XBTFX Review – Facts About This Scam Broker
XBTFX Review, Registration in the ill-famed SVG is the first red flag to immediately spot on this fake broker’s website. XBTFX openly proclaims that ‘’XBTFX LLC is not required to hold any financial services license or authorization in Saint Vincent and the Grenadines to offer its products and services’’. This is not a lie in the least, and this XBTFX review will discuss this soon.
First, let us warn you how credible and convincing the XBTFX web presentation looks. A separate web page has fake company info presented, along with their vision of quality goals and genuine service.
XBTFX certainly makes an impression with the fabricated claims about being a multinational company that employs thousands of people worldwide. If they were so great, the world would have heard of them by now, including the novice traders they target to rob.
A crypto-focused scam that XBTFX represents is just another drop in the sea of them. The XBTFX review in front of you explains why this site doesn’t deserve your time and trust.
Compliance and Fund Safety at XBTFX
We’ll be crystal clear from the start, no speculations and expectations – XBTFX doesn’t comply with any legal directives and is in possession of no valid trading license. The broker isn’t shy of the fact they operate from an offshore zone known to be a lawless scammer factory.
SVGFSA is the only regulatory body in the area and they have published their declaration that states how this entity doesn’t engage in regulating the securities market. In such a state of things, it is no wonder scammers are swarming like mosquitoes.
In contrast to that, regulation works drastically differently in the EU, UK, US, and AU. To become worthy of an online trading certificate the brokers have to invest loads of capital into their business. As proof of prioritizing customers’ safety, leverage restrictions and negative balance protection are set in motion.
Many other licensing rules apply, such as compensation schemes, and unprecedented transparency. Some heavily regulated areas don’t allow bonuses either, considering the extreme conditions that are tied to them. With no space for manipulation and shady activities, strictly regulated brokerage firms can’t defraud customers and get away with it like swindlers do. XTBFX is one of the cons that do not fall under any legal framework.
Trading Software Overview
XTBFX accentuates the fact they’re a crypto trading platform only. Nonetheless, traders should be able to buy and sell digital currencies on several leading trading software:
- MetaTrader 4
- MetaTrader 5
You’re probably familiar with these platforms by now. MetaQuotes has taken over the online trading world with its highly flexible and fully customizable MT4 and MT5. Both platforms offer amazing execution speed and such advanced features that not many others do. Even how other newer platforms were built looks familiar to the mentioned two industry giants. There’s no doubt that these two platforms have left a permanent mark in the Forex world.
XTBFX doesn’t even allow new users to open an account. The website keeps saying the passwords match and doesn’t let you proceed. Aren’t they supposed to match anyway?
As if this inconsistency isn’t confusing enough, the site also doesn’t allow opening a Demo account and there are no download links for any of the platforms. With all that, we couldn’t even confirm if the broker has a trading platform to begin with.
XBTFX Offers a Referral Bonus
Referring your friends and family and earning passive income without much work is how XTBFX attracts new investors. Earnings coming from this source are supposedly paid every hour in crypto. XTBFX has a scheme laid out for those who plan to earn this way.
If you refer between 1 and 5 active traders, your revenue will be 10%. 6-9 active traders referred by you get you a 20% revenue and more than 10 people who join via your link, invest and start trading will bring you a 30% return.
Fake and too good to be true, this is just another investment trap that XTBFX uses.
Account Types Available at XBTFX
Two types of accounts that XTBFX advertises are Standard and ECN accounts. The key difference is in the pricing.
Standard accounts should offer spreads from 1 pips, leverage of up to 1:500 and zero commission. On the other hand, ECN accounts offer tighter spreads starting from 0.1 pips and $3.5 commission. Opening an account supposedly costs only $10 but we had no way of verifying that.
Also, as attractive as these conditions may seem, they don’t have to be true. Nothing binds XTBFX to honesty and transparency since they do not abide by any law.
Funding Methods at XBTFX
Another lie XTBFX feeds to its investors is about deposits and withdrawals being fee-free and safe. No unregulated brokerage site could guarantee the safety of transactions, which is in all honesty the most important for every trader.
The only way to deposit or withdraw funds at XTBFX is by buying crypto. There are about two dozen digital assets you could buy to invest and fund your trading account. None of the safer and more reliable transferring methods are allowed. How typical for a scammer.
Legal documents, policies, and other data are omitted from the site. Basically, you won’t know what you’re getting yourself into. The only thing certain is that XTBFX ought to rob you.
How the Fraud is Carried Out
A common scam by a devious bunch of boiler room agents is what XTBFX really is. Their people skills are unquestionable, and they’re well-trained to quickly manipulate unsuspecting sufferers to invest. Various bonuses and more claims about quick returns and unmatched safety is what help them in their malicious endeavors.
As soon as you invest for the first time, be sure that you’ve fallen into their jaws. Unlikely that you will ever recover the funds you lose to these swindlers and bogus brokers, you will soon be left penniless and desperate. Let us warn you that your troubles don’t necessarily end there.
Recovery agents that offer you a chance to retrieve the money you’ve lost are lurking for disheartened scam victims. Another form of cybercrime, they advertise pricey services they never provide.
The buggy XBTFX site couldn’t fool us right from the start. Missing legal documentation along with an inexistent license and regulation were spot-on red flags.
As this XBTFX review has already proved, this bogus broker is just a wannabe online trading services provider. Illegitimate and dangerous for any kind of investment, they’re only looking for the next victim that comes along.
In order to protect yourself from these lowkey manipulators and thieves, you have to educate yourself on this matter. Constantly reading and expanding your knowledge as a trader and investor are your only true allies in the risky world of Forex. Becoming successful in this market is hard enough, do not make it even less possible with reckless investing.
FAQs About XBTFX
Can I Rely on XBTFX?
No reliable broker looks to defraud their clients. XBTFX offers fake online trading services just to get you to invest and then steal your funds. That isn’t a broker to rely on.
What Types of Accounts Does XBTFX Provide?
Two types of accounts are offered at XBTFX: Standard and ECN accounts. However, at the time when this review was being written, no new accounts could be opened with this broker.
What Is the Minimum Deposit Requirement for XBTFX?
XBTFX doesn’t ask for big first-time deposits. Only $10 is needed to pay to open a live trading account.