Looks aren’t everything. Thus, having an attractive website does not imply that your whole enterprise is legit. Take note, XFortunes, because you’re the one that’s about to snap back to reality.
In the XFortunes Review, we focused on key legal and trading aspects that one broker offers. These include licensed status, trading platform, leverage, spreads, commissions, and payment methods.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Mango Group LLC|
|Minimum Deposit:||250 EUR|
|Cryptocurrencies:||Yes – Bitcoin, Tether, Ethereum…|
|Types of Assets:||Forex, Crypto, Indices, Commodities, Shares, ETFs|
|Free Demo Account:||Unavailable|
|Accepts US clients:||Yes|
XFortunes Is Not a Licensed and Fraudulent Broker?
This little fact would bug any trader – XFortunes is stationed in Saint Vincent and the Grenadines. As you might have heard, SVG is a notorious den of thieves due to its lax tax system and rules, making the small island a paradise for countless scammers.
XFortunes, owned by Mango Media LLC, belongs to the bunch. Its company is indeed registered with SVG’s Financial Services Authority (FSA), but there’s a catch. FSA explicitly stated on its website that it doesn’t regulate the FX market, i. e. doesn’t issue Forex licenses.
So, our little offshore fraudster cannot possibly be licensed to provide legit services. Forget about investing in this scam.
XFortunes is an offshore broker based in Saint Vincent and the Grenadines that allegedly offers Forex, crypto and CFDs trading. This con artist mainly targets traders from the United Kingdom, Switzerland and Slovenia.
Why It Is Better Not to Choose An Unlicensed Broker
Since this is an offshore provider, there’s no chance it could’ve obtained a valid license issued by the likes of the UK’s FCA, Australian ASIC, Cypriot CySEC, etc. These renowned regulators require brokers to meet high demands such as a large operating capital (i. g. GBP 730,000 in the UK or AUD 1,000,000 in Australia).
With these regulations in place, you can sleep soundly knowing you are covered in case something goes wrong with the broker’s business. When it comes to trading itself, losses can be mitigated or prevented due to restricted leverage and negative balance protection.
XFortunes Also Provides What Platforms?
The whole monkey business had to have some sort of structure. By that, we imply that XFortunes had to at least appear as a broker despite being an obvious scammer. Hence, it had to offer some sort of trading platform to potential clients. The one XFortunes selected, which is also the first choice of many fraudsters, is a browser-based platform known as WebTrader.
Cheap, unpolished, basic, and devoid of great trading tools such as customization, automated trading and live reports. Ladies and gentlemen, we present to you – WebTrader. It’s no wonder scammers prefer to offer traders this poor platform.
Aside from the fact that you probably won’t succeed in trading if you use WebTrader, this platform is oftentimes manipulated by the scammer, i. e. it’s fake. The numbers and profits you see aren’t real, but your deposits are.
XFortunes Assets – Instruments Types
When it comes to trading assets, XFortunes was cunning to include an abundant selection:
- Forex Pairs – EUR/USD, USD/JPY, GBP/AUD…
- Commodities – gold, silver, natural gas…
- Shares – Apple, Lloyds Bank, Tesla…
- Indices – S&P 500, NIKKEI 225, AU 200…
- Cryptocurrencies – Ethereum, Bitcoin, Tether…
- ETFs – iShares Russell 2000, Invesco QQQ…
Don’t take these instruments for granted. They were put there to lure you in and persuade you to invest. Given that XFortunes operates under a pretty much ‘no rules’ jurisdiction, there’s no guarantee that you’ll actually get to trade all of these.
Where Does XFortunes Engage In Fraud? – Countries Of Service
It’s important to note where this fraudulent offshore broker finds its victims. After some research, we found that XFortunes had set its gaze on three countries in particular. Bear in mind that its range is not limited to just these three, but that’s where the most activity was recorded. If you happen to reside in any of them and have been contacted by this fraud, immediately reject it.
- United Kingdom
What Are the Different XFortunes Account Types?
Here are the fake account types that XFortunes says it offers:
- Basic – 250 EUR;
- Bronze – 5,000 EUR;
- Silver – 20,000 EUR;
- Gold – 50,000 EUR;
- Platinum – 100,000 EUR;
- Elite – 250,000 EUR;
Each subsequent type bears additional perks. Also, the welcome bonus keeps getting higher, ranging from 10% to 70%. Nevertheless, the prices listed above are what the scammer is really after.
Free Demo Account – Does The Broker Offer It?
Of course not! Why would an offshore broker bother including a demo account when it’s not required to do so? That’s more work and also less chance of the scam succeeding. If XFortunes were a legitimate broker, on the other hand, the offer would have to include a free demo account.
XFortunes Promotions – Types Of Bonuses
Remember the welcome bonuses mentioned with account types? Yes, there’s no problem there. Top-tier European and Australian regulators have banned brokers from issuing bonuses.
This is because scam brokers always include a hidden clause in the legal section that conditions traders regarding bonuses, requiring them to reach a crazy trading volume due to the bonus before enabling them to make withdrawals. Offshore fraudsters do this all the time, which is an additional reason not to trust them.
About Leverage, Spreads, and Fees
The leverage cap with XFortunes is 1:400. We’ll just reiterate that the legal limit for retail clients is 1:30 (US, EU, AUS) for FX major pairs. As for spreads, the broker claims they’re tight but that’s not the case. We got a very large gap – from 0.5 to around 4-5 pips. At that rate, there’s no way one can profit.
Fees range all the way up to $5 depending on the profit. But that’s not all. XFortunes also charges a 3.5% withdrawal fee for $30 or more. Plus, a $20 maintenance fee and a $100 dormant account fee for 30 days of inactivity.
High Minimum Deposit and Withdrawal Terms
When it comes to the minimum deposit, it’s 250 EUR. That’s quite a lot considering all the lies and shady aspects of XFortunes’ business. For the same amount, there are countless licensed brokers with a much better offer.
There’s a 3.5% fee that applies to all transactions. As for the payment methods, the unscrupulous broker accepts only three. Namely, these include the following:
- Credit/Debit Cards
- Wire Transfers
- Western Union
Scammed by XFortunes Broker? – Allow Us to Hear Your Story
We hope this review has helped you realize the dangers associated with XFortunes. However, if you’ve already been scammed by this phony broker, now’s the time to raise your voice and prevent the scheme from reaching new heights.
If you need any help with it, we’re here for you. By the way, did you know there are methods of getting a refund? Yes, a chargeback and a recall.
What Is The Process of Chargeback?
- A chargeback is used to reverse credit/debit card transactions.
- It can be requested at the issuing bank within 540 days of the transaction.
- For wire transfers, the same process is called a recall but can only be performed if the transaction hasn’t yet been completed.
- Western Union refunds require you to contact the company’s support team to learn about the next step.
Get in touch today!
What Is XFortunes?
XFortunes is a shady offshore provider located on the island of Saint Vincent and the Grenadines.
Is XFortunes a Scam Broker?
XFortunes is an obvious scam broker that’s both dishonest and unregulated. It doesn’t have a Forex license.
Is XFortunes Available in the US or the UK?
XFortunes can be accessed by both United States and United Kingdom traders. In fact, the scammer targets the latter.
Does XFortunes Offer a Demo Account?
There’s no free demo account available at XFortunes, only a live trading account.