XBTElite – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
XBTElite - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2020
The broker has not mentioned the kinds of trading accounts it offers, so we can only assume that all traders only get one type of trading account. On its About Us page, XBTElite states that it offers high leverages of up 1:100 and tight spreads (however, the numbers are not mentioned).
There is no information on the minimum deposit requirement.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://xbtelite.com
Founded: 2020
Regulations: Unregulated
Languages: English, Chinese, Polish, German, Italian, French, Spanish
Deposit Methods: Wire Transfer, Bitxtech
Minimum Deposit: N/A
Free Demo Account: No
Number of Assets: 500+
Types of Assets: Cryptocurrencies, ICOs
Trading Accounts and Conditions
The broker has not mentioned the kinds of trading accounts it offers, so we can only assume that all traders only get one type of trading account. On its About Us page, XBTElite states that it offers high leverages of up 1:100 and tight spreads (however, the numbers are not mentioned).
There is no information on the minimum deposit requirement.
XBTElite – Advantages
This is not a broker that you should trade with. There are no advantages at all.
XBTElite – Disadvantages
Here are the reasons why we strongly recommend that all traders avoid using XBTElite:
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Unregulated, Anonymous Broker
XBTElite is absolutely silent with regard to its corporate information and its physical address. There are no details anywhere on its website about the company that owns and operates this brokerage, and the only contact details we have is a generic email address and a strange phone number that cannot be traced.
Therefore, this broker is completely anonymous.
With regard to its regulation status, the broker mentions in its Terms of Service section that it is governed by the laws of Estonia. Now, Estonia is a part of the European Union. Any broker operating from that country needs to be regulated either by the Estonian Financial Supervision Authority or by an equivalent regulator of any other EU member state.
We checked the online register of the Estonian FSA, and we were not surprised to find that this broker is not listed on it.
Thus, if you contract with this broker, you will be dealing with an anonymous and unregulated broker. Dealing with such entities is a sure way to lose your money.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
-
Unrealistic Returns Promised
Another hugely suspicious thing about this XBTElite is that it promises returns of up to 92% if your trade with them.
When you trade in the cryptocurrency markets, you are dealing with huge volatility and uncertainty; in short, you are gambling on how prices with move.
The reality is that most traders lose money while trading in cryptocurrencies. So, when a broker such as XBTElite promises high returns, you can be sure that it’s a scam – a way to get uninitiated traders to give their money to them.
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Trading Bonuses Offered
XBTElite offers its clients some hefty trading bonuses, which is yet another sign that this broker is a scam. Bonuses such as those offered by this broker have been banned in Europe for years. The ban was implemented because of the unfair nature of the conditions attached to the bonuses.
This broker hasn’t bothered mentioning its bonus withdrawal policy, so we don’t know what unfair conditions you will be subjected to. However, the broker does mention that if you try to withdraw the bonus funds, then it will confiscate that money!
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Unfair Conditions
XBTElite’s conditions of service are quite unfair. Here are a few examples:
- You have to withdraw a minimum of 10,000 Euros, otherwise your withdrawal request will be denied.
- The broker also states that it does not give a time commitment on how long it will take to process your withdrawal request.
- The broker can change its terms and conditions at any time – without giving you any prior notice.
- XBTElite states that it will not be responsible for any losses you may suffer when you use their website – or from trading on its website.
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Poor Trading Platform
The trading platform offered by a broker is the main reason why any trader would choose to contract with them. And the kind of trading terminal that XBTElite offers only confirms the fact that doing business with this broker would be a very bad idea.
XBTElite’s trading platform is very poorly designed. There are no tools to help you with your trading. The only two things you can do on this platform are buy and sell assets.
Furthermore, the charts that are available on this interface actually belong to a third party, which means that all the trading conditions mentioned there are not XBTElite’s. Therefore, whatever the broker has said about its spreads, leverages and so on are all lies.
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Bitxtech Only Payment Option
When you check out XBTElite’s website, the broker states that it offers multiple payment options – MasterCard, Visa, Wire Transfer and Cryptocurrencies. It also displays the logos of numerous other payment providers on its website – Paysafe Card, Neteller, Skrill, WebMoney, QIWI Wallet, Yandex Money, AstroPay, and VLoad.
However, when you go to their payments section, you are given only two choices – Wire Transfer and Cryptocurrency. It gets worse. The Wire Transfer button doesn’t seem to work therefore, you can only make payments through a site called Bitxtech.
When we checked this website, we found out that Bitxtech is actually a Bitcoin selling portal. There is no way you will be able to make a direct deposit into your account!
It is also important to note that a broker that offers cryptocurrencies as the only payment option is definitely a scam. Crypto transactions are permanent and anonymous. Therefore, if you do transfer money using cryptos, there is no way by which you can get your money back! And you won’t even know where your money has gone.
This is the reason why we recommend that all traders carry out their first transactions using credit cards. Credit card payments are reversible and you can file for a charge back in case you have been scammed.
Conclusion
XBTElite is a scam operation and if you invest your money with them, there is no way you will get it back. We would recommend finding a broker that is regulated and has clear and fair policies in place.
XBTElite
Pros
- None
Cons
- Unregulated, Anonymous Broker
- Unrealistic Returns Promised
- Trading Bonuses Offered
- Unfair Conditions
- Poor Trading Platform
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.