Xnvest – Should you Trust this Platform?

Xnvest

If you have come to this Xnvest review, then you are probably in search of an online broker to trade forex and CFDs. It is a well-known fact that there are lots of money-making opportunities that this market has to offer and you can get good returns on your investment, but this success depends on a variety of factors. One of them is the online broker you are using for your trading journey because they are the ones that provide you with everything you need. They have the trading platform you use, which means they also give the tools that can help you make decisions.

Likewise, their trading conditions like leverage affect your trading flexibility, and the spreads and commissions impact your profits. Suffice it to say, the online broker you choose has to be a competitive and professional one. So, what is the problem? It is that there are thousands of brokers that are offering their services and each of them make some really big promises. Taking them at their word is not a smart move because no company would ever share its flaws. Moreover, your priorities can be different, which means it is possible that the brokerage may not live up to your expectations.

It should also be noted that not all brokerages providing their services are genuine. Cybercriminals are quite active in the online trading space and they often disguise themselves as brokers to exploit people. Therefore, your priority should be to find a brokerage you can trust in the long run, as they will protect your funds and your data. You cannot just give this responsibility to anyone and should do your research before coming to a conclusion. This should also apply to Xnvest, which you will come across when you are looking for a brokerage.

It is presented as a trustworthy brokerage that offers you exceptional trading conditions. You will notice that the Xnvest website is quite impressive, as they have gone to great lengths to make it exceptional. But, you have to remember that appearances can be deceiving and this turns out to be right in the case of Xnvest. How? Take a look at the problems you will find below:

Absence of licensing and regulation

The greatest sign of a trustworthy brokerage is that it is regulated and licensed by a reputable authority. This is considered reassuring because regulatory authorities do not just grant a license to any company. They have a criteria to be fulfilled, which means that certain standards, rules and laws have to be followed, which ensures the security of traders. Unfortunately, it does not seem that Xnvest is regulated and licensed at all.

When you go through the Xnvest website, you will not discover the name of the company that owns and operates the broker. They have not made any mention of a license either, which is a problem because genuine companies are usually transparent about their corporate background. What you will find is that Xnvest claims to have offices in several countries, such as the UK, Belgium and Canada.

In order to operate from any of these countries, Xnvest would need to have a license from their respective regulatory authorities, such as the Financial Conduct Authority (FCA) in the UK. But, they do not appear to have a license anywhere and you can check the online register of regulatory bodies in the aforementioned regions to confirm it.

As a matter of fact, you will come to know that a warning has been issued against Xnvest by the AMF, the French regulatory authority. They have stated that the broker is offering its trading services in the country illegally, which is a black mark against the company and shows that it is not trustworthy because it does not care about breaking laws.

Non-deposited funds clause

When you go through the Terms and Conditions on the Xnvest website, you will come across the infamous non-deposited funds clause, which is famous amongst scammers. First off, it implies that the brokerage is offering trading bonuses, which is a big problem itself because most regulated jurisdictions have imposed a ban on this practice. This includes the regions where the broker claims to be based, such as the UK and Belgium.

It means that Xnvest should not be offering trading bonuses at all. Yet, it seems to be doing so and to make things worse, it also states that traders cannot make withdrawals of funds and profits linked to the bonus. The problem with this clause is that it sounds appropriate in theory only because there is no way to physically separate the profits generated from bonuses and that from your own funds. Essentially, it is just a tactic that Xnvest is using to ensure that you cannot make withdrawals from your trading account.

Stealing data and funds

You will also find that Xnvest asks you to install remote desktop applications like TeamViewer and AnyDesk, which are designed to provide users with access to their home PC environment from anywhere, as long as they have an internet connection. When you share the installation details with the broker, it will give them access to all your files.

This is a problem because it means that Xnvest will have access to all your banking data and passwords and will be able to steal money directly from your account.

Crypto payments only

A look at the payment methods that are supported at Xnvest will also raise a red flag. This is because you will find that the company is only willing to accept payments in bitcoins and does not support any other method. Genuine companies usually give their clients several options to choose from, so they are able to opt for a convenient method.

Bitcoins and other cryptocurrencies have become a popular option amongst scammers like Xnvest because these payments are final and irreversible. It is not possible to file for a chargeback in order to get your money refunded.

Conclusion

When you add in excessive leverage and a generic version of MT5, you can conclude that Xnvest does not deserve your trust at all.