The brokerage firm XCGIN, with over 10 years of experience, offers more than 500 assets for margin trading. The broker claims to have received over 10 awards in the forex industry, employs 250 experts, and has its headquarters in the Netherlands. However, we note the absence of licenses from well-known and stringent regulators, as well as signs of illegal activity, such as high leverage. Although a license from some little-known regulator is mentioned, we have yet to verify this. Reviews on the internet are too few, so it’s essential to carefully examine what the broker is all about. Join us to find out whether this is a scam or, after all, a safe platform for trading.
Table of Contents
|Netherlands, Commonwealth of Dominica
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|⚙️ Trading Platform
First Impression of Xcgin.com
The company’s official website looks cheap and boring. The strange combination of orange and blue, the absence of graphic elements, and the lack of any taste give the impression that the site was created using a free broker website builder. It’s not apparent that XCGIN has put any heart, resources, or time into creating its site. And yet, it is the first thing that a potential client encounters.
Although trading conditions are fully disclosed, as we can observe many parameters, the broker has problems providing evidence. XCGIN claims to have won several forex awards, such as “Best CFD provider” by Global Brands Magazine or “Best ECN liquidity” from Rankia Awards. However, no evidence has been provided. The company could attach links to such events where the awards were presented. The date of establishment is not mentioned at all, and documents such as the user agreement are not available.
The top part of the website contains sections with basic information about trading conditions, the company, contacts, and educational materials. The main page is filled with unsubstantiated advantages and imaginary merits. The footer features a classic risk warning and even indicates an offshore legal address and a license, which we still need to verify. In short, XCGIN has a typical, template website.
Partnership and Bonuses
Information about the partnership program and bonuses is missing on the official website. However, during the account registration process, XCGIN also asks for a promo code, hinting at the existence of an affiliate program. Why not specify the terms of the affiliate program if there is one? We are also confident that the broker offers bonus promotions. It’s surprising to see a CFD company that doesn’t even offer bonuses, as it is a popular marketing ploy for newcomers who don’t understand that receiving bonuses imposes certain restrictions on their accounts. You first have to meet the bonus conditions before you can withdraw money. And those conditions are often so unreasonable that even experienced traders find them impossible to meet.
Account Opening on Xcgin.com
The account registration process begins with entering personal information: full name, mobile phone, email address, residential address, password, promo code (if available), and specifying the account currency (EUR, GBP, or USD). XCGIN also requires agreeing to the terms and conditions; however, when trying to open the document, a 404 Not Found error appears. The question is, how can one review and agree to the terms if the document is unavailable? The company did not ask to confirm the provided email and phone number, which potentially creates a security risk for the account and personal data.
The interface of the personal account looks simplified and understandable. The main page includes the latest news from the financial world, a trading overview, notifications, and current accounts. Users can also change their data, make deposits, withdraw money, upload documents for KYC, and track and receive rewards from the referral program. Overall, standard options and features. XCGIN has not provided anything unique or interesting.
Despite the company’s claims about the availability of a demo account, we couldn’t find a way to open this type of account to test the platform’s functionality. Why claim to offer a demo account if you can’t actually open one? It seems somewhat misleading.
The website has a section dedicated to the KYC policy, but clicking on it redirects back to the main page of the site. It is unclear whether verification in XCGIN is a mandatory procedure or not. The uploading of documents occurs through the account. There are fields for uploading proof of identity front/back, proof of residence, proof of payment, and other types of documents.
- It’s convenient to upload documents.
- Do not disclose information without pre-registration.
- KYC policy document is not available.
The trading terminal in XCGIN is presented in the form of WebTrader. Although the company claims that traders can trade on Android/iOS mobile devices, it most likely refers to the platform being adapted for mobile browsers. It is because we did not find an option to download an app from the official AppStore/Play Market.
XCGIN praises its platform as if it’s the best software available for forex trading. Here are the advantages stated by the broker: deep market liquidity, advanced tools, user-friendly interface, and stop-loss/take-profits. However, looking at WebTrader, there doesn’t seem to be much in the way of multifunctionality and advanced tools. There is only a chart taken from the TradingView service, a list of assets, and an order panel. Where are all these advanced features and options? We didn’t see them. The platform is extremely basic and simple. Yes, it’s good for beginners, but not for experienced traders. Even beginners will quickly realize that the terminal is not suitable for full-fledged work.
Additionally to CFD trading, XCGIN supports copy trading and binary options with a yield of 80%, however, these sections are not available in the trading terminal. Overall, the terminal did not impress, even though the company touted it as the best. The capabilities here are severely limited, and the interface is primitive. It would be better if the firm offered some quality alternatives so that customers could have a choice.
How Can I Trade With XCGIN?
The broker uses a classic system of dividing account types into different levels based on the minimum deposit and additional services. Let’s look at this in more detail.
All Info About Accounts
A total of seven account types are available at XCGIN:
- Registration. Minimum deposit of $250 and up. Additional features: mobile trading, basic training, educational sessions and tools, and responsive support.
