Xtrade scam
Are you an Xtrade scam victim? They are scam brokers. Xtrade Scam – how can we be sure?
Read for yourself the xtrade scam going on. Are you an Xtrade scam victim ? Then you need to read this. Have you lost money with Xtrade scam ? Have you been scammed by an Xtrade scam ? Are you a Xtrade scam victim ? Xtrade are spread betting brokers with cfds and other products.
They claim to be a top company even with Christiano Ronaldo being used to promote their services and backing them. There are a number of issues with companies like Xtrade – xtrade scam one after another xtrade scam . Firstly they claim to be registered and licenced with the Cyprus authorities Cysec and that they can trade all over Europe including the UK. https://www.xtrade.uk/about-us/europe/regulations/
However if you check and contact the FCA – they will tell you that they are not regulated under their authority to carry out CFD’s and other regulated products within the UK. And that you would be offered no protection. Quote from an enquiry to the FCA “Xtrade (https://www.xtrade.com/about-us/europe/regulations): Having had a look at the firms website, Xtrade seem to be providing contracts for differences. A firm would normally be required to be regulated and authorised by us if they are offering contracts for differences. I appreciate you’ve said Xtrade mention they can operate in the UK on their website. I have carried out a search on our Financial Services Register to see if Xtrade are regulated by us and cannot trace them. This suggests the firm is not regulated by us. I strongly suggest you act with great caution when dealing with this firm. This is because if you deal with a firm that is not regulated by us and if something goes wrong, you wouldn’t have access to the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS). Your next steps: Xtrade mention they are based in Cyprus and regulated by the Cyprus Securities and Exchange Commission (Cysec). Therefore, I strongly suggest you contact Cysec directly for further information on this firm. I have provided their contact details below for your convenience. Cyprus Securities and Exchange Commission Address: Diagorou 27, 1097 Nicosia P.O. Box 24996, 1306 Nicosia CYPRUS Phone: (357) 2250 6600 Email: info@cysec.gov.cy I hope you find this information useful. Should you have any further queries, please don’t hesitate to contact us. “
“Xtrade operating in the UK: As previously explained, where Xtrade seem to be providing contracts for differences they may require our regulation and authorisation. This is because firms providing contracts for differences generally require our regulation. Where I cannot trace Xtrade on our Financial Services Register it suggests the firm is not regulated by us, although they claim they can operate in the UK. Please note, I cannot confirm whether Xtrade is performing a regulated activity without authorisation and cannot operate in the UK. This is because the FCA can only provide guidance on whether a firm may require regulation; it is for the firm to decide whether they need to be regulated by us. As Xtrade could be carrying out regulated activities without our regulation, I will escalate this information internally to our Unauthorised Business Department for their consideration. Please note we won’t be able to keep you updated with regards to any investigations we may carry out in relation to this matter however, we thank you for bringing this to our attention. As mentioned in my previous email to you, I strongly suggest you act with great caution when dealing with this firm. This is because if you deal with a firm that is not regulated by us and if something goes wrong, you wouldn’t have access to the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS). ”
Also you will find many other people that have been scammed: https://www.forexpeacearmy.com/community/... https://www.forexpeacearmy.com/forex-revi... Also if you google xtrade you will see many other stories https://www.forexpeacearmy.com/community/... https://www.tradecomplaint.com/trading-re... https://www.binaryoptionswatchdogreport.c... https://www.forexpeacearmy.com/community/... https://www.forexpeacearmy.com/community/...
Have you heard of Elana Solomon – probably not her real name, she will entice you to invest and has great persuasive skills. They will tell you to trust them and add lots of funds you even get a bonus but its almost impossible to get them as you would have to make a lot of trades within 30 days, so a waste of time. Worse still they will advise and tell you what trades to do – 99% of the time the trades will turn into losses. Then they will tell you to make real money you need to trade German 50 and Italy 30 and they will tell you that the market is going up or down and to buy or sell and guaranteed you will make big losses. Then if you try to withdraw your money they make it hard for you, and make it hard to withdraw profits. It is very likely that they keep all your money and you hung out to dry. The trade sizes are massive per pip and you could be loosing big money very quickly. Oh and they will tell you don’t use stop losses – that’s where you will lose.
Here is a testimony: How Xtrade scammed me 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 : https://financefeeds.com/exclusive-angry-...
If you have been a victim of Xtrade then help is at hand – don’t get mad or depressed, get even and warn others. A class action group is being organised to bring them to task: contact xtradescam@gmail.com
Another testimony “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” “I worked for this broker for 2 weeks only. I simply couldnt associate with this scam. They are advising clients in order to clear clients account asap. As a retention officer my job was to encourage client (promise profit) to make biggest possible deposit, then advise to open max possible transaction on very volatile market i.e. DAX, russian rubel or RTSI index. As a result there was margin call and trying to get more money from client. This is 100% scam but somehow this broker is still on the market. What i described is a standard procedure for all clients. Also all employees are using fake surnames (received from the company) to avoid further problems. Better give your money to charity then invest there.”
Xtrade was previously Xforex.com (OCM Holdings LTD)
“I am not sure if this qualifies for a trader’s court case but i am writing anyways…hope it is…. Sadly and unfortunately….I lost usd4499 today. The exact amount of my deposit. I wanted to withdraw that money yesterday since I just borrowed it… my bad… i had to pay for the debt. As soon as i clicked the submit withdrawal button, Elana Solomon called me and asked me to trade, and that I should keep my promise that I would trade so she CANCELLEd the wothdrawal….I didn’t want to but I felt guilty that she kept on calling me and she even asked me “you don’t trust me?”. Hmmm…i guess I am a poor judge and I really easily get persuaded by good words. Then when I asked her to call when I was only losing around 2500 usd, she called and told me that the market is moving slower than usual and that I should wait…. again my bad… I waited until all Usd 4499 is gone… I am not saying I am not wrong but her telling me that I should trust her because she is an expert and that i should not worry… really nice promises has really persuaded me and gave me hope… ”
October 25 2016 Xtrade were fined 225,000 euros for breaches by CYSEC
https://www.finance4nonfinancemanagers.com/xtrade-fined-by-cysec/
Do not be another xtrade scam victim – first you can warn others and second you can join a class action group to get justice.
Do share your story of bad experiences you have faced and warn others – and join the class action. If they get enough charge backs on the credit card they will lose their credit card facility.
xtradescam@gmail.com
