How Xtrade scammed me
My name is George Adrian and on 17/06/2016 i opened a position in my trading account in XTRADE of 150 contracts ($150 per pip value) on german 30 index at price 9700 .
Today the price on german 30 (german index )was moving from 9950 to 9980. The spread on german 30 between the buy price and the selling price is always 2 -3.At this point i was winning 250 pips(points) ×150$ per point=$ 40.000.
Xtrade increased the spread in my account from 2 pips to 350 pips so i had only $ 10.000.
They increased the spread of german 30 only in my account, the rest of the accounts was 2 pips. I can provide you with a screenshot of the other account.
I spoke to my account manager Rossana and she told me that it was a mistake of the company and that they will try to fix the problem within 20 minutes.
After one hour the problem wasn’t solved. I called again the company asking to talk to my account manager and they were telling me that she was busy . Then somebody else answered the phone and told me that they have decided that my profit will remain at $10 000.
After that they decide to block my account and l couldn’t log in so i emailed the compliance@xtrade.com to close my position at the price 9980 and the time was 15:28.
I decided to go to the company to see what is happening with my account and met a man named Alex who told me that tomorrow they will check my account to see exactly what the problem is and why they closed my trades at price 9950 with the spread of 350 pips.
I am asking to get paid all my profits at the price that i have sent them the email.
They changed the spreads in order for me to have less profit. I can prove this because a friend of mine as i mentioned above loged in the same time with me and the spreads in his account on german 30 was 3 pips and in my account was 350 pips.
I have also pictures and videos that proves what i am saying.
The first thing i did after 20th of June i report my complaint to the police. They rejected it the same second and they kindly asked me to inform the financial crime police in Cyprus. They also rejected it because they said that for forex financial fraud CYSEC is responsible.
Next day i called Cysec to file my complaint and I’ve got rejected again.The reason is that Cysec does not accept complaints from individual traders!
They also kindly asked me to file my complaint to the financial Ombudsman which i did.
Cysec representative told me that CYSEC organization and Ombudsman are NOT connected.
They explained me that Ombudsman solves issues individually . Cysec has nothing to do with their decision.
I asked them as a regulator what protection they are giving me and the answer is none at all. Only if a broker shuts down i am allowed a maximum return of 20000 euro.
Cysec also informed me that even if the Ombudsman requests that i get paid THE BROKER can reject the decision.
That means 7 years in the court.
After all this i filed my complaint to the Ombudsman. They should have replied in the first 3 days but 21 days already passed without any news…..
This is why i decided to start a hunger strike in front of the XTrade offices, in hopes that i can get my profits back.
Some news websites in Cyprus have already published about my hunger strike. You can see one example here : http://financefeeds.com/exclusive-angry-x-trade-customers-arrive-in-cyprus-commence-hunger-strike-and-media-campaign-alleging-manipulation-and-theft-of-funds/
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