Beware! Xbtelite 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.
If someone would have told us that Xbtelite was a forex broker, we would have never guessed, that is to say, if we were never informed that it was. Suspicious brokers are not only evolving in their schemes, but their names are also going through changes. In recent times, we have witnessed some truly odd titles for brokers that were very dangerous to investors. So, over the time an associative pattern emerged linking strange names with unregulated forex brokers. By this principle, Xbtelite should be unregulated. Read the review to find out if it is so.
It took us less than 10 seconds to register an account. This tells us something: that Xbtelite has not taken the registration process seriously. Nevertheless, the following user area had a stylist and futuristic visual appeal, yet that did not deter us from noticing how poor the user area really is, and how little is has to offer.
The trading software was no better, if not worse that what we expected. As it turned out, all the trading conditions do not actually apply to the broker’s trading platfrom, because the trading terminal, in essence, did not belong to the broker. But more on this topic later.
What must be noted for now is that there is no cost of trade, no leverage, and no trading assets.
English is the only available language.
XBTELITE REGULATION AND SAFETY OF FUNDS
As per the Terms and Conditions, the broker is working in accordance to the laws of Estonia. There is no proof of this to be factual, as not only does the regulator in Estonia have no result from the name Xbtelite but it also does not say anywhere that the broker is regulated there.
In fact, there is no further mention that the broker is located anywhere. As for a regulation, the website offers no insight.
As it turns out, Xbtelite is a classic example of an UNLICENSED forex broker, with almost all the tropes of one. All invested capital here is at risk, but so is all the personal information that you have provided.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
XBTELITE TRADING SOFTWARE/WITHDRAW
As we previously reveled, the overall trading experience was utterly disappointing, which was exclusively caused by the poor trading platform.
First of all, there are no options for expanded trading, aside from the buy and sell buttons. As such, this is probably the most limited trading office we have come across since we started writing reviews. And second, the charts are provided by a third party source, and what’s more is that they reflect the spread values, meaning that none of the spreads values reflect Xbtelite’s own liquidity pool (if one exists). Therefore, no applicable trading conditions.
How can a website promote itslef as a FX broker without having a trading platform compatible with trading? The answer is, Xbtelite is a scam, and it uses well tested tactics to attract users and their money.
XBTELITE DEPOSIT/WITHDRAW METHODS AND FEES
Traders can deposit via the following payment gateways: Bitxtech and Wire Transfer. However, upon further inspection, the wire transfer methods was broken, and so we are left with a questionable crypto deposit method. It turner out that Bitxtech was a website designed for purchasing cryptocurrency; there is no way to directly deposit into a user’s account, as such there is no need to talk of a minimum deposit. We would like to remind users that all crypto based payments are untraceable, and thus pose a risk.
Without depositing we had no way of getting informed on withdrawal through the user area. The FAQ question claims that the minimum withdrawal by means of bank transfer is €10 000. This is insane; usually minimum withdrawal do not go above $50! The process of withdrawing may be complete between a time period of 1 to 5 days. Furthermore, there are withdrawal fees, as revealed by the FAQ section, but there is no numerical value given to these commissions. All withdrawal info was taken from the website, which in and of itself, is not a reliable source.
Xbtelite does not allow its users to withdraw their profit from trading. This is completely unacceptable, and with the inclusion of this clause Xbtelite nails the last nail on its coffin. What’s even worse is that in case of a withdrawal request of Non-Deposited Funds, the broker has the right to confiscate all these funds.
Be warned. The broker has the right to change the content and the services of the website without notifying the user. This can lead to some disastrous results!
Xbtelite will not be held responsible for any kind of financial damage occurring from the usage of the website and due to trading. Classic stuff from Xbtelite; it indemnifies itself so as to continue to take from its users.
The clauses may not be many, but what matters is that they are some of the most controversial ones. Xbtelite has not lifted its finger to offer ny sort of legitimate service for traders, yet is has wasted time in hatching a fraudulent scheme that aims to steal your money! Do not deposit here!
How does the scam work?
The usual scam operates on a multi-level, though very basic model. The users will be tempted to click on an Internet ad promising quick and easy profits. If they do, it will take them to a website that will ask for their personal details, including email address and phone number. Once they submit this information, an avalanche of emails and phone calls will be unleashed. Scammers will promise the world to these potential traders in order to induce them to make an initial deposit between $200 and $300.
These “brokers” will get a fat commission from the deposited sums and will transfer the unsuspecting users to “senior” scammers. The latter are smooth talkers who will try to persuade users to invest more funds, using phrases like “now is the right time” and “the moment is perfect for making hefty profits”. Of course, these are empty words, and traders will soon have doubts whether they have not been played.
When they try to withdraw their money, these doubts will be confirmed: the con-artists will do anything to deny or at least delay their withdrawals. From trying to convince the traders that they are making a big mistake to withdraw funds now because they will lose big profits, to asking for additional documents or citing clauses in the accepted agreements, to transferring you to another department, there is a single objective to delay the users from filing for a chargeback with their financial institution and lose any chances of recovering their money.
What to do when scammed?
Anyone can fall prey to such a scam. In the unfortunate event this happens to you, there are a few things you can do. If you deposited using a credit card you should immediately file for a chargeback. In an effort to combat online fraud VISA and MasterCard have extended the period in which one can file a chargeback to a year and a half, so there is a big chance that you may be able to recover your funds. If however, you used a bank wire or bitcoin to deposit, chances to get your money back are almost none.
We should also warn against “recovery agencies” who prey on victimized traders by claiming they can recover their funds. These scammers will ask you to pay a fee for this service, but will only take your money and do nothing.
Rich Snippet Data