XForex 

Category: Forex Broker Reviews
http://www.xforex.com/
Average user rating from: 15 user(s)

Broker Rating
1.1
 

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November PROMOTION
FOREX JUSTICE SPOTLIGHT ARTICLE

Company response
Dear All
The issue has been duly resolved with Mr Ahmed. Unfortunately Mr Ahmed did not update the forum as he should.
We believe that by updating the forum people would be are aware that the FPA has helped and assist us to settle the issue.
We would like to thank once again the FPA for its cooperation.

Warm Regards
Compliance
XForex
Last updated: Friday, 30 March 2012

User reviews
SCAM
Wednesday, 04 April 2012

Written by Ahmed Al-Nasser from Saudi Arabia

It's right that the issue was settled by paying back most of the money taken by them.

However, I would like to warn everybody from dealing with this company as I found out that it's SCAM. I was corresponding with many organizations and here is the reply received from FINANCIAL INVESTIGATION UNIT/ The Royal Virgin Islands Police Force located in BVI and it says the following:

To: Mr. Ahmed AL-NASSER
28/06/11

Subject: XForex



Dear Mr. AL-NASSER.

I have been notified by our Financial Services Commission (FSC) that an offence may have been committed by a purported BVI registered company called OCM Online Capital Markets Limited, operating under XForex

Our reference BVFI00020025,Op 213

This company is registered with Trident Trust Co (BVI) There is no physical business with in the BVI.

The company is not licensed by the Financial Service Commission so there is no regulation or supervision by the Commission.

This is a matter you should consider reporting to your authorities as this is an Internet Fraud.

Please use this report as point of contact for law authorities.

Adrian DALE
Detective Sergeant
Royal Virgin Islands Police Force
Anti Drug & Violent Crimes Task Force
Financial Investigation Unit
Police Headquarters
PO Box64
Road Town
Tortola
British Virgin Islands


In addition, this company is continuing the practice of spreading many fake ads and I have the proofs.

As a result, Everyone must pay attention to that SCAM.
Sunday, 18 March 2012

Written by sami kumer from Thailand

from my experience with this broker i can say its good but not the best , for me now im trading with forexcontrol which has much better platform and chart especially for me as im an indian and love trading Indian CFDs such NSE-BSE , it got the best chart and analysis . good luck to you all guys .
SCAM
Wednesday, 02 November 2011

Written by Fahad Hadith from Bahrain

Mr. Ahmed, what you do not realize is that Xforex is taking the other side of your bet, so when you lose money they gain it.
SCAM
Wednesday, 05 October 2011

Written by fernanda freitas from United Kingdom

I to was victim of this scam company ,in August i open an account with them XFOREX 2 hours later i had this guy calling me asking how much i would like to deposit ,i said 100 pounds would be fine ,he said that would not be good enough ,i asked why and he replay was this guy from ik had put 10,000 usd and now had 30.000 usd profit he made on gold at that point i sai no way i would go for that ammount ,.he then said at least 1000,pounds i said no 100 pouns fine i took it but promess to came back on Monday to get the rest .
He kept is promess and called me on Monday and asked if i had looked at the videos i said no without even asked he went ahead ant took the rest of the money i said i dont have any idea how it works and dont want to loose the money he said we dont talk about loosing you will have someone helping training you and you go for gold ,that is were the money is .

Two days after a lady called and said im your account manager ,im going to help you ,do this do that choose a nunber that is it made 20 usd and at no time did she mention demo account she wenr strait for the cash ,.
After that i started using it ,and my 50 usd stop losses were taken soon and fast lost on 2 days 300 usd fast stated hghier a bit recover the money ,then comes their tips and went the wrong way around i was loosing money started to back up the account and their system failed and i lost all the positions i had all the money went and never seen those promessed bonus by the crook ,no more money the account closed .
The day after the account manager called me and when i tould her what happens she went and comeback and asked for my card to put more money in as the had a failing sysem that was the reason i could not put the money in she wanted to deposit manual to get ny bonus she put in a 1000 usd and still i saw no bonus at all .
Then i tryed to recover the money and lost more , the i went into gold and made 500 usd ,tried again and the did not close my positions till 3/4 minuts and reverse the gains into losses ,and that went on all the time i could never close the positions it would not allow me grabed what they could from me .

