Forex managed accounts dont work you an Xtrade scam victim? 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. Firstly they claim to be registered and licenced with the Cyprus authorities Cysec and that they can trade all over Europe including the UK. CFD’s and other regulated products within the UK. And that you would be offered no protection. Having had a look at the firms website, Xtrade seem to be providing 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. Therefore, I strongly suggest you contact Cysec directly for further information on this firm. I have provided their contact details below for your convenience. 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. 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. As mentioned in my previous email to you, I strongly suggest you act with great caution when dealing with this firm. 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.
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. 30 index at price 9700 . The spread on german 30 between the buy price and the selling price is always 2 -3. 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 . 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.