Xtracoinz Review – Is this a Genuine Broker?

Xtracoinz Review

One of the biggest challenges for an online trader is not figuring out how to navigate the financial markets. Yes, it is important, but even before that, they have to first find a genuine and trustworthy brokerage to start trading. They are your stepping stone into the world of trading and if you make a mistake here, it is going to have long-term consequences. Scam and fraudulent brokerages are countless and you can easily become a victim if you are not cautious. You really do not want to do that when you have financial goals to achieve, but it happens because you make a decision based on appearance. You can go through this Xtracoinz review to see how different the reality could be.

These days, it has become immensely easy for just anyone to set up a website and advertise their services. The same is applicable in the case of brokerages because if you are a shady platform, you don’t have to register anywhere. It requires only a little bit of investment and a website can be created to lure in people. This is how most scams operate and they have managed to run these schemes for years quite successfully. Would you rather lose your money to these fraudsters or make the right decision that can help you achieve your goals?

Of course, you want to do the latter and this means prioritizing a genuine brokerage. This means that you should not fall for a company’s trappings and should always assess their offerings objectively. Taking this approach may seem a bit time consuming, but since it saves you from disaster, it can be worth it. When you do the same with Xtracoinz, you will realize just how good it is. After all, this platform has presented itself as a professional, reliable and even an industry-leading platform. It claims to use your money to automatically give you profit in your wallet.

Who does not want that? Everyone wants to make money and this is what Xtracoinz is counting on, but it is not what it seems to be at all. Read on to know how it is only portrayed as a genuine brokerage and is not really one:

Unregulated and anonymous brokerage

If you are looking for a genuine broker, you should remember that they are usually regulated and licensed in the jurisdiction they operate. Thus, the easiest way for you to assess their authenticity is to ensure they have a license and are not trying to fool you in any way. Moreover, dealing with regulated brokerages also offers you protections because they comply with laws, offer high standards of service and are transparent as well. So, is Xtracoinz regulated?

According to the information on their website, Xtracoinz is based in Singapore, which means that it should have a license from the Monetary Authority of Singapore (MAS). But, if you check the online register of the regulatory authority, you will not find the broker listed. This means that you are dealing with an unregulated and unlicensed broker, which automatically makes it unsafe.

What adds to the concern is that the Xtracoinz website also lacks some basic information that every brokerage should provide. You will not find any details about the company that owns and operates the brokerage and there is no licensing number given either. Likewise, there is no information about the services the company provides and this is also worrying. Essentially, it means you are dealing with an anonymous company and you don’t know anything about them.

This makes Xtracoinz very untrustworthy because they have not given you any information, yet they expect you to share your personal details and your funds with them.

Linked to other scam websites

When you do some research into Xtracoinz, you will come to know that its website bears a lot of resemblance with some other shady brokerages, namely Magnus Capital FX and Profixltd.com. These brokerages have the exact same layout, which is common for scammers, as they make a bunch of similar websites to attract as many victims as possible. They have the same wording as well and are also owned by the same company i.e. XtraTrade Co. The Magnus Capital FX website was blacklisted by the FCA (Financial Conduct Authority) in the UK and has been taken down. But, others are operating still and are likely to be scams.

No trading available

If you are looking for further proof that you are not dealing with a legitimate broker, then all you have to see is that Xtracoinz does not offer you any trading services at all. As a matter of fact, when you sign up with the brokerage, it gives you only two choices; you can either make a deposit, or you can refer the website to other people.

This increases the possibility that Xtracoinz is actually a Multi-level marketing (MLM) scam. It expects you to invest your money with them and promises you returns. Do you really think an anonymous brokerage like it can give you any returns? Furthermore, it is clearly misleading its clients and this makes it completely untrustworthy. A genuine brokerage would offer you a trading platform that you can use for executing your own trades and this is not what you will find at Xtracoinz.

Only bitcoin payments accepted

It is not smart to sign up with a broker without checking their payment methods because you want to ensure that the possibility of chargeback is available. Given that no debit and credit cards are supported by Xtracoinz, it means that you are not likely to get a refund in case of a scam. As it turns out, they only accept bitcoin payments, which should not come as a surprise. After all, crypto payments have become popular amongst scammers because they are irreversible and also give some anonymity to the criminals, which comes in handy.

Ending Thoughts

At the end of the day, you will not have any trouble in figuring out that Xtracoinz is not a broker at all, much less a genuine one.