QuiloxTrade Review All You Should Know About Quiloxtrade.com

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BestXtrade Review – 5 things you should know about bestxtrade.com

Beware! BestXtrade is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

BestXtrade is a forex and CFD broker offering several accounts with a leverage of up to 1000:1 and a web based trading platform.

The choice of trading instruments is quite humble – just 23 forex pairs with a couple of exotic currencies, namely South African Rand, Turkish Lira, Russian Rubble, Mexican Peso and Hungarian Forint.

And there are a couple of CFDs as well – on several indices, a few stocks, silver, platinum, gold and oil. Probably the biggest selling point of the broker is the selection of crypto CFDs with most major coins like Cardano, Ark, Bitcoin Cash, Binance Coin , Bancor, Bitcoin, Dash, EOS, Ethereum, Ethereum Classic, FunFair, Gas Coin, IOTA, Komodo, Litecoin. NEO, Nxt, Augur, StarCoin, Tron, Stellar, Monero, Ripple, Tezos, Verge, Zcash, and Ox.

And besides, spreads as tested with a demo account did not look bad – 0,9 pips – 1, 1 pips for the benchmark EURUSD spread is what most traders would expect with a standard account. Unfortunately we are not sure that the demo account mirrors BestXtrade opening account or some of the premium accounts.

And also, we have some very serious doubts about BestXtrade credibility, which we will discuss in the following section of the review.

BestXtrade regulation & safety of funds

BestXtrade is owned and operated by a company called Bania Technologies Online Ltd., which has a contact address in St. Vincent and the Grenadines and does not hold a license to provide financial services such as to offer forex and CFD trade on any major market like the European Union, Australia, the US ore Japan. So basically BestXtrade lacks any legitimacy.

Brokers, regulated by reliable authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the C yprus Securities and Exchange Commission (CySEC) on the other hand can be trusted, as all their activities are diligently scrutinized by the regulators and in certain cases traders’ funds are even insured.

So for example if you are with a FCA broker your account will be insured up to 50 000 GBP, while with a CySEC regulated broker the insurance will cover 20 000 EUR.

BestXtrade deposit/withdrawal methods and fees

BestXtrade accepts payment with a variety of credit or debit cards, including Visa, Delta, MasterCard, Diners, Visa Electron, Maestro, Maestro UK (Switch) and Solo, as well as wire transfers, but they do not accept e-wallets like Neteller and Skrill.

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Here we should note that since last October Skrill requires all forex brokers, offering their services in the European Union, to present a legit license – something that BestXtrade lacks.

Also, if you happen to accept a trading bonus offered by BestXtrade, your right to withdraw your profits will be linked to special trade volume requirements of between 30 to 50 times the bonus plus your initial deposit. And have in mind that if you are offered a “risk- free trade”, that also counts as a bonus.

The minimum deposit requirement with BestXtrade is 2500 USD, which is about 10 times the investment most brokers would ask you for with a standard account. And besides, there is a fixed withdraw fee of 25 USD.

How does the scam work?

Contrary to what you may think, scammers are organized pretty much as conventional businesses with subcontractors such as call centers and the so called robo -scam websites, like Crypto Revolt and Bitcoin Evolution, which are specialized in attracting potential victims.

And if you happen to stumble upon such a web site, while surfing on the internet, you will be presented with a tempting offer for fast, easy and risk free profits in exchange of a tiny investment – no obligations whatsoever, all you have to do is leave your e-mail and phone.

And if you do fill the simple registration form, you will be transferred immediately to the web site of unregulated, offshore broker, where you will be asked to deposit your first 250 USD. Here we should note, that if you do open an account with the scam broker, the people running the robo scam website, which has hooked you up, will get their commission.

Besides, you will be surprised how successful your initial trades will be. That however will not be real – scammers will manipulate your account so that latter you will be more prone to invest a larger sum. And precisely that is when you will receive a phone call as well – it will be form “your senior account manager”, who will professionally explain, that if you want to make some real cash you will simply have to invest more – like 10 000 USD or so.

And most probably you will not realize that you have been scammed until the moment you request to withdraw some of your funds. Than it will suddenly turn out this is not possible, because of some additional trade volume requirements, probably linked to a trading bonus, you have accepted. The pretext for the refusal might be different, but the result in the end will be the same – scammers will not give you a single dollar back.

What to do if scammed?

