Beware! Xinrox 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.

 

Xinrox is an incredibly shady Forex broker – the company operates from a rather broken website, which betrays no information about its trading conditions or legal documentation. Furthermore, there are two account creation forms – one works for everyone, but the other required a sponsor ID – an invitation code of some kind. We had no such invitation, so we were left staring at the following page:

The other form, however, worked and we were able to make an account rather easily. What we then saw confirmed our suspicion – the broker is not worth trading with in any capacity. Here is why you should stay away from it, even if you receive one of its invitation codes:

Xinrox regulation and safety of funds

Xinrox is not regulated – the company operates from the offshore scam haven of St. Vincent and the Grenadines – a fact it makes us aware of itself:

The problem with St. Vincent is the lack of any regulation over the markets – this means scammers are free to move in and run whatever schemes they feel like with no opposition. There is also the issue of brokers that are not running some kind of scam not having the needed liquidity to operate on the FX markets and simply going under in a couple of weeks since their inception and taking their clients’ money with them!

Contrast that to a stricter jurisdiction like the UK – brokers there are required to report on a daily basis on open and closed trades, as well as make sure they hold over 730 000 euro to their name in liquid funds at all time. There are many more reasons to pick a UK broker over a company like Xinrox – and if you would like to know more, check out our list of top-rated companies from the UK.

Xinrox trading software

Xinrox provides access to a distribution of the revered Metatrader 5 platform, famous for its powerful automated trading features. Here is what it looks like:

Of course, there are a lot of brokers out there that also have the software without being unlicensed – here are the best ones we have covered. But, back to Xinrox – it also has a web-based trading platform available, which was sadly very much broken. Here is what it looks like:

As for the trading conditions on the platforms, the spreads for FX majors like the EURUSD are under the generally acceptable 1 pip difference – but we still would not recommend trading with Xinrox. We cannot know the broker’s leverage, for one, as it is not listed anywhere on its website – but it is possible Xinrox offers high amounts of leverage to retail clients, despite them being incompatible with the client class – a common recruitment tactic with shady brokers.

Xinrox deposit and withdrawal methods and fees

Xinrox only takes wire transfers – they are not eligible for chargebacks. This is quite unfortunate, since we do not know how complicated Xinrox’s withdrawal policy is – a chargeback cound be the only way you could get your money back. We cannot know what said policy is because any attempt to access the broker’s legal documentation leads us to the following error page:

This is incredibly shady and unprofessional – overall, we can only reach a singular conclusion about Xinrox – the broker is running a scam

How does the scam work?

Xinrox follows a scam pattern we have seen hundreds of times before – here is how it all unfolds.

Someone stumbles upon the scammers’ website and is prompted to make an account, a requirement for which is leaving a phone number. The scammers then use the number to call and solicit deposits – if you cave in, more and more money will be taken from you, until you are left with nothing, or realize what’s going on – at which point, the scammers cut you off and move on to new targets!

What to do when scammed?

If you have been scammed, here are some steps you can take to avoid further losses:

Reissue whatever forms of ID and credit cards the scammers had access to – and get rid of any remote control software they had you install.

Contact your bank to see if you can file a chargeback – and if one is not possible, do not trust recovery agencies that demand an upfront payment for their services – this is simply another scam to avoid!

Finally, do not hesitate to leave a comment below and tell us of your own experiences with Xinrox – in doing so, you will be helping us raise awareness of the scam, which is the best way to combat it!

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *