If there’s any credit for XFortunes broker, it’s for their website design. Everything looks in order with the combination of colors and seemingly transparent information. But just at first glance. When you scratch under the surface, you will find lots of details missing from the equation.
Read our detailed XFortunes review to learn more about this trading firm and its operations.
XFortunes is a brand of Melon Group LLC, a company registered in Saint Vincent and the Grenadines. Once we searched the FSA register, we saw that the firm entered the database on the 6th of April, 2022.
However, as FSA constantly reminds us, this authority doesn’t provide a license to Forex, CFD, and binary options brokers. Instead, they can register their business through any third-party agency, then obtain permission in the country of service.
So, what does it mean for XFortunes regulation? Moreover, what does it mean for you as a trader?
For brokerage, it must comply with ESMA rules and obtain a license from the FCA, CONSOB, BaFin, CNMV, or any other Tier 1 authority.
However, they don’t have one. And for you as an investor, it means that your funds are not safe. If something goes south, you cannot request reimbursement or assistance from the Financial Ombudsman.
Therefore, since we proved that this financial intermediary is a danger to customers’ funds, we’d like to urge you to share any details you may have. It’ll help us prevent further scams.
XFortunes is another financial swindler with headquarters in Saint Vincent and the Grenadines. Since the country has no authority overseeing the activities of Forex and CFD brokers, it’s a perfect hub for fraud.
It seems that XFortunes is doing some heavy marketing of their illicit services. According to the GoDaddy WHOIS database, the website has been active since the 14th of June, 2022.
The vast majority of complaints regarding the XFortunes trading scam come from:
Yet, we see an increase in their web traffic from New Zealand, the Netherlands, and Germany too. The scam is spreading, and without your story, we won’t be able to stop it.
XFortunes trading platform is a basic WebTrader. Despite praise on their website, you won’t get any special tools or features. You can see the list of your P&L, apply several indicators, and switch between five chart types.
Web-based platforms are convenient as they don’t require installation but are often disappointing. Usually, scam brokers purchase the basic version only to have a platform to show. It’s not in their best interest to offer any reputable but expensive third-party software.
This brokerage doesn’t offer MT4, MT5, cTrader, or any platform with millions of users and proven value for retail traders like yourself.
Since only browser-based software is available, you won’t find any mobile apps. Both Android and iOS users will have to use their phone browsers to log in, which takes time and is rather inconvenient.
With the market being volatile and constant price fluctuations, having a mobile app and being able to react quickly is crucial.
Another thing we’ll give credit for is the variability of trading instruments. With XFortunes, you can invest in the following:
When it comes to spread, the broker claims to offer a low one. However, the platform overview gave us insight into ranging from 0.5 to 5 pips for FX pairs. This is quite a large gap and not favorable for investors.
The company charges a clearance fee depending on the profit, varying between $1.5 and $5 per trade. In addition, clients can be charged maintenance, withdrawal, and dormant fees.
We found a list of six XFortunes accounts types, those being:
Each account brings a higher welcome bonus, more support, and assistance from the company’s side.
XFortunes Demo account is available to those who wish to test the system. Once you register an account, you can access WebTrader, place some trades and play with trading strategies.
However, it should be clear that investing virtual money cannot be compared to actual funds. Additionally, the broker can manipulate WebTrader to make you comfortable and profitable, only to steal your deposit when you pay the money.
The first thing you will see when you open the website is a pop-up inviting you to claim a 100% Christmas bonus. Additionally, the company offers a 10-70% welcome bonus, depending on the account type.
However, these bonuses are often used as a tool to prevent you from withdrawals. Scam brokers often have hidden clauses stating that you cannot get your money back before reaching some insane rollover.
Here, the legal documents are quite obscure, not mentioning anything about bonus funds. Hence, you can be asked for any minimum rollover, and you won’t be able to prove that the demand is illegal.
This is why major regulators prohibit incentives. And this is why you should avoid XFortunes trading scams.
First, let us mention that this company accepts 3 payment methods:
Taking investments paid through Western Union is something we haven’t seen so far. Basically, you have no proof of the transfer, as anyone can pick up the money and claim they’re your friends and it was a loan.
Additionally, XFortunes withdrawal has to be processed in the same way, meaning the company can forge WU confirmation, and you can’t prove it.
The minimum withdrawal amount is 100 units for wire transfer and 50 units for other methods. The fee of 3.5% is applied to all methods and is called a service fee. This assumes that you’re lucky enough to get approval of your withdrawal request. According to XFortunes reviews, it’s a long shot.
XFortunes is an offshore trading scam. If you have been involved with the firm and cannot get your money back, let us know immediately.
Since the owner is offshore and the company has no financial regulations, your funds are not safe with XFortunes broker.
The company says it takes 3-4 days to approve the request, plus additional time for your bank to clear the transaction.
XFortunes is an offshore trading scam. If you have been involved with the firm and cannot get your money back, let us know immediately.
Since the owner is offshore and the company has no financial regulations, your funds are not safe with XFortunes broker.
The company says it takes 3-4 days to approve the request, plus additional time for your bank to clear the transaction.
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