We have an answer on how to recover your money if you have been scammed by Xtrend broker
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What is a broker Xtrend?
Xtrend is a brand owned by Rynat Trading Limited, incorporated in Cyprus. The company has been operating under CySEC regulation since 2016, having another two brands, Rynat Trading and Xlearner. In the past, they had a brand under the name XBulls, yet it seems to be shut down.
For more details on Xtrend broker, please visit our Xtrend review.
How can Xtrend take your money?
The main difference between regulated and unregulated brokers is that those who are regulated belong to some regulatory jurisdiction. In case of a scam, they will be responsible to the regulator, and clients have a chance to be reimbursed easier. However, the regulation does not guarantee you that you’re involved with a legit business.
You might have heard that CySEC fined many of its regulated companies in the past for not complying with regulatory rules. It’s just a nice way of saying that they broke the law and defrauded clients.
So, Xtrend, like any other scam broker, can steal your funds. The process is more or less always the same. After you sign up, you’re being contacted for an initial deposit and required to provide your credit card details. Afterward, some sort of financial adviser will help you trade and allegedly make profits. Yet, his goal is to extort as much money as possible because the moment you ask for a withdrawal, you become an unwanted client, and your trading account is being blocked.
Beware of the Xtrend scam.
What to do if you have already gotten into the hands of a scammer?
If you have already been involved with Xtrend, we can guess the outcome. Firstly, the broker has only a trading app meant to be used on mobile phones. This is reducing chances for elderly clients ever to be profitable. Instead of seeing everything on the big screen, you are forced to depend on a mobile device.
Besides, the minimum deposit is $50, which is too risky when you take the leverage into consideration. Instead of being safe and investing an amount you can use to invest with lowered risks, this company is practically pushing you into danger. Or better yet, into investing more funds.
In case you’ve already fallen into the hand of Xtrend and had any issues, do not hesitate to report them. File a dispute and request a chargeback! You’ll have a chance to get your hard-earned money back. Since our company has a lot of experience in processing such disputes, do not hesitate to ask for help. Fill up the form below and book your free consultation Let’s see what we can do for you.