Beware! XenitFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We seriously doubt that XenitFX is the best broker of 2019, as it promotes itself to be. If this is the best of that year, then the standards back then were seriously low. With the risk of straying into some pun or joke, we can say that this is definitely not an award-winning broker. It’s not even a broker, in its natural form. Instead, XenitFX is a corrupted and sloppy brokerage that tries to lure in users and push them to deposit. It may sound harsh, but that’s the way this thing is. It did not take us long to reach this conclusion, and we won’t delay with what else we found out. Read on.
We were able to create an account and login into a user area within a minute. What followed is a web trader that served as a main page of the user area. All the other areas were clustered in a side menu. We cannot say too much of this approach, except that it is mainly used by shady brokers; it’s an easy way out.
The web trader revealed a EUR/USD cost of trade of…nothing. The trading platform offered only crypto assets. In fact, there were only 4 crypto asset pairs in total. The website promotes other financial instruments, but what one sees in the user area is what one gets. False advertising is common with shady brokers. There are no forex currency pairs, no commodities, no indices, no stocks.
The mentioned leverage for cryptocurrencies is 1:2.
The website is available only in English.
XENITFX REGULATION AND SAFETY OF FUNDS
The footer is the only real place where we found regulatory details. There we only had to see the nation of Saint Vincent and the Grenadines mentioned and we knew for sure that we were heading towards disaster. The Caribbean nation of Saint Vincent and the Grenadines is the most popular scammer broker destination in the words, with literally thousands of unregulated brokers currently occupying it. The country does not have an FX broker, and thus XenitFX is not licensed there. Being registered in a country is very different from it being regulated there!
The reason why the footer is the only real info pool for regulatory information is that there are no legal documents. Legal provisions create the tie between user and broker on which all legal disputes are solved. Without legal documents, XenitFX can behave in any way it sees fit, including in direct opposition to the clients’ interests.
Without a doubt, XenitFX is NOT LICENSED and is thus not a risk.
There is no reason whatsoever to invest in an unregulated broker. You will be faced with a ton of issues and will waste your time, not to mention money. Best rely on FCA or CySEC regulated entities, although any broker regulated by a legit agency will do. The crucial thing is to always make sure if the current broker you are willing to invest in has a license. Investing in a regulated broker will not only bring you safety and security, but it may also give you an advantage. For example, both the FCA and CySEC have a financial compensation scheme, each, meaning that they will pay back users who cannot get their money back from their broker, due to the latter’s insolvency or any other monetary issue. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
XENITFX TRADING PLATFORM
The web trader used by the broker is nothing special. We have seen it many times before being used by unregulated FX companies.
There isn’t a whole lot to do here, aside from some chart customization tools and what have you. Overall, a typical scammer broker terminal, if there ever was one!
XENITFX DEPOSIT/WITHDRAW METHODS AND FEES
The user area’s deposit section did not exist or was not shown to us. The reason for this might be because we had not verified our account. Whatever the reason might be, this is definitely an a-typical move by an illicit broker.
The withdrawal area, on the other hand, gave us payment methods: PayPal, Wire Transfer, and a crypto wallet. These, we assume, are the methods one can also use for depositing.
The minimum deposit according to the website is $100.
Since there are no legal documents, we cannot take from them any fees or other important payment-related clauses. Moreover, the website is also very unhelpful, as it offers no withdrawal information at all!
In conclusion, there is nothing for you here. XenitFX is a risk to all, a scam, and unregulated.
How does the scam work?
The scam is simple, and it can be sub-divided into a couple of steps.
The first one is actually falling for the scam. This happens when a user clicks on an ad that promises any of the following: an unrealistic profit gain; luxurious items and houses; a carefree lifestyle; and anything and everything in-between these. It’s easy to see why so many still fall for investment scams.
Next, the client will be asked to provide an email, or a phone number, or both. These are essential for the scam, as they will be used by the fraudsters to contact you in the next step.
Which is actually to convince users to deposit. Some might throw themselves in, while others might be more skeptical. It is the job of the scammers to make up the minds of the skeptical bunch. Once a first deposit is made, the user has lost her first deposit!
The final step is simple. The pers have solicited an initial deposit; now they want as many investments as possible until the client realizes the true nature of it all. Once this happens, the broker will block all withdrawals.
What to do if scammed?
File for a chargeback if you have used a credit or debit card to pay the scammers! MasterCard and VISA have a chargeback period of 540 days.
Call your bank if the transaction happened through a wire transfer. And make sure to change your bank account user name and password ASAP!
Unfortunately, crypto deposits are lost and cannot be retrieved. That is why we urge readers to never deposit through any crypto method!
And let us not forget NOT to trust the recovery agencies or agents who are also just as fraudulent as the investment scammers, sometimes even more!
Rich Snippet Data