XBTFX Review: Xbtfx.io Forex Scam Exposed

XBTFX (Xbtfx.io) is another crude Crypto Currency and Forex scam to hit the lucrative trading world. XBT FX is claiming to offer 15 Crypto Currencies as well as Stablecoins to anyone willing to sign up. The platform also claims to offer over 200 Forex assets to traders with same day withdrawals. Before you go ahead and sign up, there are a few problems to note. Read the full XBTFX Review.

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XBTFX Review

After receiving numerous email complaints from users, we decided to carry out an investigation. We knew trouble was brewing after a number of members complained of never able to withdraw their funds. What seems to be a legit platform at first glance is turning out to be another lame Crypto trading platform. Make sure to stay away from this platform as it is full of mischief. With members crying for help, we have to expose this platform and keep the digital currency trading world safe.

Professional scam artists will make sure they use over the moon claims to attract unsuspecting investors. With illicit activities on the rise, we have to ensure investors stay safe at all times. By exposing the tricks used by these scam artists, newbie investors will be more careful. These scam artists have used a well-designed website to lure investors. Thanks to our years of trading experience, we know how to spot a scam from a mile away. Ensure you go through this entire review to find out more.

About XBTFX

Disclaimer at the footer of their homepage claims the platform is run by XBTFX LLC. What the disclaimer is trying to suggest is that XBTFX is a known platform under a huge organization. We checked with company register in St Vincent and the Grenadines and there is no company licensed with this name. By using random company names, it is clear these scam artists will do or say anything to get your funds. Make sure to always check whether a platform is giving out factual information.

Another huge problem with this platform is lack of proper details. Anonymity still remains to be a huge challenge with this platform. No one knows the actual founding members of this platform. We also don’t know the names of people who are running the platform. This means users are depositing funds to an unknown third party. Another problem with this platform is that they are offshore based. Offshore brokers are known to flaunt industry regulations and rules at will.

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Is XBTFX licensed or regulated?

What the disclaimer at the footer of the homepage is claiming is actual lies. The disclaimer even gives a fake and random number as their license details. What we did was go to the official regulatory website to confirm their status. The Financial Services Authority of St. Vincent and the Grenadines does not have any broker licensed with this name. Using the official regulatory body, it is clear we are dealing with a loose cannon which is likely to cause more harm than good.

Another disturbing feature with this platform is lack of proper documents. With a real trading platform, users can easily get to see license credentials. A true platform will post copies of their license certificates for all to see. What this does is create a scenario where users verify the license details with official regulatory bodies. Lack of any certificates to back up their claim of being licensed is proof of a scam. Anyone can come up with a random number and use it as license details.

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Advantages of XBTFX

We could not come up with any advantage of dealing with a platform which is using fake registry details. With complaints coming from all over the world, it is clear this platform is stealing from members. You need to stay away from this platform and ignore all their promotional materials. Any calls you receive from their call agents should be blocked and no information given. We have reason to believe XBTFX is selling personal information to third parties.

Disadvantages of XBTFX

Account types

XBTFX is furnishing users with two different account types to choose from. Accounts are listed as Standard and ECN. What we noticed weird with these account types is that they never reveal their minimum acceptable deposit. With such a loophole, it gives these scam artists reason to ask for any amount. Different amounts were used to deposit funds to the standard account. Maxwell deposited $10,000 while Jewels deposited $45,000 to start trading. None of them has seen even a dime of their deposit.

Customer Support

Another problem with this platform is not having a live chat customer support team. What they have done is use Facebook messenger which is not ideal. Users are directed to their messenger chat service which gives them a chance to sell their services to your friends. These scam artists will demand you give them your phone number so that they can direct you to a personal account manager. The account manager will constantly harass you by demanding you deposit more funds to make more money.

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Demo Account

We noticed that the platform offers a demo account. What these scam artists have done with their demo account is vile to say the least. XBTFX is rigging their own demo account to produce insane profit margins. A demo account is used by investors to check how a platform works before opening a real account. These scam artists have made sure profit levels are around 98%. By doing so, they hope to fool investors into believing the platform actually produces such high profit margins.

Web platform

Another problem with XBTFX is using a web platform which has not been tested for stability. A huge problem with their platform is lack of proper security features such as DDoS protection. You will also note that the platform does not have SSL encryption making it highly unstable. Unstable platforms are ideally a good target for hackers looking to steal personal details. Your credit card details are at risk of getting into the wrong hands. Make sure to stay away from this platform.

Are funds safe with XBTFX?

How can funds be safe with a platform which is stealing from their own members? Segregation of accounts is a huge problem as members are depositing funds to owner’s bank account. Pooling of funds in one single account is prohibited by trading laws. Once the platform faces insolvency, don’t expect any compensation. XBTFX is not participating in any compensatory scheme making it a hard bargain. Make sure to stay away from this illicit platform or else face huge consequences.

Is XBTFX a scam?

Details are clear; XBTFX is a scam to avoid at all cost. Make sure to mark all their emails as spam and never click on any links sent by their email marketing team. Warn your family and friends from signing up with any of their affiliate programs. With all the complaints floating around, we believe authorities will soon shut down this platform. Stay away from this unfounded platform which is stealing from unsuspecting investors.

Bottom line

We will be adding this platform to our scam blacklist to ensure no one falls for their trickery.

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Wishing all investors a happy and prosperous trading experience