bitcoin scam

robmac2012

Hi , im new to this so apologies if im on the wrong forum! i recently invested in a company called XtraderFX who deal in bitcoin or that is what i thought but i basically have been conned into losing £2000 , i have reported this to the fraud dept but got absolutely no help whatsoever! So i am basically asking for any ideasfrom anyone as to what i can do if anything to at least try to stop these con artists from taking decent peoples hard earned savings , any advice would be gratefully apreciated

parking_question_chap

Can you just clarify what you paid the £2000 for and why you will not get it back? Were you investing in the company, bitcoin or taking a long/short position?

masonic

Are they actually doing something illegal or are they just letting people lose their money speculating on bitcoin? If you've reported to actionfraud then there isn't much else you can do.
Edit: FCA already seems to be aware of this firm: https://www.fca.org.uk/news/warnings/xtraderfx

People who speculate on bitcoin are very likely to lose their money anyway.

Aretnap

I'm tempted to say that the thread title is tautology....

Company has a single director resident in Bulgaria. Only accounts file in 2017 show 100EUR in the bank. I imagine there isn't much more in the now. I'm afraid your chances of getting your money back are very slim.

fwor

Their current website doesn't seem to let you see any Terms and Conditions - in fact all it seems to let you do is send them your contact details.

But a quick internet search suggests that they use the "classic", much copied method of depriving customers of their money: Give them "bonus" funds (that the customer didn't ask for) and set restrictions on how money can be withdrawn - in practice these restrictions can never be met, so every customer eventually loses all their money.

As already said, their T&Cs are not visible on their website, but previous reviewers have reported one of the terms as:

"In order to withdraw your funds, you will be required to execute a minimum trading volume of: the bonus you received, times the leverage, times 40 (Bonus x Leverage x 40)"

Often other rules will be set that state that each time you make a loss, this will be taken from your "real" funds before the "bonus" funds. The end result will always be that the customer ends up with only "bonus" funds in their account, which they cannot withdraw.

Elika0215

All I can think of to save others making the same mistake is post on as many forums and (if there are any) review sites as possible. Make sure you put in as much information as possible so others can find your posts using search-engines.

masonic

Elika0215 wrote: »

All I can think of to save others making the same mistake is post on as many forums and (if there are any) review sites as possible. Make sure you put in as much information as possible so others can find your posts using search-engines.

I don't think that sort of thing is very effective. If you do a Google search for "xtraderfx", the second hit is the FCA's warning page. Created in July last year. That ought to have done the trick for anyone not jumping in with both feet.

ExremelyCautiousSocialist

robmac2012 wrote: »

Hi , im new to this so apologies if im on the wrong forum! i recently invested in a company called XtraderFX

masonic wrote: »

People who speculate on bitcoin are very likely to lose their money anyway.

Not your keys, not your bitcoin.

https://www.youtube.com/watch?v=gB4wrX2iICA