

I have learned after this event that the NUMBER ONE RULE in trading is to ALWAYS USE A STOP LOSS in case the instruments trend is not as speculated. This simple trading fact was neglected by Mark Adams and also Andrew Sellers, who both told me not to use Stop Loss. This is simple gambling with a gullible persons money and profiting from it and goes against trading regulations set by any regulator!. In fact, I mentioned this to him on the first day because I learnt about the stop loss command through my self education. However, Mark told me that he doesn't like using stop loss commands "because it limits your profit opportunities" and he told me not to use it. This is very clearly false trading advice that resulted in my account being wiped out. I was gullible to trust Xtrade and Mark Adams the scam artist with all my savings!

The day after I lost $33000 due to Marks negligence, false trading advice and bad trades, he called me in the morning and he told me I can quit or I can deposit more money so we can trade safely and make the money back. He still claimed that the trades that lost me $33000 were good trades but there was not enough equity in my account to cover the movement, volatility, in the market. In other words, I was to blame. But my only real mistake was trusting him and xtrade with my money.

Of course I believed him after he proved his trading abilities in the first 2 days he trained me so I continued taking his advice out of desperation to make back my money as he promised.

I have good reason to believe that he purposely gave me false advice and losing trades as he hedged my trades on the dealing desk since this is possible with XTrade as a Market Maker so my losses were his profit. I think not. This is consistent with the fact that every single trade he told me to do was against the trend and ended up closing automatically This is also consistent with his trading strategy and advice of using no STOP LOSS command which resulted in pretty much all my capital depleted.

All the trades Mark adviced me were all profitable on the first 2 days and on the 3rd day reversed and all the trades became losses consistently until my account reached its current state. After I told him I don't have any more money to deposit, the trades all became losses. Coincidence? I think not.
This is clearly fraudulent activity which is illegal.

There were more indicators that hinted me that Mark had no interest in my profits but only his own, but this read is getting very long now. Unfortunately I was very desperate to try make my money back and I hoped he could give me profitable trades like the first few days so I kept taking his advice until my account was down $220.

On several occasions I hedged the unprofitable trades that mark gave me and he kept questioning me why I hedged the trade, although it was clear that the trade was unprofitable and If i didn't hedge it, it would have closed automatically due the equity falling down to the maintenance margin in account! He kept saying it was unnecessary and the market would have moved back in my direction. This was a blatant LIE and I learned to see through his lies by looking at the market history myself now I was more experienced!

Regardless, there is more I can say about how this company and this person Mark Adams played all the dirty tricks to suck me and other people off their money and try get away with it, but this is getting rather a long read. I want to thank you for reading and I would love to hear your advice and the possibilities for me in this position to resolve this problem I am having.

btw I recorded the phone conversation when he tells me not to use stop loss. I have emails but they contain not much useful info, except that he was neglecting me when I requested him to call me and/or advice me what to do because I could see the markets were moving against all four trades he advice me to do. (I could not call him)
 

millicent

Private
Messages
11
Hello FPA,
Hi, I had the exact same problem with UFX markets based in Cyprus the last trade is called the kiss of death, they clear out all your money after convincing you to keep loading more and more money so you can make more profits i was an idiot and believed them too. so sorry for your story.

Linda M
I have been following this forum a while since I had some issues with XTrade and finally decided to post this Scam alert after a month of no response to my emails and no help through calls and live chats.

I was completely new to world of trading prior to this.

Xtrade called me after I registered for a demo account from a UK LONDON number. They tried hard to make me open a account with $100 dollars deposit in return of a demo account and promised me a %100 bonus. Initially I refused because I merely wanted to do some practice on demo account with no deposit but few days later they called me again when I logged in to see the platform and they promised me 100% bonus, free trading education through videos and literature and also a financial adviser that will train me whilst helping me make money. After hard selling and promising me that I can withdraw any time, I made the deposit. No one told me of any terms and conditions on the bonus or everything else or the risks involved etc etc. Just rushed everything to get me make a deposit on 31.08.2015.

