How does the XPoken broker deceive its users
Online broker XPoken, which operates in the UK, is considered a criminal with a bad reputation.
If we go to the official XPoken website - xpoken.com , then we will read that this organization provides intermediary services for trading operations on the Forex market in the UK. In addition, XPoken provides services for trading operations.
Our specialists viewed the XPoken website, got acquainted with the terms of operations, made a trip to get demo access to programs, investigated the existence of documents, the place of registration of the organization.
With the help of this information, we will find out: is XPoken a scam or not?
In addition, we will explain to you how not to fall into the trap of criminals, about their methods of work. We will tell you all the necessary information to keep your money safe.
The XPoken organization is located in an offshore region
The main sign indicating that xpoken.com these bandits are the state of residence. The organization is documented in the Marshall Islands, which is already questionable, since the company operates in the UK. Offshore states are popular with scammers due to the lack of laws and regulation.
In addition, this country does not have the rights to work on Forex.
In addition, when our employees tried to identify the real address, mentions of the owners and directors of XPoken, they could not identify anything.
This already demonstrates that XPoken is an illegal broker, interaction with which can result in large financial losses.
No information found about the organizers xpoken.com
After analyzing the site, our experts were unable to identify plausible data about the organizers of the company XPoken. No addresses, phone numbers, or other ways to get in touch.
We assume that this means that real managers are trying to hide information about themselves in order to avoid being held accountable for actions. And even if it turns out to catch someone from the employees of XPoken, then everything will end there, and the organizers of the fraudulent company will remain free.
At XPoken, the site - xpoken.com, works less than 30 days
On the website xpoken.com it talks about a lot of experience working on Forex.
The main method of site analysis is considered to be obtaining information about the domain name. Basically, they record the expiration date of the domain name, the contact details of the owner.
In this case, the domain name xpoken.com it is valid for less than one month, and all information about the person who owns it is classified. Another evidence that the owners of XPoken are trying to protect incognito.
This desire can be accepted, but not when it comes to a financial company acting as an intermediary between the user and Forex.
At the same time, XPoken themselves assure their users that they have been effectively trading on Forex for many years.
XPoken has no test period
For brokers, it is a common practice to give traders a test version of programs so that they get acquainted with the interface, try their skills in trading on the Forex financial market with fake money.
Unfortunately, on the website xpoken.com , we have not found information about the test period, the opportunity to try the software.
We think that the owners of the company xpoken.com most likely, he does not plan to give customers test access to the software, since someone is able to start suspecting a scam.
Internet broker XPoken operates with a negative account
Official firms that operate in the Forex market do not use a negative balance in their work. In accordance with the laws, the user of an online broker is not able to spend more now there is on the account. In those situations when the balance still goes into negative, the debt should be repaid not by the trader, but by the organization that provided its services.
Therefore, official brokers do not use a negative account in their activities.
And yet, xpoken.com gives its traders work with a negative account, that is, on credit.
Why is this necessary?
In order to drive the client into a loan and extort to repay the debt. This is one of the most popular methods of fraud used by scammers.
If this happens, it must be remembered that criminals have no way to recover money under UK law. Absolutely all methods of influencing users are illegal. The most that bandits can do is call, write messages with demands.
You cannot cooperate with XPoken, because the agreements will turn into losses.
xpoken.com they operate with a leverage of one to four hundred or more
Already now, it becomes obvious that XPoken are scammers. Nevertheless, let's pay attention to another nuance, namely the presence of too high leverage.
The credit ratio is the ratio of the finances of customers and online brokers when performing a trading operation. This allows traders who do not have large amounts of money with them to make significant trading transactions.
In order to protect users of the Forex financial market, in civilized regions, the current legislation provides for the use of leverage with a maximum ratio of 1 to thirty, in rare cases 50.
At the same time, XPoken uses a leverage of 1 to four hundred for operations on the Forex market.
Such an attitude is allowed in Switzerland, since firms registered in this state enjoy considerable trust. However, XPoken is not registered in this state.
In fact, XPoken do not have permission to work in the Forex financial market with such leverage, due to the high risk to customers. Actually, this is done to force the user to transfer as much of their finances as possible, but also to drag them into debt.
Local branches of XPoken
It is considered respectable for any company to have regional branches in civilized countries, even if the work takes place exclusively in the UK. So XPoken reports that in addition to an impressive number of awards, there are regional offices in the UK, Australia and other civilized regions, as well as about a lot of experienced workers.
It's easy to check the reality of these offices. After all, there are profile organizations that regulate the work of Internet brokers. In England it is FCA, and in Australia it is ASIC.
Accordingly, a law-abiding organization is obliged to have official documents from data or other structures that will confirm their authorized right to provide services for trading in the Forex financial market, to indicate the level of responsibility.
