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Is XYTRONFX a scam broker?
The FX broker XYTRONFX is offshore based. It gives a fair impression of its liability towards investors’ funds. But in-depth analysis shows a different story of this broker altogether. Traders must further read this review to know everything about XYTRONFX.
The broker provides many different account types with the minimum deposits range from $300 to $100000. The leverage provided is fixed at a 1:200 ratio and it is quite acceptable. The spreads differ according to account types and are 1 pip, 2 pips, 3 pips and raw in nature.
The assets offering is huge fro this broker. It offers more than forty-five currency pairs. CFDs on precious metals, agricultural produce, seventeen indexes, and natural resources.
XYTRONFXP is operated and maintained by the Marshall Islands-based company. This territory is worldwide famous for the scammers based on it. The Marshall Islands-based character suggests that the broker under consideration is not regulated and unlicensed. Furthermore, the Marshall Islands-based brokerage provider is considered illegal in the regulated markets such as the US, UK, Japan, and Australia and also in many Europian Union countries. Besides all of this, it is very harmful to trade with irregulated brokers.
In addition to this, by signing this broker’s Terms and Conditions, traders are obliged to handover all the operational rights of their private bank account to this broker. This means XYTRONFX can alter, use, disown your rights on your own bank account and misuse it according to their convenience.
Also, there is a special provision is made to change these Terms and Conditions without any legal notice to the traders.
This broker also misleads its customers, as it says it offers MetaTrader platform but in reality, it is only offered for the demo account.
This broker advertises provided spreads are as high as 3 pips on the primary EURO/USD FX pair. These spreads increase cost of trading and nonbeneficial. As discussed above the initial investment in this broker is quite high compared to other brokers available in the markets. Some well-regulated brokerage providers in markets also offer to start a trade as low as 5 USD. We can gather data about payment options very hardly and offered methods are bank transfer and cards only.
Is XYTRONFX scam or legit?
XYTRONFX is owned and operated by the Marshall Island-based company. It is also unlicensed and nonregulated. The initial deposits are high and spread increases the cost of trading enormously. The terms and conditions are absurd and cannot be accepted at any point. Taking account of all this, we conclude that this broker can be a potential scam broker.