"After more than 20 years of operating in the financial market, XTB has more than 495,000 customers, 168,000 trading orders executed every day..." - Hoang, customer care staff of XTB forex trading floor (XTB floor), introduced himself when a reporter from Nguoi Lao Dong Newspaper learned about international financial investment channels.
Hoang said that XTB is one of the few most prestigious forex trading floors in Vietnam and in the world , with 13 offices in the UK, Poland, Germany, France and Chile...; and also owns licenses from organizations such as: FCA (UK Financial Conduct Authority), CySec (Cyprus Securities and Exchange Commission), KNF (Polish Financial Supervision Authority), CNMV (Spanish National Securities Market Commission).
"To trade currency pairs USD/EURO, USD/CHF (Swiss Franc, USD/JPY (Japanese Yen), USD/AUD (Australian Dollar)… …, you can open an account and deposit your trading funds. The deposit is kept separate and XTB does not use this money.
XTB organizes online seminars and livestreams to advise investors
In particular, in March, investors who deposit $9,999 will receive $2,000 from the exchange. Players will be compensated up to 85,000 pounds in case XTB becomes insolvent. If customers maintain an account balance of over $20,000, an international financial company will insure them with $1 million in case XTB goes bankrupt" - Hoang Marketing.
When we wondered what factors make the international currency market increase or decrease in price, this person said that XTB will provide investors with information that makes the Euro, USD, Yen, etc. fluctuate, so that players can place buy or sell orders.
Accordingly, XTB does not interfere with investors' trading orders. However, to prevent risks, XTB staff will open an online portal, instructing investors on how to play in draft for a certain period of time. Once proficient and confident, investors can jump into real play.
Accordingly, players are allowed to use financial leverage up to 1:500, meaning that with 1 USD, they can place a transaction order worth 500 USD. For example, an investor chooses the USD/AUD (Australian dollar) currency pair and places a minimum buy order of 1.55 USD. At that time, XTB's system allows the value of this order to be 775 USD and announces a profit and loss margin of 0.2%. Thus, if the USD/AUD currency pair increases in price, the player will earn a profit at the corresponding rate.
Seeing that we were somewhat reassured, the XTB staff said that the floor's headquarters is located in Poland and has attracted many European investors to play forex. As for the Vietnamese market, XTB has only been operating for the past 2 years and has had a few thousand participants.
Similarly, Lion Brokers staff also invited us to trade 30 international currency pairs. This person gave some information such as Lion Brokers is a broker specializing in providing sustainable investment solutions with a financial leverage ratio of 1:400 and was established in 2015 - in Hong Kong (China). Headquarters are located in Hong Kong, Singapore, Cayman.
Through our research, we learned that Cayman is a country with very low tax rates and more than 100,000 registered companies, more than the country's population. Cayman has been criticized by many countries around the world for its tolerance of financial crime, including a 2016 statement by the US government describing it as a place with hundreds of thousands of companies sheltering for tax evasion.
Many forex floors were destroyed
In fact, the forex floor with the website address: Tradenew.io was destroyed by Thanh Hoa Provincial Police; 4 illegal gold, virtual currency, and foreign currency trading floors, including: Rforex.com, Yaibroker, Vistaforex, and Exswiss were destroyed by Hanoi City Police in coordination with Ho Chi Minh City Police; 16 exchange rate floors, following the fraudulent multi-level method, including Hitoption.net, were destroyed by Hai Phong City Police. In addition, there are also floors that collapsed on their own, typically the collapse of Fxtradingmarkets (FX Trading Markets Limited) floor, causing tens of thousands of investors to suffer because of losing money.
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