Beware! BestXtrade 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.
BestXtrade is a forex and CFD broker offering several accounts with a leverage of up to 1000:1 and a web based trading platform.
The choice of trading instruments is quite humble – just 23 forex pairs with a couple of exotic currencies, namely South African Rand, Turkish Lira, Russian Rubble, Mexican Peso and Hungarian Forint.
And there are a couple of CFDs as well – on several indices, a few stocks, silver, platinum, gold and oil. Probably the biggest selling point of the broker is the selection of crypto CFDs with most major coins like Cardano, Ark, Bitcoin Cash, Binance Coin , Bancor, Bitcoin, Dash, EOS, Ethereum, Ethereum Classic, FunFair, Gas Coin, IOTA, Komodo, Litecoin. NEO, Nxt, Augur, StarCoin, Tron, Stellar, Monero, Ripple, Tezos, Verge, Zcash, and Ox.
And besides, spreads as tested with a demo account did not look bad – 0,9 pips – 1, 1 pips for the benchmark EURUSD spread is what most traders would expect with a standard account. Unfortunately we are not sure that the demo account mirrors BestXtrade opening account or some of the premium accounts.
And also, we have some very serious doubts about BestXtrade credibility, which we will discuss in the following section of the review.
BestXtrade regulation & safety of funds
BestXtrade is owned and operated by a company called Bania Technologies Online Ltd., which has a contact address in St. Vincent and the Grenadines and does not hold a license to provide financial services such as to offer forex and CFD trade on any major market like the European Union, Australia, the US ore Japan. So basically BestXtrade lacks any legitimacy.
Brokers, regulated by reliable authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC) on the other hand can be trusted, as all their activities are diligently scrutinized by the regulators and in certain cases traders’ funds are even insured.
So for example if you are with a FCA broker your account will be insured up to 50 000 GBP, while with a CySEC regulated broker the insurance will cover 20 000 EUR.
BestXtrade deposit/withdrawal methods and fees
BestXtrade accepts payment with a variety of credit or debit cards, including Visa, Delta, MasterCard, Diners, Visa Electron, Maestro, Maestro UK (Switch) and Solo, as well as wire transfers, but they do not accept e-wallets like Neteller and Skrill.
Here we should note that since last October Skrill requires all forex brokers, offering their services in the European Union, to present a legit license – something that BestXtrade lacks.
Also, if you happen to accept a trading bonus offered by BestXtrade, your right to withdraw your profits will be linked to special trade volume requirements of between 30 to 50 times the bonus plus your initial deposit. And have in mind that if you are offered a “risk- free trade”, that also counts as a bonus.
The minimum deposit requirement with BestXtrade is 2500 USD, which is about 10 times the investment most brokers would ask you for with a standard account. And besides, there is a fixed withdraw fee of 25 USD.
How does the scam work?
Contrary to what you may think, scammers are organized pretty much as conventional businesses with subcontractors such as call centers and the so called robo -scam websites, like Crypto Revolt and Bitcoin Evolution, which are specialized in attracting potential victims.
And if you happen to stumble upon such a web site, while surfing on the internet, you will be presented with a tempting offer for fast, easy and risk free profits in exchange of a tiny investment – no obligations whatsoever, all you have to do is leave your e-mail and phone.
And if you do fill the simple registration form, you will be transferred immediately to the web site of unregulated, offshore broker, where you will be asked to deposit your first 250 USD. Here we should note, that if you do open an account with the scam broker, the people running the robo scam website, which has hooked you up, will get their commission.
Besides, you will be surprised how successful your initial trades will be. That however will not be real – scammers will manipulate your account so that latter you will be more prone to invest a larger sum. And precisely that is when you will receive a phone call as well – it will be form “your senior account manager”, who will professionally explain, that if you want to make some real cash you will simply have to invest more – like 10 000 USD or so.
And most probably you will not realize that you have been scammed until the moment you request to withdraw some of your funds. Than it will suddenly turn out this is not possible, because of some additional trade volume requirements, probably linked to a trading bonus, you have accepted. The pretext for the refusal might be different, but the result in the end will be the same – scammers will not give you a single dollar back.
What to do if scammed?
Note that the only chance you have to get your money back is to file for a charge back with your credit card provider. The good news here is that both VISA and MasterCard extended the period in which you will be able to do that to 540 days, and this was done precisely in an attempt to combat online fraud connected with forex scams.
And if by any chance you have given away your banking details and credit card number, immediately block your credit card and change the password for your online banking service.
And finally, if you are scammed, do not trust the so called recovery agencies – they will not recover your money, but will simply charge you some cash in advance and basically that will be the end of the story.