XForex
Complaint 2404 Details

  • Date Occurred: 06/02/2013
  • Reported Damages: $12,000.00
  • !

The complaint is against an online dating profile

The complaint is a listing fraud posted on public forums or sites against an anonymous entity

The complaint is mobile text spam or smishing related against an anonymous entity

The company or person contact no longer exists

International boundaries

    • XForex Complaint / User Submitted Image #2404

I was scammed by this Xforex Co. Their major role is to make clients lose through false recommendations and trading advises. However, this is a brief about my problems with them:
1. In the beginning I was rushed in to open an account with Xforex by the telephone call I received from thier marketing team and they didn't ask me to read and accept the terms and conditions of using this product and service. As a result of this, I was not aware of this risky market and the terms of using it.

2. As a new investor they were offering i.e one week training using a Demo Account and some training where I should have learnt about the risky market. Unfortunately I didn't get all of this and I was exposed to live trading immediately where I bore lots of loses and loses.

3. Another major thing to complain about is the style of investment and trading instructions I was receiving through the calls of my Account Manager where I was requested to place high value orders in rush basis with no understanding of the risky cases and their consequences. I believe that there should be only a training by their staff in addition to analytical recommendations with warnings that it is my responsibility but not trading instructions. The loses I had as a result of their staff's trading instructions should be their responsibility not mine.

4. Not using Stop Loses strategy is a big mistake. My Account Manager never taught me about Stop Loses Strategies although I requested her this through a previous complain by E-Mail. Stop loses strategy is high important especially for beginners like me.

5. No low margins notices received although my account was VIP and therefore, I believe I should be subjected to this advantage either by mobile or E-mail.

6. 6- Late Withdrawals caused me further troubles. I couldn't fix my margins by depositing additional amounts because of late withdrawals. I had two not received withdrawals. One of them dated on 2/06/2011 and the other on 11/06/2011 and they are not yet received by me till now. I ran out of margin and absolutely if I was given my withdrawals on time; then I could keep my margin by making an additional deposit.

7. As a continuation to the previous point and when 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 then thought of the case and today I came with a conclusion that there was another solution that was missed up by their support team. I was having many EUR/USD and USD/EUR open positions and I could have fixed my margin simply by selling some here and there till I reach to an equivalent point. However, this was not advised by thier support team.

8. On the other hand, when I started to realize that this market is not suitable for me which happenned after I bore $4000 losses, I decided to withdraw all my balance and I made a withdrawal request of $10000. At that time my Account Manager called me trying to change my mind in order cancel the withdrawal request and I confirmed to her that I am sure of that as I found out that this market is not suitable for me. However, their staff postponed my withdrawal request for almost three days and they called me again to insist in cancelling the withdrawal. I believe that this is reallyh unlegal practice from them. Do you think that they have the right to postpone this withdrawal in a way that they push their client to change his mind. Is this legal and can they justify their staff actions to be within the terms and conditions!!!. As a proof I can provide the withdrawals records and to see that my withdrawal of $10000 was rejected and another one was placed alternatively with an amount of $5000 because of the interference and violations of XFOREX.

9. In addition to that, my account was classified as VIP but I was not awarded the services of the VIPs as I came to know that I should have been using another downloadable application with more benefits such as discounts in the spreads. I also came to know that my Account Manager has the experience for managing small accounts not VIPs.


10. I writed to them complaining about all these troubles but they denied most of these facts and they are still keeping my money that I requested back through withdrawals. In addition, they are now ignoring all my E-mails and messages.

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Business Profile Summary

  • XForex logo

Company Statistics

  • Complaint Against XForex
  • Complaints Filed: 5
  • Reported Damages: $294,125.00
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