4 reviews of xCFD are presented here. All reviews represent only their author's opinion, which is not necessarily based on the real facts.
opened a real a/c with them last dec.with 100$ made 4000$ by 8th jan.withdrew 100$ and it took like 3 days thru skrill. my a/c reached 6500$ by 15th withdrew 1000$ but had to wait like 6 days.only thing wrong i can say with them is customer service takes too long to respond when you contact them thru email, other than that am cool with them for now.had read nasty reviews about them and i had given up by the 5th day for the 1000$ but i think we shud be just be patient with em. i hope this helps
About FSCL, My friend was already sent an email complain about xcfd, but I don’t know the progress yet, last thing I know is they didn't get reply yet
Xcfd has a nonsense rule about refund (on the bottom link at withdrawal page), if the client want to make withdrawal request but the account has insufficient trading activity, they force to increase the trading activity till fullfiled, but what make it nonsense? They didn't show how much the minimum trading volume to make withdrawal on the agreement page.
Xcfd keep rejecting my friend's withdrawal, they force to increase the trading activity first. That’s very unfair because some of my friend can make withdrawal even if they are have no trading activity.
I have so many friend who trade on xcfd, they chose this broker from an IB, and now the IB disappeared.
One of my friends gave up due to this withdrawal rejection, so he decide to close account although he didn't get his money back, but magically the broker had to refund the account balance first before they close the client account, sounds funny right?
The withdrawal is on progress, but the money didn't arrive yet. Need 10 working days they said.
About rollover, they charge my balance on my first month, the second month I change into Islamic account, so I don’t get rollover fees daily, its only commission per trade.
Here my experiences with this broker, I hope we will never meet a broker like this anymore.
My friends, I would like to share with my complete experience with XCFD, so far the most stunningly fraudulent forex and CFD broker I have ever encountered. After I deposited USD15,000 with them, I made USD3,532 profit on the market by taking risks, and when I found their service substandard and asked to withdraw my money, they embezzled around USD3,335 of my fund through fraudulent and excessive financial and wire transfer charges.
I have recorded all the transactions and interactions with this scam broker, and I am sharing them on the website http://www.xcfd-fraud.com/wordpress/ . You will find a full chronicle of the events and how they embezzled clients’ fund, and evidence and documentation of their actions in this website.
Below is a chronicle of what happened:
2015-02-06 - I got to know the broker through fxstreet.com (I don't know why a reputable website such as fxstreet.com would put this broker on their site, but I noticed that fxstreet.com no longer recommend his broker any more), and was attracted by its seemingly extremely tight spread of 0.3-0.5 pips. So I registered with them, and they gave me USD30 as a "test fund" on the account (note that you will never be able to withdraw this test fund or any profit from it).
2015-02-13 - after a few days' test, I thoughts the trades were fairly executed at tight spread, and transferred USD5000 to them. They gave me a so-call bonus of USD2500 (fund you will never be able to withdraw, so effectively to further increase your leverage).
2015-02-19 - I deposited another USD5000
2015-02-24 - I deposited a third USD5000. So far my total deposit reached USD15,000. On the same day, I experienced a strange slippage of a trade: when I clicked on the sell button, the trade was executed 4 pips below market price. I was very surprised and asked my relationship manager Olga Laudama. Her response was this "at that time the market ran into low liquidity due to high volatility, as a result market execution was done by a different price to fill the order. basically that also means that market execution can't guarantee the price."
2015-02-25 - Alarmed by this incident, I tried to execute another trade as a test -- again, 4pips slippage with no explanation. The price my trade was executed was not shown on the price chart at all as if it didn't happen. I realized this is a way for them to make money - steal a few pips on most of the trades here and there. So I requested to withdraw my fund, but my withdrawal request was denied immediately!! This got me really nervous... In addition, I found out that they charge over 4% bank wire fee on all withdrawals! I needed to pay over USD700 for returning my balance of around USD18,532 (cash, excluding their USD2,500). So I put in a request to withdraw through Skill with a lower charge rate.
2015-02-25 - this is the best part of it: the moment they saw that I wanted to pull my money out, they charged me a rollover charge of USD497.11. Before this, the rollover charge was less than USD1 on my trades. When I called their helpline, the man on the other end told me that they do charge client according to "liquidity market conditions", and the interest rate they charge is 20-30%, not on the capital amount, but on the notional amount of the trade. So If I use a 200x leverage, and my margin is USD1000, they will charge me USD111 to USD167 per day. I couldn't believe what I heard, and I just asked them to return on my fund back.
2015-02-26 - as if they felt that they had been too nice to me, the next day, they charge me another rollover charge of USD2,240.95, again, by the same logic of "market conditions". I strongly protested to my relationship manager, and she said she would investigate and revert.
2015-03-05 - My relationship manager told me that there was a technical problem, and some of the rollover charge has been returned to my. I checked my account, two "error" lines appear in the transactions page at USD248.55 and USD1369.03. Well at least I got 50% of my money back. So I pressed the fund withdrawal request again.
2015-03-10 - My withdrawal request has been pending for over two weeks now since I first request. My relationship manager wrote to me that they would like to keep me as their client, and offered 1) to return 2 pips to me whenever there is a 4 pips slippage again, and 2) to return 50% of roller charge of what is a "normal charge". I couldn't believe that she was courageous enough to offer to embezzle my fund less to keep me. So I asked her to process my withdrawal request asap.
2015 -03-12 - the story gets exciting by the day - they reverted the 50% rollover error and charged me again for USD1,617.58. I looked at the transaction page, it was shown as "OTHER". Over the next few days, I kept calling their helpline and emailing Olga. Interestingly, Olga went on sick leave, and helpline told me that my withdrawal request couldn't be processed due to all sorts of reasons with no ETA.
2015-03-19 - this is a day of great relief, as finally they wired EUR5,000 back to my bank account. Note that it was not done through Skill, but through bank wire so that they can squeeze the last bit of my money with their excessive wire fee.
2015-03-26 - they wired me the second transfer of EUR5,000
2015-04-01 - they wired me the last transfer of EUR4,071. At an exchange rate of 1.08, I was returned roughly USD15,196, barely my original deposit of USD15,000. When I wrote to Olga about the rest of my money, she never replied.
I have uploaded all documented evidence to the website http://www.xcfd-fraud.com/wordpress/, so that please feel free to download for details of the email exchange and transaction records.
Traders be aware! XCFC commits serious financial frauds against their clients. I was attracted by their branded extremely tight spread and deposited USD15,000, which proved to be a huge mistake. They are a fraudulent organisation that aims to embezzle your fund through various means: #1, they execute your trades 50% of the time at 4 pips slippage away from the market; #2, when you want to you pull out your money, they will charge you 20-30% interest rate (swap rate) on the total amount of your last few trades. For example, I was charge USD3000 dollar financial charge on a USD600,000 trade for 2 days opening position; #3, they charge you 4% bank transfer fee on your withdrawal!; #4, they will make all excuses not to transfer your deposit back, at least not for a long time. It took me more than a month to get my original deposit back. Overall speaking, I deposited USD15,000 traded for 2 weeks, made c. USD3,600 profit, and paid them c. USD3000 financial charge + c. USD600 wire transfer charge, and I barely got my original USD15,000 deposit back.
I have documented all the embezzlement actions and transactions, and emails with their customer manager to prove the above, which I am very happy to share with you. Just send me an email at email@example.com. I have also reported all of these to their alleged New Zealand regulator, and am awaiting their response.