After loosing another 400 usd she then gave me the bonus ,but after that any position i opened could not be closed at all after that time .
A got realy upset i tould her that the platform was disigned to rob the investers of thei money ,she tould me to stop using it and wanted to give me meta4 platform ,but b then i had no money and all the problems starting appearing the first account was opened with documents i had sended ok ,but for this it was,t good enough ,.
I have sent emails to the company and received no reply from them i also contacted the FSA who wrote to them but so far no reply i will wait but i will not let go of my 4000 usd losses thanks to them ,their tips most times went the other way and she tould me to stop using them how do this peoples send you tips buy this sell that then say stop using it ?
Be aware they are really bad real scam ,i im in a financial position that never been before because of that guy that was,t happy with 100 pounds his false promesses of bonus is just scam to grab money ,guys out there if anybod calls you from XFOREX dont fall for it beawre .
SCAM
Tuesday, 09 August 2011

Written by Ahmed T. Al-Nasser from Saudi Arabia

I was a victim of fraud committed by one of the Forex Companies called XForex which I think it is located in the BVI (www.xforex.com) as I lost my Capital $12,000. 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.

Detailed Story:

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.
*Details Of This Point:
I visited Xforex web site as advised by my relative who traded with them and lost his money later on too because of some similar reasons. In the beginning, I placed my basic information at their website and then I was forwarded to the webpage where it has the terms and conditions and the advice to read it but I closed the webpage without surfing further because I was not fully convinced of this service. After one day 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 $5000 capital but he said try to make additional deposits now to take benefit from the 35% bonus and then you can withdraw it immediately, but don't tell to anyone that I gave you this advice!!!. Finally, I decided to deposit an initial capital of $10000. Then I received a call from the Account Manager Ms. Nisreen Abo Ahmd and she asked me to log in to my account. However, she made me do some trades through her advices and when I asked her "Is this a demo account we are working in or real?" she neglected the importance of this issue and said don't worry and when I repeated the question later on again she said it's live and no need for a demo account now. So, I was exposed to live trading immediately where I bore lots of loses.

2. The 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.
*Details Of This Point:
Another major thing to complain about is the style of trading instructions, and advices I was receiving through the frequent daily calls of my Account Manager. 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.

On the other hand, not using Stop Losses strategy is a big mistake. The Account Manager was always neglecting the need of using Stop Losses Strategies although I requested this many times by telephone and through a previous complain I sent by E-Mail. Stop losses strategy is highly important especially for beginners like me, but she was always preventing me from using it through her trading advices.

3. Postponing and delaying withdrawals deliberately and pushing the client to change his decisions.
* Details Of This Point:
When I started to realize that this market is not suitable for me which happened after I bore $4000 losses, I decided to withdraw all my balance and on 9/06/2011, 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 and she called me again to insist in cancelling the withdrawal. I believe that this is an illegal 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.

4. Late Withdrawals procedures by Xforex leading to tragic consequences.
Details of This Point:
Late Withdrawals caused me further troubles by Xforex. I couldn't fix my margins by depositing additional amounts because of late withdrawals as I ran out of money. I had two withdrawals that were received so late in spite of many follow-ups. One of them was requested on 2/06/2011 and received only on 1/07/2011 approximately one month delay. The other one was requested on 11/06/2011 and received only on 22/06/2011. However, I ran out of margin on 20/06/2011 and absolutely if I was given my withdrawals on time; then I could keep my margin by making an additional deposit.

5- Bad support services and wrong recommendations.
* Details Of This Point:
- 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 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 their support team.
- No low margins notices received although my account was classified as VIP and therefore, I believe I should be subjected to this advantage either by mobile or E-mail.
- My account was classified as VIP as my deposits reached to more than $10,000 but I was not awarded the services of the VIPs because 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.

6- Other Factors About Xforex:
- The AMF (the French Financial Market Authority) warning from investing with Xforex issued by the AMF as shown at the following link:

[url]http://www.amf-france.org/documents/general/9736_1.pdf[/url]

Here is another link for another document:

[url]http://www.lautorite.qc.ca/files/pdf/salle-de-presse/communiques/2010/com21juillet2010-meg-xforex-ang.pdf[/url]

In addition to the confirmation of AMF Warning received personally.

- Doubts about the Account Manager to not be authorized by the Financial Authorities
SCAM
Saturday, 23 July 2011

Written by Ahmed Alnasser from Saudi Arabia

I was a victim of fraud committed by one of the Forex Companies called XForex whichis located in Cyprus (www.xforex.com) as I lost my Capital $12,000. 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.





