XTB Empire Review – Fraudsters Shut Down Site After Regulatory Action
Fraudsters are like cockroaches – if you turn on the light, they will quickly scurry into the hole they crawled out from. It’s no surprise then, that after their con scheme got the attention of HCMC, these cybercriminals decided to shut down their site.
Unfortunately, this left a large number of people hanging, with seemingly no solution to their withdrawal problems. See the rest of our XTB Empire review for more information on how you may recover money lost on online scams.
Is This Company Safe?
No, never invest with unlicensed firms!
Have Warnings from:
CONSOB, HCMC, A-TVP, CNMV, FI, IOSCO
Forex, Cryptocurrencies, Shares, Commodities, Indices, Bonds
Free Demo Account:
How to Withdraw from This Company?
Never trust your money with unlicensed companies!
Is XTB Empire a Regulated Forex and CFD Broker?
XTB Empire claims to be a brand of XTB Empire Limited, a company registered in the UK. However, once we searched the Companies House for the given registration number, we found XTB Limited. It’s a firm established in 2010, dealing with business support services. As you can guess, the firm has nothing to do with XTBempire.
Furthermore, we searched the FCA register. Any broker that wants to provide trading services from the country must be registered with the official authority. Of course, the register showed no results for XTB Empire whatsoever.
With all this in mind, let’s move on and see what officials have to say.
Receiving Regulatory Attention
The fraudulent behavior of the XTB Empire scam has not gone unnoticed by the authorities. The list of financial regulators to put this company on a blacklist is growing each day.
The first to blacklist the company was CONSOB and then HCMC, which posted a public warning stating that the firm is in no way regulated or licensed in the Greek jurisdiction. This same document was further recirculated by other regulatory bodies. So far the list includes IOSCO, A-TVP, CNMV and FI.
The attention that this online scheme has accrued from supervisory entities is the most probable reason behind the website shutdown.
XTB Empire Countries Of Service
The first domain, xtbempire.com, was registered in October 2022. Since then, it has been banned by Italian officials, as you have had a chance to see. Intentionally or not, this brokerage registered another domain on the same day, xtb-empire.com.
We believe the new site will be used for future scams. According to traffic analysis of it, the majority of XTB Empire victims come from the following countries:
Trading Platforms On Offer
XTB Empire says nothing about its trading platform. We were able to find out that once you register, you will gain access to a basic WebTrader without any special features.
Such a platform cannot be compared to what you’d get if trading on MT4, MT5, or cTrader. With each of these, you’d get access to social trading, EAs, more charts, and indicators. Of course, they all come with dedicated mobile apps for desktop and mobile.
This broker claims to have developed a mobile app. Yet, there are no links to download and test it.
Available Trading Assets
With XTB Empire, you can access six asset classes:
- Currency pairs – EUR/USD, GBP/AUD, SEK/NOK
- Commodities – gold, silver, natural gas
- Indices – AU200, BE20, NASDAQ
- Shares – Alibaba, Rolex, BMW
- Cryptocurrencies – BTC, XRP, USDT
- Bonds – treasuries, government bonds
However, this range is nothing since the company has no authorization to provide financial services in the first place.
Leverage, Spreads, and Fees
The spreads are described as low but without any specifications. The leverage is nowhere to be found, and the same stands for commissions. All in all, you will have to pay the money first before discovering the trading risks.
Which Account Types Can I Choose?
If you’re still keen on trading with XTB Empire, here’s your trading account choice:
- Standard – 250 EUR
- Premium – 5,000 EUR
- Premium – 40,000 EUR
- Premium – 100,000 EUR
The mistake is not from our side; the brokerage does offer three different Premium accounts. Each one gives bonuses, while Premium 40,000 brings in SMS signals and a VIP manager. Premium 100,000 adds personal reports on the stock market and, allegedly, auto trading.
Can I Use a Demo Account?
If you were hoping to use a risk-free Demo account, we’ll have to crush your dreams.This broker doesn’t offer such a possibility. Instead, you need to deposit a minimum of 250 EUR and only then find out more about the platform and the trading terms.
Scammers like this one and CTmatador, for example, will do anything to dissuade you from testing the system for free.
XTB Empire Withdrawal Options
Is It Possible To Get Money Back? Although by no means easy, fund recovery is still possible even from an inactive firm. Our legal experts will be more than happy to provide you with the help you need.
We have ample experience dealing with fraudulent companies just like the XTB Empire broker, and you may reach us using the live chat on our website. We are available 24/7, so don’t delay – book your free consultation today!
What Should I Do If I Was Scammed by XTB Empire Broker?
If you find yourself scammed by an XTB Empire broker, it’s essential to report the issue immediately. You need to prepare legal evidence for the authorities and seek help with the chargeback procedure.
Our experts are ready to evaluate your case during a free, non-obligatory consultation and guide you on what to do. You’re not alone. Get in touch today!
What Is XTB Empire?
XTB Empire is an unregulated online trading brokerage allegedly based in the UK.
Does XTB Empire Offer a Demo Account?
No, XTB Empire doesn’t offer its clients a risk-free Demo account.
Is My Money Safe With XTB Empire Broker?
Since the company was banned in Italy and flagged for scamming, your money is not safe.