XTrend Speed Review – Is XTrend Speed a Scam Broker?
- Website: https://www.xtrendspeed.com
- Website Availability: Yes
- Address: 17 Midas Avenue, Olympus Dr, Pretoria, 0081, South Africa
- Warning: Financial Sector Conduct Authority
- Domain Blacklisted Status: It seems there is no direct mention of this domain being on a blacklist.
XTrend Speed Warning Signs That Shouldn’t Be Ignored
Suspicious Account Closures Following Profit
Several traders have complained about XTrend Speed, a mobile trading application that encourages quick and simple CFD trading. A trader claimed to have earned a $600 profit immediately after opening a trading account, only to receive their withdrawal request mysteriously cancelled and the account closed unexplained. Such actions suggest manipulative practices typical of fake brokers.
Withdrawal Issues and Exorbitant Fees
Some users have faced serious issues when trying to withdraw funds. After multiple days of repeated attempts and contact with customer support, traders say they are not able to process withdrawals through PayPal, although this option is promoted. Compounding the frustration is a 3.5% high withdrawal fee, which many users consider too high and unjust, particularly in conjunction with withholding access to their own money.
Poor Customer Support Experience
Customer support has been heavily criticized for being ineffective and inconsistent. Traders have claimed to talk to several representatives without any real resolution. Complaints point to inconsequential responses, canned responses, and an overall lack of responsibility. For a financial service platform, customer support at this level is a significant cause for concern.
Limited Trading Features and Education
Aside from the monetary risks, XTrend Speed seems to provide limited stock CFD options, providing traders with fewer diversification opportunities. The app also does not have in-depth research tools and educational materials, which makes it especially not ideal for new traders who want to learn and develop.
With the suspicious account closure, withdrawal refusal, excessive charges, and unreliable support, XTrend Speed is raising several red flags. Investors are advised to be extremely cautious and look to more transparent, regulated options prior to depositing any funds with this broker.
Why You Should Be Cautious?
We have been tracking fraudulent brokers and shady investment schemes for many years. Our investigations cover a wide range of cases, including forex trading scams, currency trading scams, and crypto scams. After many years of research and countless real-life cases, we now know how these scams operate and how they trick innocent people.
Big promises, unreasonably high returns, and withdrawal issues – these are classic investor-trapping techniques.
If looking to trade with XTrend Speed, be cautious. Thorough research and intelligence observation are necessary so that an individual does not fall prey to any deceitful practices or tricks.
Beware of Trending Financial Scams
Scammers keep on establishing new skills to exploit innocent people. Some of the most common scams include:
- Investor Impersonation Scams: Fake investment firms promise high returns for a short time; then, they vanish with all deposits.
- Romantic Scams: Fraudsters pretend to create online relationships just to gain the financial trust of the victims before they manipulate them.
- Gift Card Scams: The criminals insist that the payments should be done by gift Card, hence creating irreversible transactions.
- Bank Account Fraud: Unauthorized access and identity theft are at play for the cause of drained bank accounts.
- Phishing Fraud: Emails and messages trick people into sharing private information.
- Cryptocurrency scams: Fake exchanges and Ponzi schemes trick traders into losing money.
- Forex scams: Unlicensed brokers manipulate trades and withhold withdrawals.
- Ransomware: Scammers demand ransom to release the data they have locked up.
When doing financial transactions online, always be observant and handle it cautiously. Meanwhile, verify the legitimacy of a particular broker.
How to Recover Lost Funds?
If you’ve lost money to XTrend Speed or similar forex trading scams, you’re not alone. Victims of crypto scams, currency trading scams, and other scam brokers or shady platforms often struggle with scam money recovery.
We assist to recover money from scammers using proven strategies like chargebacks, dispute resolution, and legal action. Our team provides expert advice to help with scammed money recovery and guides victims through the entire recovery process.
Contact Us for a free consultation regarding the recovery of your funds.
About Proupshot
Proupshot.co is dedicated to revealing every fraudulent broker and delivering accurate information to a trader. We aim to protect investors from scams or fraud in finance and also help victims in recovering their lost funds.
For updates, follow us on:
Also, read TCEHK Review.
Leave a Reply