XEcrypto Bank Review

Is XECrypto Bank Scam or Legit Broker?

It is not safe to trade with XECrypto Bank. The broker is suspected of being a scam. On its website, it offers unclear information about its location and regulation, clearly trying to conceal the fact of being not regulated. 

What is XECrypto Bank?

On its website, the broker states that traders enjoy the safety and security of a regulated environment, through the implementation of 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 itself, yet let's check 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 is mentioned in Bulgaria, Sofia yet it says that the office is in London, while headquarters are 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 attractive terms while in fact might be just a standard scam, even without a normal address of the firm. And of course, the XECrypto Bank offering caught the attention of 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”  

MFSA, Malta. November 2018.

“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”

CMVM, Portugal. November 2018.

XECrypto Bank Review Conclusion

We advise you to avoid signing with XECrypto Bank, or any other unregulated or offshore broker, and not to put your investments at risk. Instead, we advise choosing only among regulated brokers that hold licenses from world-known authorities. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FBS and BlackBull Markets. 

XECrypto Bank Update

We have found that the XECrypto Bank website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.