Xtr FXHK Review: Learn More About This Suspicious Broker
Xtr FXHK review, it is an understatement to say that we were confused. The site looks quite old-fashioned. Given that the site’s primary language is Chinese, this broker mainly markets its services to users from China.
When we tried translating the site to English, it turned out it could not be fully translated. This is very strange because this company claims to be present in the global market. The biggest problem is of course that the broker is connected to another entity, called Xtr XK.
Both companies seem identical, even in the strange translations of their websites. This is a serious warning that this is a scam broker because they often create multiple websites in an attempt to circumvent regulatory sanctions.
At first glance, everything seems worrying. There is no prominent leverage. The means of trade are extremely modest. Regulation is under a big question mark. Read the full Xtr FXHK and learn about all the shortcomings of this broker.
|Broker Type||Forex, Commodities|
Regulation and Security of Xtr FXHK
Xtr FXHK is not a regulated broker. We came to this by seeing that the broker is connected to another company with a similar name and an identical website.
Since scammers like to have multiple websites to help them bypass regulation, we have come to the conclusion that Xtr FXHK may be linked to a now-defunct website blacklisted by the Hong Kong authorities.
Considering the fact that this company is suggested to be located in London, which is a huge financial center, this broker should be regulated by the Financial Conduct Authority of the UK (FCA).
This regulatory body has nothing to do with this broker. In addition, the broker claims to have offices in New Zealand, Canada, Australia, China, and Switzerland.
We will not go into details, it is enough to emphasize that the lack of legal documents makes this broker dangerously risky. All this means that Xtr FXHK is an unregulated broker that operates illegally and poses a danger to every user.
Xtr FXHK Trading Platform
Xtr FXHK presents Metatrader5 as a trading platform on its website. Since MT5 is widespread and popular among traders, it is probably a marketing move by this broker.
In order to attract as many users as possible, it opts for one of the most popular trading software. The problem is that the link from the site does not lead to downloading the trading platform, but to an incorrect page.
We can openly wonder if this company has a trading platform, but since this broker is unregulated, it doesn’t matter. Even if they have the best platform, it is too risky to trade with such a broker.
Trading Instrument Available at Xtr FXHK
On the Xtr FXHK website, among the available funds that are promoted for trading, we have currency pairs and precious metals, with a EUR-USD spread of 2 pips, leverage is not mentioned.
There are only a few trading options available including forex and precious metals. The most important instruments for trading are missing, namely indices and shares. Since the Xtr FXHK scam refers to itself as a world-class broker, you would expect a more extensive offer than theirs.
There are many better-regulated brokers who have much more to offer to their clients. This is another red flag, in addition to the unverifiability of the software’s existence and the company’s unregulated nature.
Deposit and Withdrawal Procedure
There is no information on the Xtr FXHK website about the methods of depositing and withdrawing funds. E-wallets and bank transfers are the preferred payment methods for fraudulent brokers.
These transactions are much more difficult to track. So if you paid a deposit, that is, a minimum deposit of 10,000 dollars and if you did it through credit or debit cards, immediately request a refund through your bank.
Bear in mind that we had to do some digging in order to find out what is the minimum deposit since the information was nowhere to be found on their webpage.
How Does Offshore Brokers’ Fraudulent Work?
Xtr FXHK and other scam brokers run their scams using a scheme. Given that this broker has multiple websites, those sites will likely be shut down after enough scams have been committed.
The first thing a fraudulent broker does, and this is also the most difficult part for him, is to attract new users. With this company, the minimum deposit is $10,000, which means that once a client deposits money, this broker no longer has to deal with that client.
The fraud is already carried out at this moment, only the client finds out later when he wants to get his money back.
That’s why such companies disappear after they have scammed enough unsuspecting victims. They often have multiple websites or open new ones. It is important to take care through which broker you will do business so that you do not get cheated.
Xtr FXHK Summary
When we look back at all the information we came across while researching Xtr FXHK we can conclude the following. This broker simply does not offer anything remotely worth the risk.
It is nothing more but a scam broker that does not provide basic information about customer payments and refunds.
They have a modest trading volume. It is questionable if they actually have trading software. Overall, we do not recommend this broker.
FAQs About Xtr FXHK Broker
Does Xtr FXHK Offer a Demo Account?
Xtr FXHK does not offer a Demo Account to its users.
What is the Minimum Deposit for Xtr FXHK?
The minimum deposit with Xtr FXHK is $10,000.
Is Xtr FXHK Regulated?
Xtr FXHK is an unregulated company.