16 reviews of XForex are presented here. All reviews represent only their author's opinion, which is not necessarily based on the real facts.
Xforex introduced me to Forex. I got easily persuaded. I was nott accorded the promised training. I did it on my own which expectedly caused me losses. I've got calls though when they saw i put addtl deposit, and tried to convince me to deposit more to make my account premium. As i did not get the support i expected, i'm now in search of a better broker. In fairness, though, i dont think i is a scammer. It indeed gives bonus. Ive got 20 as a welcome and got addtl 40 for investing more, but only after reaching the required points, which is fair enough. Ive got my withdrawal approved easily but it hasnt reached me yet. This is the 4th day. Im still waiting. Anyway, it is stipulated in their site that wthdrawals take 3 to 5 days, and may also be delayed for up to 3 mos. I just hope it wont take that long.
they re-quotes all pending orders ,
They are said the accounts are not re-quotes. But, the pending orders opened with re-quotes in the name of started/gap. ie. the buy stop orders were opened with higher price and sell stop orders quoted opened with lower price from the quoted price. Also sell limit orders opened with lower price and buy limit orders were opened in higher price. It causing the profit and give loss to the traders. This is one type of cheating with re-quotes.
-during news volatility ,they stop your earned position not your on limited pips ,not your take profit order ,no reply for any complain at all ,i made many c/o for the broker customer service and infomed account manager ,not replied for any one.
i am still has active acount at this broker ,and i am willing to close it if my c/o not solved .
Sorry for my English, I'm French, but I wanted to testify against XFOREX which are just robbers and liars. 2 years ago I lost 85 000 € (that I put) + 44 000 € that I generated in 4 months, unless I was completly new in this matter.
The screen of my computer was trembling, or stopping, or getting black, and I was very bad trained. They didn't tell me that you could open only 20 lines and I had been blocked, just because I could not open some more lines, and was obliged to look at my account going down.
I could tell the story more deeply, but I just would like to tell you to escape far away from this firm, that has furthermore a very complicated legal status, and if, by any chance some of you that have been tricked by XFOREX want to sue them with me, the more we will be, the more it will have chance to get to a positive and just repair.
The only problem is that I have search for a Layer specialised in Trading in France, and that I fount no. In fact they play with the fact that the market of the trading has no rules or laws for the moment, and that no one can sue them. The problem also is to know where (in France where I'm trading, in Cyprus where the traders of XFOREX are located or in Australia where they have their main office ?).
Since then, I've been contacted at least 3 times by XFOREX to put money again and to trade again, and I rejected them.
If anyone has any idea of blocking them, please leave a message.
i was pretty stupid to pay 1000 dollars just because they told me that they will give me additional 50% ($500) of the amount for trading and DID not research all those SCAM reviews about XFOREX. they sweet talked me and give all those bullshit about trading and the benefits of using xforex. the stock market is also being controlled and is NOT real. they will make u lose money slowly but steadily. I tried to withdraw all the amount of my money while i still can, but now i cannot login to my xforex account anymore. I urge to all who is enticed about xforex. Please, PLEASE select other platform out there. A couple of bad reviews is still ok but you can find TONS of bad reviews out there. Save your money and dont make the same mistakes like we did.
Xforex is a scam and the account manager always sweet talk that you can make easy money thru forex and this is not true. Also, they likes to delay your withdrawal request and persuade you to change your mind to continue trading . This company defintely is a scam and my sincere advise is not to deposit any money into it. Else, the money is one way ticket.
I also lost $5000 in xforex.com! i paid these guys $5000 and in return i have $0 in my account currently. they also open our accounts when we are offline and trade with our money! i actually don't think they even use real market values!
this is a genuie company the company being scam is bull shit i was given a traning for almost 45 mins every question of mine was answered by a account manager i am a vip client i get special services
if you follow the with drawal procedure correctly you get your money on time i made some losses its true but compared to my pofits my loss was very low i was updated with every change in market by my account manager as well by sms and emails for withdrawal the 3 main documents has to be submitted any mistake in documents the with drawal is rejected it is for the clients security so no one can claim the money except the client every email of mine was replied and being called back any way like any market its risky if your investing you should be aware that losses would be natural but you have to make an effort use your brain to recover the loss .
MORAL OF THE STORY - IF YOU DONT HAVE THE BALLS TO HANDLE THE RISK OF THE MARKET DONT ENTER .
JUST BECAUSE 1 PERSON HAD A BAD EXPERINCE BEACAUSE OF HIS STUPIDITY DOESNT MEAN THE COMPANY IS BAD
IF YOU DONT KNOW HOW TO DRIVE AND YOU HAVE A ACCIDENT YOU CANT BALME THE CAR SIMPLE AS THAT :-)
hope i get what u all told..i think its like "too good to be true".things..i think its a scam..why the account manager is desperate for me to deposit money.thank god i read this review.thanks guys..
It depends upon your intellect, even I got 20% bonus :)
I was a victim of fraud committed by one of the Forex Companies called XForex which I think it is 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:
Here is another link for another document:
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.
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 $10,000 but I was not awarded the services of the VIPs because I came to know that I should have been using another downloadable application with more benefits such as discounts in the spreads. I also came to know that my Account Manager has the experience for managing small accounts not VIPs.
6- Other Factors About Xforex:
- The AMF (the French Financial Market Authority) warning from investing with Xforex issued by the AMF as shown at the following link:
Here is another link for another document:
In addition to the confirmation of AMF Warning received personally.
- Doubts about the Account Manager to not be authorized by the Financial Authorities
XForex does not take US customer however I did trade on a demo account with them some time ago and I was impressed.... its a shame I'm not able to actually check these guys out.
They are SCAM. They only want you to deposit. Dont try them. And they dont pay the free 50$ Bonus. SCAMMERS
This website is a scam and I would not recommend it to any one. They will chase you to take your money and give you 1000 reasons for not returning them. I'm still chasing them for my money both the principle amount and my profits despite my earlier unsuccessful events. I'll keep you posted with the latest as it unveils
This company is great... they gave me a bonus when i was in training... they did a very good training for me which means they have a very good service.
They have "Trading Expoers" department - which are very very good... made me 600% o my money..