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XCoinBroker Review - is it scam or safe?

XCoinBroker Review - is xcoinbroker.com scam or good crypto CFD broker?

RATING: 1 / 8 REVIEWS ForexBrokerz XCoinBroker
XCoinBroker is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Account type Deposit Maximum leverage Spread
Micro Up to 0.5 BTC 1:20 ~$50 for BTC/USDT trading*
Mini Up to 2 BTC 1:25 N/A
Silver Up to 10 BTC 1:30 N/A
Gold Up to 20 BTC 1:35 N/A

 

*This is what we saw in the broker’s platform.

 

XCoinBroker is a CFD broker that focuses on cryptocurrencies, the hottest new asset in town. It offers the account types listed above, plus Diamond & VIP, which we have not included due to the high initial investments required. As you can probably figure out by the rating we gave the XCoinBroker, we don’t like this broker much, but let’s start off with the few good things about it.

 

 

XCoinBroker Advantages

 

Many asset classes covered, various pairings

Although this is not clear from the broker’s website, XCoinBroker offers trading in various CFDS - on cryptocurrencies, indices, commodities and stocks and all kinds of pairings between all those are possible. The instruments in the platform are arranged in six categories: crypt vs. crypto, crypto vs. USDT, Indices vs. BTC, commodities vs. BTC, stocks vs. BTC and Assets vs. USDT. That being said, XCoinBroker does not offer any forex pairs for trade.

 

A lot of crypto CFDs offered

The number of coins at XCoinBroker is not as impressive as with other crypt CFD brokers, but the most popular ones are available: Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Litecoin, Dash, Stellar lumens, Ripple, Monero, Qtum, NEO, EOS, Ethereum Classic, and Tron (as of the time of writing this).

 

High leverage levels 

According to the account types section of XCoinBroker’s website, the maximum leverage levels provided range from 1:20 to 1:50. These are comparatively high levels for volatile assets such as cryptocurrencies. Most real crypto exchanges don’t support margin trading, while the majority of crypto CFD and forex brokers do, but the usual levels are 1:2 up to 1:10.

 

 

XCoinBroker Disadvantages

 

No information about the company, not regulated 

XCoinBroker is a brand allegedly owned and operated by Zed Consult Ltd., a company based in Bulgaria. The website of this broker provides no information about this firm, and our google search returned no meaningful results, so we cannot be even sure that such company exists or functions. Nonetheless, as a CFD provider, XCoinBroker should be registered with the local Financial Supervision Commission (FSC), or a similar financial agency in another EU country, but they aren’t. Trading with an unregulated broker is very risky, so you’d better not send them any money or Bitcoins. 

 

Trading conditions not clear, no demo accounts

On top of the lack of corporate background and regulation, the website of XCoinBroker contains no information about spreads and that is another negative. Besides, there are no free demo accounts. We had to register a real account to see that the spreads are actually on the upper end of average for the sector – around $50 for the BTC/USDT pair (as you can see from the image in the next point).

 

“Scamex” platform

XCoinBroker offers a web trading interface that feels somewhat clunky and lacks many of the advanced features other platforms offer. However, our main concern with this platform is that, as far as we know, it is only used by shady brokers that are not regulated. That’s why we dubbed this trading solution “scamex”.

 

 

XCoinBroker’s web platform. Click to zoom.

 

One of our favorite platforms, mainly due to its charting, EAs and customization potential is MetaTrader4. 

 

 

>> A list of MT4 brokers <<

 

 

Only Bitcoin accepted

XCoinBroker does not accept payments made by Bank Transfers, Credit Cards, Skrill or Paypal. Accounts are held in Bitcoin and the company only accepts Bitcoin. So traders can’t use conventional payment methods, but have to use crypto wallets. 

 

Not clear these are CFDs

It seems that XCoinBroker tries to mislead investors that they are a crypto exchange. After trying out their platform, the more experienced traders will realize this is actually a CFD brokerage, but this isn’t that obvious for newcomers to the field. Here is more information on the matter:

 

 

>> Bitcoin Brokers compared to Bitcoin Exchanges <<

 

Negative reviews 

While we searched some information on this broker, we came across quite a lot negative user reviews. Some of the people complained they have been kicked off the system and since then were unable to get in touch with the employees of XCoinBroker in order to get a refund/withdrawal.

 

 

Conclusion

 

XCoinBroker is a cryptocurrency CFD broker, whose website is not very informative. First, it is not clear that this is not an actual cryptocurrency exchange. Second, there is no information about the company, and it is not regulated by any financial authority.

