Dear traders, after discussions and email exchanges of other victims, we pieced together how XCFD runs their fraud schemes.
Their business model is to bet on retail traders losing money. They possibly don’t execute traders’ trades at all!!! So if a trader puts in 100 dollars as deposit and “loses” 80 and quits, they will only need to return 20 to this trader. And since they may have not made any execution of the trades, they are set to make 80 dollars straight. On the other hand, if a trader gains 20 from an initial deposit of 100, and asks to withdraw 120, they will find all excuses to negate the 20 gain, and return only 100 to that trader. I am the latter case.
This explains why the traders who made profit were never paid back more than the original deposits, and why the traders who lost money can relatively easily get their balance back (obviously minus an unreasonable transfer fee)…
A very nasty scheme! I would urge all victims to report to regulators to expose them and get them into jail asap!!!
Dear traders, I would like to update on my quest to get my money back through the “dispute resolution scheme” that XCFD is part of, and the result is very disappointing. XCFD is a member of the Financial Services Complaints Ltd (http://www.fscl.org.nz/). I filed my complaint with FSCL more than a month ago, and FSCL referred to me to an outsourced company called spinifexcs.com. I sent all the recorded evidence of XCFD frauds to Spinifexcs’s representative Josh, and awaited his actions. After one month’s waiting, when I asked him about progress. Josh replied to me “Are you not happy with the returning amount of the original deposit? How much more are you asking for?”.
This is appalling that such comment can be made!!! So traders, you shouldn’t expect any money more than your original deposit to be returned to you. The profits that you make from taking risks are not your money!!!
Then Josh went on and said that since I created this website to expose XCFD, I basically will never get my money back. This is “Silence of the Lambs”. You will only get part of your money back if you shut up and accept your fate as a victim.
Well, I admit that I had already expected this. XCDF changed its dispute resolution to fscl for a reason. FSCL and Spinifexcs are fully aware of the criminal activities XCDF is engaging in, but they would rather cooperate with XCDF and silence the victims. Should we call them an accomplice, or some “organisations placing priority on profit”?
Dear traders, I have received many complaints from traders all over the world confirming the criminal activities of this scam broker. I would like to make a suggestion to you, which should only take 15 mins of your time:
1) could you file a complaint to the Financial Markets Authority of New Zealand at https://www.fma.govt.nz/contact/make-a-complaint/
2) and then post your experience on these two very honest forex review websites http://www.forexpeacearmy.com/public/review/www.xcfd.com and http://www.earnforex.com/forex-brokers/xCFD.
I think this is really the best way to get these criminals’ scheme exposed and get them in custody. Prison should be their destiny.
I also have a bad experience with this broker. For the same reason I was atteacted by the low spreads they offer. Also I read that they had no rollover fees. It was on some commercial site, but this feature has now been removed. Happily I only put in 300 Euros.
The Rollover fees were outrageous. based on 50% on yearbases for the trade volume. Nothing was clear about it, but the loss amount was suddenly 40% higher than it should be. Then they suddenly stole money off my aaccount for no reasons. Every time I made a profit, the next day the money was gone. It went down and down and down. Eventually I just gave up.
Really I want this swindler company closed and the owners in Jail!
Dear traders, I have so far exposed XCFD in many genuine fx broker review websites. I found that http://www.fxempire.com/ is knowingly sponsoring XCFD by refusing to publish genuine user reviews. They rated XCFD 3.8/5, and put fraudulent and fake testimonies on the their website to mislead the fx traders. Never believe anything in this dishonest website and never go there again!
Traders that got cheated by XCFD: report their fraudulent activities to the following institutions!!!
– FSCL – www.fscl.org.nz (financial services complaints ltd) – This is the real dispute resolution scheme that XCFD is under, and you can file complaint to them to try to get your money back
– Financial Markets Authority of New Zealand – This is the main regulator of XCFD, and they replied to me, and they are investigating the company now. I need you and your friends to report to FMA so that they are aware that there are so many victims out there
– Malta Financial Services Authority (MFSA) – they are an EU based regulator overseeing Exante, the prime broker of XCFD. We should email MFSA through their website to stop Exante from supporting the illegal activities of XCFD
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.
Let the traders know about this
Greeting, I’m a trader from Indonesia
I want to share about xcfd
My worst experience is they charge me very big commission for my trade, more than 30k usd (after closing 8% margin used for xcfd) , whereas my deposit is only 1k usd, I got so big minus balance, I’m very shocked. They said it was an error but it took me a lot of communications with them. One month after that incident, I request withdrawal via skrill, but I need to upload document about proof of residence in second time. I need almost 2 weeks to get some of my money back.
Some of my friend has the same issues about their withdrawal, xcfd keep rejecting their request with nonsense reason, eg: document issues, trading volume, and Document translation.
One of my friend need 3 months to make his money back, and the other my friends still stuck in this broker.
This is the worst broker I ever deal with