XytronFX

XytronFX might sound like it came from a cyber-punk future-eventuality, but we will nevertheless be as objective as we have always been when reviewing questionable brokers. Is this one worth your time? Read on to find out.

The only evidence of any operational headquarters of Blue Marine Capital Ltd which seems to be the holding company of XytronFX, is in the Marshall Islands.

Our readers should be aware by now that the Marshall Islands do not have a financial regulator.

Any other information concerning a license or a different country of origin has not been included. The legal documents claim on multiple occasions that the broker is regulated, but the files fail to deliver a source of said regulation. Thus, we are left with the conclusion that XytronFX is UNLICENSED, and as such is a risk to investors.

We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC)

There is no indication of a leverage amount anywhere on the website.

The EUR/USD spread we got from the trading platform is 0.5 pips, which is suspiciously low for an illicit broker. And as we will see in the Login section, there is something definitely not right.

The trading instrument the trading terminal offered us were Forex Pairs and Metals.

There is no way to change the language of the main website, but the personal dashboard has one of the longest list of available languages that we have encountered. There is English, Arabic, Bulgarian, Chinese, Czech, German, Spanish, French, Croatian, Italian, Japanese, Polish, Portuguese, Romanian, Russian, Vietnamese and Greek.

XYTRONFX LOGIN

The brokers advertises its platform as being the MT4, but one we installed it it turned out to be the MT5.

METATRADER 5

Although not as popular as MT4 MT5 still retains some great features that you will want in your trader’s repertoire. MT5 allows for a centralized market trade and is certified by many stock exchanges. There are also improvements in the time frames, better charting tools allowing for greater accessibility, and more pending order types for more versatile trading options. Expert Advisors have not gone anywhere; they’re still at your service with MT5.

However, there were certain problems that broke the whole experience for us. First off, is the fact that the metatrader at XytronFX is not even owned by them; it’s a generic MT5 one that can be downloaded from the MT5 source website. The first evidence of this is the following snap:

The second one revealed to us when we registered an account. After the simple Sing Up process, the MT5 (claiming to be an MT4) did not require any log in details. It just launched directly after the initial installation.

The second problem, or rather a nuisance, is the unavailability to login onto the web-trade, which requires an account number and password. These details were never sent to us by email. But seeing as the desktop MT5 required no account/password, then it’s probable that we will never receive these details.

As mentioned, the leverage is nowhere indicated. The EUR/USD spread is 0.5 pips, which is very low, and is in no way beneficial to the broker.

XYTRONFX MINIMUM DEPOSIT

The minimum deposit is $50, and the only means of depositing is by buying bitcoin, which is done by means of Credit Card.

There is a whole page on the website that gives out details on depositing methods and other information, that when compared to the snap above (form the personal dashboard) is totally untrue.

This unregulated broker is not to be trusted, hence we advise against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

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

Notice the small AnyDesk Logo on the bottom right of the website.

A novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

XYTRONFX WITHDRAWAL TIME AND FEES

Without depositing we are unable to get a proper minimum withdrawal amount.

If we are to trust the How to Withdraw page, then the time for processing withdrawals can take up to 10 days, which is the usual waiting time for shady brokers.

As far as our research went, we could not find any fees attached to withdrawals. There are however some distressing articles in the legal documents that we will cover next.

ADDITIONAL FEES AND TAXES

Upon signing the Terms and Conditions the client gives authority to the broker to deposit and withdrawal in the client’s name, in his or her bank account:

By allowing this, users will be promptly diminished from all funds from his/her bank account, which will probably appear as trading funds (that will be unavailable to be withdrawn)

The next clause is similar. The broker has the audacity to charge a daily interest on any amounts owned by the client. Furthermore, if a client fails to deliver on the due date, the company can conduct the sale of assets directly from a clients account without prior notification unless both parties agreed before hand. Who would agree to this?

Lastly is the administrative fee that is charged annually in the event of inactivity. The broker does not disclose a specific amount:

The presence of such clauses point out the true scammer nature of this broker. With so many commissions and charges, it’s in XytronFX’s own interest to keep you invested for as long as possible. For this reason they will deny your withdrawal request, for certain.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The only way to recover is by filling for a charge back, and hoping it’s not too late.

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

XytronFX is as manipulative as these types of scams get. There is false information all around, aimed at deceiving, not to mention that a regulation is non-existent. Add to that some unacceptable clauses in an overall sloppy Terms and Conditions document, and what you’ve got is pure scam. Stay back!