Abstract：XSpot Wealth has found many negative comments from traders who have allegedly been deceived by the broker. Traders constantly accuse the broker of causing unnecessary withdrawal blocks and forcing them to continue depositing with it. Many user complaints emerged on WikiFX, a leading global forex regulation inquiry app. In this XSpot Wealth review article, we have investigated multiple complaints against the broker. Read on!
XSpot Wealth has found many negative comments from traders who have allegedly been deceived by the broker. Traders constantly accuse the broker of causing unnecessary withdrawal blocks and forcing them to continue depositing with it. Many user complaints emerged on WikiFX, a leading global forex regulation inquiry app. In this XSpot Wealth review article, we have investigated multiple complaints against the broker. Read on!
XSpot Wealth: Exchange & Tradable Instruments
As far as its official website is concerned, XSpot Wealth is a renowned broker listed on 20+ exchanges with over 13,000 tradable instruments. XSpot Wealth offers trading services across these asset classes - Stocks, Funds, forex, ETFs and bonds. However, the company does not seem to be a full-fledged brokerage house; instead, it is a portfolio management service provider.
Top Complaints Against XSpot Wealth Every Trader Should Take Note of
Constant Followups, But NO Withdrawals
A trader shared an incident having opened a trading account and transferred EUR 15,000. However, the trader conceded not to have utilized the funds. One day, the trader requested withdrawals, which remained under process for a long time. Many emails and calls to broker officials did not evoke any response. Concerned by the overall experience, the trader let everyone know about his displeasure with this negative XSpot Wealth review.
The Joy of Early Profits Cut Short by Massive Losses Afterward, Traders Allege
Several traders have accused XSpot Wealth of deceiving them by showing profits early on and making them deposit afterward. However, as per the complaints, the initial profits were allegedly part of the brokers plan to defraud traders with constant losses. Aggrieved by the losses, traders termed the XSpot Wealth as a deceptive platform. Check out the multiple XSpot Wealth reviews suggesting this deceptive tactic by the broker.
XSpot Wealth Accused of Making Withdrawals Almost Impossible
A US-based trader made a startling revelation about XSpot Wealth withdrawal becoming almost impossible with the broker modifying the information in the background. This made it seem that the trader submitted the wrong information. The trader further alleged that the broker constantly asked for fees to unfreeze his trading account and gave him a fake zero-risk assurance. As everything turned false, the trader exposed the broker through this review. Take a look!
Alleged Repeated Deposit Demands and Communication Cut-Off
A trader from Hong Kong alleged that XSpot Wealth prevented him from withdrawing funds and repeatedly requested additional deposits under various pretexts. Initially, the trader was reportedly told to accumulate profits up to 750,000 before becoming eligible for withdrawals. After meeting that requirement, the broker allegedly demanded another deposit to process the withdrawal.
The complainant claimed that communication eventually stopped, with emails going unanswered. The trader could recover funds, including both principal and profits, through external technical or third-party assistance, suggesting that without such help, funds might have remained inaccessible. To make it more understandable, check out this XSpot Wealth review.
XSpot Wealth Accused of Withholding Funds by Claiming Rule Violation by the Trader
A United Arab Emirates trader admitted having been introduced to the broker platform through a friend to deposit an accumulated sum of USD 48,500. At the beginning, the trader suffered losses and then profits. The trader, however, saw a pile of losing trades on the XSpot Wealth login after requesting withdrawals. As the trader failed to open the trading account, he requested the broker to restore the access. XSpot Wealth, in return, claimed a trading rule violation by the trader, which led to the freezing of the principal amount for three months. However, even after three months, the trader could not receive the funds. Affected by the overall incident, the trader opened up about it online. Take a look at what the trader stated.
XSpot Wealth Review by WikiFX
In view of the growing negative XSpot Wealth reviews, it was important for WikiFX to check its regulatory status. From the information available online, the broker is licensed by the Cyprus Securities and Exchange Commission. The license number for the broker is - 235/14. It is registered at BaFin (Germany) under Reference Number 141183. Other registrations include REGAFI (France) with Reference Number - 59120, HCMC (Greece) with Reference Number - 148976901001, and DFSA (Dubai, UAE) with Reference Number - F007140.
Regulation-wise, XSpot Wealth remains good. However, the issues highlighted above need proper addressing to remove the operational flaws and maintain high trader loyalty.
