XenitFX – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
XenitFX - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2021
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
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://xenitfx.com
Founded: 2020
Regulations: Not Regulated
Languages: English
Deposit Methods: Wire Transfer, PayPal, Crypto Wallet
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Indexes, Foreign Currencies, Cryptocurrencies, Stocks, Commodities
Trading Accounts and Conditions
XenitFX offers you the following types of trading accounts:
- Micro: The broker states that this account is targeted at novices and that minimum deposit is $100. The spreads are floating (starting at 0.2 pips) as well as fixed, starting at 2 pips. The leverage is varied – 1:500 for currencies, 1:200 for metals, 1:50 for indices, and 1:2 for cryptos.
- Pro: This account is targeted at the experienced trader and its minimum deposit is $500. The spreads are floating, and they start at 0.2 pips. The leverage for currencies is at 1:200, 1:100 for metals, 1:50 for indices and 1:2 for cryptocurrencies.
- ECN: This is meant for the progressive trade and the minimum deposit is $100. The spreads also are floating, and they start at 0 pips. The leverage is 1:500 for currencies and 1:200 for metals.
XenitFX – Advantages
XenitFX is a scam, and you will find no advantages in trading with this broker.
XenitFX – Disadvantages
Here is the list of red flags that have clearly showed us that this broker is a scammer:
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Unregulated Broker
The only information we have about a possible regulation is at the footer of the broker’s home page, where it is stated that XenitFX is based in St. Vincent and the Grenadines. This is the first sign that a broker is not right. St. Vincent and the Grenadines, or SVG, does not have financial regulations in place to monitor forex and crypto brokerages. Therefore, if a broker is registered in this jurisdiction, then it needs a license from another regulatory authority to function legally.
The broker’s Contact Us page is broken, so we have no information on who the owner of this website is, where its physical location really is, or even what its phone numbers or email addresses are.
All of this indicates that we are dealing with an unregulated and anonymous broker – all signs of a serious scam.
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.
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Clone Firm
Another reason to avoid this broker is that it is actually a clone firm. A clone firm is a term used to describe a scam firm that uses a legally operating firm’s credentials to create a sense of legitimacy for itself so that traders are conned into investing with them.
So, how do we know that XenitFX is a clone firm? This broker has used the design layout, trading conditions and even presentation of a legally operating broker that has a global presence – a firm called OctaFX. If you check OctaFX’s website, you will be shocked to see how shamelessly XenitFX has copied its own website from there.
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Lies About Trading Platform
XenitFX claims to offer you multiple world-class trading platforms – the MetaTrader 4, MetaTrader 5 and the cTrader platform. If this broker has offered these platforms, it would have been a huge advantage. These platforms, especially the MT4 and MT5, are among the most popular in the world as they offer their users the widest range of tools that make trading more effective.
Sadly, after we registered for an account and accessed XenitFX’s trading room, we found that the only thing this broker was offering a very simplistic web-based terminal that did nothing more than offer buy/sell options for cryptocurrencies. In fact, this platform is something that we have seen repeatedly with scam brokers.
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High Leverage
While the leverage XenitFX offers for its crypto trades is reasonable at 1:2, the foreign currency leverage of 1:500 is just too high. Such high leverage can lead to total bankruptcy, and because of this, many strong regulators have put limits on the ratios that brokers are allowed to offer their clients. Australia, Europe, and the UK allow only 1:30 leverage ratios, and the US and Canada have limited their brokers to 1:50.
Thus, the kind of leverage that this broker is offering is simply illegal.
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Issues with Deposits and Withdrawals
We do not know what the payment methods are for this broker. We also could not find a deposit section! We then looked at the withdrawals section and found that the following payment methods had been listed as options – PayPal, Wire Transfer, and a Cryptocurrency wallet. Thus, we are assuming that these are the applicable payment methods for deposits too.
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No Legal Documents Available
Another indication of a scam is the absence of legal documents. These documents are critical to a broker’s legitimacy – all registered brokers are required to have details legal documents, clearly detailing their terms of service. Without these documents, we will have no idea about the withdrawal policies, inactivity policies, fees, and charges, as well as other terms.
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Bonus Conditions Missing
This broker also offers its clients bonuses – which is yet another indicator that things are not right with XenitFX. Bonuses have been banned in many countries because they are so blatantly unfair towards traders. There are ridiculous provisos in place wherein traders will not be allowed to withdraw their funds until their meet massively high trading turnover thresholds!
We are pretty sure that this broker also has some rather unfair conditions for the bonuses it offers, however, since there are no legal documents available, we do not know what these conditions are.
Conclusion
Xenit FX claims to be an award-winning broker that has been in operation since 2011. However, its website is less than a year old, and all the so-called awards it displays are fake. This is a clone firm that is going to scam you if you invest your hard-earned money with them. We strongly recommend not dealing with this entity and that you find a broker that is legal in every way.
XenitFX
Pros
- None
Cons
- Unregulated Broker
- Clone Firm
- Lies About Trading Platform
- High Leverage
- Issues with Deposits and Withdrawals
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 investment platform. The value of your investments may go up or down. Your capital is at risk.