In this article, we are going to review a clone firm shamelessly abusing a highly renowned company by replicating its website and logo. Other than that, Xtmtrading falsely claims to be a leading regulated broker offering an innovative platform and overall the best conditions you can find. Well, that’s a fraud, and we will discuss it in the full Xtmtrading review.
Xtmtrading REGULATION AND SAFETY OF FUNDS
Xtmtrading is not regulated anywhere at all. That’s a pure scam presenting itself as something else. They replicated the entire website and the logo belonging to XTB, a highly acclaimed broker that’s been present on the markets for almost 2 decades. The scammers kept each detail, and as soon as you enter the website, you’ll see Jose Mourinho looking at you from the screen. Xtmtrading is a dirty clone, so your funds will be in danger if you deposit.
Now, we’ll concisely explain how clone firms operate. Those are fraudulent creatures abusing the names, addresses, license numbers etc., of licensed entities to present themselves legal and get people into the fraudulent schemes. The scammers pretend to work for authentic companies, and if people are not wary enough, they may end up defrauded while thinking they are dealing with legitimate businesses.
Avoid Xtmtrading and consider the high-rated EU brokers and British brokers instead. The companies we recommend are sufficiently regulated and, most importantly, covered by deposit insurance funds. Namely, if you trade with a CySEC broker, you can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. The deposit funds guarantee an extra layer of protection, and it’s worth opening accounts with European companies if eligible to do so.
Xtmtrading TRADING SOFTWARE
Xtmtrading doesn’t have trading software. What they call a platform is simply an informative chart that’s useless for trading. Well, the broker has a fraudulent logo, fraudulent website, and quite expectedly, their trading software is fraudulent, too. You should avoid Xtmtrading.
Instead, you’d better check the high-rated MetaTrader4 brokers and MetaTrader5 brokers, which are delivering better platforms and much more competitive spreads. We recommend MT brokers because their trading terminals are packed with sophisticated features such as Expert Advisors, complex indicators, and excellent charting tools. MetaTrader also comes with an unrivalled bonus- a Marketplace where clients can browse through more than 10 000 apps and other trading solutions.
Even though it’s a lie, Xtmtrading says to offer a leverage of 1:500. We pay attention to those fraudulent claims because scammers are crazy about providing excessive levels, insisting that people can make fortunes effortlessly. The truth is quite the opposite, actually. Leverage is utterly dangerous, and many financial authorities even regulate it to reduce its usage by clients. Namely, licensed EU, British and Australian brokers have to limit retail clients to 1:30 for FX majors, while Canadian brokers and US brokers to 1:50. High-leverage offshore brokers are poorly regulated or not at all, so you’d better be sceptical about their offers.
Xtmtrading DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $300. However, people can’t open trading accounts but have to subscribe to some fishy investment plans. That’s a scam! Anyway, the single funding method is direct Bitcoin payment, which is actually the least safe option of all available. That’s because crypto payments are anonymous and final, so people who sent their Bitcoins can’t take a refund whatsoever.
Nevertheless, we’d like to offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have trusted payment systems. The companies topping the lists are adequately regulated, and you won’t face scammers if you choose among the high-rated ones.
Overall, Xtmtrading is a fraudulent clone firm, so you should avoid it and report immediately to the authorities if they approach you.
HOW DOES THE SCAM WORK
Today, the Internet is plagued by scammers and their tricky deals. It all starts when you click on an appealing fraudulent offer and provide your e-mail and contact numbers. Scammers, as seasoned manipulators, would ring you at once, insisting that you should start investing as soon as possible. During the phone call, you’d be presented with bonuses, promotions, risk-free offers, Bitcoin opportunities, and anything else you could possibly imagine. Scammers would claim to work with reputable firms, banks, governments, and so on, trying to make their business appear legit. Those thieves lie big time and would promise you anything to gain your confidence and get a deposit from you.
However, the first deposit is just the beginning. Day by day, scammers would carry on asking for funds. If you lost, they’d persuade you to put more money and recover the losses. If you are profitable, you’d be asked to put more money and increase the gains. The headaches start as soon as you ask to take your money back. The scammers would do whatever it takes to discourage you and would even urge you to deposit again if you want to withdraw. The scammers’ mantra is “give me your money”, they’d push you to transfer more money over and over again for no obvious reason. Urgency is a treacherous sign, so if someone forces you to invest ASAP, that’s a scam.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is safe from scams. If you get defrauded, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because fraudulent fund recovery agencies are trying to double scam the victims. They ask for upfront payment, take the money but don’t do anything to help you!
Last but not least, share online your experience; it’s important to inform the public about scams. Be responsible!
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