XBTFX Review – Offshore Broker Makes An Alluring Offer
What we’ve got here is the crème de la crème of offshore providers. Thus, it deserves scrutiny. In the XBTFX Review, you’ll read about what trading platforms and conditions are available as well as the suspicious background that made us question this ambiguous broker. Without further ado, let’s begin.
|Unlicensed Scam Brokerage
|Blacklisted as a Scam by:
|MT4, MT5 & cTrader
|Yes – Bitcoin, Ethereum, Litecoin
|Types of Assets:
|Forex, Crypto, Commodities, Indices, Shares
|Free Demo Account:
|Accepts US clients:
About The Regulation Of The XBTFX Broker
Given that XBTFX LLC 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.�
The entity may be registered with the FSA, but that doesn’t mean it adheres to regulations. Thus, trusting XBTFX carries a lot of risks.
Some Reasons Why It Is Better To Trade With a Licensed Broker
If you want to eliminate risks, then you ought to find a broker with a proper license. Not just any license, it has to be issued by Tier 1 regulators such as the FCA, BaFin, ASIC, etc.
In that case, you can trade soundly knowing that if anything goes wrong, negative balance protection has your back. Also, if the broker goes bankrupt, you’ll receive a praiseworthy indemnification (i. g. GBP 85,000 in the UK). The safety of your funds isn’t an issue since they are stored in a segregated account in a Tier 1 bank.
Is XBTFX a Trustable Broker?
SmartProfit FX is an ambiguous broker allegedly engaged in Forex, CFDs and crypto trading. It has a partnership with Eightcap and mainly targets traders from the UK, US and Canada.
XBTFX Offers MetaTrader 5 & 4 Trading Platforms?
Unlike most fraudulent offshore providers, XBTFX offers world-class platforms in Meta Trader 4 and Meta Trader 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.
In addition to MT4 & MT5, XBTFX also offers cTrader. This platform supports Forex and crypto trading. In addition to the desktop version, cTrader is also available for Android and iOS. It’s a good platform overall, but still behind the aforementioned MT greats.
MAM, short for multi-account manager, allows the user to access multiple accounts with just one click. This option provides the trader with excellent convenience. Managers also have numerous benefits from MAM.
PAMM, or percentage allocation management module, allows traders to create their own investment fund and scale their success with fee payments from investors for profits made on their accounts or volumes.
The emphasis here is also on crypto trading since it is used for USDT account currency on MT5. Bear in mind that this is an advanced concept. We wouldn’t bug beginners with PAMM.
And of course, XBTFX allows mobile versions of the MT platforms. However, although it may seem like a good anytime-anywhere solution for trading, these apps aren’t as efficient as their PC counterparts. They do include most of the features. But, traders online have pointed out the issues that arise when using mobile trading apps.
What Сan Be Traded? – Assets List
When it comes to trading assets, XBTFX places special emphasis on FX and crypto trading. Nevertheless, traditional assets such as indices and shares are also included. Surprisingly, the range of available instruments is quite wide, pity that the broker’s unlicensed. Here’s the list:
- Forex pairs – EUR/USD, AUD/CHF, GBP/JPY…
- Indices – Nikkei 225, Germany 30, S&P 500…
- Commodities – silver, gold, oil, platinum…
- Shares – Amazon, Intel, Tesla, Netflix…
- Crypto – Bitcoin, Neo, Monero, Ethereum…
What Are Traders Saying About XBTFX?
At the time of this writing, XBTFX had a total of 106 reviews on TrustPilot. Out of that number, 61% were 5-star reviews, 38% were 4-star reviews and 1-star reviews accounted for less than 1%. Hence, most of the feedback that the broker got was positive. Traders are generally satisfied with every aspect of XBTFX’s business.
Admittedly, we were surprised at how well XBTFX was received and it made us investigate further. We checked some more websites such as tradersunion.com and found reviews that screamed scam! Seems there are mixed reviews. Although the majority of the reviews were positive, if there’s one that says fraud, we’ll keep second-guessing XBTFX.