In addition, I would like to inform you that I found out a warning from investing with this company called Xforex issued by the AMF (Autorité des marchés financiers) as shown at the following link:


http://www.amf-france.org/documents/general/9736_1.pdf

Here is another link for another document:

http://www.lautorite.qc.ca/files/pdf/salle-de-presse/communiques/2010/com21juillet2010-meg-xforex-ang.pdf


I also corresponded with the AMF (the French Financial Market Authority) to confirm about this warning and they replied to me as of the attached letter confirming that they issued a warning to all French Investors about dealing with this company.


I am writing to warn and alert other investors from dealing with Xforex because they are continuing their dirty tricks through false advertisements full of profits exaggeration.

The details of my Story with this Broker as follows:
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.

*Details Of This Point:

I visited Xforex web site as advised by my relative who traded with them and lost his money later on too because of some similar reasons. In the beginning, I placed my basic information at their website and then I was forwarded to the webpage where it has the terms and conditions and the advice to read it but I closed the webpage without surfing further because I was not fully convinced of this service. After one day 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 $5000 capital but he said try to make additional deposits now to take benefit from the 35% bonus and then you can withdraw it immediately, but don't tell to anyone that I gave you this advice!!!. Finally, I decided to deposit an initial capital of $10000. Then I received a call from the Account Manager Ms. Nisreen Abo Ahmd and she asked me to log in to my account. However, she made me do some trades through her advices and when I asked her "Is this a demo account we are working in or real?" she neglected the importance of this issue and said don't worry and when I repeated the question later on again she said it's live and no need for a demo account now. So, I was exposed to live trading immediately where I bore lots of loses.


2. The 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.

*Details Of This Point:

Another major thing to complain about is the style of trading instructions, and advices I was receiving through the frequent daily calls of my Account Manager. 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.



On the other hand, not using Stop Losses strategy is a big mistake. The Account Manager was always neglecting the need of using Stop Losses Strategies although I requested this many times by telephone and through a previous complain I sent by E-Mail. Stop losses strategy is highly important especially for beginners like me, but she was always preventing me from using it through her trading advices.



3. Postponing and delaying withdrawals deliberately and pushing the client to change his decisions.

* Details Of This Point:

When I started to realize that this market is not suitable for me which happened after I bore $4000 losses, I decided to withdraw all my balance and on 9/06/2011, 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 and she called me again to insist in cancelling the withdrawal. I believe that this is an illegal 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.



4. Late Withdrawals procedures by Xforex leading to tragic consequences.

Details of This Point:

Late Withdrawals caused me further troubles by Xforex. I couldn't fix my margins by depositing additional amounts because of late withdrawals as I ran out of money. I had two withdrawals that were received so late in spite of many follow-ups. One of them was requested on 2/06/2011 and received only on 1/07/2011 approximately one month delay. The other one was requested on 11/06/2011 and received only on 22/06/2011. However, I ran out of margin on 20/06/2011 and absolutely if I was given my withdrawals on time; then I could keep my margin by making an additional deposit.



5- Bad support services and wrong recommendations.

* Details Of This Point:

- 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 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 their support team.

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

- My account was classified as VIP as my deposits reached to more than $10,000 but I was not awarded the services of the VIPs because 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

- Ignorance of Client E-mails: Currently, Xforex is ignoring me totally and not answering my frequent E-mails. In fact, my Account Manager was ignoring me since the date I lost all money which took place on 20/06/2011.



In addition to the mentioned above, one person contacted me through facebook and I knew from him that Xforex made false advertisement of me as a big winner without my knowledge and further acceptance.
SCAM
Monday, 27 June 2011

Written by Ahmed T. Al-Nasser from Saudi Arabia

I had many problems with this broker as I lost $12000 in three weeks!!!. Brief Of these problems as follows:
1- In the beginning I was rushed in to open an account with Xforex by the telephone call I received from their marketing team and they didn't ask me to read and accept the directions and terms 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 Virtual 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 assigned by Xforex 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 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 of E-mail.

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 the time of writing this E-mail. I ran out of margin today morning and absolutely If I was given my withdrawals on time; then I could keep my margin by making an additional deposits.

