X-Dwohen review – 5 things you should know about xdwohen.com

Beware! X-Dwohen is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

From the moment we opened X-Dwohen’s website we were sure we were dealing with a scam because it was identical to a number of other fake brokerages we have reviewed. Let’s take a closer look at why it’s in your best interest to stay away from X-Dwohen and how to find a trustworthy forex broker.

X-Dwohen Regulation and safety of funds

The first thing to look for in a forex broker’s website is which legal entity runs it, where it is based and what regulatory oversight it is subject to. The availability of such information does not guarantee that it is not false or misleading. But the absence of these elements is very indicative that in all likelihood you are dealing with scammers.

X-Dwohen does not disclose which company is behind the website. Even the text of the Terms and Conditions does not mention а name of a legal entity.

The homepage of the website states that the broker  is based and licensed in Cyprus:

Elsewhere on the website it is claimed that X-Dwohen also has licences in Australia, South Africa and Belize:

But the text of the Terms and Conditions lists the offshore zone of Vanuatu as the applicable jurisdiction:

A check of the financial regulators’ records shows that there is no licensed broker in any of these jurisdictions using the X-Dwohen brand and domain. The website is primarily available in Russian. The Central Bank of Russia has issued a warning to investors that X-Dwohen is not authorised.

Before investing your money in financial instruments, it is imperative to make sure you do so through a licensed intermediary and not one of the many scammers lurking online. Under no circumstances should you trust your money to such anonymous websites full of false and contradictory information.

Instead, you can turn to one of the many companies that really work under the supervision of respected regulatory bodies like Cyprus Securities and Exchange Commission (CySEC). As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000

X-Dwohen Trading software

After account registration we get access to standard web-based trading software. Here is how it looks like:

It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

X-Dwohen Trading instruments

While X-Dwohen’s trading software includes instruments from all major asset classes, we have no guarantees that this trading is real. There is no good reason to take chances with such a fishy website, given that you can invest through a duly licensed forex broker.

X-Dwohen Spreads and cost of trading

In the trading platform we see a raw spread close to zero. This means that the broker must charge some commission for volume traded. But X-Dwohen does not provide information about the price paid by the trader.

X-Dwohen Maximum leverage

X-Dwohen offers leverage up to 1:500. This is also proof that this website is not the licensed broker it claims to be. High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.

Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.

If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.

X-Dwohen Deposit and withdrawal methods

X-Dwohen only allows the deposit of funds with cryptocurrencies.

This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.

If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

X-Dwohen Minimum deposit

The minimum deposit required by X-Dwohen is 150 USD. For the same or often lower amount you could open a starter trading account with any of the industry’s leading brands.

X-Dwohen Withdrawal requirements

X-Dwohen  does not specify extraordinary conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.