 

While most crypto-exchanges worldwide are also not regulated, forex and CFD providers in most jurisdictions have to be authorized by the respective governmental agencies. Here is a list of brokers that offer trading in Bitcoin and are tightly regulated:

 

 

>> Well-regulated brokers, offering Bitcoin and more <<

 

 

The key points about this broker, one more time:
 

Pros Cons
Many asset classes covered, various pairings No corporate info, financial regulation
A lot of crypto CFDs Trading conditions not clear, no demo accounts
High leverage Scamex platform
  Not clear these are CFDs, negative reviews
  Only Bitcoin accepted

 

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Traders` reviews for XCoinBroker

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Scammed

I invested money in XcoinBrocker and never got any single penny back. When i tried to contact them they kicked me out of their system, and the money which I invested is all gone. My only suggestion would be for others, don’t go to XcoinBrockers, they are totally fake. They will keep calling you at first to invest the money, and gonna tells stories full of lies. Don’t fall for it. And even you invest some money they will keep contacting you to invest more and more, and will tell you all the lies of getting you much bigger pie of share of money. Once they have your ur money, then you don’t see them contacting you anymore. Ultimately, in a nutshell, Xcoinbrocker is a total scam.

kumar 11/06/2019

Scammed

Never thought I would be scammed by thieves.
Looking back now as I've gained knowledge it's obvious the trading platform is an illusion.
Anyone thinking like me, payment was in BTC so there is a trail on the block chain. I can publish the BTC addresses.
Xcoinbroker = lowest of the low life scum.

Gaz 11/05/2019

scam

having now invested . I have lost contact with the broker. unable to with draw funs. I been moved from one broker to another. no contact for four months or more. Mr brisco was my main contact. what has happened.

robin hall 10/09/2019

I’m a customer

I wish you luck. I have been a customer for two years. I have build up to 5.3 Bitcoin. When I want to take some off my money out, They cut off all communication with me. People there are good at Selling you their products. But please don’t fall for it. Unless you don’t care about your money.
I will update my review if I heard thing back from them.

Ibrahim Maga 06/17/2019

Withdraw my invested amount! !

Hi. I've invested with Xcoinbroker.com since about Oct last year. I'm now on about £5.6k but I need to make a withdrawal. However they have refused me and treated me wrong please can I make a valid complaint and get my invested amount plus etc given back to me ASAP. ...

MR MARK A PURDY 04/08/2019

Very bad

Scam scam scam scam scam scam they took all my money and when I want to withdraw nothing happened never never never invest with them

Wilem 04/04/2019

Unregulated, dishonest and very very corrupt!!!

Horrible,pressure selling, suck you in rip you off! Don't reply to emails,or phone calls,Daniel Lloyd & James Brisco, lie, steal and totally obnoxious! Please! Do not invest!!!! You will regret it!!!

Ed Havers 01/13/2019

I got scammed for 1300 hundred euros

I got scammed for 1300 hundred euros any chance of getting it back

James 11/26/2018

Very bad

Don't ever invest in XCoinBroker they have taken money from me my wife my friend and my sister in law never never never ever invest with them. All off us where making money and then when we want to make a withdraw all off a sudden we have lost everything so be carefull

Willem 11/15/2018

Kicked of Xcoinbroker system without any refund

On 09/05/2018 I deposit R3095 from my credit card account to Xcoinbrokers via their site and for the last 3 months there has been no changes. I cannot get in touch with them for a refund. They are a scam.

Shirley Reddy 11/09/2018

Scammed out of thousands of dollars

I invested my Bitcoin with an international company named Xcoin Broker. My senior account manager whom I was in close contact with (we spoke a few times a week) assured me my more than $5k investment could be withdrawn at anytime. Seven months after my initial investment I asked to withdraw my funds, shortly after all of my accounts were closed and all forms of communication were severed.

Elizza 09/05/2018

xcoinbrokers is a scam

It's the biggest scam website. I tried to withdraw my money from march with Anthony Griffon but the refuse to refund me since then they have kicked me off the system and then a Mr James Brisco from xcoinbroker academy opened my account again asking that I must give him one week if i'm not happy they will fully refund me as per our email conversations. After the week I requested the refund and was kicked off the system again. I requested the proof of refund but haven't received anything yet. They are the biggest scammers ever. Stay clear of this so called company.

jaco cronje 08/15/2018

XCoinBroker is scam site

This is a scam website. Tried to withdraw or refund my money for the last 4 months but was kicked off the system and still no refund or withdrawal. Please keep clear of this site as it’s a scam site. They never reply to your emails and there’s no response from their support.

Jaco 07/24/2018
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