XFortunes is an offshore Forex/CFD broker, offering margin trading on stocks, indices, cryptocurrencies, currencies, commodities, and metals. The company has received positive reviews, with Google displaying an average rating of 4.43 stars. Offerings for traders span from promotions and bonuses to dedicated managers, technical assistance, and learning materials. On the surface, it appears both tempting and full of promise. However, is it all as it seems? Are we looking at a scam or a genuinely advantageous, modern, and client-focused platform? It’s time to uncover the truth.
Table of Contents
|St. Vincent and Grenadines
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|⚙️ Trading Platform
First Impression of X-fortunes.com
Upon visiting the official website of XFortunes, the Bitcoin symbol and an enticing offer to capitalize on the cryptocurrency’s potential rise to $100,000 through bonuses, greet us. Yet, as of summer 2023, Bitcoin hasn’t reached this mark and is hovering below $30,000 per coin. It seems the broker’s analysts and prognosticators didn’t hit the mark with their forecasts. Let’s leave this to the conscience of the company’s employees and consider the official website in more detail.
We’re presented with a design that’s as standard and traditional as it gets. We’ve seen this layout before, and, based on experience, companies that utilize such a design often have a bad and negative reputation as scammers. Could XFortunes fall under the same dubious category?
There’s a noticeable lack of visual flair or originality on the site. It has the hallmarks of a generic template filled with clichéd pitches. The claims of unparalleled benefits and insistent calls to deposit and trade are everywhere. XFortunes calls itself the best and most beneficial, with which we fundamentally disagree.
Partnership and Bonuses
Details about the affiliate program are available through a PDF file outlining partnership terms, rather than a dedicated section on XFortunes, which is rather unusual. The referral terms specify that if a referred person deposits up to $1,999, the referrer earns $200. For deposits of $2,000, or more, the reward is $300. However, there’s a catch: the partner must execute 8 trades for the bonus to be credited. Furthermore, the referral must deposit within a 120-day window, and a single individual can only refer up to 10 clients.
Besides, XFortunes provides bonuses upon balance replenishment. The bonus percentage varies based on the selected plan, anywhere from 10% to 70% of the deposited amount. Moreover, special promotions are available for deposits of $5,000, $20,000, $50,000, and $100,000. The specific bonus figures are displayed in the screenshot below.
Having such extensive and diverse bonuses can be concerning. Seasoned traders understand such enticing offers from brokers like XFortunes usually have strings attached. This bonus capital is typically allocated with stipulations. Clients must fulfill these criteria to be able to make withdrawals. Often, the conditions set by these firms are challenging to achieve, leading many novices to lose their funds before they can redeem the bonuses.
Account Opening on X-fortunes.com
Registration at XFortunes includes first and last name, email, phone number, country, date of birth, account currency (USD/EUR/GBP) and password.
After signing up, the company doesn’t mandate the verification of the given phone number or email, even though such verification is typically essential for safeguarding personal details and ensuring account security. The XFortunes user dashboard is notably rudimentary. Within, users can navigate to the web platform, submit documents for KYC, initiate deposit/withdrawal requests, and view their trade and transaction histories. Regrettably, there’s no provision to test the platform using a demo account.
The organization encourages clients to complete verification to bolster security and unlock the full suite of the platform’s capabilities. However, it remains somewhat ambiguous what these additional features might be, especially since a trader can’t start trading without being verified. XFortunes outlines specific criteria for document uploads:
- 200 dpi.
- Grey level (not color).
- The file format should be JPEG.
- The resolution should be set to 24 bits.
XFortunes requires two types of documents: proof of identity and proof of address. Files are uploaded through the section in your account.
- The process is described in detail.
- Mandatory verification.
Downloading the XFortunes trading terminal is not required. The platform works through any browser, both on a computer and on a smartphone. There is no application for iOS/Android, the terminal is launched through a browser similar to a computer.
The trading platform provides fundamental features for chart interaction, yet it lacks several advanced tools. While traders can use indicators, conduct technical analysis, place pending orders, manage volumes starting at 0.01 lots, and set stop-loss/take-profit levels, the platform’s capabilities are limited. Experienced traders might find the absence of features like market depth, horizontal volumes, auto-trading, copy trading, and the option to integrate custom indicators disappointing.
Why hasn’t XFortunes considered integrating an alternative platform, such as MetaTrader developed by MetaQuotes? Basic webtraders frequently fall short of comprehensive trading experiences. The lack of a mobile app for smartphones further compounds the inconvenience and limitations.
How Can I Trade With XFortunes?
The starting deposit in XFortunes is €250. Trading commissions and spreads are not disclosed, and only CFDs are available. The set of additional services depends on the account chosen by the trader.