Where Does XBTFX Engage In Fraud? – Countries Of Service
From what we gathered, XBTFX does not provide services to US clients, per the broker’s website. Nor Quebec, Sudan, and Belgium traders for that matter. Below, we’ve compiled a list of countries where XBTFX is prevalent. Check it out:
- The UK;
- The Netherlands.
The XBTFX Affiliate Partner Program and Bonus Policy
Up to now, XBTFX was seemingly clearing its name. However, the inadmissible was offered – bonuses. These foul instruments are used to entice traders. Then, they are linked to the withdrawal process in a cunning way.�
There’s usually a clause that says you have to trade up to a certain amount before withdrawing. Scammers use bonuses as a pretext to prevent you from withdrawing. That’s why top regulators like the FCA and ASIC have banned brokers from issuing bonuses.
As for the affiliate program, we believe that this is just another hoax. XBTFX encourages you to invite friends by offering you hefty rewards and cuts. Without a license, the whole thing can fall apart really quickly.
What Are the Different XBTFX Account Types?
XBTFX offers two account types – the standard account and the ECN account. As you can see, 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.
Information About Demo Account
We 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. Therefore, you can try things out on the demo account but proceed with caution.
USDT Trading Account
XBTFX offers a USDT trading account on cTrader & the Metatrader 5 platform. This is a trading account with USDT balances that display and settle all trades in USDT. This means that you can trade Crypto, forex and CFDs using Tether as your base currency, without having to convert to USD first. A unique feature, we must add.
About Leverage, Spreads and Fees
Spread range from 0.1 pip to 1 pip, depending on the trading account. As mentioned, it boils down to preference, although the former is more competitive. But, the latter isn’t that bad either.
Leverage caps at 1:500, which is extremely high. But again, since XBTFX is an offshore provider, it can offer really high leverage. On the other hand, regulators have imposed a strict limit of 1:30 (UK, EU) or 1:50 (US, Canada). In volatile markets, such as the crypto one, high leverage can easily lead to enormous losses.
Minimum Deposit and Withdrawal Terms
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. Do you now see why we were extremely skeptical regarding bonuses?
Payment Methods Available
Only crypto assets are acceptable with XBTFX. These include Bitcoin, Ethereum, Ripple, Tron, etc. This way, the broker has guaranteed anonymity in its scheme. That’s another shady fact about this offshore brokerage.�
Scammed by XBTFX Broker? – Let Us Hear Your Story
Here’s our verdict – XBTFX, despite favorable reviews and excellent platforms, is still unregulated. Some aspects of its business violate rules set by top regulators. It’s unknown whether key security conditions have been fulfilled. All in all, we would advise you to opt for a more credible broker that’s regulated by the likes of the FCA, ASIC, BaFin, CySEC…
There’s no shame in being scammed by XBTFX. After all, this is one of the most sophisticated scams ever. Nevertheless, some will tell you that crypto payments are irreversible but we beg to differ. Yup, a refund is possible, albeit very difficult.
Book your free consultation today and let’s find out how to get your money back.
How Does Chargeback Work?
Crypto transactions can be traced to a wallet within a crypto exchange. Afterward, you can request a refund from the exchange. The scammer will remain anonymous. It might be a long shot, but we recommend you try it.
What Is XBTFX?
XBTFX is a controversial offshore broker based in St. Vincent and the Grenadines.
Is XBTFX a Scam Broker?
XBTFX is very suspicious. Its offer and conditions are great but the lack of a license is troublesome. We don’t recommend trading with XBTFX.
Is XBTFX Available in the United States or the UK?
XBTFX explicitly stated that it does not accept US clients. It does accept those from the UK, though.
Does XBTFX Offer a Demo Account?
XBTFX does offer a demo account on its official website.