XFortunes Review – Scam or Trustable Broker?

XFortunes is not a licensed and fraudulent broker?

This small fact will bug any trader – XFortunes has a base in Saint Vincent and Grenadines. You might have heard that SVG is a well-known den of thieves because of its lax tax system. This makes the tiny island a paradise for many scammers.

Mango Media LLC owns XFortunes. The company is registered with SVG’s Financial Services Authority, but there’s one catch. FSA clearly stated on their website that it does not regulate FX markets, i.e. doesn’t issue Forex licenses.

Our little offshore fraudster can’t be licensed to offer legit services. This scam is not worth investing in.

XFortunes, an offshore broker based out of Saint Vincent and the Grenadines, allegedly offers Forex and crypto trading. This con artist targets traders from the United Kingdom and Switzerland, as well as Slovenia.

Why it is better not to choose an unlicensed broker

This offshore provider cannot have been granted a valid license by Australian ASIC, Cypriot CySEC or the UK’s FCA. These respected regulators expect brokers to meet high requirements such as large operating capital (e.g. GBP 730,000 in UK, AUD 1,000,000 in Australia).

These regulations will ensure that you sleep well at night knowing that you are protected in the event of a broker’s business failure. Negative balance protection and restricted leverage can help to reduce or prevent losses in trading.

XFortunes also offers what platforms?

All of the monkey business needed to have some structure. XFortunes, despite its obvious fraudster status, had to appear at least as a broker. It had to provide some kind of trading platform for potential clients. WebTrader, a browser-based platform, was the one XFortunes chose.

XFortunes WebTrader

Basic, cheap, and unpolished. It lacks great trading tools like customization, automated trading, live reports, and automation. We present to you WebTrader, ladies and gentlemen. It’s not surprising that scammers would prefer this platform for traders.

WebTrader is not only a scam platform that will likely fail to make you successful in trading, but it can also be used to manipulate your accounts. Your deposits are real and the numbers and profits that you see are not real.

XFortunes Assets: Types of Instruments

XFortunes has a wide selection of trading assets.

• Forex Pairs: EUR/USD/JPY/GBP/AUD
• Commodities – gold, silver, natural gas…
• Shares – Apple, Lloyds Bank and Tesla…
• Indices – S&P 500, NIKKEI 225, AU 200…
• Cryptocurrencies Ethereum, Bitcoin, Tether…
• ETFs- iShares Russell 2000 and Invesco QQQ…

These instruments should not be taken for granted. These instruments were created to lure you in and convince you to invest. XFortunes is a jurisdiction that has no rules, so there is no guarantee you will trade all of them.

Where does XFortunes engage in fraud? – Countries of Service

It is important to know where this offshore scam broker targets its victims. We discovered that XFortunes had its eyes on three countries specifically after doing some research. Keep in mind that XFortunes’ reach isn’t limited to these three countries, but it was the area where most activity was recorded. If you are contacted by fraudsters and live in one of these areas, please immediately reject the contact.

• United Kingdom
• Switzerland
• Slovenia

What are the different types of XFortunes accounts?

These are the fake accounts that XFortunes claims it offers

• Basic 250 EUR
• Bronze – 5,000 EUR;
• Silver- 20,000 EUR
• Gold – 50,000 EUR
• Platinum – 100,000 EUR;
• Elite 250,000 EUR

Each type comes with additional perks. The welcome bonus increases in value, increasing from 10% to 70%. The scammer is after the above prices, however.

A Demo Account is Free – Is The Broker Offering It?

No! It’s absurd that an offshore broker would bother to include a demo account when it is not necessary. This is more work, and it also means that the scam will not succeed. If XFortunes was a legitimate broker, however, the offer would need to include a demo account.

Promotions by XFortunes – Types of Bonuses

Do you remember the welcome bonuses that were offered to account types? There’s no problem. Brokers are prohibited from issuing bonuses by top-tier Australian and European regulators.

Scam brokers include hidden clauses in their legal sections that condition traders about bonuses. This requires them to trade at a high volume to be eligible for withdrawals. This is another reason to not trust offshore fraudsters.

Learn more about Leverage, Spreads, and Fees

XFortunes has a leverage limit of 1:400. We will just repeat that the legal limit for retail customers is 1:30 (US), EU, AUS for FX major pairs. Spreads are claimed to be tight by the broker, but this is not true. The gap was very wide, ranging from 0.5 to 4-5 pips. This rate is so high that it’s impossible to profit.

Based on the profit, fees can go up to $5. This is not all. XFortunes charges a 3.5% withdrawal charge for $30 and more. There is also a $20 maintenance fee, and $100 account fees for inactivity beyond 30 days.

High Minimum Deposit and Withdrawal Conditions

The minimum deposit is 250 EUR. This is a significant amount considering all the lies, scams and other aspects of XFortunes. There are many licensed brokers that can offer a better deal for the same amount.

All transactions are subject to a 3.5% transaction fee. The broker is only able to accept three payment methods. These include:

• Credit/Debit cards
• Wire Transfers
• Western Union

What is a chargeback?

Chargebacks are a way for your bank to reclaim funds from the merchant. We recommend that you contact us immediately to initiate the process. In a free consultation, we will discuss how to get your money back immediately!

XFortunes: Video

Below you will find a short video about XFortunes. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about XFortunes!