Beware! XtraderFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
XtraderFX is basically a CFD broker, which is posing as a crypto exchange to take advantage of the huge interest in the crypto assets since the fall of 2017. XtraderFX, however, does not offer you to buy real crypto coins, but just to trade with crypto CFDs. Have in mind that there is a fundamental difference between buying an asset and betting on it with a Contract for Difference, as offered by XtraderFX.
XtraderFX regulation & safety of funds
GPAY Ltd., the company operating XtraderFX, says to be registered in the UK but does not mention anything about a license in their presentation. Have in mind that all companies providing financial services in the UK should hold a license by the local Financial Conduct Authority (FCA). After checking the FCA registers however, we were not been able to find any trace of XtraderFX and GPAY Ltd. there.
This means that XtraderFX is an unregulated broker – something which significantly decreases their credibility. Have in mind that regulation in the sector is the single most important factor for the security of any investment.
On the other hand traders investing with FCA brokers can feel safe about their money. FCA even runs a client compensation scheme according which, if a broker goes insolvent, traders can receive up to 50 000 GBP of their capital back.
XtraderFX deposit/withdrawal methods and fees
You can fund your account at XtraderFX both with Bitcoins as well as fiat currencies. Payment methods include major credit cards like VISA and MasterCard and wire transfer. They do not accept however popular e-wallets like Skrill, Neteller and PayPal.
We should also note that we came across some rather unusual withdrawal conditions in the “Terms and Conditions” section of the broker’s website. For example, you will have to accumulate a minimum trading volume of at least “the bonus you received, times the leverage, times 40”, which can be quite a large number.
How does the scam work?
Among the many ways you can get scammed, here is how one of the most popular schemes runs:
You will happen to watch a rather impressive, professionally edited video, which will tell the story of a couple of ordinary people, just like you, who have become fabulously rich by investing on the forex or the crypto market. If you want more details, however, you will have to leave your phone and e-mail address, filling a simple registration form.
And than you will receive a call. The person you will be speaking to will sound very professionally – a “financial adviser” with a cutting edge financial company, who will suggest you to make a modest investment with them – just 200 or 250 USD and start making money right away.
After you make the investment your first couple of trades will go perfectly and soon the money in your account will double. (That will happen not because you are necessarily a financial genius, but simply because your account will be manipulated)
And than you will receive another call, this time from a “senior account manager”, who may say he or she is impressed by your trading performance, but will suggest that if you want to win really big, you will have to invest more – 10 000 USD for instance.
Chances are that you will agree and than at first everything will seem fine – you will continue to “make money”, your senior account adviser will suggest not to miss an opportunity of a lifetime and to invest even more and everything will go smoothly until you decide to withdraw some money.
Than you will be explained why this can not happen – some obscure clause in the Terms and Conditions about a minimum trade volume requirement, or they will ask you that you first pay an account maintenance fee, which by the way may happen to be considerable.
And finally you will have to provide them with copies of your ID and a proof of address document (your electricity bill for example). This will be another condition for a withdraw, because of the anti-money laundering regulations, they will tell you. The truth, however, is that if you file for a charge back with your credit card provider, the scammers will have a much stronger case, if you have provided them with your personal information voluntarily.
Finally some scammer may even try to trick you to install a Team Viewer, so that they may help you with the installation of the trading software and with the funding of your account. If you agree to that you may be sure that they will copy your credit card number and will still money directly form your credit card.
What to do if scammed?
Unfortunately, if you are not aware of the existence of such criminal schemes you may easily fall victim to scammers. In such a case you should immediately file for a charge back with your credit card company or your bank. Beware that this could be done only within a 6 month period.
Also, if you have provided the scammers with any financial information or you have allowed them to access your computer via Team Viewer, block your credit card immediately and change the password for your online banking service.
Finally if you have lost money to scammers do not seek the service of the so called “Recovery Agencies” This is just a waste of more money, as they will simply make you pay them upfront and that will be all.
