XTB is one of the largest and reputable forex trading exchanges in the world. However, recently there has been a lot of information claiming that XTB scams customers. So what is the truth about the XTB scams information? Is XTB reputable? Let’s find out about XForex through this article.

The truth about XTB scams

What is the XTB exchange?

XTB stands for X-Trade Brokers, a corporation specializing in providing foreign exchange, CFD, ETF, index, commodity, and cryptocurrency trading services. The exchange was founded in 2002 in Poland and is currently present in more than 13 countries around the world. Including Vietnam.

XTB is a reputable exchange and is managed by famous financial regulatory organizations such as FCA (UK), CySEC (Cyprus), KNF (Poland), and IFSC (Belize). The exchange also listed its shares on the Warsaw Stock Exchange (Poland) in 2016. Thereby proving its transparency and professionalism.

Is the information about XTB scams real?

There is no definitive evidence to confirm that XTB scams. On the contrary, XTB has been proven to be a reputable and quality trading platform by many of the following factors:

• Possessing licenses from reputable regulatory agencies such as FCA, CySEC, KNF, and IFSC. These are organizations with high standards of safety, fairness, and transparency for exchange operations.
• Listing of shares on the Warsaw stock exchange. This is an important step for XTB to affirm its reputation and position in the international financial market.
• Achieved many awards and impressive numbers. XTB has been honored as the world’s leading forex exchange by many reputable organizations such as Bloomberg, Forbes, Shares Magazine, Money AM, World Finance, and Global Banking & Finance Review.
• Customer support policies and services. XTB has a customer insurance policy of up to 1 million USD. Allows customers to withdraw money quickly and free of charge via Internet Banking

See more: Instructions on XTB open account steps quickly

Is XTB reputable?

Based on the information and evidence presented above. Thereby it can be concluded that the XTB exchange is reputable and not a scam.

XTB has been recognized as one of the world’s leading forex exchanges. The exchange has a modern trading platform, diverse trading products, favorable trading conditions, safety, and transparency. The platform has a professional and dedicated customer support team. And always ready to answer all customer questions and problems. This is the clear answer to the question is XTB legit

Reasons leading to rumors of XTB scams

However, it cannot be denied that there is some negative information about the XTB exchange. Such news is spread on social networks or forex forums. These “headlines” are often related to XTB scams. For example, “Not paying customers”, “cheating prices or not complying with legal regulations”. So where do these false scandals come from and are they trustworthy? Let’s look at the reasons for these rumors.

Fake information comes from rival parties

One reason could be that the competitors of XTB exchange want to make the exchange look bad to compete unfairly. These parties can be other exchanges or IBs (agents) of other exchanges who want to attract customers to their side.

They can write negative comments about XTB on websites, social networks, or forex forums. They may use fake accounts. Or worse, use images, videos, or evidence of unknown origin to create false information about XTB.

Due to not being able to access the XTB exchange

Another reason could be that customers cannot access XTB. The reason is due to some technical reasons or due to the network’s blocking policy. This makes customers suspect that XTB has closed or disappeared. Thereby spreading information about XTB scams

However, this is a misunderstanding and is not the fault of XTB. XTB exchange is still operating normally and can be accessed from many other countries. To resolve this issue, customers can try the following:

• Use a VPN to change IP address and access XTB via servers in other countries.
• Use different web browsers or clear your current browser’s captcha and cookie cache.
• Contact XTB’s customer support department via email, phone, or online chat for specific instructions.

XTB Vietnam does not comply with legal regulations and policies.

Another reason may be that some customers misunderstand the legal regulations and policies related to forex trading activities in Vietnam. They believe that the XTB Vietnam exchange does not have an operating license from the State Bank of Vietnam (SBV). Or failure to comply with tax, money transfer, or transaction reporting regulations.

However, this is also a misunderstanding and not the truth. XTB Vietnam is a branch of X-Trade Brokers Group, headquartered in Poland and licensed by reputable regulatory agencies such as FCA, CySEC, KNF, and IFSC.

XTB Vietnam is not a credit institution or bank. The exchange is just a provider of forex and CFD trading services via the Internet. Therefore, the XTB Vietnam exchange does not need to have an operating license from the State Bank or comply with the regulations of the State Bank.

XTB Vietnam exchange also complies with Vietnam’s legal regulations and policies. About taxes, money transfers, or transaction reporting. XTB Vietnam exchange does not collect any fees from customers other than transaction fees. At the same time, do not interfere with customer transactions. XTB Vietnam exchange also does not have the right to withdraw money from customers’ accounts but only executes customers’ withdrawal requests according to the selected methods.

See more: XTB Review – Advantages and disadvantages when trading

The evidence proves that XTB scams information is false

To further clarify the reputation and quality of the XTB exchange, we would like to present some specific evidence to prove that XTB scams information is false.

XTB exchange is licensed by reputable agencies

XTB is licensed by reputable financial regulatory agencies such as FCA (UK), CySEC (Cyprus), KNF (Poland), and IFSC (Belize). These are organizations with high standards of safety, fairness, and transparency for exchange operations. XTB exchange must comply with regulations on charter capital, customer money insurance, periodic audits, and operational reports.

Evaluate XTB through the awards and impressive numbers it achieved

XTB has been honored as the world’s leading forex exchange by many reputable organizations. These include Bloomberg, Forbes, Shares Magazine, Money AM, World Finance, and Global Banking & Finance Review. The exchange has won many awards for its trading platform, trading products, customer service, social responsibility, and business strategy.

XTB exchange also has impressive numbers in terms of business and operational results. The exchange has more than 781,000 customers globally, 2020 revenue reached 324 million USD and profit after tax reached 84 million USD. The exchange also has more than 4000 trading products, including more than 2000 stocks and ETFs, more than 50 currency pairs, more than 20 indices, more than 20 commodities, and more than 30 cryptocurrencies. The exchange also has the xStation 5 trading platform. This platform is considered one of the best trading platforms on the market.

Policies of XTB Vietnam

XTB Vietnam exchange also has good customer support policies and services. XTB Vietnam has a customer insurance policy of up to 1 million USD. Allows customers to withdraw money quickly and free of charge via Internet Banking or Ngan Luong wallet. The platform also provides free courses and educational materials. Update market news continuously. At the same time, 24/5 customer support is available in many languages, including Vietnamese.

These policies and services show that XTB Vietnam exchange cares about the needs and interests of customers. XTB Vietnam not only provides customers with an effective trading platform. It also helps customers improve their knowledge, skills, and trading strategies. XTB exchange is always ready to answer all customer problems quickly and professionally.

Through this article, XForex has clarified the truth about XTB scams. The reasons leading to this rumor and evidence prove that this information is false. Hopefully, this article will help you have an objective and accurate view of the XTB exchange. A reputable and quality forex trading platform in the world.

FAQ

What is the XTB exchange?

XTB stands for X-Trade Brokers, a corporation specializing in providing foreign exchange, CFD, ETF, index, commodity, and cryptocurrency trading services.

Is XTB reputable?

XTB has been recognized as one of the world’s leading forex trading exchanges, with a modern trading platform, diverse trading products, favorable trading conditions, safety, and transparency.

Does the XTB exchange comply with Vietnamese laws?

XTB Vietnam exchange complies with state legal regulations and policies on taxes, money transfers, or transaction reporting. XTB Vietnam exchange does not collect any fees from customers other than transaction fees. At the same time, do not interfere with customer transactions.