Xchangebit Forex broker is another case of unlicensed broker giving a slew of big promises and boasts. As usual our review takes an in-depth look at the features the broker (xchangebit.io) allegedly offers.The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about Xchange bit.
Table of Contents
Xchangebit Trading Platform
At first glance we discover that this broker doesn’t broker support neither the MT4 nor the MT5 trading platform. They use a web-based platform to offer crypto assets.
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Xchangebit Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea how a broker might work.
After checking, we discovered that this broker has 5 account type.
Xchangebit Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
Visa, MasterCard or Bitcoin.
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume to be eligible for withdrawal. They do this to stop traders from making a withdrawal.
Is Xchangebit Licensed?
Licensing is another important part because we can trust a regulated broker to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it regulates said brokerage.
In checking the license status of this broker, we had to check several regulatory bodies. We checked the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy, and many others. At the end of our search, we didn’t find any licensing information concerning this broker.
To Know if a body licensed a broker. Traders should check regulatory bodies such as the FCA in the UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy, and many others.
Brokers have different modes of operation, notwithstanding there is still a rhyme and reason to their actions. Most Unlicensed brokers lack this reason to their actions, Brokers like Globalspot, BitSend, Amelok, Vertex247, Investotrades.
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Accounts
Free Trial
Projects
SSL
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Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
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Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:300
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion
We wouldn’t recommend using this forex brokerage, they do not impress us with the vague information they have provided.
In conclusion, we would not advise or recommend you to trade with xchangebit.io , as they don’t give any valid information concerning if they are a regulated broker, Leading us to the conclusion that they are not.
Trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.
If that is the case i give them US$250/- for their shit
Super easy to set up my account.
Awesome service!
Nice portal, you can make some nice $$$!
Disputed the account would you believe the bank investigated and they said I signed the. Contract I have 2300 in the account which they shd return instead they asked more money. They even banned me from website I called no reply in the email as it it doesn’t exist they took 2500.
I had been scammed 2500 I didn’t trade the 2300 and they refused returning it they said I was given bonus of 2500. I disputed the bank they retuned they they took the money again and put more charges big time scammer. They banned me fr website so how. Can I play.