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LegendTrader.com (Khalid Alam) Review

Updated: Jun 16, 2015
Is this your company?

2008-07-27 Scam Confirmed - LegendTrader.com is blacklisted by the Forex Peace Army. We urge traders not to do business with this company.

Website is closed. This scam company is out of business.

LegendTrader.com (Khalid Alam)

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Court cases

  • Open0
  • Resolved0
  • Not guilty0
  • Guilty1
Case IDFiledCase nameVerdict
20082008-07-28FPA Scam Confirmation against Legend Trader & Khalid Alamguilty


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Forex Peace Army

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Aug 24, 2008,

Yeh Jay you were right it was only your i read that time in july and asked this guy question and he said that it wasn't right. But this bastard was a scam artist
Aug 20, 2008,

Back in Jan 2008, I posted about this company already, too bad some poeple didn't believe me.
Rick ,
Aug 6, 2008,

Hi there,
I know this trying to prove that he belongs to saudi royal and he managed 100 mil dollars, he lost all his money for the accounts he trade in dukascopy. i know people in dukascopy who told me about him. he has a satelliete number if you want to track him i can give it to you...stay away from him ...he also says that these reviews on forexpeacearmy are fake. he is just a guy posing he is big fund manager.....
Aug 1, 2008,

I was doing some research on forex companies and came across this forum. It's a great site and I am glad your here.

I came across another link that I just found ironic enough to sign up here and share. I feel for everyone's loss who got scammed and maybe this will help you get in contact with him. Please read his description, I for one found it quite interesting.

Jul 10, 2008,

Issue escalated to Traders Court FPA Scam Confirmation against Legend Trader & Khalid Alam | GUILTY
2008-07-27 Scam Confirmed

Dear Sir,
I don't know what to say,
but the same thing happened to me with Legend and worse the last month they take a month or so to trade and when they trade they made losses in one day $7000, I asked for the insurance documents they never sent them to me though I paid them $3500 in advance to trade for me, Mr. Khaled always when he replies though he closed the phone in my face many times and they treat me in away I wish there is someone who could listen, they informed me they will make at least 40%-60% monthly and they really fooled me with their calls after I paid them the initiation fees $3500 they never reply to my e-mails and even my calls saying they are moving their offices then they are upgrading their systems and in 3 months they traded like a week or less and they blow my account in a very bad way, they buy when they should sell and sell when they should buy.. I have all their chats saved and their e-mails and promises, but I didn't receive the insurance papers and I really don't want anyone to be deceived by them and if I can do anything to get back my money which is $12000, the problem I was going to send more than that but I thank God I didn't they really blow up all my savings. They never reply to my questions nor they trade in 3 months they only trade for 10 days and their performance was very very very bad, sounds like they have no experience in Forex when they assured me they have the best experts in the world. I hope anyone could tell me how to sue them and how to prevent their deceives to other people.
my e-mail: [email]mysoulfriend33@yahoo.com[/email]
my mobile: +962797110552
I hope to hear back what happened with you and how I could act.

Best Regards.

More. Community discussion of this issue >>

Jul 8, 2008,

Issue escalated to Traders Court FPA Scam Confirmation against Legend Trader & Khalid Alam | GUILTY
2008-07-27 Scam Confirmed

I was opened a guaranteed managed account with this company on 16.05 (10.000$). I have paid them 3.500$ for the insurance and to open an exotic option to protect my capital.After a month of trading the value was 3.800$. It's true that in first two weeks they increase with 40% but after in 3 days they lost 50%. And immediately they made me representative for Europe just to shut my mouth. Their way of taking positions was like they wanted to have losses.In fact in 1 month they took about 90 trades.
Finally after another month of no trades but with a hedge in GJ with minus 2200$ , I decided to revoke the PA.
I have asked them to use the insurance to restore the account value but they told me to wait cause they will close the hedge in profit. But there is no suficient margin to do this.
I sent them mails to urge them to restore the initial account value but no reply.
Their CEO( Khalid Alan) called me many times to try to convince me i'm in fault and the insurance company doesn't want to pay cause I revoked the PA.But he has a "sympaty" for me he will give me a Letter of Guarantee from Legend Trader(not endorsed by bank) that he will pay me 60% of the loss inj 45 days.
Also according to the Contract They were obliged not to use more than 5% of the value to start trading and after to use just the profits for margins. If the account value goes down to 10.000$ they had to stop the account.

I will sue them.

More. Community discussion of this issue >>

Not going to be their customer,
Jul 7, 2008,

I was exchanging some emails with their CEO about possibly opening an account with them. Then his email failed.

Remote host said: 550 Account discontinued, trial period expired

What kind of company uses trial email accounts for their CEO?
Jan 14, 2008,

They simply refuse to take a loss when they have a bad position, and they aim for a few pips everytime.It works 90% of the time, but when they have a bad trade, the whole will be wiped out. They gave me a demo, which showed a 80% loss of equity because they refused to take a loss. I don't think anybody could take that kind of roller coaster.