NICK CROWE
Wish I had read this before I started using them, I have been utterly fleeced they used pressure, they even manipulated the charts to make it appear that your trades were failing to get you to deposit more funds to support them …professional scammers
Paul Vincent
Have you been contacted by any companies claims to repay you
Jenny
Same I wish I had read this before I started to fall in their trap. I was grieving and did not realise what I was getting myself into and lost a lot of money.
Chris
Set up an account with a £300 deposit, just didn’t feel right so I applied to close the account, used a credit card as not to give my bank account details, inform the bank and file for a charge back, I’ll have to forget the £300 and cancel the card
Kirsty M
Exactly what I have done. When I immediately put in a withdrawal request, some bloke called George called me basically having a go at me for ‘wasting their time’ and’this is what you women do – change your minds all the time’. I went mad at him telling him to not be so rude and sexist and he hung up. Now everytime I call, I am in a queue and never seem to get past the ‘you are next in line’ point. Credit card company won’t do charge back as it’s deemed as betting but have advised meto report them to the police for action fraud. So I have today emailed every email address I can find for them notifying them that if I do not get my deposit back immediately,I am reporting them. I would suggest as many peopledo this as possible – they shouldn’t get away with this.
Dorothy
I fall in the same trap started with £300 and they kept on calling me to add more funds telling me about black Friday deals which never matured.
Vicky
I too wish I had read this. If it is too good to be true it is! Why did I not listen to myself. So glad I used credit card and had not sent all my personal details as requested.
Some how it did just not feel right. Have cancelled my card and will ask for refund, if possible.
Geoffrey Watson
I responded to the article on how impressed the Dragons Den team were. I used the link in the article to set up an account and make a deposit of £500.
I was contacted by senior broker, Sam Willis, who confused me with his investment speak. I be became suspicious when he asked for card details again and got quite aggressive when I challenged him.I terminated the call. I rang my bank to cancel the transaction which had been done less than an hour before. They said they could not cancel and I would have to contact Xtrader. They mentioned nothing about “charge back” you advise to do in your article.
JAMES HOPE
i also looked at the advert and no sooner had I done so than I received a phone call from a young lady who gave me the “hard sell” and I agreed to invest £250 . I was then passed to another lady who said she was a senior analyst. She then said she would invest £200 of the money immediately and that I would be able to see how profitable it was.She then invested the £200 and said she would contact me the following morning to show me how to close position. She did not do so and when I logged on I found that both my investments had closed and the only money remaining in the account was less than £50 as they had taken over £50 9n four lots of fees. In the meantime my bank had contacted me to query a transaction of £266.33 which had been claimed by another binary company within 2 minutes of xtraderfx taking the deposit out. I told them I had not and so they stopped the payment and said my account had been compromised so they closed the account and opened a new one for me, I then checked my account and found that XTRADERFX had actually taken £300 out of my account rather than the agreed £250 . I tried to close my account with XTRADERFX but the system would not let me. They also would not speak to me or answer any e mails so I have taken the owner of the company Mr Georg Komisarov of GPAY LTD to court and have won judgement against them for £325 and have now applied to Barclaycard to claim this money back from XTRADERFx. I have also reported them to the FCA and to the Fraud Squad, I urge everyone who has been scammed by them to apply online to MONEYCLAIM for a judge=ment against them and also report them to both the FCA and the Fraud Squad.
