Updated on March 5, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding XECrypto Bank due to the issues we've identified.
Is XECrypto Bank Scam or Legit Broker? ▲
Trading with XECrypto Bank is deemed unsafe. The brokerage has aroused suspicion for being a potential scam. A visit to its website reveals vague details regarding its operational base and regulatory compliance, seemingly an attempt to obscure its unregulated status.
About XECrypto Bank
Registered in: Bulgaria
Type of License: No License
Is XECrypto Bank safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
XECrypto Bank portrays itself as a sanctuary for traders seeking the assurance and safety of a regulated trading environment. It touts a framework of comprehensive compliance controls and a team boasting upwards of 25 years in Fintech and Brokerage expertise. However, a closer inspection reveals a different story. The broker's website provides murky details about its legitimacy, mentioning an address in Bulgaria, Sofia, and purported offices in London and headquarters in Monaco, with an additional branch in London. This information is not only baffling but showcases a lack of professionalism.
The broker's approach of employing appealing terminologies might very well be a facade for what appears to be a typical scam operation, lacking even a basic office address. Regrettably, XECrypto Bank's offerings have not gone unnoticed by regulatory bodies, leading to warnings and blacklistings:
"The Commissione Nazionale per le Società e la Borsa (CONSOB) has ordered the following companies to cease infringement of art. 18 of the Italian Legislative Decree No. 58/1998, consisting of the provision of unauthorized investment services and activities to the Italian public"
MFSA, Malta. November 2018.
"The CMVM is warning the public against the activities of XECrypto Bank followed by the alert received from the CONSOB (Italy) and other authorities, as the mentioned company proposing investment services without being authorized to do so"
CMVM, Portugal. November 2018.
It is our strong recommendation to steer clear of engaging with XECrypto Bank, as well as any other unregulated or offshore broker, to safeguard your investments. We advocate for trading exclusively with brokers that are regulated by globally recognized authorities. Traders are encouraged to opt for well-regulated brokers such as those in the UK or Australia.
XECrypto Bank Update
Our recent findings indicate that the XECrypto Bank website is currently inactive, suggesting that the broker has ceased its trading services. Despite this, we urge traders to remain vigilant and to avoid any dealings or proposals that may arise from this entity.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
XEcrypto Bank Review 2024
