Kchandra ******* 16/12/2024
Suspicious platform of frauds with smart scam
I happened to see an AD in FB stating that invest 250 USD and earn million in a month I clicked and registered with Xpromarkets which is a brand name and broker of a SA company named Ukuchuma Financial Service pvt Ltd. I was interested to strengthen my financial position and involved from Sept 2023. One guide was attached to me as I did not know to operate the trade. At the beginning the trade was running well with higher profit and higher balance. The guide, however, was found to persuade for more investment again and again for quick earning of profit. They have a group of guides and change one after another pretending some urgent works. Every body followed the same style of operation and asked me to invest more and more. Withdrawal was never encouraged and rather opposed vehemently. During few months six guides were changed and observed loose and mismanagement of the CFD trades. Often selection of positions was on whims with less monitoring for which P/L, marginal levels and balance were adverse. This needed investment again. They threaten that if no more investment then the client will loose everything. Due to mishandling and less care my account was liquidated at 20 per cent of my ML which is lying with the company. I lost my hard earned money. Then another two guides came for recovery. It was the same style They.Pressed hard to invest more and more to recover. Opened positions left and right stayed away for months together and the trade did not improve. It was liquidated again at 20 per cent of ML. They never encouraged withdrawal. It was found that during the whole period of trading there was several approval of withdrawal, but they did not initiate. It is pending with the company undisolved. I repeatedly requested them several times for closure and settlement of the account. Till today there is no any response. Few days back one person from Gaza and another from Newzealand telephoned me for recovery of my loss capital. I felt surprise and when I cross questioned them then they disconnected the telephone. The role of Xpromarkets has become suspicious to me as if it is a group of frauds to lure innocent customers and loot their money. It needs justice so that hard earned money of people is not lost.

This is an extract of email feedback to the company:

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I am writing to officially communicate my feedback of the service rendered by the senior manager xxx. He has been advising me on the trading of US$ 30K invested into this account in the past two months. You will note that I have lost *all* this amount as of this week. I am communicating here what I consider a factual account of communications between us in the past two months. I can forward email evidence if this is required.

1. First, I must acknowledge his diligence in contacting me as soon my account was started and he made it a point to contact me almost every night either via email or call. To qualify, I am a totally new beginner when it comes to trading, so I did welcome his daily call to give me advice and recommendations.

2. He started by inviting me to trade in FOREX, which I found already a little stressful as I was not familiar with the different currencies and why buy/sell 'this' and not 'that'. On the whole he did direct me to learn from websites like investing.com to look at the daily recommendations and also to check for 'financial reports' that were to be announced each day. Mostly, he directed to buy in relatively small quantities, in different currencies such as US/CAN etc. It was an interesting start even though it was already quite stressful to watch the fluctuations every evening.

3. He very quickly suggested injecting more money so that I can have a wider margin to purchase GOLD, which he recommended at that time to be advantageous for me, to counteract the fluctuations in US dollar. (he repeatedly suggest that US dollars will be going downwards but this did not happen).

4. From $500, I was encourage to inject another $1000, and very soon it reached $10k. I understood and clarified with him from the start that I was only prepared to trade within the limit of $10K as I was quite happy with getting a return of 10-15%.

5. Unfortunately gold price went downhill in Sep-Oct, and if not for the Israel-Hamas war that started in 7 Oct, I would have actually lost the principal amount then already.

6. When the Israel-Hamas war started and gold price went up, there was a recoop of loss of earlier days. That was when he suggested that I should venture into OIL. As price he says can "go up 10 points" very quickly, so unfortunately for myself then (looking back), I trusted his recommendation since he cited that 'what happened in GOLD can happen in OIL'. I actually had to request for credit limit to achieve a further injection of 10K into the account.

7. While yes the oil did go out, the later days saw him prompting me to buy oil which unfortunately later started to slide. He then suggested that I should inject more money (at least 25K) so that I can buy into stocks of APPLE, MICROSOFT, because of the 'earning season' now. He repeatedly suggest that I can recoop my loss if I am willing to inject more money.

8. At this point, I was already very stressed out by the whole situation and nightly call/emails. I had repeatedly told him that I only have 20K to 'spare' in my bank and in fact I was hoping to withdraw some after getting some profits from the oil trading. He immediately told me to cancel the withdraw as my margin was not in a favourable position.

9. In the last week, I had to travel overseas for work. I was not able to monitor my account as closely and also he was not able to communicate with me as much. This was when OIL slided quite dramatically, and I tried to hold my position as long as I could with an additional 10K. He assured me that OIL will recover in one if not three days. This was obviously now I know a lie, looking back.

10. I have written my feedback to him as well. That I was disturbed particularly by two things:

I. That he introduced me to FOREX, GOLD and OIL so rapidly even though I have repeatedly told him I am not into trading for large gains in a short time. I am happy with small gains at the start and to hopefully see gradual gains over time.

Ii. That he did not respect my request to keep to the limit of what I am prepared to trade. And kept on encouraging me to trade and to just 'watch the margin' that it does not fall below 100%. He kept mentioning his clients were investing in the 100k of dollars in stocks.

I understand of course that it is advantageous to him that I trade regularly. But surely this should not be at the expense of my total loss of my principal amount invested in this? I am after all a beginner and to have such a bad experience from the start is really unfortunate.

I dont know how this feedback can help your company to improve on the services in future for very ordinary beginner person interested in trading. I hope it can be helpful, after such an expensive lesson learnt on my part. I was grateful that another person from the company called me the other day to check on my situation. I am not sure if she is genuinely wanting to help to salvage my losses. If so, I am for sure very grateful for the support. Till now, I am very traumatised by the whole experience. It affected my sleep for past two months and also concentration at work.

Thank you for your attention to this email.

Yyy

Good service.

Even single star is more for this…

I fell in to their pit by reading overall rating 4.1 on Google. It seems all good reviews are self posted. It is a good experience that we just should not believe good reviews at all. We personally judge ourselves before coming to any decision.

Even single star is more for this brokering company Xpro Markets. I would give negative stars to this brokering company. I only request customers to don't fall in to their pit from where you never going to getup.

They cheat the customers and steal our harden money. I was very suspicious about this company and tried investing a small amount. As expected the result and i loosed everything.

The below review is from other customer.

I had a terrible experience with this broker. Over just 28 days 24 June to 21 July l was encouraged by My manager Alexsy to increase my investment from 250 dollars to 7500 then to ******* dollars to ******* dollars and made ******* dollars floating profit by literally not sleeping for those 28 days but lost all ******* dollars at the end of the day! All of this investment was without ever mentioning availability of trainings, e-courses, demo accounts to guide me even though l made it clear l was new to trading! Even worse he was hardly available during the day and never after 4pm. Their helplines were never available at any time l tried to call them. All he was interested in was for me to invest more and more money so that they can make a profit and l foolishly went along in made to recover my investment of 7500 dollars after not being unable to meet a margin call not because l had no money but because their website did not accept my deposits! Yet their company went ahead to close my trades and make me lose my money which they then attributed to the market! However, they claim to offer 24 hour customer care assistance! They have a pattern of encouraging highly risky trades, no use of stop loss, not asking clients to cut their losses, rather allowing SWAP to accumulate, triple swap on Wednesdays (incidentally never mentioned to me before hand). It is now abundantly clear to me that their aim is to make a profit and what happens to the client is none of their business. At the time l lost the rest of the money in my account on the 21st of July 2022.

This is what exactly happened with me and i realized by not investing further and saved my self.

Date of experience: September 27,2022

客户服务非常专业，所以我会继续使用，因此我觉得我是一个值得赞赏的客户。...