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XBTFX Review – Reasons to Avoid This Scam Broker
Table of Content
XBTFX broker operates in the financial field since 2019. They are registered as XBTFX LLC in St. Vincent and Grenadines. In recent years, the Financial Service Authority of SVG dissociated itself from giving licenses. Therefore, we will take a look at some trusted registers.
Moreover, XBTFX provides access to trusted trading software. On top of that, they have very good ratings and low minimum requirements. But if that makes them a good broker, we will analyze it in detail through this XBTFX review.
|Headquarters||St. Vincent and Grenadines|
|Review Rating||4.4 on Trustpilot|
|Broker Type||Offshore unlicensed broker|
|Platforms||MT4, MT5, cTrader|
|Spread||From 0.01 pip|
Is XBTFX Legit or Scam? Regulation
Even though XBTFX broker appears to be legitimate they are not. Firstly, they don’t comply with any specific demands for having a license. For example, different bank accounts for clients’ funds or compensation funds. Besides, they are active in many European countries and the US. For such activities trading companies should have a valid license.
Therefore, we checked some Tier 1 regulators, like FCA, BaFin and ASIC. As expected, the XBTFX broker didn’t show up anywhere. To conclude that this is another scam broker you can just check their leverage.
Any trading company operating in the EEA zone should have maximum leverage up to 1:30. However, the XBTFX scam broker allows leverage up to 1:500. Even if they had a license their leverage is extremely dangerous. It can wipe out the whole balance in a blink of an eye.
That’s why protection is very important in the trading business.
Trading Software Overview
Another key fact is trading software. XBTFX scam broker provides access to the most trusted platforms. Even if you are looking for a Meta Trader or cTrader you can have it. With every newer version traders have more advanced features.
From social and copy trading to advanced EAs. This software provides a vast of other key trading features. Above all, advanced charting and indicators are available. One of the most important options is algorithmic trading through cTrader. Whatever you can think of, you can find it in these apps.
Moreover, both apps are available as the desktop version. For traders that are not fans of downloads, they can use rather a simple version of web trader. For the most experienced ones, Android and iOS stores have available apps for designated devices.
After all, having access to a trusted platform doesn’t mean that broker is trusted.
Account Types Option
XBTFX scam brokers have covered all aspects of marketing. They really thought of every detail. Sadly, that can only work with inexperienced traders. Since they don’t have any regulation all T&Cs are questionable. Even with such an attractive offer, we wouldn’t deposit money here.
But if you are still thinking, here are the options:
- Standard $10
- ECN $10
- USDT $10
All mentioned accounts have access to MT4/MT5. However, the USDT account is directly linked to cTrader. The main reason is that cryptos are traded mostly through cTrader and you can deposit this currency directly there.
Besides attractive spreads starting from 0.01 pip, we don’t see any other benefit. As shown above, leverage is up to 1:500. Have in mind that the ECN account has its commissions. They start from $3.5 per lot or 0.075% per deal with cryptos.
XBTFX Offers Bonuses and Promotions
In general, many regulations have forbidden bonuses. The reason for that is that there is always a malicious clause behind it. Brokers used these to their advantage for a long time. With the XBTFX broker that is still the case.
For instance, if you get a $500 bonus you need to make a 30x bigger turnover. This means $15.000, without leverage. With it comes up to 7.5 million USD. Only after that, you can request a withdrawal.
Another key fact is the referral program. This way brokers make sure that they expand their network. Generally speaking, clients are paid in crypto for every active trader. This is shady because cryptos are hardly traceable and they are encrypted. Moreover, it looks like a Ponzi scheme.
Deposit and Withdrawal Process
The main concern about XBTFX is funding methods. They only have crypto transfer available. It tells you that they don’t operate with any reliable payment provider. When you send money to the broker money is gone and you don’t have any guarantee that it is in safe hands. Unlike debit/credit cards, you can’t request a chargeback.
According to the broker they process the withdrawal on the same day. Of course, without any fees. On the other hand, some XBTFX reviews are saying the opposite.
Because of lack of the regulation XBTFX broker doesn’t need to comply with any rules. That’s exactly why they don’t have enabled negative balance protection. That way clients can easily get into debt. Especially with the insane leverage that this broker has. All these small adjustments can prevent you from making withdrawals.
XBTFX Scammed Me – How Can I Recover My Money?
Let us know first what happened to you. Don’t lose all hope if you were scammed by these swindlers. Even if it was a crypto transfer, there is a solution to that.
Our specialized team for fund recovery has access to the advanced tool for crypto tracing. A CipherTrace tool can detect the last destination of your coins. This program is invented by MasterCard and it’s successfully used worldwide.
After finding your funds, you can request a chargeback. Don’t waste any more time. Contact our fund recovery team today!
FAQs About XBTFX Broker
Is XBTFX A Good Broker?
Based on some reviews you could say. However, they don’t have any regulations or client protection, therefore you are not protected.
Is My Money Safe at XBTFX?
No. Broker doesn’t have negative balance protection or any other protection service. Moreover, they are not regulated by any authority.
What Is The Minimum Deposit for XBTFX?
The minimum requirement is quite low starting at $10. It is quite attractive, but don’t get tricked with a cheap offer to sell your privacy.