XEcrypto Bank Review
Reason to avoid: No License
Listed Date: November 12, 2018
Top 3 Regulated Forex Brokers
Beware XECrypto Bank is a Non-Licensed Broker. It is NOT SAFE to trade.
- Company name:
- Registration Address/ License:
Bulgaria. No License, No Regulation.
“Enjoy the safety and security of a regulated environment, through the implementation of a consolidated and harmonized sets of compliance controls and a team with over 25 years of Fintech and Brokerage experience”. That’s how the XECrypto Bank firm describes themselves, yet let’s check on if the states are true. First of all, there is no clear information about anything, or even if the company is legit in general, since the address mentioned in Bulgaria, Sofia yet it says that the office is in London, while headquarters in Monaco with a second branch in London. Seriously we couldn’t understand anything, these states are not just confusing but presenting absolute unprofessionalism.
Obviously, the broker just uses different attracting terms while in fact might be just a standards scam, even without a normal address of the firm. And of course, the XECrypto Bank offering caught an attention from the authorities while the firm received warnings and was blacklisted.
“The Commissione Nazionale per le Società e la Borsa (CONSOB) has ordered the following companies to cease infringement of art. 18 of the Italian Legislative Decree No. 58/1998, consisting of the provision of unauthorized investment services and activities to the Italian public”
“The CMVM is warning the public against the activities of XECrypto Bank followed by the alert received from the CONSOB (Italy) and other authorities, as the mentioned company proposing investment services without being authorized to do so”
It is a definite statement to avoid the abovementioned broker by any mean, as they are not just misleading but truly manipulating by the traders’ beliefs. Thus, choose on the regulated broker to trade with among the recommended FCA Regulated brokers or similar.