It’s of utmost importance to be able to distinguish between genuine crypto exchanges and false websites that are only aiming to get into your wallet. While investing in unpredicted crypto markets bears substantial risks on its own already, you shouldn’t expose your assets to even greater danger by trusting shady platforms. 

That’s why we strongly recommend you read this Xtecoin review before proceeding and before gambling your financial future away.

False Claims All Over

According to the pseudo-legal information published on this site, this exchange operates under the jurisdiction of courts of Malta. That is easily debunked, as the MFSA register doesn’t contain a company under this name, meaning that the conduct isn’t legally operating.

Furthermore, the business also states that they abide by the regulatory rules set by ASIC, yet they can’t be found in the ASIC register. Therefore, their claims pertaining to the AUSTRAC license for virtual asset service providers are also false.

To sum it up – is Xtecoin legit? Absolutely not. The firm is not registered in any country or supervised by any financial authority. They’re as unsafe as the notorious scammers going by the name of Pulse Investments which we’ve previously reviewed.

Victims Bothered Until They Invest

Considering the fact that there isn’t a single one of Xtecoin reviews available online, you can already assume we’re reviewing a completely anonymous entity. 

However, it seems that, since the site activation in 2023, the scam project has been especially focused on recruiting new users from these countries in particular:

• United States
• Brazil
• Germany
• Turkiye
• Spain

Like most of today’s crypto criminals, these miscreants also promise attractive rewards, bonuses, airdrops and free coins in order to entice their potential victims. Offshore schemes like Bullwaves also tend to offer riskier trading conditions and promise higher profits. Therefore, please make sure you refrain from such proposals if boiler room operators ever start pestering you to invest.

Empty Fee Schedule

Usually, when users want to find out more about the costs of a particular service, regulated exchanges will allow them to preview the page dedicated to fees and costs. In this case, the Xtecoin exchange has a web presentation called Transaction and Trading Fees, yet it is entirely empty. 

Instead of a transparent and fair approach, this exchange chooses to stay silent about costs and keep their victims in complete darkness. Legal papers do clarify that various external and internal fees exist, but none of them is known. Only after creating an account, we saw that starting maker and taker fees are 0.075%.

How Ponzi Scheme is Fueled

Rewards for clients that participate in promoting the company are quite attractive. Whoever recruits new blood has a chance to get 40% of the commission paid by their affiliates, while their trading fees are discounted to 0.1%. 

With such enticing promises, it’s natural to have your existing victims work extra hard to acquire new members.

Unexciting Features Don’t Thrill Anyone

Any platform that wishes to expand their user base and fuel more investments has to be able to offer notable features. Sadly, yet expectedly, nothing shown on this crypto portal will motivate you to invest here. Rudimentary tools and questionable security are just some of the reasons never to put your money on the line.

Platform Functionality: Questionable

Easily accessed even without an account, the Xtecoin app is available for previewing. That’s what anyone interested in investing here should do first. Otherwise, you may be led into thinking that this basic terminal has anything valuable to offer. 

Once you preview it on the site, you will quickly realize it’s just a rigged portal used for data manipulation and false profits. Actual trading activities don’t happen when it’s all a part of a simulated scam environment.

List of Currencies

Coins supported for trading include some of the most popular digital assets today. By that we mean BTC, ETH, TRX, XRP, ADA, DOT, DOGE, LINK, NEO, SOL and about two dozen other ones. 

The complete choice in the form of a Xtecoin crypto asset list isn’t available on the site. The offer itself doesn’t seem particularly rich, especially if we remember that regulated major exchanges offer access to thousands of coins.

Immediate Verification Required

After sharing a couple of details like email and password, you can become a proud owner of a Xtecoin login. Once you find your way to the user dashboard, however, you will quickly learn that all of the features are locked until you deposit real cash. 

To be able to do that though, you are expected to verify your identity. Don’t forget that sharing sensitive personal data can cost you more than a few coins, as these cons also tend to steal user identities.

Only VIPs Can Withdraw

Whoever wants to be allowed a payout has to first activate a special VIP status by paying 0.25 BTC. Only then will you be allowed to request a withdrawal.

Naturally, all of the transactions on this site are done through crypto channels which facilitates the scam. Cyber thieves find it easier to transfer funds via crypto as they don’t have to expose their identity in the process. In addition, they will force you to pay all kinds of hidden fees and taxes to be able to request a payout.

No One to Complain to

Relying solely on FAQs for input on how to solve various issues often isn’t enough. Therefore clients need a proper customer support office that will provide advice for problem solving. At least that’s how reputable platforms work. 

In this case, support doesn’t even exist and clients are left on their own to deal with the damage.

I Got Scammed! Who Can Help?

If you were also a victim of the vicious Xtecoin scam, we suggest you act quickly. If you wait too long, the swindlers may disappear entirely and make money recovery practically impossible. That’s why we encourage all our readers to let us know immediately, as soon as the robbery happens. 

The sooner we act, the better. Contact our chat agents and they’ll help you book a free consultation with our asset recovery team.

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