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 their 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. Do you think that they have the right to postpone this withdrawal in a way that they push the client to change his mind. Is this legal too and can they justify their staff actions to be within the terms and conditions!!!. As a proof you can go back to the withdrawals records and find yourself 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 their staff
Sunday, 06 March 2011

Written by Steve from Australia

I'm really shocked to see these bad reviews, XForex has been nothing but a blessing for me. I trade long, so the java platform does not really effect me and their support team can get a bit annoying but id rather them call me too often then not enough...
Friday, 18 December 2009

Written by jack from Australia

Good platform and charts, customer service is pretty good. online chat could be better seems as if they don't really understand your questions language barrier maybe.
SCAM
Wednesday, 28 October 2009

Written by J from South Africa

I smell a rat with Xforex.com. They push to get you on-board then promise bonusses which you never see...Even after I submitted the credit card info and proof of ownership.

I for one noticed that 2minutes must lapse before you can close a trade. It is not 2 minutes... more like 5!

When you close a trade the price jumps? Even if the profit did not change?

During a period of less than 2 hours on 26/10/2009 I lost more than $1017 US!

The pips and the trade margins did not match the market it ran against it???? This is misleading don't you think???

They just kept on asking for a new deposit?

I have been dealing with:
Tom Jenkins
Online CS Representative
Office: + 44-203-051-6305
Fax: + 44-203-051-6306
Email: This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
Web: www.xforex.com

and dealt with

Jenny Walsh
Account Manager
Canada:+1-416-800-1050
UK: + 44-203-051-6305
Fax: + 44-207-681-3928
Web: www.xforex.com
Saturday, 18 July 2009

Written by jucelino bijega from Japan

I'm stuck with my money in this company, they called in the beginning to my house for me to open the investment account, then have no more contact me, let me down at the beginning a lot of commitments that would help me and teach me to make the investment and then disappeared, now I try to get my money, so I ask for documents, I do not know that I asked for a copy of my credit card, a copy of my passport of my driver's license, I find this very strange because to open the account just asked me the credit card number, I fear be a related to theft of credit card, so I want this company to cancel and refund my money and know other people in other countries which has the same problem I are trying to recover your money, and the company is putting a lot of cumber and service is terrible, I expected a few more days if you do not have any results I demand Clearly other companies that will act with more extidão I am not fighting for the money itself, and therefore very little, but the way which I attended and they promised the people that I contacted, a company must take seriously and be honest above all.
Sunday, 05 July 2009

Written by John Jackson from Australia

hi,

i would like to comment about Xforex, i used their service in the last couple months, didn't encounter any problems. their service on the phone / chat was quick, very professional and i didn't have any problems with my money withdrawal, after i asked it i got it in a to my bank account within 72 hours.

i tried other companies and i enjoyed Xforex the best, you should try it on...

John
SCAM
Sunday, 21 June 2009

Written by luke from Singapore

their service is damn bad and their system always jump prices which is not the price you buy/sell. complained to them ... nothing helps, instead keep asking me to deposit more for bonus. Alot of bad service experience with them, even ask for time and sales, till now never sent me as promised by the english desk.
Monday, 11 May 2009

Written by harsh from United Kingdom

An update from my previous post, the customer care of the company dealt with the dispute in a professional manner in due course, further to me employing a 3rd party professional to discuss the dispute with them. The issues were resolved amicably in the end and we reached a settlement which was satisfactory to both parties. Therefore I have to say that what I said on my earlier post does not apply
SCAM
Wednesday, 18 February 2009

Written by Harsh from United Kingdom

These people are a complete scam. I opened an account with them in Nov 08 and they wanted me to put more money so that they can give me a 20% Bonus. I started with that. Then over the period I made money from my trading and then one fine day they blocked my account. I was not able to enter in the account and I had 16,000 USD in that account. They refused to reply and after 20 days sent me a letter saying that I had violated their terms and conditions and hence they have cancelled my account and taken all the money away. When I asked them why they havent come back but over the phone someone said because the price at which I trades on 30th Jan was different to what the market was. I dont understand what that means.

Before this, I had asked for a withdrawal of $9,000 and they sent it to my account by Wire and took it off the same day. I am surprised how can a firm conduct such kind of a wire fraud in the first place...

So net net they have cancelled access to my account and done a runner with my money. I owe them $25,000 and I am now looking for options where I can get this money back

Can anyone on this site help me here. I have all the relevant proofs needed to prove that they are a complete fraud.

thanks


 

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