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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:

http://www.forexpeacearmy.com/community/threads/xtrade-are-scammers-class-action-being-organised.47631/

http://www.forexpeacearmy.com/forex-reviews/12604/www.xtrade.com

Also if you google xtrade you will see many other stories

http://www.forexpeacearmy.com/community/threads/xforex-xtrade.42019/

http://www.tradecomplaint.com/trading-reviews-complaints/United-Kingdom/xtrade-com-reviews-complaints/trading/forex-market/xtrade-com-fraud_i17843#.V9hzIoWcHIU&gsc.tab=0

http://www.binaryoptionswatchdogreport.com/search?q=xtrade 

http://www.forexpeacearmy.com/community/threads/xtrade-scam-100-000-need-help.41999/

 

http://www.forexpeacearmy.com/community/threads/xtrade-xforex-fraud.42387/#post-219506

 

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 : http://financefeeds.com/exclusive-angry-x-trade-customers-arrive-in-cyprus-commence-hunger-strike-and-media-campaign-alleging-manipulation-and-theft-of-funds/

If you have been a victim of Xtrade then help is at hand – don’t get mad or depressed, get even and warn others.

Phoenix Advisors Group can help you if you think you have been a victim of a forex scam

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… ”

Do not be another xtrade scam victim – first you can warn others and second you can get help from Phoenix advisors.

Do share your story of bad experiences you have faced and warn others – and join a class action. If they get enough charge backs on the credit card they will lose their credit card facility.

“Xforex.com is the most fraudulent CFD out there, these people have no respect for its clients. They Lured me in to opening an account with them with fake promises and eventually made me lose over $60,000. I was stupid enough to deposit the money as they were completely lying about how they operate. however I have managed to recover some of my funds with the help of the bank and the FOS.
I would strongly recommend everyone not to open any account with this company. All they are exploiting the system to victimize people with no trading skills. They also force you to open trades so that you deliberately lose all your money.So if you don’t know what you are doing with Forex trading please beware of this company. Especially if Elana Solomon and Ari Zal call you, they are only out there to get you to deposit more money.”

Don’t be a victim of the Xtrade scam, be an ambassador to help others, warn others and join together to get your money back. Xtrade scam has affected and got many people from all walks of life. Its not all your fault if you fell for the Xtrade scam – you had been manipulated and mislead.

Am I lying – all these testimonies can be found on the forexpeacearmy

“Its so bad company ,I was a new trader ,first time i open account,  the manager call me ,say its the best time to trade go and add more funds on your account the first time i win about 800$ so next time he say add more to win more ,I add to have more than 10.000$  So he sad sell 3.0 of gold ,and than no body help me to know what should to do ,nobody answer,is the company ,really bad guys in this company,I lose it all.  Really its so bad company .”

http://www.forexpeacearmy.com/forex-reviews/4056/www.xforex.com

“Xforex’s name is IDI Ventures in Israel, It’s owner’s name is Udi, the cockiest human being alive, they running their call center as a boiler room, they freak out their acc managers in order to bring more and more deposits, If you’ve been scammed by them, you may find their offices at Hasadnaot St. 10 – Hertzliya Pituach – Israel (the building has a Lexus showroom on it’s bottom, it is actually the same building of another known scammer(B-Forex).
I know this because I am disgruntled employee who was humiliated and fired by them and I think it is your right as a trader to know where to track them down if you’ve been robbed by them.
It is a company ran by the worst kind of human being Israeli society has to offer: the one that thinks he can scam others and get away with it.”

 

“I STARTED WITH $2800 AND IN FOUR DAYS GREW MY INVESTMENT TO $45OO TRADING ONLY WITH CURRENCY.ELANA SOLOMON MY ACCOUNTS MANAGER CALLED ME TO BUY USD & SELL XUD TOLD BUY FOR $750 AND PUT A SL OF 1300.ALSO TOLD ME THAT SHE WILL MONITOR THE TRADE FOR ME. AFTER A 30 MIN I SEEN A MESSAGE THAT READ PLATFORM TEMPORARY UNAVAILABLE TO TRADE.WHEN THE MESSAGE CLEARED SO DID MY MONEY .ONLY LEFT WITH $840 PENDING BONUS THAT IS OF NO USE.SHE CALLED ME TO ASK WHY DID I NOT CLOSE THE TRADE.I GAVE HER A MOUTHFUL WHICH WAS OF NO USE BECAUSE HER ONLY REPLY WAS DEPOSIT $1000 AND WE WILL GROW IT BACK. I HAVE E-MAILED EVERY ADDRESS ON THE SITE WITH NO REPLIES AS YET.THE COMPANY T&C COVER THEM FROM ANY LOSS THAT YOU OCCUR.THEN WHY IS THE SITE NOT BLACKLISTED .PLEASE FPA DO SOMETHING IF YOU CAN.”

