Pyramid scheme! speedXfrofit cheated investor of US$2,400 with US$6 as a bait

Recently, an investor complained against forex broker XPROFIT for the broker refused his withdrawal after he invested a total of 2,400USD on its platform.

Event recap:

Attracted by XPROFIT‘s ads for investment on Instagram, the investor opened an account and invested 100USD BTC at the platform. And he gained 6USD bonus in shortly. It is an old trick used by scam broker to win investor’s trust. Therefore, the investor invested 100USD once again, and was informed that more profitable investment plans are provided if he wants to gain more.

The investor was told that there are two investment plans available on official website, VIP plan and GOLD plan.

1. VIP plan means depositing 1,500USD worth of BTC will earn 5% profits hourly for 24hours and investor can withdraw a total sum of 3,300USD.

2. GOLD plan means depositing 600USD worth of BTC earn 25% profits after 48hours and investor can withdraw 750USD worth of BTC.

Actually, the XPROFIThas not refund the money to the investor as it promised on its website, but repeatedly asked the investor to invest more money. He had no choice but to invest 600USD following the initial 1,500USD deposit. Meanwhile, he was asked to pay an extra service fee so that all his deposits and profits can be withdrawn together. Finally, the investor found that he still wasnt able to withdraw his money.

From the following picture, it can be seen that the comprehensive profit rate is too high, which is against the standard level in the industry. It is no doubt that an illegal fund raising is being operated by the broker.

The XPROFIT has live customer service support for solving customers requirements, but they never answer why their withdrawal is unavailable.

Conclusion: from the report, it can be seen that the operation model of XPROFIT seems like a pyramid scheme. They try to attract more people to join the scheme by showing high profits. But high profit is accompanied with high risk, which is not quite legal in the field of investment.

Warning!!!

Per checking WikiFX App, XPROFIT has a poor rating of 1.23, and the broker currently has no valid regulation, bearing great risks. The broker is currently active on large social network such as Telegram and Facebook, please stay away!

Declaration:

The article evidence exposed by WikiFX is verified by the following processes:

1: Evidence Collection: (Chatting history records, Trading history records, Banking Transaction records and recording videos from victim).

2: These evidences will be evaluated and verified by expert who has been work in forex industry for many years.

3: The editor will review it again before the article is published.

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