I opened a real trading account with Xtrade, and on April 3, 2026, at around 10:00 PM, I made three deposits through UOB Bank in Singapore, sending a total of $985 USD to an account provided by Xtrade via a QR code. This was my first time trading with a real account, and I was never offered or encouraged to use a demo account to understand the risks beforehand.
After opening the account, I was contacted by someone who introduced himself as a manager and claimed to be an expert using an AI system for trading. He identified himself as William Ang and said he was a local Singaporean, but the phone number he used appeared to be from the UK, which I now find highly suspicious. He told me the AI would send buy or sell signals and that I only needed to follow the instructions. He repeatedly insisted that I continue depositing funds to maintain margin so trades could keep running.
I followed his directions, but every trade resulted in losses. Throughout this process, I had no real control over the trading activity—there was no clear way to limit the AI, set time parameters, or stop the trades, even though it was my money at risk. Despite the ongoing losses, the manager kept urging me to deposit more funds instead of helping me protect my remaining balance.
When I finally refused to deposit any more money, all trades were closed, resulting in a total loss of my entire $985 USD. I have already submitted a complaint to Xtrade customer service, but I have not received any response.
Given that the deposits were made via a QR code to an account provided by the platform, that I had no meaningful control over trading decisions, and that a so-called manager using a UK number while claiming to be local pressured me to keep depositing despite continuous losses, I strongly suspect that this is a fraudulent or abusive platform. It appears that client funds may not be handled properly and that the manager may be acting to mislead traders for commission.
I request that this matter be urgently investigated, that my full loss of $985 USD be refunded, and that appropriate action be taken against those responsible for managing my account. I also ask that safeguards be implemented to prevent other users from experiencing the same situation.
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