Then someone called Andrew Sellers called me every morning from the same LONDON UK number. He had a British accent and said he is based in London! He tried to gain my trust by 'training me' and making me watch the trading videos that I got for making deposit. after I watched the videos, he promised me a 100% bonus if I made a deposit before the US Fed interest rate announcement on Friday in 2 days time. I was unsure but he kept saying that $100 dollars is not enough to trade profitably and profits are greater if i make larger deposit. He seduced me with his promises and I made a deposit of $4,568.70 on 03.08.2015.

After this on 07-09-2015 I was handed over to Mark Adams called me from the same number and he claimed to have 15 years experience in trading and he told me I should trust him and his advice as he was going to train me. I was self educating myself prior to starting an account with XTrade and was not yet ready to trade but Mark Adams said he will advice me on trades to do and train me in this manner. I continued self educating myself as I didn't learn anything useful from Mark but I did lose tremendously as I will explain..

He told me to do a currency trade that resulted in $167 profit. Immediately after this he tried to convince me that I should deposit more money in my account so we can do more trades simultaneously and make more profit. Foolishly I believed he was trustworthy and I deposited $4,198.15 on 07-09-2015 as that was all I had in my bank account. 3 trades later he helped me make $2500 profits. He insisted I should deposit more money so we can trade more instruments simultaneously with lower risk. I informed him I have a cash savings which I need to deposit in the bank before I can deposit in Xtrade account so I did next morning that and deposited $9,232.80 on 08-09-2015. That day he advised me to do 5 trades and all were profitable and accumulated around $15000. profit.

The next day on 09.09.2015 again he asked me If I can deposit more money! I told him I have exhausted all my savings and all my money I have in the bank. Until this point, all the trades he adviced me to do were profitable. The next day, (coincidentally the day after I told him I don't have any more money to deposit!), everything reversed and every single trade he gave me in his training resulted in losses. He told me to do simultaneous trades on indices and commodieties. What high risk I realise now!
I saw that the markets were not in my favour and I emailed him on advice whether to close them and requested him to call me ( i could not call him due to the fake virtual London number he called but he was based in Cyprus) because I was worried and could see that the trend of all the trades were going down. He did not reply to my emails and before I could take action all the open positions closed automatically after the they plummeted in value which resulted in my account equity falling below the maintanance margin.

I have learned after this event that the NUMBER ONE RULE in trading is to ALWAYS USE A STOP LOSS in case the instruments trend is not as speculated. This simple trading fact was neglected by Mark Adams and also Andrew Sellers, who both told me not to use Stop Loss. This is simple gambling with a gullible persons money and profiting from it and goes against trading regulations set by any regulator!. In fact, I mentioned this to him on the first day because I learnt about the stop loss command through my self education. However, Mark told me that he doesn't like using stop loss commands "because it limits your profit opportunities" and he told me not to use it. This is very clearly false trading advice that resulted in my account being wiped out. I was gullible to trust Xtrade and Mark Adams the scam artist with all my savings!

The day after I lost $33000 due to Marks negligence, false trading advice and bad trades, he called me in the morning and he told me I can quit or I can deposit more money so we can trade safely and make the money back. He still claimed that the trades that lost me $33000 were good trades but there was not enough equity in my account to cover the movement, volatility, in the market. In other words, I was to blame. But my only real mistake was trusting him and xtrade with my money.

Of course I believed him after he proved his trading abilities in the first 2 days he trained me so I continued taking his advice out of desperation to make back my money as he promised.

I have good reason to believe that he purposely gave me false advice and losing trades as he hedged my trades on the dealing desk since this is possible with XTrade as a Market Maker so my losses were his profit. I think not. This is consistent with the fact that every single trade he told me to do was against the trend and ended up closing automatically This is also consistent with his trading strategy and advice of using no STOP LOSS command which resulted in pretty much all my capital depleted.