All Info About Accounts
XFortunes offers six account types to its customers. The more premium the account, the more services and features it provides. For beginners, there’s the “Basic” package that comes with a 10% bonus, 24/5 support, an education center, and price alerts. It seems rather limited regarding offerings. The primary standout for newbies is the educational center. In contrast, the next tier, the “Bronze” account, is loaded with a suite of tools and benefits but demands a hefty minimum deposit of €5,000. It offers services like daily market reviews, professional webinars, daily analysis videos, and an account manager. Why do XFortunes seem to marginalize beginners? Wouldn’t it be beneficial to extend features like account manager assistance and webinars to all users?
Subsequent account types demand steep minimum deposits, ranging from €20,000 up to a whopping €250,000. Owners of these packages are offered daily analysis videos, individualized trading training, exclusive trading positions, higher-tier account management, and custom trading strategies. Yet, one has to wonder: How many are willing to invest such significant amounts in a broker that lacks both a recognizable name and a solid reputation?
XFortunes clearly engages in financial extortion. Their minimum deposit threshold is notably higher than many other companies that typically offer starting deposit sizes between $1-10. The firm seems to follow the mantra “invest more to gain more.” Such conditions are not common among reputable, established brokers.
- High minimum deposit.
- The firm is engaged in money extortion.
- The exact amounts of commissions and spreads are not disclosed.
Market Analysis and Education With X-fortunes.com
XFortunes didn’t skimp on additional services, including analytics and education. They offer free access to basic webinars, e-books, a glossary, video tutorials, fundamental details about asset classes, and an economic calendar. Their educational content delves into topics like opening/closing positions, understanding leverage and margin, risk management, CFDs, and an asset index.
Deposit, Withdrawal, and Fees
XFortunes deserves a nod for having distinct sections dedicated to deposits, withdrawals, and fees. However, a closer look at their fee structure suggests that trading here might not be the most cost-effective. They charge a 3.5% commission on withdrawals, with a floor of $30 and a ceiling of $3,500. On top of this, they impose a $20 monthly maintenance fee, a $100 inactivity fee. For withdrawing profits from successful trades, clients also have to pay a fee ranging from $1.5 to $5, depending on the volume of trading profit realized. Deposits are made without any fees or charges.
Money transactions are performed by credit/debit cards, wire transfers, and e-money (Skrill, Neteller, Sofort). Surprisingly, nothing is said about cryptocurrencies.
How Can I Contact It?
XFortunes offers several methods for communication, including phone and email. They also provide a dedicated feedback form and an online chat feature. The persistent appearance of the chat window on their site can be quite distracting, especially when trying to understand the company’s terms and conditions.
The phone number listed is a British one, yet the organization operates offshore. Could this suggest a UK-based office? Notably, no specific addresses are provided, other than one in Saint Vincent and the Grenadines. Both email addresses are legitimate. As for the contact details, there’s nothing overtly suspicious about XFortunes, except for using a British phone number.
- There is an online chat for prompt communication.
- No UK office address is given.
Is XFortunes Dangerous?
The trading terms appear to be incomplete, as XFortunes does not reveal its trading commissions and spread sizes, and there’s also a lack of contract specifications. While the platform is simplistic, it isn’t an immediate red flag for a scam. We found nothing else particularly suspect in the other sections. So, the business’s operational tenure and its licensing need to be reviewed to draw a definitive conclusion.
How Long Does The Broker Work?
The operating history is something that can’t be taken away from a company; it reflects the broker’s credibility and stability. While XFortunes doesn’t specify its inception date, the year 2022 can be spotted in the website’s footer. Moreover, the domain’s registration date points to June 2022, revealing the actual time the company has been in business.
How Is XFortunes Regulated?
We’re aware that the official website belongs to and is managed by Mango Group LLC, registered in Saint Vincent and the Grenadines. It implies the need to verify with the SVGFSA registry, responsible for regulating brokerage entities. And as it turns out, Mango Group LLC was indeed registered with SVGFSA in 2022.
There are a couple of points worth noting here. Firstly, why is there such a significant difference in the names? XFortunes and Mango Group sound nothing alike. It leads us to speculate that perhaps scammers are hiding behind the name of another firm without having a legal entity of their own. Secondly, just because a company is listed in the SVGFSA doesn’t mean it’s regulated. The regulator itself even cautions that inclusion in its registry doesn’t ensure security.
Frequently Asked Questions (FAQ)
Even with its generic website design that mirrors half of the scam companies out there, XFortunes wasn’t immediately suspicious. The scammers behind it went the extra mile to make this fake broker seem more credible and secure. However, when scrutinizing its operation duration and licenses, the truth was laid bare. We’re looking at another fraud operation, one that not only masquerades as a trustworthy broker but also fabricates positive reviews online. Engaging with such entities is a straight road to financial losses.