XForex

Category: Forex Broker Reviews http://www.xforex.com/ Average user rating from: 9 user(s) Broker Rating 1.6   Add new review Your name:* Your email address (it will not be published):* Your location: Select location: Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Arctic Ocean Aruba Ashmore and Cartier Islands Atlantic Ocean Australia Austria Azerbaijan Bahamas Bahrain Baker Island Bangladesh Barbados Bassas da India Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Clipperton Island Cocos Islands Colombia Comoros Cook Islands Coral Sea Islands Costa Rica Cote d'Ivoire Croatia Cuba Cyprus Czech Republic Denmark Democratic Republic of the Congo Djibouti Dominica Dominican Republic East Timor Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europa Island Falkland Islands (Islas Malvinas) Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern and Antarctic Lands Gabon Gambia Gaza Strip Georgia Germany Ghana Gibraltar Glorioso Islands Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong Howland Island Hungary Iceland India Indian Ocean Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Jan Mayen Japan Jarvis Island Jersey Johnston Atoll Jordan Juan de Nova Island Kazakhstan Kenya Kingman Reef Kiribati Kerguelen Archipelago Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar Namibia Nauru Navassa Island Nepal Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea Northern Mariana Islands Norway Oman Pacific Ocean Pakistan Palau Palmyra Atoll Panama Papua New Guinea Paracel Islands Paraguay Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Reunion Republic of the Congo Romania Russia Rwanda Saint Helena Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Spratly Islands Sri Lanka Sudan Suriname Svalbard Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Togo Tokelau Tonga Trinidad and Tobago Tromelin Island Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom USA Uruguay Uzbekistan Vanuatu Venezuela Viet Nam Virgin Islands Wake Island Wallis and Futuna West Bank Western Sahara Yemen Yugoslavia Zambia Zimbabwe Ratings (the higher the better) Broker Rating Rate it Scam 1 2 3 4 5 Comments:     Please enter the security code. Add new review Reviews Feed February PROMOTION Learn more. FOREX JUSTICE SPOTLIGHT ARTICLE   Read more. Company response We have not received a comment or response from this company. User reviews 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 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