XCoinBroker (XCoin Broker) is a very new brokerage dealing with Cryptocurrencies and CFDs in general. They were established on November 7th, 2017. This makes them one of the newest Cryptocurrency-friendly brokers on the internet right now. This brokerage is also supervised by a company known as Zed Consult Ltd.
The question and challenge that we will be seeking to solve here is whether or not one should deal with Xcoin Broker. Are they honest? Do they have a reputation of treating their customers fairly? Has there been any serious complaints brought against them? These are some of the questions that we will be seeking to address here.
This CFD-based broker supports Cryptocurrencies, open pairs, currency pairs (Forex) and other assets.Their physical address is disclosed as Bulgaria, Stara Zagora 6000, District of Start Zagora.
There are 6 different account types offered here. These include Micro, Mini, Silver, Gold, Diamond and VIP accounts. The cheapest account to hold will require a minimum deposit of 0.5BTC while the most expensive account, the VIP account requires 45 Btc.
These accounts are organized in a tier level structure. So the more you are willing to deposit in BTC, the more incentives you are supposed to enjoy.
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The one thing we know about Xcoin Broker is that it is neither licensed nor regulated by any regulators out there. This is a sad thing because even brokers require a license that clearly shows that they are regulated. Moreover, clients noways only want to deal with regulated brokerages as opposed to those that are not regulated. The reason is quite obvious. Those who are not regulated are likely to turn into a scam.
We also see that leverage proportions for XCoin Broker is anywhere between 1:20 to 1:50. Also, the more you deposit, the more leverage you can get (according to this broker). They are actually promising between 10% to 100% of your deposit.
The tag line or mission statement of this website suggests that the broker is striving to provide an unparalleled Cryptocurrency investment experience to its users. This has not been demonstrated on the platform so far. Those who have used Xcoin Broker would definitely tell us what they have found out about the broker. But generally, we do not have confidence towards the platform.
The other thing that this website does is to refuse to disclose supported assets. Instead,they claim that they have 50 different assets and that their ROI is 89%. This is quite ambiguous as traders want specifics. Also, there is no way we can confirm the ROI in question. It would take someone with real experience in this brokerage platform to tell us whether or not Xcoin Broker sticks to their promises.
It is highly unlikely that this broker has your best interest at heart. We have investigated their background and found some disturbing things about them. The first thing we see here is that they are providing a physical address whose location cannot be established by a simple Google map query. That suggests that this brokerage probably gave us a fake physical address. The reason is quite obvious. They are hiding their location to make them invisible. It’s the most unfortunate thing that a broker seeking to be professional can do to its clients.
Moreover, they know very well that the service which they are offering requires a license. But instead, they have opted to operate without any license to govern their activities.
Their about us page does not convince us that this is a legitimate brokerage. First of all, that section has 95% of its textual elements copy pasted from other brokerages namely TradersLiberty and StackOptions.com.
We fail to understand how a brokerage can opt to copy the introduction statement of another broker. If they are really professional and ethical, they should come up with their very own introduction. So this clearly means that Xcoin Broker is probably not the broker to trade with because they lack the seriousness that comes with running such a business.
We have also checked several business registries on the internet and discovered that none of them can say that Zed Consult Ltd is an active corporation. This is yet another sign that XCoin Broker is not a serious investment brokerage to even consider trading with.
They also have a number of badges suggesting that they are accepting payment in Visa, MasterCard and many of those popular means of online payments. However, when you try to make a payment, you will be redirected to a page that strictly requires you to deposit money in Bitcoins only. This is interpreted to mean that XCoin Broker is only accepting payment in Bitcoins only and are not accepting other forms of payment as ironically stated on their website.
We find that this is confusion and could possibly be considered a red flag. Why would they say that they are supporting other methods of payment when they are only supporting Bitcoins. Moreover, Bitcoin payments are irreversible, so when you send funds and change your mind, there is nothing else you can do in order to recover your money.
The other problem is that XCoin Broker does not implement anti money laundering policies and KYC protocols. This is a requirement that regulated brokers should adhere to. Unfortunately, XCoin Broker demonstrates that they are not abiding by these requirements. This complicates the matter and even proves that this broker is not operating within the required legal parameters.
When we consider the factors discussed above, we can confidently say that XCoin Broker is not a trustworthy brokerage. Anyone who chooses to trade with them will most likely lose money as the broker is neither licensed nor professional in their operation.
At this point in time, we will summarize this review with a warning by saying do not utilize the services of XCoin Broker. You can ignore these red flags if you wish to. But ultimately, the game is set in their favor, and so you won’t avoid the inevitable. That’s how we see it.
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