Georgina Ann Genade
They also scammed me. Jeff Petersen convinced me to use my credit card and they took R14 000 and promised within 2 weeks I will get my credit card money back. At first the trading was good than when I wanted to withdraw, their feedback was I am busy with trades and cannot withdraw. They told me that if the one trade closes at 3000 euros, I would get my money back, they will refund me. Which never happend. Than a new manager Dered Jones phoned me, said Jeff too busy, he will help me, his trades just went bad,than he phoned me telling me I must fund the account, I than stopped the trade, he phoned back convinced me to place the same trade, which also did not go well. Than on the weekend 15/09/18 I couldnt go on the platform because they were upgrading. I send them emails and on the 18/ 09 / 2018 there was no trades that I could see, balance was 2650.56 euros and Equity 3269.33 and balance 3269.33. Week later they said I have lost everything???? Than a new manager phoned me Vince Tenio told him what happened, but he was talking too much, I told him they must refund me, than he asked for my credit card details, gave it to him, because he said they will refund me by the end of the week, without my concent he withdraw money out of my account, I immediately send him emails, never got feedback, reported this to my bank, week later he phones and convinced me to trade, lost all that money, reported him to his big bosses, they also wanted more money, said I want to close my account, but he will sort something out for me to refund me, they want to payback R 1300 after I have lost R24 000 and they need my ID, proof of adress, went on the platform, they just closed it without letting me know about it, but I will be taking matters further. The are big time scammers and I am done with them
Veena
Has anybody got money back from Xtraderfx? I have lost £17300. I gave my debit card detail for then me to put money back but they took £15000 from my account. Yesterday man called Alexander allegedly tried to put £ 10450 to Debit card but it was not approved by their finance dept as they called it bonus which it was not. I have informed mu bank but fraud department was not helpful.
What to do feel like a fool old lady.
NB
I too have been a victim of fraud by this scandulous company and have lost £14300. I have been subjected to bullying, stress, pressurised, patronised and manipulated. PLEASE STAY AWAY FROM XTRADERFX. BEWARE OF THE NAME MIKE ZOSS! The hole trading platform is rigged. I am currently in dispute and will see it through the end. I will contact action fraud and crimestoppers and will continue to report XTRADER on every scam site!
Stuart
I have recently been scammed of £300 by this Mike Zoss.
I have just emailed him to give me a call so that basically I can let the conning theaving bastard know that I’m onto him and that I have had to terminate my account which I have had for a great number of years and which is most frustrating.
I will be informing the polce and fraud squad. I only wish I had seen these reviews before I managed to be a complete Dick and allowed myself to fall for there con which I’m normally very sceptical about this type of thing.
Avoid these bastards at all costs.
cynthia
I hope I have read this before. I feel so scared now coz I invested my money.I thought i will be earning too.
Colleen Fisher
i joined yesterday with 300 pounds from my credit card, what should i do..i have not started trading?
Della
I opened an account with xtraderfx today got 2 phone calls ended up speaking to 3 different men Alex. Sam Willis and Tony Jones.
Sam kept telling me that I had increase my deposit after constantly telling him I couldn’t afford to pay more he then passed me to Tony who rabbit Ed away then said he was going to request £5000.00 I told I hadn’t got that sort of money. The phone went silent the it was Sam again by the time I was having paulpatations and almost having a panic attack he ended the call saying he’d ring me again on Monday.
So thanks to them I’ve only £50ish for the next 2 weeks
I called my bank and cancelled my card and Internet banking as Sam used @nydesk download and took control of my laptop romotely.
So not only been scammed but I’ve now got to get my laptop Checked as he could’ve put any virus or tap into Mt online banking b**stards. So close to Christmas too.
I wish everyone luck in getting their money back.
Hope you have good Christmas too.
Regards Del.
Marco
Garbage, Garbage Garbage. AVOID AT ALL COSTS.
Stupidly I was duped in to giving them £300. The same day I read the reviews and thought ‘****’ so put a request in to withdraw the investment immediately. Well, it took forever. Calls, emails, excuses, and excuses. Eventually the money got paid back but on £280!
kittycat
Hi Marco, did you give them your ID and card details as they requested for withdrawing? I want my money back but worried if I give them the documents they asked for they will get hold of my details and using my credit card.
Craig young
Iwould like to know the answer to this as well.
Alan
Yes I was scammed to I put £500 pound in tried to withdraw account I was asked for credi card number thinking it was to put money back into my account they they took out another £1000 and another £500 with out my permission now I can not get in touch with them I will report this to the fraud squad and police
Alan
Since posting a comment on xtraderfx I must be very lucky I eventuly got in touch with them on there support app sent them a massage and low and be hold all of my money was paid back onto my credit card less £20 quid I guess this was for admin on the whole I feel very very lucky after reading reviews on this company hope other people has a good result may be I threatened to go on face book and twitter
A fuller
I have been conned of a considerable amount of money it all was a complete: lScamfrom ex-trader Fx do not put any money into it at all l alan
Keith
How/Why does such high profile names such as the Dragons Den panel and Martin Lewis appear to raise the profile of these unscrupulous people? I was relatively ‘LUCKY’.