- Beginners. From $2,500. A dedicated manager, more advanced training, and basic strategy classes are being added.
- Intermediate. From $25,000. Owners receive the above features from XCGIN and also Islamic account, and commodities special training.
- Advanced. The minimum replenishment amount is $50,000. Currencies and indices are included in the training and basic markets events are also available.
- Professional. From $100,000. Same services, but there’s a private strategy.
- Premium. From $500,000. Premium markets events, crypto, and stocks special courses.
- VIP Exclusive. For those traders who have a capital of 1 million dollars.
The firm requires a high minimum deposit – $250. Compared to other brokers, where this amount ranges from $1-10, it’s significantly higher here. XCGIN offers leverage of 1:200, which contradicts regulatory norms and requirements. Spreads start from 0.1 pips, with lightning-fast order execution; however, the size of the commissions is not specified, which is extremely strange since this is an important parameter. An Islamic account is available only with a deposit of $25,000, even though this option should not depend on the account balance. Overall, the broker offers quite ambiguous and strange conditions. Moreover, the company adheres to the principle of “pay more to get more,” a hallmark of any fraudulent organization.
- High minimum deposit.
- The broker is engaged in the extortion of money.
Market Analysis and Education With Xcgin.com
XCGIN provides clients with a variety of educational resources: webinars, tutorials, and market analysis. There is also a complete training academy, consisting of e-books and courses for different categories of traders. Among the auxiliary widgets, only an economic events calendar is available.
Deposit, Withdrawal, and Fees
Deposits and withdrawals can be made using bank transfers, credit/debit cards, digital currency, and electronic payment systems. XCGIN does not charge fees for deposits and withdrawals; however, the payment system may do so. The withdrawal request is processed on the day it is submitted, except for bank transfers, where it can take up to 5 business days.
How Can I Contact It?
Despite listing an office in the Netherlands, the company provides a phone number from the United Kingdom. Moreover, there are complaints about the phone number +442080898266 being spam and the call being from a robot. Additionally, XCGIN does not have an existing email address.
Two addresses are listed: the Netherlands and the Commonwealth of Dominica. We will check the second one later, along with the license, but the first one is vaguely mentioned: only the country, city, and street are provided, with no office number or floor indicated. Customers can also write a question in the online chat on their personal account or submit a feedback request. Additionally, the broker has no social media accounts. In summary, we’ve found a whole breeding ground of red flags.
- Email doesn’t exist.
- The phone number is labeled as robot calls and spam.
- No social media accounts have been created.
Is XCGIN Dangerous?
Although the shortcomings we’ve found so far are not enough to definitively label the broker as a “scam,” we already suspect that the company operates illegally and poses a risk to traders. Next, we will look into XCGIN’s operating duration as well as its licenses.
How Long Does The Broker Work?
So, the firm claims to have extensive experience in its operations, and the license it received from the FCS states that it was granted in 2012. However, the domain of XCGIN’s website was only created in October 2021. There seems to be a discrepancy. We checked the web archive to ensure that the site has been owned by the brokerage company XCGIN since its creation. It turned out to be true; the firm really registered its website in 2021. However, it looked different back then.
How Is XCGIN Regulated?
The organization indicates a legal entity, Cansa Limited, which manages the brand. This firm is legally registered in the Commonwealth of Dominica and has received a license from an interesting but unknown regulator called the “Financial Certification Service.” Nothing is known about this financial commission on the Internet, and its official website was registered only in the summer of 2023. We found no legal information on the finncertus.org website to verify the company’s legality. Its contact details turned out to be as fake as those of XCGIN.
The fraudulent scheme is clear. XCGIN invented a regulator that issued them a license. Nothing is known about such a financial commission as the “Financial Certification Service,” its contact details are fake, and legal documents are missing. It is unequivocally a fake regulator. It turns out that the company we are looking at is operating illegally because it does not possess genuine licenses.
Since the website lists an address in the Netherlands, we also checked the AFM registry, which regulates the activities of brokerage companies in this jurisdiction in close cooperation with the Central Bank of the Netherlands. XCGIN was not found there, which is not surprising at all. The organization was also not found in the Kamer van Koophandel’s registry of legal entities.
|Stone Bridge Ventures
Frequently Asked Questions (FAQ)
How to Trade With XCGIN?
Is XCGIN Legit?
How Risky Is It?
It turned out to be a very convoluted broker. XCGIN talks about licenses, an office in the Netherlands and the Commonwealth of Dominica, and calls itself an award-winning broker. Scammers even created a fake website for a non-existent regulator, where they granted licenses to themselves. Google knows nothing about such a financial commission as finncertus.org. A check of the Netherlands registers showed that there is no such company there. Moreover, the contact details are also fake. In short, XCGIN is filled with signs of being a scam. So we found out that behind the mask of a supposedly safe and profitable brokerage intermediary hides a malicious, illegal firm that is ready to deceive people in any way to steal their money.