All the trades Mark adviced me were all profitable on the first 2 days and on the 3rd day reversed and all the trades became losses consistently until my account reached its current state. After I told him I don't have any more money to deposit, the trades all became losses. Coincidence? I think not.
This is clearly fraudulent activity which is illegal.

There were more indicators that hinted me that Mark had no interest in my profits but only his own, but this read is getting very long now. Unfortunately I was very desperate to try make my money back and I hoped he could give me profitable trades like the first few days so I kept taking his advice until my account was down $220.

On several occasions I hedged the unprofitable trades that mark gave me and he kept questioning me why I hedged the trade, although it was clear that the trade was unprofitable and If i didn't hedge it, it would have closed automatically due the equity falling down to the maintenance margin in account! He kept saying it was unnecessary and the market would have moved back in my direction. This was a blatant LIE and I learned to see through his lies by looking at the market history myself now I was more experienced!

Regardless, there is more I can say about how this company and this person Mark Adams played all the dirty tricks to suck me and other people off their money and try get away with it, but this is getting rather a long read. I want to thank you for reading and I would love to hear your advice and the possibilities for me in this position to resolve this problem I am having.

btw I recorded the phone conversation when he tells me not to use stop loss. I have emails but they contain not much useful info, except that he was neglecting me when I requested him to call me and/or advice me what to do because I could see the markets were moving against all four trades he advice me to do. (I could not call him)
 

millicent

Private
Messages
11
Hi Ramin123 is your answer for me if so, no i didnt know i could and i lost more than you but i can't even go there ive lost it
what can we do they took the money and i did.t even put the trades on they called me every day and told me that i should do this or that with a trade but they would put the
trade on is that ok and i said yes because i really trusted what they said to me, apparently if you say yes then they can put the trade on for you with your (my) money of
course and after a while all the money i made made big losses until the last trade, when i was wiped out completely.............Im really sad to hear that it happened to you too. so sorry for you as i know how it feels..
 

Pharaoh

Colonel
Messages
19,771
How did you deposit?

"NUMBER ONE RULE in trading is to ALWAYS USE A STOP LOSS"

Number 2 rule - Never allow a brokerage employee to place trades or call trades for you.
 

rajmadaher

Recruit
Messages
5
Hi Ramin

Thats exactly what happened to me by XTRADE I have only found couple of solicitors , i suggest you speak with Phoenix advisors first . Lets combine are cases and get our money back. I have the solicitors number. others want 2k upfront just to take on case . register your case with ASIC AND Cysec


Raj
 

Ramin123

Recruit
Messages
15
Hi Ramin123 is your answer for me if so, no i didnt know i could and i lost more than you but i can't even go there ive lost it
what can we do they took the money and i did.t even put the trades on they called me every day and told me that i should do this or that with a trade but they would put the
trade on is that ok and i said yes because i really trusted what they said to me, apparently if you say yes then they can put the trade on for you with your (my) money of
course and after a while all the money i made made big losses until the last trade, when i was wiped out completely.............Im really sad to hear that it happened to you too. so sorry for you as i know how it feels..
hi im sorry to hear that it happened to you as well. This company breaks all the trading regulations, how are they regulated by cysec!?
 

Ramin123

Recruit
Messages
15
How did you deposit?

"NUMBER ONE RULE in trading is to ALWAYS USE A STOP LOSS"

Number 2 rule - Never allow a brokerage employee to place trades or call trades for you.
Hello Pharaoh, thanks for reading my (long) post.

I deposited using Visa debit card (I think in US aka credit card).

Yes absolutely right... unfortunately i learnt this later on because i was completely new to this trade. I told them in the begin that I was new and only wanted to play with demo account. but they kept pushing me to deposit money and that I will be helped and trained etc.

The funny thing is, i have demo accounts with other more reputable brokers and I am successful now with those... I have learnt trading completely on my own and nothing from this so called training that Xtrade provided me at a cost of $20000! Only thing I learnt is how to lose your money by trading any instrument that has a ring to it.
 
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