Beware! XenoCapital.io 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.
As far as visuals go, XenoCapital.io has done an average job at hiding its true nature, but as it always happens with shady brokers there are rough corners that we grab onto and peal off to reveal the dark side of the company at hand. And as we did exactly that, we uncovered some distressing stuff. Read the review to discover for yourselves the issues plaguing this company.
The first big problem had to do with the registration. Essentially, there is no registration form to be found anywhere, as you can see:
It’s the broker itself that produces the error message. We cannot ignore the possibility that there might be a hidden area for users previously contacted by XenoCapital.io; this would be a part of the solicit process.
Anyway, we had to rely on the website, and this as some of you might know, is the last resort. According to the website, there are four account types, with a minimum of 1.5 pips on the Standard one and a 1:200 for the same account. The leverage goes all the way up to 1:500, and the spreads also differ depending on the account type. The promoted assets are forex currency pairs, ETFs, commodities, and cryptocurrencies.
However, we opened a web trader without signing up, which puts the following details into a gray area. On this webtrader, forex currency pairs, commodities, indices, stocks, and cryptocurrencies. What made us very doubtful of the legitimacy of the web trader was the EUR/USD 0 pip spread which is impossible without some sort of a commission. And as you might have guessed, there is no commission available anywhere, meaning that this spread is manipulated.
XENOCAPITAL.IO REGULATION AND SAFETY OF FUNDS
XenoCapital.io is completely barren of any legal, registration, or contact details. The firm is completely anonymous and has nothing to offer. It can be based next door to our offices for all we know.
First and foremost, we have no doubt that the company is unlicensed and a risk to all. But it’s worth revealing that XenoCapital.io is also anonymous, making all investments in it untraceable and thus lost forever!
To make matters worse, there are no legal documents anywhere to be see, making the user even more exposed, and increasing the risk for him or her threefold! Not to mention that the firm can act as it wants, with no one to stop it.
Do not invest in this scammer broker!
If you are investing in an unregulated broker better not invest at all; at least in the latter occasion you will not be ensnared in an investment scam that will not only take your money but will greatly waste your time and energy. Better yet, if you have the will to invest, and either are skilled at it or want to expand your knowledge, there is no better way to go than any of the European, UK, US, or Australian brokers we have compiled for you. These are all regulated, and so are up to industry standards, but are also limited in the amount of freedom they can have by some of the top regulators!
XENOCAPITAL.IO TRADING SOFTWARE
The web trader that we opened is as follows, but bear in mind that we opened it without any registration , neither a live nor demo account. There isn’t even any proof if this web trader is available to registered clients.
As for the software itself, we are definitely not impressed, and find it very simple and way to lackluster to be taken seriously. There are barely any options, and it seems that the firm has included this so as not to have a blank space! It’s a common strategy taken by unlicensed brokers.
XENOCAPITAL.IO DEPOSIT/WITHDRAW METHODS AND FEES
According to the website, the minimum deposit is $250, while the available payment methods are said to be credit cards, debit cards, BTC, and wire transfer. Mind you, the payment gateways were revealed to us on the footer of the site, and so who knows how accurate they are.
And that’s all the payment information we have for you. There are no withdrawal details anywhere, nor are there any actual deposit details that are not mentioned in passing. Our biggest concern is the lack of withdrawal and other fees, which means that the broker can easily commission users whenever they wish. This is what scammers do best!
Do not invest in this scammer entity for you will lose all funds!
HOW DOES THE SCAM WORK
Scams have surprisingly little evolved over the past decades since their inception. It’s basically the same principle being rendered through different sites and by a plethora of different agents.
The core remains the same. The broker tries to grab the client’s attention either by advertising false profit gains, or by directly contacting the user, who is the vastness of the internet let his guard down at some point and either provided an email or a phone number to some now forgotten source.
Should the user get contacted (or fall for the ads) he or she will be shown to the website of the investment fraud and promptly be pushed to invest, either by sweet talking representatives of the scam, or by the account manager which is also the one that keeps the whole thing in check.
The ultimate goal is to compel the user to invest once, and after that the trap is fully shut. The client already lost money, and any further investments are a bonus to the broker. All withdrawals will not be available, and even if the broker seems to be keeping a straight face, it’s all part of the scheme.
Sometimes the users will get a small teasing taste of profit, just so they are motivated to invest more. But after that one time is when most clients realize that something is wrong.
WHAT TO DO IF SCAMMED
The best thing to do is to file for a charge back with your credit or debit card provider, provided that you had previously invested via them. MasterCard and VISA have a chargeback period of 540 days, so its relatively easy to get reimbursed, and that’s why fewer and fewer scammer brokers are offering card payments.
An easier way to lose money is through wire investments. The only advise we can give you is to contact the bank as soon as the money has been lost (or when you realize you have been played). That and to change your bank account password and user name!
We come to the favorite investment methods of unlicensed brokers – crypto wallets. These are untraceable, and thus once a payment goes through it’s finished! There is no real way of getting one’s money back.
Also do not trust recovery agent or agencies promising to get your money back. These will fee you a hefty sum in return for their services, but as soon as you pay them they will disappear!