Xtrade Review

When you trade CFD you need to understand the dark sides as well.
Don't expect the broker to be a saint but you do need to expect the broker to be fair.
Losing some money is a calculated risk but i've earned quite an amount so far.
and even when i lost and needed their customer support - they called back and helped me withdraw my funds (found it a bit complicated there).
Final judgment - fair and solid broker

I was scammed by Xtrade official on Instagram.. she said she was gonna trade for me so I had to transfer 100$ bitcoin into her account and she later wanted to take some additional sums which I found weird. She never mentioned it to me before I started.. please help me retrieve my money back

XTRADE is using very unfair conditions in their platform.

First of all, there is a very big latency in the execution.
Near volatile events, an order may need even 30 SECS in order to take place.
Meanwhile their platform is using an animation (a cycle turning, with application like style) , frosting any other possible action giving you no option to cancel this situation that you could not even imagine.
And the nightmare doesn't end here....
The most TRAGIC of all is coming after :
If you ask to open a position (for example buy) a specific instrument, and you wait for all those secs, it's not even then guaranteed that you will have your position opened!!!
You may receive a msg ''the price has changed ''! That is happening if the market is moving favoring you!
In the case that the market had dropped in the meanwhile (going against you) you will find your order opened with a big slippage and your position suffering a big loss from the very beginning!!!

This is not happening with other brokers.
Either a broker has requoting, so he is asking for your affirmation to open the position on a different price every time , OR he offers no requoting, and he is opening every order to the asked price giving you profit or loss if the market went with your trade or against it!

XTRADE has a kind of ''selective'' requoting.
XTRADE is asking you for permission again if the price goes to the direction you wanted to (telling you that finally the price has changed) , pretending that she couldn't buy on the asked price.
But there is no requoting if the market goes against your asked position!! Then your trade is always opened, of course with a big slippage almost always!

It's really scandalous, that the regulators haven't taken more drastic measures against this company, because EVERYTHING from the above can be proved very easily, with a just 10 mins video and a few trading actions.

Stay AWAY from XTRADE

Maybe theres a ghost on x trade because suddenly there's a sell trade in my account and a demo account: MY ACCOUNT 38176044.... if you read this choose other Broker please!.. if you want screenshot and proof contact me

I dealt with their Russian speaking desk, first it was Anna Novikova. Then Zhan Rusov, who was pushing me so hard, advising me to TAKE A CREDIT IN A BANK AND HE COULD EVEN RECOMMEND A BANK - what a scam. His point was that after I deposit $1000 I would be able to withdraw this deposit within a week - maximum 2 (GUARANTEED) and then trade with what I would had left on my account. Also both of them, Anna and Zhan, said that there would be just one condition for me to be able to get profit - NOT TO OPEN ANY TRADES ON MY OWN! That was the condition. Of course I would not - I know nothing about trading whatsoever! So after I deposited $1000 i was assigned Aleksandr Nazarov to be my account manager. 3-4 lucky deals under his 'supervision' then my account went to deep minus. They changed my account manager - Alexandr Antipov, who said if i deposit more money he would do his best to recover my account - never happened too. I then deposited $300 not to lose what I had locked. Then I spoke to my friend who is a solicitor in this field and if you have been in the same situation I recommend to read this letter (below) and take what you can out of it. So I submit a letter to their compliance department asking them to return my deposit - they reinstated my account with virtual money to sit the draw down until price goes back to where I opened it (never happened it was EURUSD I had a sell at 1.08 something and it never returned to this level) so I lost it at the end.

Overall it was a long and stressful story. Just read it and take what you can out of it. If you had been given a fraudulent investment advice - find a solicitor in this field, complain to FCA in London, even if you are not there - it costs nothing to file a complaint there, but it costs a lot to a broker. Keep all recordings that you were given (emails, record telephone calls - also THEY DO HAVE RECORDED TELEPHONE CALLS, so if you were in the same situation as me, you or a FCA can request them. They might give you many many reasons why they cannot have an access to them, but when they need it - they find it within 5 mins - personal experience).

