I have been trading with 1xTrade for just almost a week. I went with them after FXalexG promoted it in his videos. Im a day trader mostly trading XAUUSD.
I had a pretty good last week made 53K but then lost around 20K, any ways my balans at the market close was around 35K, and I had 1 more trade left running over the weekend, usually don’t do that but since I made nice profit I took the risk.
On Saturday morning woke me up an email notification from 1xTrade, saying they took over 31K of my profits because:
“This notice is to inform you that a recent Risk & Compliance review identified trading activity on your account #648761 involving the opening of XAUUSD positions shortly before market close and their closure immediately after market reopening.
Our investigation determined that these trades benefited from abnormal price gaps and illiquid market conditions present at market reopen. Such activity is classified as prohibited under our trading policies.
As a result of this review:
• Profits generated from the identified trades have been revoked.
• No additional financial penalties have been applied at this time.
• Your account remains active; however, any repeated occurrence of similar trading behavior may result in further action, including account restrictions or termination.
As the affected amount was transferred across related accounts, trade corrections will be applied to the following account until the full amount in question has been fully compensated:
• Account #756230: 31,238.00
Total Adjusted Amount: 31,238.00
This measure has been implemented to ensure fair, orderly, and compliant trading conditions across all accounts.
Kind regards,
Risk & Compliance Team”
Well, never head anything like this, for once my 2 closest trades that don’t even fall nowhere near this category are opened at 30min before daily break, and closed 1 hour and 20 minutes afrer the hour daily brake. Now I don’t get it, how is that right before close and immediately after open……? They also charged me a swap fees for the trades!!!
They are set up as market maker, meaning that every trade you take, they place counter trade, so if you win they lose, and vice versa.
They are not licensed, and compliance department still haven’t wrote me back.
As a result, the trade that I had over the weekend, I lost 80% profit, because I did not want to close too soon after market opened, what a shame!
They respected my 1K withdrawal from the Feb 04, I just got it today on the 9th.
Overall they just make up some random excuse that does not even make sense to steal your money, highly recommend to steer away from them.
As a side note FxAlexG promotes another company LQH that does exactly the same, hes been linked to them as owner in Coffeezilla episode, its interesting how that guy scams so many people and gets away with it.
Thank you for your time!!!
I have re posted this because my first one got taken down for telling people to contact me threw email to see evidance.
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