Xtb-global.com Review – 5 things you should know about XTB Global

Xtb-global.com Review – 5 things you should know about XTB Global

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Beware! Xtb-global.com is an offshore broker! Your investment may be at risk.

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It took us a second to realise that Xtb-global.com is a scam! We say so because its logo and much of its website are stolen by a legit broker bearing the same name – XTB. There is a colour difference between the original logo and the fake one used by Xtb-global.com, but the latter is a scam, and we’ll review it in the following article.

Xtb-global.com Regulation And Safety Of Funds

Xtb-global.com is a clone firm, and it’s not only confirmed by us but by the British regulator FCA, as well. The authority issued a warning against Xtb-global.com, effectively exposing it as a clone firm and a scam scheme. So, after the FCA alert, we can only say that scammers will steal your money if you deposit with Xtb-global.com!

Clones are dangerous as they impersonate legit companies, which makes it easier for fraudsters to take their investors’ guards off and scam them out of their money. It’s a simple but very effective strategy, as the number of impostors like Xtb-global.com is constantly on the rise!

However, another detail about Xtb-global.com reveals much more information about this scam. That is, the so-called brokerage is registered in the Marshall Islands, a country that doesn’t even have state-controlled financial authority, let alone regulated Forex markets. The Marshall Islands are an offshore zone, so Xtb-global.com is practically an IBC with undisclosed ownership. Hence, you neither know who operates the business nor where it’s actually located. And the worst of all is that once you deposit with Xtb-global.com, your money will be transferred offshore, where it literally disappears, with no one able to track the funds down. The bottom line is that whenever you open an account with Xtb-global.com and deposit money, you’ll get scammed, and you’ll have no chance of recovering the losses afterwards!

Avoid Xtb-global.com, and if you are still interested in trading, feel free to follow the links provided throughout the review! For example, CySEC (Cyprus) brokers and FCA (Britain) brokers have been proven safe because both authorities impose tight restrictions to ensure the safety of clients’ funds. The mandatory regulations include client account segregation, risk-reducing measures like leverage restrictions, negative balance protection, and increased capital requirements to license a broker (€730 000). But most notably, both CySEC and FCA brokers are covered by deposit insurance funds – clients of Cyprus brokers can claim up to €20,000 in compensation, while UK protections are up to £85 000 per person! On the other hand, trading with fishy unregulated brokers will leave unprotected and vulnerable to fraud, so it’s never recommended to trust your money with such entities.

Now, see a part of the FCA warning exposing Xtb-global.com as a clone firm:

Xtb-global.com Trading Software

Xtb-global.com’s software is the web-based Mobiustrader 7, that’s inferior to MT4 or MT5, for example. The platform seemingly provides some advanced features like Algorithms, but once you click on the option, you’ll see the section empty, so Xtb-global.com’s Webtrader can’t offer anything significant. And frankly speaking, it’s always risky to run an automated Algorithm strategy on a browser-based platform!

At any rate, Xtb-global.com is an exposed scam, so its platform isn’t really relevant – you’ll get ripped off no matter the software! But speaking about platforms, we’d like to introduce our MetaTrader 4 brokers and MetaTrader 5 brokers. The high-ranked firms are adequately regulated and secure, providing the best software for retail Forex trading. Both MTs are secure and packed with numerous advanced features like automated trading and analytical tools, complex indicators, easy-to-use charting tools, and a marketplace with thousands of Forex apps. Trading with MT brokers is a good choice, but due diligence is always needed as markets are now flooded with scammers!

Xtb-global.com Trading Conditions

The trading conditions are not good. Xtb-global.com provides 146 trading instruments grouped into 3 asset classes: Forex, Crypto and Stocks. In comparison, legit brokers usually provide thousands of instruments, so dealing with Xtb-global.com is worthless anyway.

The trading costs are normal, as the average EUR/USD spread is 0.5 pips ($5 per lot), a rate in line with the industry standards ($10 or less; a difference of 1 pip or below). That said, we should remind you that Xtb-global.com is a clone firm that will scam you, so the seemingly favourable trading costs are irrelevant!

The trading risks can be high as leverage can vary between 1:1 and 1:500, as customers can adjust it to their preferences. That said, Xtb-global.com service is practically illegal in too many jurisdictions, as regulators in the EU, UK, US, Australia, Japan, and others already imposed a leverage cap, prohibiting ratios like 1:500. Beware!

Xtb-global.com Deposit/Withdraw Methods And Fees

The minimum deposit with Xtb-global.com is $250, which is a bearable requirement but still much higher than the affordable brokers, asking for much less.

The funding methods are Credit/Debit cards, Wire Transfers and Bitcoin. The first-mentioned method allows chargebacks, unlike the other two, but bear in mind that Xtb-global.com is a broker from the Marshall Islands, which means that chargebacks may be impossible even for Credit/Debit cards!

As for withdrawal, Xtb-global.com doesn’t specify much, but from the clauses in the T&Cs, one can clearly see that withdrawing may become a problem if clients accept bonuses. Not that an exposed scam like Xtb-global.com will ever process requests, but the bonus clause makes withdrawals almost impossible as a minimum trading volume is imposed. In particular, after the incentives, clients should trade 30 times the bonus plus the deposit to become eligible for withdrawal! That’s a scam clause!

As for fees, only the inactivity charge is revealed – $30 annually, a requirement pretty much in line with the industry standards.

How Does The Scam Work

Forex scams are not as sophisticated as you might think. The scheme usually consists of a fraudulent website, and a scam call centre called a boiler room. Scammers pay little attention to excellence and create scrappy websites as they focus on contacting as many people as possible, and for that reason, their websites are usually substandard and ignorant. And to find victims, scammers use social media, Discord groups, Telegram chats, fraudulent ads, and most notably, they interact with hackers to buy people’s details. What usually happens is that you may receive an unsolicited phone call or a chat on social media by scammers who promote get-rich-quick schemes, guaranteed earnings, bonuses etc.

But the worst part of the scheme unveils after the first deposit. Clients will be fooled with fictitious profits, followed by promises for even more gains and requests for more deposits. In the worst case, victims will deposit again, but if they want to withdraw, they will not be allowed to. In a typical trick, scammers say that clients should pay taxes in advance if they want their money back. If this happens, the fraud becomes more than evident, and victims usually realise they’ve been scammed.

What To Do If Scammed

Inform the authorities first – call the police, contact other regulators and agencies and report what happened. Also, deactivate your cards ASAP and call your bank to inform them about what happened. They’ll give you instructions.

Unfortunately, if you deposited cryptocurrencies, there is not much you can do as these transactions are irreversible. If you used your bank card, you’d at least have the chance to file for a chargeback. However, keep in mind that scam recovery agencies are flooding the market, so you need to be cautious while trying to get your money back.

And lastly, consider sharing your experience to help protect others; we’ll appreciate it!

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