Introduction to 4xpoint Review:
4xpoint claims to be a forex broker that offers a number of currency pairs and crypto CFDs. However, 4xpoint displays some of the red flags that are common in scam brokers. Despite strict regulations put down by the regulators who are supervising the industry, scam brokers still find ways to infiltrate the market and trick the unsuspecting traders. These scams, even though they might sound harmless, can cost the traders millions of money. The extent of these scams can even land some of the traders in a debt trap. Do you want to avoid that? Read on to know more about 4xpoint and the scam risk they pose.
Who are they?
Based in Saint Vincent and the Grenadines, 4xpoint claims to be a brokerage firm dealing in forex and CFDs. For those who don’t know, Saint Vincent and the Grenadines is a popular hotspot for scam brokers as the place does not have a proper regulatory system. 4xpoint offers over 40 different forex pairs among other tradable instruments to their customers. They also claim to offer their crypto in various currencies such as South African Rand, Russian Rubble, Polish Zloty, Swedish Krona, Norwegian Krone, Mexican Peso, etc.
What are the minimum deposits and the account types that 4xpoint offers?
4xpoint offers four different account types to their customers with varying offers and demands. The account types are called Classic Account, Gold Account, Platinum Account, and VIP Account. The Classic Account demands a minimum deposit of $250 whereas the gold Account Demands a minimum deposit of $3000. The Platinum Account demands a minimum deposit of $5000 and the VIP Account demands a deposit of $10000. It is clear that all these minimum deposits are extremely high and not usually demanded by legitimate brokers.
What is the leverage offered by 4xpoint?
4xpoint offers common leverage to all the account holders. Readers must note that the leverage is usually offered in small quantities due to the affiliated risk. The leverage offered by 4xpoint is up to 1:100 as compared to the leverage that is usually offered by the legitimate brokers, 1:30. This raises yet another red flag against 4xpoint in this 4xpoint review.
Is 4xpoint regulated?
By now, it must be clear to the ones reading this as well that 4xpoint is UNREGULATED. Even if we ignore the fact that the company has listed an address in Saint Vincent and the Grenadines, there is no mention of a license on their website. After cross-checking with the top-tier regulators around the world, it is clear that 4xpoint does not have a license from any of the regulators and therefore, is an unauthorized firm.
What is the final take?
To sum up, all that has been said above, we can safely conclude that 4xpoint is a potential scam. The brokerage firm does not have regulation, nor does it have any actions of a legitimate broker. We request the readers not to trade with this unauthorized firm. If you have been scammed by 4xpoint, file a complaint with us and get instant solutions for fund recovery.
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