However, after analyzing the industry sites, we could not find them. Which once again reinforces our fears.
For registration on xpoken.com need to transfer personal data
As we said earlier, XPoken does not have a test period, and therefore, in order to gain access, it is necessary to immediately transfer the minimum contribution to the XPoken bandits. In addition, get access to your personal account xpoken.com, possible only when passing the client's confirmation.
This means that XPoken requires its customers to transmit such information as:
- Data about an individual (passport, etc.);
- Information about permanent residence (scans of utility bills);
- Information about qualifications, length of service, place of work.
In addition, during the initial payment, criminals can get access to the card information.
As a result, this information may allow bandits to hang a loan on a trader, or carry out other illegal operations.
Since for registration on the website xpoken.com , you need to send personal information, our specialists did not get access to the XPoken personal account as well as software for transactions on the Forex financial market.
Reviews about XPoken
A very important step in exposing XPoken is to study the feedback of traders.
A thorough study of the search results on the Internet allowed us to obtain the following data:
- Most of the XPoken reviews on the Internet are false. These are similar to each other positive reviews of a custom type;
- All real mentions of XPoken are negative. We have not been able to identify plausible reviews and comments from customers xpoken.com, which talk about good earnings, successful activities.
- Negative reviews and mentions are caused by criminal actions, theft of finances, creation of debt.
In accordance with this, reviews about XPoken report that the broker in question is a fraudster.
XPoken contact details and documents
After analyzing the mentions on xpoken.com our experts have found a lot of dubious digital official documents that can be easily made using a graphic editor. They are not confirmed by official firms, which means they cannot be trusted.
If an Internet broker is not affiliated with regulatory firms, then users simply have nowhere to turn for help.
On the "Contacts" page, our employees found a phone number. It turned out that it had already been used by an illegal Internet broker. There are also many reviews on the web about fraudulent activities related to the phone number indicated on xpoken.com .
Withdrawal of money from xpoken.com
Are you going to make money using a Forex broker? Make sure that investments can be taken away from him.
After analyzing the trading agreement on the XPoken website, we did not find clear information about the methods of withdrawing the earned money. In addition, our experts have identified a description of punishments for account inactivity, while there was no information about their amounts. Since scammers do not conduct activities in the legal field, it will not be possible to challenge these fines.
Because of this, even if a trader has stopped cooperating with XPoken, he may be disturbed by calls and spam with a demand to pay a fine.
How does XPoken work?
The method of searching for new users, which uses XPoken, also raises suspicions.
Fake profiles in social networks are used for promotion, in which fake people spread information about how they instantly managed to get rich working in the Forex market using XPoken. Bots show expensive cars and real estate, travel to resorts and other signs of a prosperous life.
Fakes promise rapid earnings, for which you do not need to study or put effort.
When a potential client comes into contact with criminals, XPoken managers confirm the reality of a quick income, and in addition about some unique features of their programs that allow you to instantly earn a solid income.
Then various tricks are put to work, allowing you to get maximum finance from the user. For example, a fake profit can be created for a user in order to motivate them to transfer more investments.
If Forex trading turns out to be negative, the manager will offer to transfer more to compensate for the negative.
Employees of XPoken, act according to methods that have been developed by experienced deceivers. They analyze customer data in order to put pressure on vulnerabilities, pull out even more finances.
One way or another, everything will lead to one of two results:
- If you want to receive investments before you find yourself in debt, you will be charged, the balance will be frozen, and everything will be done to force you to transfer more;
- When you let the bandits drive the bill into debt, threats will begin, scammers will start extorting to repay the fake loan.
Another way to earn income for XPoken may be to transfer your personal information to third parties. Probably, as a result, it is possible to get complete information about you for a modest sum of money on some anonymous telegram channel on the shadow Internet.
Most likely, as a result of this, all sorts of scammers, managers, etc. will call you more often. In addition, you can wait for letters from XPoken accomplices who will begin to offer to "receive" the lost investments, of course for payment.
Since XPoken does not conduct activities in the official field and retains anonymity, then xpoken.com it will not be possible to force to answer according to the law in the UK. The leaders of the shadow organization are diligently hiding and in the best case, the legitimate authorities will be able to catch someone from the "workers".
Can I trust XPoken?
If you plan to give the scammers finances, then it's better to spend them on charity.
Let's briefly state the facts that say that XPoken are bandits:
- Lack of official registration;
- No trial period;
- Lack of information about the owners of the organization;
- Phone number detected in fraudulent schemes;
- Negative balance;
- The credit ratio is more than one to 50;
- Negative reviews;
- False data on the official website.
The full review of XPoken is completed. It is clear that XPoken are criminals.