Few days after I signed up, somebody with unknown number with unknown area code (obviously non-local because it is NOT +63) call to me. I answered it and the girl on the other line is looking for me. She explained to me what is forex, why should I have to deposit, amount I have to invest, and many more. I believe what she said because it really makes sense: Currencies change every minute and every second, so where do the discrepancies or the residues come when sudden changes happen? I told her finally that I still have to think of it and for that time, I do not have money yet.
I made series of searches regarding foreign exchange and brokers. I also searched reviews regarding XForex. Some are positive blogs, some are not. Most comments are negative about the broker. I believe before that XForex is really a legitimate broker because of their licence, cartifications, and you yourself can even realize how this is proven to be legitimate by browsing their sites, terms and conditions, and platform.
A week after, she call to me again and confirm if I am already decided to deposit. I admit that foreign exchange sounds good to me after I conducted lots of searches about it. It's a win or lose. I told her that I got interested to forex. Since she is assisting me, I will go for XForex even if I found other broker better. I used to choose XForex because of their good assistance. I told the call center girl that I would be having money by the end of that month and after I got the money, I would immediately deposit to the broker.
To cut the long story short, by the end of the month and I already had money to deposit, I made it to activate my account. Actually I am not the one who activated it. I am out of my house when the 'account manager' call to me and ask the details of my credit card to activate my account. Seems that they can't wait for me to be at home to do it my self. They want assurance but it's okay for me that time.
I was so excited to be at home to check my account. I emailed my account manager that I am ready to start. She call to me again and explained general information about how the trading goes and also, she told me how to log into the demo account they are providing so I can practice trading.
I worked for the demo account for 3 days. I learned how to open and close trading but it doesn't help me to have good trades at all. I can't even see charts on the main page; only digits that you have to remember if the value decrease, 'sell and buy' and if the value increase, 'buy and sell.' Those I think are guide that are so vague. The account manager doesn't even told me how to use chart in order for me not to have hard time on looking into various digits that are usually and ''actually' increase and decrease anytime.
I frightened to use my balance for trading because in the demo account they gave, the balance there is $5000 and after a day my equity lies from $4840-$4910 after I opened 3-4 trades and closed 2 out of it.
Oftentimes, they'll tell you, "You can earn money from it, every time you are trading, there are profits. The time is running, you might have earning this very minute. Don't waste your time." Well, I got tired on playing with fake money by the demo account they gave me. I want to trade to make profits. I open a trade with one of the currency pair available. It is a popular that made good profits by the demo account. There, I discovered that a single trade costs almost $42 and above. I simply realized that when I am using my real account, at first, I have to concentrate on one trade and I have to win from in order to gain more capital. THEY NEVER TOLD THIS TO ME BEFORE.
After few minutes I look at the P/L and the floating amount is red(-$23). I cursed. Very bad sign for first real trade. I choose to calm and hope that the status might change the next hours.
I opened it the next two hours. I first look at the total P/L (0). I thought the status is in neutral level but as I see the 'opened positions' there's no entity there. The margin reached it's critical level so the trade has automatically closed.
That's it. Money sold for just two hours.
CONCLUSION:
XForex is NOT a scam. I am not rebellious and arrogant person to disparage the broker because of just what had happened. I am an open-minded and I believe God has purpose of everything. I learned how forex trading and brokers are so RISKY MORE THAN YOU ARE EXPECTING. I also believe that they are allowing people to withdraw the balance if you wish not to trade but it takes 30 days or more. But THEY DO REFUNDS.
Another, I recommend to spend time on reading every sites' RISK DISCLOSURE and TERMS AND CONDITIONS before anything else. I did that before depositing and I understand the important points of them.
I am not writing to recommend the broker. I think you had my point and I'm not writing to have you hate nor love this broker. I just want you to have an idea regarding to it.
RECOMMENDATION:
I would NOT be recommending ANY BROKER to you. I just want to give you an advice: if YOU ARE a NEWBIE in online forex trading and not familiar of what is broker, DO NOT ENTER TO THIS BROKER because it is a FULL GAMBLE if you do. I would suggest to start on brokers that is offering "NO-DEPOSIT BONUS."
Some are offering $30, $25, $10 bonus to those who would open new account from them. I hate myself not to discover this before entering XForex before. By having those bonus on your account, you can practice trading by a real money but 0% risk. Each brokers offering that no-deposit bonus has their own terms and conditions on how you can withdraw profits and that bonus.
I recommend that you also download e-books or watch video tutorials about forex trading. You can also download forex signal-generating applications and test them with the bonus you acquired so you can determine which forex signal application you should rely unto.
XForex is a legitimate broker but not suitable for newbies.
THANK YOU FOR READING MY REVIEW! God bless!
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