Xtrade scam victim after victim “XFOREX took $50000 and refusing to return the money.  they call only to persuade the customer to invest money, and when you do invest the money, the money dissapear by saying “you market is up and down”  Advice: always record the conversation with them. now they looking at the evidences and waiting to come back.”

Does this xtrade scam sound familiar – is it similar to your story?  “I was a victim of fraud committed by one of the Forex Companies called XForex as I lost my Capital of more than $19,000. This company is attracting clients in by exaggerating the amount of profits they will gain through investing and trading with them. When the client deposits money in their account then they play dirty tricks to cause losses deliberately through many ways in order to steal the deposited money.

1- First of all, Xforex Staff rushed me to register and open an account with them without considering the importance of reading and understanding the terms & conditions. They also lied about offering the demo account and about providing the professional expert who should guide me step by step and the evaluation prior to using the live account
I visited Xforex web site on last mid of October 2011 and after few hours I received a call from one of Xforex marketing team called Omar Abu Ataa. When I told him I am hesitated and afraid of losing my capital, he said it is a very profitable business and you shouldn’t worry as we have all capabilities to make you a successful trader and he promised me to be given a special training and education using a Demo Account, the help of professional experts staff and evaluation prior to using the live account and he was pushing to convince me to complete my registration with them. As a result, he passed me through the activation process without showing or taking into consideration that the terms and conditions must be read and fully understood by the client. During the activation process I told him I can only trade with $1000 capital but he said try to make additional deposits now to take benefit from the $1200 bonus.
Finally, I decided to deposit an initial capital of more than $13000. Then I received a call from the Account Manager Mr. Ashraf Alzuabi and she asked me to log in to my account. However, he made me do some trades through her advices and the result was lost my money.

After a while, the I received a call from Ms. Nisreen Abo Ahmad who introduced herself as my new Account Manager. Ms. Nisreen the new Account Manager gave many false and illegal trading advices which caused a major loss in addition to neglecting the need of using stop losses strategy by her. I was requested by her to place mostly high value orders in rush basis with no understanding of the risky cases and their consequences. I believe that there should be only training by their staff in addition to analytical recommendations with warnings that it is my responsibility but not trading advices and that the losses I had as a result of their advices should be their responsibility not mines. However, although most of the trading advices were by telephone buy I have a proof by E-mail. I also sent a complain to her in this regard to take into consideration the type of advices she is asking me to follow.

Bad support services and wrong recommendations.
As a continuation to the previous point and when I had to deposit more money to fix my margin. My last deposit was $4800. I was trying to get my capital back and opened a position of buying Gold against USD on first week of May based on recommendation from XForex. The market has moved against XForex reports and on 17 of May 2012 I couldn’t fix my margin through deposits, I requested the urgent help of Xforex Support Team through the Live Chat and they told me your only solution to fix your margin is by depositing more money which I couldn’t afford. I tried to open another position that can make my account in balance but the platform did not allow me to do so and the results was online message says that my account has been calibrated.

I send the company email explaining what happened but the ignore opinion by putting the responsibly on myself.”

Here we see an Xtrade scam, one xtrade scam after another. We don’t want anymore xtrade scam victims.

Please do not allow another xtrade scam to go on, don’t be an xtrade scam victim any more do something today. Join the class action. These xtrade scam victims did not get much help because they did not work together to bring justice. All xtrade scam victims need justice. Say no to xtrade scam

Read this last testimony a cry for help

“I need help , I told them i wanted to do SHARE TRADING AND FX . Make around 1K /day max less risk
Initialy i started my account with 1K
But Account manager put my money in indices DAX uprise and made 20K last tuesday was very happy.
She had an ITALY30 position which was losing in the morning she asked for 10K from 7 – 11pm she kept asking for 10k funds to save postion. I got dupped and ended up placing 40K by midday.
XTRADE kept complaining about docs .
I asked them to withdraw funds on tues 8,9,10,11 sept and stop trading but they didnt.
PLace stop loss postions on thursday which grew to 50K by friday.
My positions were closed by xtrade 70k PROFIT was in my account but I was still unable to withdraw funds .On Friday Afternoon 11th sept2015.
LOSS £90K due to bad advise and negligence of the xtrade company.
IF DOCS NOT COMPLETE NO TRADING SHOULD HAVE BEEN ALLOWED. (ALL VOID)
UNABLE TO WITHDRAW PROFITS NO TRADYING SHOULD BEEN ALLOWED
NO CUSTOMER SUPPORT.-
SERIOUS NEGLIGENCE FROM XTRADE CAUSING £100000 losses to me,

Can anyone help . I dont know what to do.  Any help will be appreciated #1 rajmadaher, Sep 17, 2015

Xtrade scam has to be stopped. Only together the xtrade scam can be stopped.

Contact Phoenix Advisors if you have been a victim of the xtrade scam

www.phoenixadvisorsgroup.com

Xtrade Scam – do not be a victim

Xtrade scam – do not get mad join a class action against them

Xtrade scam – warn others

Phoenix Advisors Group can help you.

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