Xinvest

Xinvest immediately spoke to us in a language that we are more than familiar with. Read on to see if this is a good thing, or if it’s the opposite.

General Dimp Ltd is the parent company, and its address is said to be located in Sofia, Bulgaria. In Bulgaria, the license issuer is the Financial Supervision Commission (FSC). The agency is not the most renowned, and Bulgaria is known to host some shady firms, yet there is an upside to it. There is a compensation scheme that covers 90% of the clients funds in the event the brokers becomes insolvent. The reimbursed sum cannot surpass €20 450. After searching the official FSC website for both Xinvest, and found no results. Furthermore, nowhere does it say on the broker’s website that the broker is an actual holder of a license, meaning that Xinvest is most definitely UNREGULATED.

Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.

Not to mention that the website gives sloppy vibes as it is reminiscent if almost every other illicit broker out there.

We easily opened a live account, and were presented with the fact that the broker offers only some assets VS USDT, and crypto currencies paired with different CFDs as trading assets. The leverage is limited at 1:5, which is pretty typical for the limited services the broker offers.

The website is available only in English.

XINVEST LOGIN

The trading platform at Xinvest is unprofessional, and offers some options for traders: pending orders, some chart management, live tv, live news, and other option that are separated by individual tabs. Overall, it has some potential, but it would take a lot of work to step even on the little finger of the MT4.

The leverage is 1:5, while we can give you a spread for the ADA/BTC pair, which is 0.01895 pips.

The platform is solely browser based, as are most unregulated broker trading platforms.

There are undisclosed commissions when opening a position. There is no value as to the amount of the charge meaning that the broker can easily make up number on the spot.

XINVEST MINIMUM DEPOSIT

The minimum deposit is 0.03 BTC, which is around $245. However, once we proceeded to the depositing page, the minimum depositi amount shifted to €350. This info was taken from the client area depositing section.

From that same section, we found out that the only way to deposit is via credit/debit card.

Once more: this broker is clearly unregulated, and if you choose fund an account with it, it will put you directly at risk of loosing all funds. For safekeeping your money, we strongly advise to avoid all brokers who do not have a proper license from renowned regulatory bodies. Agencies like the FCA and CySEC stand out as some of the top license issuers in the world, notorious for their severe requirements and close relationships with the law.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

XINVEST WITHDRAWAL TIME AND FEES

According to the Terms and Conditions, the minimum withdrawal is $50, and the charge for each withdrawal is $30.

The withdrawal processing times have not been indicated.

ADDITIONAL FEES AND TAXES

The company will fee users each 3 months by $100, issued as a maintenance fee.

The broker will close all trading positions and profits/bonuses without warning if a user files for a chargeback. This is a clear sign that the broker is illicit, since a charge back is the first thing users do when they get scammed.

Before withdrawing any bonuses plus the profits due by them, a client must complete a trading volume of: Bonus amount / by 2; we assume divided.

Brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Xinvest is a scammer broker if we’ll ever see one. Do not invest here if you cherish your money. You have been wanred!