On the obvious advice of DONT PUT GOOD MONEY AFTER BAD I’m not going to provide any more details than I already given,having pissed off the advisor on the phone that I didn’t want to do any more than dip-my-toe!(Normally fast talking young men on a mission to make as much money asap as quickly as possible.At my age I should have known better…Theres no fool like an old fool! This must be the latest TIME-SHARE,I’d reckon thats still pulling in the mugs too eh?
Michaela
Do not invest because I was scammed amount £5800..in the name of Donny Newman.do not accept their calls.
Diz
Do not trade with this company, it is a scam operation, they steal your money. You will never get a dollar of your money back from these criminals.
Ben Walsh is a crook who belongs in prison.
Chris
Do not deal with Xtraderfx (Gpay ltd) they close your trader and lose your money. Your bank will need information of xtrade terms and conditions to try and charge back.
Jussi
Here in Finland same thing happens. Fake news about Finnish Dragon Den invested to this bitcoin code. From link opened xtraderfx.com page. After signing you get couple phone calls from these cock suckers. If you invest money you never see those money again. Beware do not pay nothing or give any personal details for them.
Irena
Glad I saw it, and as the web browser did not work which delayed my payments to them. And then they keep calling me which made me suspicious. Cancelled my card and will not take their calls any further.
Harald
Hello all,
had a similar experience with XTraderFX, it took me 10 Days and endless Call´s to get my money back, at least. Best thing was, i need to have at least 10.000 EUR in my account to get remittance back. As per their rule they cannot transfer smaller amount´s. So they kindly ask me to transfer additional money (to rech 10k) and then they will transfer the full amount back, hahahahaha. Is somebody really that stupid, can´t believe.
In general: Anoying Service and multiple different caller´s from XtraderFX and blablablabla´s, email and phone call bombardments.
At the end of the day to me it looks like a “Stratton Oakmont/Wolf of Wall Street” kind of a company and i am done with them.
Dorothy
I was scammed as well same Company. Different guys used to call me and put me under pressure . 2 ladies were rude telling me if you don’t want to put in more money you are going to loose your money . Only to check when they had removed it. A guy by the names of Zacharia from Cyprus . I wish l had read this .
Aga
I wish I read this earlier as well. Zacharia contacted with me as well and finally disappeared 28th of January.
Mahmoud Saad
Be careful to use this company, My account manager assigned to me her name is Alex Baker, she started so nice and convinced me to add 300 Euro, then add another 1000 euro and I mentioned I need to trade on low risk and no problem with low profit rather than be on high risk. We started to get profit 50 Euro, 60 Euro 100 Euro and then she called me and mentioned there is a signal on one of the commodities and she asked me to trade with 1200 Euro and this position to keep open without any stop loss. The position started to get lost until I’m almost going to lose my money, she called me and asked to add more money otherwise will lose my money, I told her I will not add more money, then she mentioned we will support you with 500 Euro, I only need to say I agree and there as the disaster, after that I lost 1000 Euro from my balance and I tried to withdraw the remaining and she said to be able to withdraw you have to trade with the 500 Euro min 40 times. Which is impossible to do that in a short time and you might lose all your money before you reach 10 tradings.
Anyway, my opinion with this company they are liars and cheaters don’t even try to open an account with them.
Lars
There is a class action going on against XtraderFX and part of the leadership is in custody in Austria. You can get information on EFRI.com about the case.
Cristina Penedo
I have been scammed by Mike Zoss and the xTraderfx of approx $21,000 AUD I wish I had read this before!! now my 6 months have expired to claim from my credit card.
PLEASE don’t fall for this scam I was trying to leave some funds for my grand kids when I depart but… now is toolate. I know that God will avenge me.