Bulgarian cryptocurrency brokerage services provider XCoinBroker has the tally of six trading accounts. As its name suggests the broker has a focus on the newest asset category called crypto coins. The trading at XCoinBroker needs high initial investment that provides high leverage ratios to acquire higher profits. However, the spreads applied are also high and increases the cost of trading at this particular cryptocurrency broker. The cryptocurrency brokers are unregulated to the date because many governments are busy to develop a comprehensive framework to cover them. Therefore it becomes the most attractive avenue for the most scam brokers. Our XCoinBroker review is very crucial and readers should follow it completely.
The offered six different trading accounts are Micro, Mini, Silver, Gold, Diamond, and VIP that accepts 0.5 BTC to whopping more than 20 BTC as an initial investment. The maximum leverage ratio of 1:20, 1:25, 1:30, and above 1:35 are offered on these six accounts. The broker’s platform gives insight into spreads provided that comes around $50 on a primary cryptocurrency exchange pair of BTC/USDT. To conclude a nonpartisan and complete XCoinBroker review we must confer all the possible advantages and disadvantages of it.
To begin with, we must discuss the possible advantages of it. The broker has complied many trading assets in its offerings. They are cryptocurrencies, stocks, commodities, and indexes. There are many categories made to provide crypto to crypto, crypto to USDT, and BTC to Indices, Commodities, Stocks and Assets to USDT trade. Only missing trading asset is fx. Almost all the cryptocurrencies are covered. Higher leverage ratios are offered and we have mentioned them earlier. These rations are very much attractive and bring profits with minimum trade. However, higher leverage is classified as advantages and disadvantages as well. Higher leverage levels are prone to massive losses as well. Also, crypto coins are volatile in nature and generally, leverage from 1:2 to 1:10 are acceptable in the margin trading.
Zed Consult LTD a Bulgarian agency is the owner of the XCoinBroker. The brokerage provider must be regulated by any of the EU based regulator. As crypto trading is a new avenue it is mostly unregulated. Trading conditions are unclear and faulty or clumsy trading platform is offered. It is good for nothing. The payment accepted is only by bitcoins. This broker has received many negative feedbacks and reviews.
Is XCoinBroker scam or legit?
The XCoinBroker is a potential scam cryptocurrency broker. The trading conditions are poor and high initial funding is required. A web trader platform is facilitated. Traders must be cautious while crypto trading.