Also, when you ask your account manager WHY he gave you wrong advise, which happened every single time after i filed a complaint, they think it is fine to call you back and start screaming his a** off at you and then put the phone down.
It was a VERY bad experience with this company.
Letter(main part):
ON Monday, the 8th of May 2017, I received a call from Aleksandr Nazarov who told me that I need to deposit another $2000 to be able to trade commodities and where I can earn 'real' money. He also offered me to borrow this money. I refused. Then we opened a first EUR/USD deal, I got some profit. Then another 3-4 deals were profitable. On the 12th of May he tells me to open a $50 000 EURUSD Sell trade. Which I did. It went to $-220, then $-400, $-700 and so on, now it is $-1400. I was emailing him each time it went more in minus, he would say to wait, wait, wait and that it should go down soon. So I waited and waited as was advised by Aleksandr.... until my equity shrinked. Now I only have $100 equity. Positions still opened - you charge me fees every day to keep them open and he said I need to wait until he calls me and not to do anything about it. I am still waiting....

Now I have three positions in my account and my LOSS is locked there. And yesterday Alexander called me, saying that he has spoken to analytics and they came to a conclusion that I need to deposit more money in order to save my accont from the state that HE got me into! This does sound like a scheme...

My complaint:
You are neither authorised nor qualified to give any investment advises. Your company is a broker, not a financial advisor. You do not have any license for giving finincial advices. I have no knowledge of FX markets whatsoever and you abused your position by pushing me with fake promises to deposit money, then to open the trade, which was initially not in my favour, as well as pushing me to take the maximum leverage since the commissions are higher (for beginners there should only be a leverage of maximum 1:25 and at no point 1:400), Now I have 3 positions opened where you charge me fees daily but no one tells me to close them, as you get your fee daily on them - very dishonest! I have our correspondence with Alexander where he 'advises' me to keep the trades.
I want you to reimburse my deposit of $1000 either to my account, so I can withdraw it or right into my bank. If you do not do so, I and my solicitor in London will report you to Financial Ombudsman in London, FCA, CROFR, Naufor and CySEC and any other institution we find relevant to this case. We will start with CySEC as they still passporting a financial service from Cyprus to the UK And you still broker to the Financial Authority Code of Business.

Stay away from this company - join the class action group if you have been
scammed.
They continuously do the same actions - they were recently fined for xforex same company and its documented Elana Solomon worked for Xforex and Xtrade and nothing has changed. I have made a video about them on youtube just type xtrade it comes up in the first page you will see it xtrade scam review over 80000 views so far. Please view and like it

Oct 18, 2016 - 1 Star I am starting a class action against Xtrade if anyone is interested with Phoenix Advisors - get in touch

Sep 22, 2016 - 1 Star can anything be done to recover losses and money with this company - any class actions?

they gave advise that made you lose

I have some news on XTrade . In January 2016 I reported this company to the Ombudsman of Cyprus by written Complaint and the payment of 20 € by bank transfer . RESULT : AFTER six months XTrade Mandate has got A mail to repay Part of What I missed and AFTER A short negotiation I signed and I have returned 15 thousand dollars . Now it is not yet finished Because Besides giving me Done lose money with wrong suggestions , They Posted my data on the web and I have already called in a dozen of which nine are crooks and tenth 'm waiting A Review on various forums but certainly it he is . Now I Asked The Damage Even for this . If they do not pay anything to make him ready Already Paying adequately. A Some of you is the same thing happened ? If we work together to get the compensation What we are entitled ?

I don't recommend them because they will not withdraw your money or profit , keep your money away from them

My name is George Adrian and on 17/06/2016 i opened a position in my trading account in XTRADE of 150 contracts ($150 per pip value) on german 30 index at price 9700 .


Today the price on german 30 (german index )was moving from 9950 to 9980. The spread on german 30 between the buy price and the selling price is always 2 -3.At this point i was winning 250 pips(points) ×150$ per point=$ 40.000.

Xtrade increased the spread in my account from 2 pips to 350 pips so i had only $ 10.000.

They increased the spread of german 30 only in my account, the rest of the accounts was 2 pips. I can provide you with a screenshot of the other account.

I spoke to my account manager Rossana and she told me that it was a mistake of the company and that they will try to fix the problem within 20 minutes.
After one hour the problem wasn't solved. I called again the company asking to talk to my account manager and they were telling me that she was busy . Then somebody else answered the phone and told me that they have decided that my profit will remain at $10 000.

After that they decide to block my account and l couldn't log in so i emailed the compliance@xtrade.com to close my position at the price 9980 and the time was 15:28.

I decided to go to the company to see what is happening with my account and met a man named Alex who told me that tomorrow they will check my account to see exactly what the problem is and why they closed my trades at price 9950 with the spread of 350 pips.