Note that the only chance you have to get your money back is to file for a charge back with your credit card provider. The good news here is that both VISA and MasterCard extended the period in which you will be able to do that to 540 days, and this was done precisely in an attempt to combat online fraud connected with forex scams.

And if by any chance you have given away your banking details and credit card number, immediately block your credit card and change the password for your online banking service.

And finally, if you are scammed, do not trust the so called recovery agencies – they will not recover your money, but will simply charge you some cash in advance and basically that will be the end of the story.

Articles by Blaq

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Concept4X Review- 5 things you should know about concept4x.com

Beware! Concept4X is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Concept4X is an offshore broker without a license to operate on regulated markets like the European Union, the USA, Australia or Japan. Otherwise it offers 6 account types on a web based trading platform and leverage of up to 200:1

When we tasted their trading platform with a demo account we were offered just 14 forex pairs, with the Turkish lira the only exotic currency in the list, and a few CFDs – on gold, silver, cocoa, 5 indices and some stocks. Trading conditions put aside, however, our main concern with the broker is their regulatory status and the rather unusual withdraw conditions we came across, reading their client agreement.

Concept4X regulation & safety of funds

Concept4X is owned and operated by AllGreen Capital Ltd., an offshore company based in the Commonwealth of Dominica. Neither the company nor the broker are regulated and that significantly lowers their credibility. Take a note that trading with unregulated brokers is extremely risky, because such entities are not accountable for the safety of your funds and are usually involved in scam.

On the other hand your funds with brokers, regulated by respectable institutions such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) will be completely safe, because of the strict regulatory regime, licensed brokers have to abide by.

And what is more, if you trade with a FCA broker for example, a special fund will guarantee up to 50 000 GBP of your trading capital even in the event your broker files for bankruptcy. A similar mechanism will guarantee up to 20 000 EUR of your funds, if you are trading with a broker, regulated by CySEC in Cyprus.

Concept4X deposit/withdrawal methods and fees

Be aware that Concept4X will charge you a fixed commission in the amount of 30 USD for every withdrawal request, no matter if the request will be executed or canceled. Also Concept4X reserves the right to revise their commissions whenever they want.

And finally, Concept4X requires its customers to agree, to authorize the broker to withdraw money from their bank accounts and that is simply unacceptable. See for your self:

Otherwise Concept4X has a minimum deposit requirement of 250 USD and accepts payments with Neteller, Skrill, Sofort, QIWI, CardPay, WebMoney, MasterCard and bitcoins.

How does the scam work?

Contrary to what you may think, scammers are pretty well organized and employ lots of resources to run their elaborate schemes. For example pretty often they employ call centers in countries like the Philippines, as well as the services of the so called robo scam websites like CryptoContractsApp or Crypto Revolt, which are designed as promotional traps for gullible investors.

So if you stumble upon one of those robo scam websites, you will be immediately offered some “irresistible deal” – no risk at all, fast returns with a minimal investment, and all you will have to do is to leave your e-mail and phone, joining an innovative trading platform or app.

After you leave your personal information, however, you will be automatically redirected to the web page of unregulated scam broker, where finally you will be asked to invest about 250 USD. And take a note that your first trades with the scammers will be amazingly successful and pretty soon the money in your trading account will more than double. That however will be all fake. Scammers just want to make sure you will invest more, because your 250 USD are not what they are targeting you for.

And surely you will be contacted on the phone as well. You will be bombarded with trading signals and advises, but the calls will come down to the idea that you should invest more – like at least 10 000 USD.

And at that point most people do invest that kind of money without ever realizing they have been scammed until the very moment they decide to withdraw a portion of their funds. Then it suddenly turns out they can not, because of the minimum trade volume requirement, linked to their trading bonus. Scammers may use various excuses, but the bottom line is always the same – they will not give you a single dollar back.

What to do if scammed?

In case you have been scammed the only plausible step you may take is to file for a charge back with your credit card company . Both VISA and MatsreCard recently extended the maximum period in which you will be allowed to do that to 540 days. Still we advise you to file for a charge back immediately.

Take a note that some scammers might try to steal money from your bank account directly. If for any reason you have revealed to the scammers your personal banking details like credit card numbers or online banking passwords, immediately change the password and cancel your credit card.

And one final note. Do not trust the so called recovery agencies. They will just take some payment in advance and basically that is the last time you will hear from them.

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