XBTFX Review – Facts About XBTFX.Io Broker
What we’ve got here is the crème de la crème of offshore providers. Thus, it deserves scrutiny. From presenting itself as a regulated and licensed broker, to actually operating offshore, there is a lot XBTFX has lied about.
In the XBTFX broker review, you’ll read about what trading platforms and conditions are available as well as the suspicious background that made us question this investment scam.
|St. Vincent and Grenadines
|+44 2921 28 0290
XBTFX Regulation and Fund Security
Given that XBTFX broker is based in St. Vincent and the Grenadines, the infamous scam haven, we can say for sure that the broker is unlicensed. Why? Because the local regulator, i. e. the Financial Services Authority (FSA) does not issue Forex licenses.
As for these “various jurisdictions”, the broker suggests it being regulated in the UK, a complete hoax no doubt. There is no question that XBTFX is unregulated, and a scam! All this review reveals speaks against this company and its many attempts at stealing from users.
XBTFX Trading Software
Unlike most fraudulent offshore providers, XBTFX offers world-class platforms in MetaTrader 4 and MetaTrader 5. We give credit where credit is due.
These two platforms are equipped with cutting-edge features and advanced options such as automated trading, API integration, live-market reports, etc.
See, this is why this broker is a double-edged sword. It offers the best trading software in the game while being unlicensed. And because of that many inexperienced traders fall for this well done broker scam. But don’t fall for this scam broker’s tactics, it’s all just one big lie.
Available Account Types at XBTFX
In the regards to the trading account types, XBTFX offers two account types:
- Standard account
- ECN account
The conditions are favorable. Naturally, the account type depends on the trader. For example, the standard account is more suitable for position and swing traders while the ECN version is better for scalpers and those who use short-term strategies and prefer raw spreads.
We also figured XBTFX had a demo account in store and we were right. Of course, this doesn’t mean much. The broker is still unlicensed and that’s the biggest problem here. But at the end of the day, we don’t recommend you to work with this or any other scam broker alike.
Deposit and Withdrawal Process
The minimum deposit is just $1. However, the problem is the broker’s unlicensed status and the fact that it only accepts crypto payments. Fiat currencies are not accepted. Processing times for funds to be credited to a live account vary depending on blockchain confirmation time.
We believe that this broker’s scheme relies on traders’ earnings instead of a large minimum deposit. In the legal documentation, XBTFX states that for every USD 2 in bonus promotions, a trader has to achieve a trading volume of 1 lot. It was set that high on purpose to prevent any potential withdrawal of funds from a successful account.
How the Fraud Was Perpetrated
Trading scams basically have the same principle that is being performed through different sites and by different agents.
Nonetheless, the core remains the same. The broker first gets your personal information if you have left it on some sketchy sites and then the constant harassment starts. It is important to note that scams like this one can happen to anyone. The agents calling you are persuasive professionals who scam people for a living. Even if you say no, they will continue to call you until you agree to make an initial deposit.
The ultimate goal is to compel you to invest at least once, and after you may suspect they are no more than a scam the trap is fully shut and they will do anything to keep your money.
In this XBTFX review, we tried to warn you against this alleged UK-based broker that is operating without a license and following no regulations.
They are offering their customers an opportunity to invest in forex, CFD, indices and much more, but the only thing you will likely get to see is a cheap website with no useful info.
Think twice before taking any risks while investing money and keep in mind that this investment scam allegedly accepts an initial deposit of $1, but this is likely false and will seek much more from you.
Be careful and remember that doing proper research is a necessary step if you are new to the world of trading as many phony brokers pop up overnight.
FAQs About XBTFX Broker
Is XBTFX a Regulated Broker?
Absolutely not, XBTFX is certainly not regulated even though they claim to be so.
Is My Money Safe at XBTFX?
No, your money can never be safe with this investment scam or those alike.
What Is The Minimum Deposit at XBTFX?
The minimum deposit requirement they have is allegedly set on $1, but we are sure they will ask for much more.