I am asking to get paid all my profits at the price that i have sent them the email.

They changed the spreads in order for me to have less profit. I can prove this because a friend of mine as i mentioned above loged in the same time with me and the spreads in his account on german 30 was 3 pips and in my account was 350 pips.

I have also pictures and videos that proves what i am saying.

The first thing i did after 20th of June i report my complaint to the police. They rejected it the same second and they kindly asked me to inform the financial crime police in Cyprus. They also rejected it because they said that for forex financial fraud CYSEC is responsible.
Next day i called Cysec to file my complaint and I've got rejected again.The reason is that Cysec does not accept complaints from individual traders!
They also kindly asked me to file my complaint to the financial Ombudsman which i did.
Cysec representative told me that CYSEC organization and Ombudsman are NOT connected.
They explained me that Ombudsman solves issues individually . Cysec has nothing to do with their decision.
I asked them as a regulator what protection they are giving me and the answer is none at all. Only if a broker shuts down i am allowed a maximum return of 20000 euro.
Cysec also informed me that even if the Ombudsman requests that i get paid THE BROKER can reject the decision.
That means 7 years in the court.
After all this i filed my complaint to the Ombudsman. They should have replied in the first 3 days but 21 days already passed without any news.....
This is why i decided to start a hunger strike in front of the XTrade offices, in hopes that i can get my profits back.

Some news websites in Cyprus have already published about my hunger strike. You can see one example here : http://financefeeds.com/exclusive-angry-x-trade-customers-arrive-in-cyprus-commence-hunger-strike-and-media-campaign-alleging-manipulation-and-theft-of-funds/

One of XTrade's representatives abused trust by funding my account without my permission and opened positions. I lost 13KUSD in one day. Absolutely the worst broker.

They're scam.
They give You "analytic" who is going to help You. He use nice words to let You buy or sell pair. But in fact they just say randomly making everything, for You, that You could lose as fast as can.

I got heavily robbed by XTRADE. I read a lot of complaints about XTRADE on FPA. However, there is no information from somebody who successfully got his money back. If there is someone, can you please tell me if and how you got your money back? Was it via a legal case in Cyprus or your country of origin (within the EU)?

Xtrade is a new name for old broker Xforex. As an ex-employee I would strongly advise to avoid this broker. Read comments about Xforex to find out who you are dealing with

GOOD DAY TO ALL! MY FAMILY DECIDED TO FILE CASE AGAINST THE SAID COMPANY BECAUSE OF NEGLIGENCE ON GIVING COMPLETE INFORMATION AND TRAINING BEFORE I STARTED TRADING. I HAVE COMPLETE EVIDENCE THAT I DEPOSITED 3X TOTAL AMOUNT OF 600USD ON XTRADE ONLINE CFD TRADING THIS MONTH OF MAY 2016. THE MONEY I DEPOSITED WAS FOR MY DAUGHTERS SCHOOL FEE THIS COMING JUNE 2016, I AM REALLY DESPERATE TO GET BACK THE MONEY I DEPOSITED BECAUSE I LOST IT ALL IN ONEDAY TRADING, I WAS SHOCKED AND THE EMOTIONAL DAMAGE DONE WAS REALLY WORST ON MY PART ALSO WITH MEMBERS OF MY FAMILY. WE URGENTLY NEED HELP WHOMEVER CAN HELP ME RECOVER MY 600USD BECAUSE MY DAUGHTER BADLY NEEED THE MONEY THIS JUNE 2016 FOR HER TUITION FEE.... PLEASE HELP US ........ IM A SINGLE MOTHER OF THREE KIDS AND THE BREADWINNER OF MY FAMILY I LIVE IN THE PHILLIPPINES.... YOU CAN CHECK MY RECEIPTS OF DEPOSITS MADE TO XTRADE ONLINE CFD TRADING......... ITS AN INTERNATIONAL COMPANY.......I DONT KNOW WHERE TO GO TO..... XTRADE COMPANY PLEASE HAVE THE HEART TO RETURN MY DEPOSIT SOONEST POSSIBLE...... MY FAMILY NEEDS IT BADLY NOW...... PLEASE REPLY TO THIS MESSAGE.

XTRADE HAVE BEEN FINED EUR 225,000 for scamming people! WE NEED TO GET OUR MONEY BACK OFF THEM