Beware! Xnvest 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.
Hundreds of brokers like Xnvest have passed before us, and so it was no wonder that this one passed our radar and but not the test. This is one of those “trust me, i’m legit” type of broker that really does break the deal at some point and shows its thorns. The following review is for those users that don’t see the bad in Xnvest. Trust us, it’s all there.
The creation of an account was way to easy for comfort. It means that anyone can easily invest here and get defrauded, which is exactly what these types of brokers want.
Moreover, both the user area and trading software were poor and barely holding onto. Worse was the EUR/USD cost of trade of 3.1 pips which does no user any favor. This high a spread is favorable only to the broker. The available assets to be traded with are forex currency pairs, commodities, indices, stocks, and crypto. The 1:100 leverage cap is said to be applied to user of the highest account type, but from what we know from previous illegal brokers account types rarely apply. So the leverage value remains ambivalent.
XNVEST REGULATION AND SAFETY OF FUNDS
Like many shady brokers before it, Xnvest includes irrelevant contact phones in Canada, Germany, UK, and Belgium. To the common passer by these would suggest that the firm was based in all four countries, but the truth is far from this. In reality, brokers such as Xnvest only mention these jurisdictions to confuse clients, and to fill the gasp that would otherwise raise suspicion. In other words, there is absolutely no proof that Xnvest is register nor regulated in any of the aforementioned countries, especially these ones that ware considered FX global centers.
We also have the combination of a bunch of very shady legal documents that are also short. So both uninformative and in support of the scammer activities going on here.
All in all, we consider Xnvest to be an anonymous broker, making it even more dangerous than we originally though since all transactions here are basically untraceable. How can you get your money back if you cannot trace it? You cannot. The only way is if the broker brings it back, which in our history with unlicensed brokers has rarely happened.
Couple this anonymity with a minty AMF (French regulator) warning and what we have on our hands is you typical unlicensed broker.
Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.
XNVEST TRADING SOFTWARE
This is the web trader. It’s pretty clear that there is almost nothing going on here.
Aside form one-click trading, users have nothing else to do, and what’s more is that the chart belongs to a third party chart provider meaning that what asset details one sees may not belong to the broker at all. Only the worst kind of scammers use such cheap techniques and trading platforms.
XNVEST DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area clients can invest by means of a BTC wallet. The second info we gathered from the user area was that the minimum withdrawal amount is $100.
All the rest of the payment details are take from the site; be ware as they might not be truthful.
The minimum deposit is advertised as $250. Actually, there are no further details on payment other than a very shady non-deposited funds clause:
Yes, you read that correctly. All profit will not be available for withdrawal; so what’s the point of investing? This is solid proof that Xnvest is utterly useless as both a broker and a service provider. There are further stipulations on this clause, expanding it to a ridiculous extent.
HOW DOES THE SCAM WORK
Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.
First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.
The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.
When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.
WHAT TO DO IF SCAMMED
The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.
Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.
Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.
Lastly, do not trust recovery agents or agencies. These are either separate scammers trying to get a hold of any leftovers, or can even be an extension of the brokerage scam.