Read our XBT Elite review carefully to see why we do NOT recommend this broker for trading. Just to clear doubts, this is a xbtelite.com review.
Who are they?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are notoriously famous for scamming schemes.
So XBT Elite is just another unregulated forex broker, which means the customers are not protected, and there is highly likely they will get away with your hard earned money and there will be no regulating agency to hold them responsible.
How does it work?
Usually unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit, while trying any conceivable method in order to make that happen. They will offer deals that sound too good to be true, like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, people get transferred to a smarter scammer, called a “retention agent”, who will try to get more money out of you.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It does not matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all you need to keep the emails as a proof that you have been requesting the money back from them but they don’t give it to you, or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how you were deceived into depositing for a trading company that is not regulated and they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact us at [email protected] but do not let your broker know they you read this article or that you are in contact with us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them that you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on the country where you live, you can search on google to find the regulating agency for Forex brokers in that country. After that you can prepare a letter or an email describing how you got deceived from them. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you do not know where to start, reach for us at [email protected] and we will help you with this step as well.
Make sure you leave reviews about XBT Elite in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites, and describe shortly what happened. If you fallen victim please leave a review and a comment on this site at the comment section.
XBT Elite Review Conclusions
Making the XBT Elite review is actually a pleasure for us, and we hope to save as many people as possible from losing their hard earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our XBT Elite review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form.
If you like to trade please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
I saw this xbtelite advert on the side panel of my MSN homepage so i thought, hey it must be legit right? I then signed up and within 30 seconds someone rang back asking to do some ”security check”. The only question she asked was ”do you have up to £5000 savings”? When i said ‘yes’ she directed me to make a deposit at which point the alarm bells rang. ”How can that be the only security question and why should i make a deposit when you havent even told me in detail what your company does? When i asked whether their office was she said ”abroad”.
I did some background digging but came up with no such company registered in the UK and not regulated in any way so i broke off communications.
Thankfully i didnt lose any money but they then sold off my phone number to myriad of dodgy callers who keep ringing about 5-10 times a day.
My best advice? RUN FAR FROM THIS SCAM OF A COMPANY.
I totally agree Akin, they took £378.00 from me and it dropped to £17.81 within the hour, I feel like a complete idiot and hope more people avoid them like Covid 19
I invested with them 195k, they were so nice polite and very helpful. But when it came to the dividend being paid to me….they disappeared taking all my money with them shut down their domain etc
Have tried to contact XBT Elite but so far I have been next in line for ages I invested £273 but obviously I have lost it. Thank goodness I never invested more.
The person I spoke to Natasha Davis account Manager seemed so nice and friendly. My son is a
solicitor he told me not to invest, We all Learn by our mistakes.
Hope the Company are proud conning people
June Sagar
Agree with all of the above. The guy I dealt with called himself David Walker, probably an alias. Very convincing but always had a slight niggle in the back of my mind. Wished I had paid more heed to it. Didn’t lose too much in the grand scheme of things by the time they shut down the domain last month.
Likewise I am bombarded by financial service or investment phone calls daily.
I also dealt with David Walker, who over 4 months (Aug – Dec) became like a friend to me, convincing me that I was making the right move to invest what savings I had, to be able to retire early and enjoy life a little, only to find that I will now be working a lot longer, as I have lost all my very hard earned savings, and like above have had lots of phone calls the latest one being from Bitchargeback who say they have been instructed by the FCA to act on there behalf to get my money back – yet another scam !!!! If anyone has had success getting any of there investment back I would appreciate hearing how.