XPRO Markets - A Scam, Illegitimate Trading Platform Designed to Deplete Your Funds
Deposit:$1000
Loss:$1000
I regret to share my experience with XPRO Markets, a platform that, in my opinion, engages in fraudulent and deceptive practices. My intent in recounting my experience is to help others avoid the pitfalls I encountered with this service.
Unsolicited and Persistent Solicitations:
If, out of curiosity or in the pursuit of understanding an Artificial Intelligence-based trading platform, you provide your contact details to XPRO Markets, be prepared for incessant calls aimed at convincing you to invest a minimum of$250 in a system where losing your deposits or incurring losses seems almost inevitable due to its complete reliance on AI-driven trading.
Deceptive Upselling:
Once they have your initial$250 or more, they might showcase small profits from your investments, but your overall account balance will likely never exceed the initial amount you deposited. In other words, you may experience some gains, but these often mask the fact that your funds are essentially shuffled between different accounts under the guise of an AI-based trading platform. They will try to upsell you by asking about your financial goals and liabilities, suggesting that larger investments can yield faster & higher profits. More investment supposedly equals more margin and more profit, but this approach appears to be a calculated scam.
Withdrawal Process and Revelations:
The withdrawal process is a critical stage where the true nature of this platform becomes evident. They may suggest making a small withdrawal of around$10-15, purportedly to prove your control over your account. However, when you inspect your "investment, " you may find that it falls significantly short of your original deposit, even if you made profits. When you inquire about this discrepancy, you’ll likely receive vague explanations about withdrawals and losses attributed to incorrect trades, for which you were responsible.
The Final Withdrawal Attempt:
Feeling uneasy about the diminishing funds despite having seemingly profitable trades, I decided to withdraw the remaining balance of approximately$887. At this point, the "account manager" reached out again, insisting that I invest$5, 000 from my credit card. I declined, emphasizing my intention to withdraw my remaining funds. This decision seemed to unsettle the account manager, who hinted at unspecified consequences, but I persevered in my withdrawal request.
He also suggested that we will payback the entire$5000 to the credit card company in 2 weeks.
Manipulative Trading to Deplete Your Funds:
Post my denial for further deposits, The account manager subsequently contacted me, claiming that, to facilitate withdrawals and close my account, certain positions needed to be closed. I was initially under the impression that all my positions were already closed(which was true), but he insisted that there were assets linked to my account that required closure. He then directed me to trade on XAUUSD without specifying take-profit or stop-loss values. To my dismay, within a mere two minutes, I lost the entire balance of$887. And as expected, Attempts to contact the account manager thereafter proved futile.
In summary, I believe that XPRO Markets operates as a deceitful and unscrupulous platform, where legitimate trading activities are dubious at best. Deposited funds appear to be manipulated until the investor’s confidence wanes, and withdrawal attempts are met with tactics aimed at emptying your account. I hope my experience serves as a warning to others who may consider engaging with XPRO Markets.
Date of experience: October 11, 2023
UPDATE:
"As anticipated, a representative from the platform called with another scam, urging me to deposit more funds to recover my losses. When I questioned how certain he was that redepositing wouldn’t result in further losses, his response was, ’you lost money because of your fault.’
In essence, the XPROMarkets website/portal lacks legitimacy as a trading platform. They employ remote workers to make persistent and persuasive calls, coaxing individuals to deposit their hard-earned money under the pretense of market trading. Operating with minimal infrastructural costs, their model relies on remote workers executing repeated scams. All funds ultimately funnel into XPROMarkets’ bank account. The trading platform façade is a perpetual deception. Losses are inevitable; only the timeframe varies from person to person. As long as deposits continue, money circulates; the moment you cease depositing, they incur losses and shift blame onto you. Their operation lacks ethics and responsibility.
If you find yourself entangled, close all open positions(termed’trading’) and initiate withdrawals. Regardless of their persuasion or unscrupulous excuses, refrain from engaging in any further buy/sell transactions and insist on withdrawal. This action should unveil the true nature of the XPROMARKETS platform and its hired representatives."
Xpromarkets - SCAM Alert - Update - 16/11/2023
I recently received two emails from Ukuchuma, each containing a settlement agreement—one for$150 and the other for$889. Both agreements required a signature and acknowledgment of the money transfer before the actual transfer could take place. The emails also suggested that the transferred funds would be credited to my xpromarkets.com portal account. To withdraw the funds, a process involving my approval and subsequent approval by them was outlined.
However, given my previous unsuccessful withdrawal attempts with xpromarkets and the suspicious nature of providing a signed receipt and settlement agreement without the actual return of scammed funds, I chose to decline the offers. I share this experience in the hope that it assists others facing a similar situation. Stay vigilant and cautious in dealing with such transactions.
Update as on 06-12-2023:
In spite of multiple interactions over phone and emails, I have not yet got back my scammed money back.
They also had got 2 of my previous reviews removed from Trustpilot site!