July 14, 2020

XYTRONFX

Overview:

 

At first, the XYTRONFX looks very legitimate and promising FX and CFDs broker, but we are suspicious about information provided on its official website. To know this broker from all perspective, we urge you to read this review thoroughly. We are quite sure that this XYTONFX review will be greatly beneficial to our readers. So, don’t miss any word of this great review.

 

About XYTRONFX:

 

The total number of trading accounts provided by XYTRONFX is four. It also provides as many as 45 FX pairs those are exotic. These FX pairs summed up as follows: USD/HKD, USD/SGD, USD/DKK, USD/HUF, USD/MXN, USD/NOK, USD/PLN, USD/RUB, USD/SEK, USD/TRY, and USD/ZAR. Besides, the XYTRONFX provides CFDs on precious metals, 15+ indexes, Agri products, and natural resources. Sadly, cryptocurrencies not included in the offerings.

 

Blue Marine Capital LTD is the owner of trademark XYTRONFX that is operational from the Marshall Islands. The Marshall Islands-based brokers are not trustworthy, and their registration is done as a broker with minimum compliances. It means the broker is not registered correctly under legit financial regulators. Such brokers are banned in the Australian market. If traders do not perform fact check before investing it is always risk-oriented. Also, such entities are potential scammers.

 

The client’s agreement of XYTRONFX reads that the traders should allow full control of their bank accounts. It means the broker can do any transactions without the permission of the trader. Also, the broker has applied several fees on traders’ transactions. Also, the broker promises to offer a trusted MetaTrader platform, but it does not have the facility of a demo account. So, we could not access the MetaTrader platform, and we don’t know in reality, what platform does this broker offer.

 

The spreads offered by this broker on USD/EUR fx pair is at 3 pips. The offered spread is quite high compared to the current market situation. Also, high spreads mean higher cost of trading. The minimum initial investment required to open a basic account is $300 and is very high as compared to many legitimate brokers.

 

Is XYTRONFX scam or legit?

 

The products of XYTRONFX are attractive, but the trading condition is not. The broker is Marshall Island-based and does not hold a valid license. Terms and conditions are awful, and no trader will agree upon them. Also, the initial investment is high. In our view, the XYTRONFX is a potential Australian scam broker. Keeping distance from it is beneficial.