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XBTFX Review - is it scam or safe?

XBTFX review - Is xbtfx.io scam or good forex broker?

RATING: 1.1 / 1 REVIEWS ForexBrokerz XBTFX
XBTFX is an offshore broker. Your money is not safe.

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XBTFX is an offshore broker, offering over 200 trading instruments among which crypto coins, forex pairs, commodities, and indices with a choice of two account types, leverage as high as 1:500 and the MetaTrader5 platform.

 

 

Account type Min. deposit Max. leverage Spreads/ Payout
Starter Account $5

1:500

1 pip
Silver Account n/a 1:500 0,1 pip + $4/lot

 

And although at first glance their offer might look legit and attractive, there is one major issue – the broker is not regulated by any official financial regulator on major markets like the European Union, the UK, USA, Canada or Australia, which basically means that their operations on the above mentioned markets are illegal. Before depositing any funds with XBTFX be sure to read the following review first.

 

XBTFX advantages:

 

Comprehensive list of trading instruments, lots of currency pairs and crypto CFDs

 

The list of trading instruments surely looks good – as we mentioned we counted well over 200 currency pairs and CFDs on commodities, indices and crypto coins like Bitcoins, Ripple, Ethereum, Litecoin, Bitcoin Cash, Cardano and Zcahs. And yet if you are tempted by the idea of trading the crypto markets, we would better suggest that you check our list of regulated brokers, offering bitcoin CFDs:

 

 >> Bitcoin brokers <<

 

MetaTrader5 supported

 

This is another piece of good news. MetaTrader5 is a highly reliable trading platform, featuring nearly a hundred integrated market indicators and trading robots, which will help you run automated trading sessions. What is more, MT5 comes with a fine set of advanced charting tools, so here you may check as well our list of brokers, supporting the platform as well:

 

>> MT5 Brokers <<

 

No minimum deposit requirement

 

This is in line with the best practices on the market. Still, we should note that some popular brokers like IG and FSB do not have a minimum deposit requirement as well.

 

Attractive spreads

 

We checked the XBTFX trading platform with a demo account and the spreads were as attractive as advertised, starting from 1 pip with their standard account. Still, here you may check as well our list of brokers offering tighter spreads:

 

>> Low spread brokers <<

 

XBTFX disadvantages:

 

No license

 

XBTFX is owned and operated by XBTFX LLC - a limited liability company registered in Saint Vincent and the Grenadines, and they do comply with the local regulatory regime for one single reason – on Saint Vincent and the Grenadines forex and CFD brokers do not have to meet any requirements.

 

The local financial regulator – the Financial Services Authority do regulate the banking sector on the islands, but not forex and CFD brokers. So basically if you deposit your funds with XBTFX for the safety of your funds you will have to rely entirely on the integrity of the people who run the broker.

 

And as we already mentioned because the markets in Europe, the U.S., Australia and Canada are heavily regulated, XBTFX simply does not have legal right to target potential customers there unless they acquire a legit license by an official regulator like the Financial Conduct Authority (FCA)  in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

 

Properly regulated brokers are required to maintain at all times a certain minimum operational capital – in the case of brokers regulated in Europe – 730 000 EUR, while in Australia - 1 000 000 AUD, to keep all clients’ money in a protected, segregated from their own, trust account, to provide traders with a negative balance protection, to file regular reports, to allow external audits and in some cases even to insure the trading capital.

 

For example with a FCA broker your funds will be insured for up to 85 000 GBP, which will be paid back to you in the unlikely event your broker files for bankruptcy. So there is absolutely no reason to risk your funds with unregulated brokers like XBTFX. Here you may check our list of FCA regulated brokers instead:

>> FCA regulated brokers <<

Only crypto payments accepted

 

This is not a usual practice. Most brokers accept deposits with credit cards like VISA and MasterCard, as well as popular e-wallets like Skrill. And besides, bitcoin and crypto payments in general are more or less anonymous and are totally irreversible, unlike payments with VISA or MasterCard, where you can file for a charge back in case you realize you have been scammed.

 

And the absence of Skrill is also notable, because of the anti scam policy adopted by the money transfer company about a year ago. According it Skrill partners only with legit and properly licensed brokers, and as we already discussed XBTFX does not have a license whatsoever. Here you may check as well our list of brokers, accepting payments with Skrill:

 >> Skrill Brokers <<

Trading bonuses

 

Trading bonuses might look attractive on first glance, but as a rule our advice is to avoid such promotions because of the additional withdraw conditions they are invariably linked to. Usually it is some minimum trade volume requirement, which scammers use as a pretext to cancel your withdraw requests.

 

On top of that XBTFX reserve the right to change their bonus policy on their sole discretion, so you can easily imagine why you may never be able to meet their minimum trade volume requirement. See for yourself:

 

 

 

Bear in mind as well that trading bonuses are altogether banned on regulated markets like the European Union.

 

Conclusion:

 

 

XBTFX is a unregulated, offshore broker with a rather limited credibility, which we strongly advise you to avoid. As always in such cases our general advice is to trade only with brokers, licensed by well known regulators like the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

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Traders` reviews for XBTFX

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