An unregulated Forex managed account; this Xeconds (Xeconds.com) review has it all. They claim to be lifesavers and want everyone to have access to the current market. What they fail to inform traders is that this is an offshore led platform. It immediately spells doom for anyone who has invested with the platform. Complaints are already all over the web, with most demanding their funds back from the platform. The problem is that these developers are nowhere to be seen.
After receiving several complaints from investors, we decided to check out the website. At first glance, one will be enticed by the professionally looking website. The other thing to note is the information posted on the site. They have posted too much information, which makes them look unprofessional. The pages are not easy to navigate since one has to take longer to read the entire page. It seems that the developers wanted investors to assume that professionals head the platform.
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Xeconds is trying to sell itself as an account managed service provider for all. Their name sounds like a time capsule, which could be seconds. The tag from their sales page is trading round the clock, which could be associated with their name. For all we have seen, they have created an enticing website, which is why a majority of investors signed up. There are signs that this platform is not as good as they claim. The high number of complaints is enough to warrant the platform to get shut down.
Users are asked to select a portfolio managed account and leave the rest to the developers. They claim to trade in assets such as properties, stocks, and unit trusts. Other claims on automated trading include having a $6 trillion trading volume in a day. If this were true, the platform would be recognized by most investors. Why is the platform a problem for investors, even with all these claims?
The platform fails to mention the people behind the platform specifically. It would be ideal if they gave us the names of these traders. And this is why no one should be able to sign up with this platform. They are a bunch of anonymous people who fail to give their full credentials.
There have been scathing comments from clients who feel aggrieved by the platform. These comments are as a result if not fulfilling their end of the bargain. The so-called professionals have lost all trust from these members. After depositing funds, one client insists that the platform lost all his money. He could not do anything about it since he had given control of his account to these professionals. Others claim that they are having a problem trying to reach the staff via selected channels.
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A closer look at the domain details of this site reveals another shocking detail. Their ASN was registered on 21st June 2011. Their IP history shows that the site went live three years ago. From our investigation, we have learned that the platform used to go by the name of signalmonsters.com. These developers are recreating old scams into other products. And this is why no one should sign up with a platform with no credible history.
They claim that the funds are held in segregated accounts, which is not the case. Another feature is that they claim that members must open an account with ASIC regulated brokers. This is not the case as the platform is allowing investors from all over the world. ASIC only will enable brokers to trade with investors from Australia. And this is proof we are dealing with a platform full of lies. Other unfounded features listed include cutting edge technology and live trading monitoring.
Xeconds is NOT LICENSED to offer forex managed account service to investors. They have been using false statements to try and fool investors into signing up. The platform does not explicitly use ASIC regulated brokers. And this puts investors in a risky position with the platform. There is no security of funds, and the platform is unable to offer insurance cover for funds deposited.
The problem with an unregulated platform is failing to offer money-back guarantee features. These platforms will not be in a position to provide a safe trading ground for anyone. Without having full compliance, investors are using an unknown platform. Any funds deposited with not get insurance cover. In the case of bankruptcy or insolvency, there will be no compensation. It is the main reason why we have to flag this platform down as a risky forex managed account platform.
One can find their support page at the bottom of their site. From what we can see, the platform claims to be based in St. Vincent and the Grenadines. What is shocking is that they have given a phone number that is listed in Singapore. These are the tell-signs that we are dealing with a rogue online trading platform. Members have also been complaining of inadequate and slow response time from the team.
The entire site does not provide users with any trading results. A good platform will ensure users have verified trading results as proof of concept. They fail to give users a link to FX Blue or myfxbook, which means only one thing. The platform is a hoax that is trying to sell itself as a credible platform without trading results. They claim that their strategy goes through seven steps, which are quite vague.
Xeconds is a scam platform that offers no safety of funds. The platform is a risk to investors as it does not provide accurate information. With no trading results to prove their strategy, we don’t recommend the site. A vast majority of investors are unhappy with the platform, which is a pointer of their reputation. Stay away from the platform and ensure no one else uses or signs up with their site.
By adding the platform to our scam blacklist, we will be protecting our readers from this scam.
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