Xchangebtc is a new crypto broker that aims to offer a lot of things surrounding the finance sector. Apparently, one can trade major cryptocurrencies along with forex pairs and equities. Leverage offered by them goes upto 1:400 and deposit bonus is present as well.
Their policies are vague and clearly, there is no transparency present. Moreover, the people or entities behind this firm are unknown which means if something goes wrong, the recovery process is going to be a daunting task. While this platform might look good from the outside, there are a lot of things one needs to know about them.
To learn about their traits, merits and demerits, go through the following paragraphs. In case you have lost money to them, fill out the form below and our experts will get in touch with you and equip you with a detailed blueprint.
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Xchangebtc Licenses Explained
This platform does not share any details about their management side and legality. We as clients have no idea about the owners or the kind of certificates they possess. In simple words, security and transparency are missing. Ask yourself, do you really want to gamble your funds with this broker that does not even have the courtesy to publish basic details?
Cryptocurrencies for the most part are still in the gray area of the law. So, exercise caution and always give top priority to safety or else things might go south quickly. While it is possible to recover cryptocurrencies from the crooks, it is going to be a time consuming venture. Act rationally and do thorough research before depositing money.
Xchangebtc offers a web based trading interface. Charts appear decent, but the customizability is not that great compared to other alternatives such as Tradingview or MT platform. Features are too basic and the lack of support from custom tools may be a deal breaker for many people.
There are few merits web based interface brings to the table, but most traders that can be categorized as advanced would never be happy with the way things are positioned. Moreover, the support for advanced order types and automated forms of trading is also a big question mark.
As uncertainty is way too much, you need to cross-check every parameter before opening a position or else, your account will drain in the blind of an eye. Lastly, do not forget to test things out before depositing funds.
Instruments and Leverage
The exact number of instruments offered by this broker is unknown. However, the offerings do look good and it contains cryptocurrencies, forex pairs and equities. Note that trading conditions, fees and leverage differs from one asset to another.
There is no clear section that walks users through the fee infrastructure. For any reason, if you want to use their service, then talk with the support team before clicking the buy button.
After all, you cannot take on risk without knowing the variables present, right? Leverage offered by them extends upto 1:400 which is undoubtedly dangerous. Use leverage only if you have experience and do not risk more than what you can afford to lose.
Xchangebtc User Reviews
While reviewing any broker, we always take a look at the user reviews as they are a reliable indicator that reveals a lot of things. Unfortunately, we could not find many user inputs on the internet.
Of course, there were few allegations against them on review sites and forums, but as it wasn’t backed up by solid data, we cannot take them seriously. Lack of ratings and customer testimonials is a negative factor and it should not be taken lightly. We will update this section once new information surfaces.
Xchangebtc supports card payments, wire transfers and Bitcoin. Compared to a lot of exchanges, the number of options are indeed bleak. Also, there is no information about the processing time, fees or other associated charges.
Matching bonus is present, but the terms aren’t clear. So, be careful before accepting the offer. All in all, the entire setup does not instill confidence and it certainly isn’t the kind of platform we would ever trust.
Is Xchangebtc a Scam crypto broker?
Xchangebtc.online appears to be a sketchy crypto broker. On one hand, they offer huge leverage and put efforts towards educating the clients. However, they are unregulated and the vague policies aren’t doing them any favors.
We strongly suggest people to look elsewhere or at least do some more research before proceeding with them. Cryptocurrencies are a wonderful thing, but you need to be very precise about the brokers you want to employ before dabbling with it. It all boils down to safety factor and as always, it should be your number one priority.
To navigate the world of finance, investors do need a broker. Nonetheless, it is our duty to do solid research before choosing one. After all, when it comes to dealing with this volatile space, we cannot sleep on the most important task, right?
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