With an extremely bad website, XFR Financial is perhaps the least convincing of the (possible) scams the FCA warned of in today’s release.
The company’s website is littered with spelling mistakes and bizarre explanations of its services. There are even a series of fake awards, including ‘Brand of the Year,’ listed on the broker’s homepage. All of this meant the author struggled to believe XFR offers “the best or nothing” to its clients.
Interestingly, the company does not appear to have any registered office. XFR has a UK office, but it is clear that no one works there. The firm’s website also lists a French telephone number but does not provide an address in the country.
Another firm, XTrade Europe Ltd, was previously known as XFR Financial Ltd. Whether there is any connection between XTrade, which was included on a number of regulator’s warning lists despite having CySEC approval, and the XFR Financial mentioned by the FCA today is unclear.
In 2016, a company was registered in the UK called XFR Financial Ltd, but it was dissolved a year later. Again, it is difficult to ascertain if there is any connection between this company and the warning issued today by the FCA.
Unlike its competitors SolidCFD and OSG, XFR does not have a solid set of user reviews – unless you include the ones on its website that read as though they were written by the same person. That being said, the small number that do exist suggest the site is a scam.
The last broker on our list today is StratX Markets. You will be shocked to hear, dear reader, that no response was given when the author requested a comment from the company for this piece.
Breaking away from the saturated European market and the bustling East-Asian industry, StratX decided to register its business in the Marshall Islands.
The company also has a trading office in North London. This address is also used by a company that allows other companies to register their business under their address – suggesting that StratX has no employees at its listed address.
Reviews of the company suggest you would be better off spending your money on some frozen fish from Vanuatu. Customers complain that the site is nothing but a scam. Some former customers even claimed StratX employees operate another company, calling people who have lost their money and saying they will help get it back. There is a catch of course before they get your cash back you have to give them some more of your money first. Stay away!