Overview of XNZT
XNZT, operated by HX Worldwide Company Limited in the Virgin Islands, has been in operation for 2-5 years. However, it lacks valid regulatory oversight, raising concerns about its legitimacy. Recent reports indicate that the broker has received five complaints within the past three months, underscoring potential risks associated with their services.
XNZT offers a range of market instruments, including shares of various companies, options, futures contracts, and warrants. These instruments serve different purposes for traders, from ownership rights and potential dividends to hedging and speculating.
The broker offers two account types: Standard and Premium. While the Standard account provides essential features, the Premium account offers additional benefits, such as discounts, early access, priority support, and access to a specialized support team.
XNZT offers leverage up to 1:500, allowing traders to control a significant amount of capital relative to their account balance. However, the broker's spreads and commissions vary between the Standard and Premium accounts.
Traders can deposit and withdraw funds using various methods, with minimum deposit and withdrawal amounts specified. Fees may apply, depending on the chosen method. The broker utilizes the popular MetaTrader 4 (MT4) trading platform, known for its user-friendly interface and extensive trading tools.
Customer support is available through Chinese (Simplified) phone lines and email. Reviews of XNZT on WikiFX indicate several complaints from users, including account bans, inducements, order closures, trading violations, high withdrawal fees, and communication difficulties with customer service. In conclusion, caution is advised when dealing with XNZT due to its lack of regulatory oversight and the negative experiences reported by some users.
Pros and Cons
XNZT presents several advantages and disadvantages for traders. On the positive side, it offers substantial leverage of up to 1:500 and provides access to the popular MT4 trading platform. Additionally, the broker supports multiple deposit and withdrawal methods and has a reasonable minimum deposit requirement of $25. It also offers a variety of market instruments and a premium account with exclusive benefits. However, there are notable drawbacks, including the absence of valid regulatory oversight, unavailability of the main website, standard account commissions of $0.07 per side, lower but still existing commissions for premium accounts ($0.05 per side), limited phone support only in Chinese (Simplified), and a concerning number of user complaints and negative reviews. Traders should consider these factors carefully before engaging with XNZT.
Is XNZT Legit？
XNZT operates without valid regulatory oversight, posing a potential risk to traders. It is important to note that the broker has received five complaints within the past three months, as reported by WikiFX, further underscoring the need for caution when considering their services.
Market Instruments
Shares: XNZT offers shares of various companies, such as NZXT, Inc. (NZXT), traded on the Nasdaq Stock Market under ticker symbols like “NZXT.” These shares represent ownership in the respective companies, granting shareholders voting rights on specific corporate matters and the potential to receive dividends when declared.
Options: XNZT provides options trading, allowing investors the choice, but not the obligation, to buy or sell a specified number of stock shares at a predetermined price before a set date. Options serve purposes like hedging existing holdings, speculating on future price movements, or generating income.
Futures: XNZT offers futures contracts, which are agreements to buy or sell a certain quantity of a commodity or financial asset at a predetermined price on a specified date. These contracts are commonly used for hedging against price fluctuations or speculating on the future price of commodities or assets.
Warrants: XNZT also deals in warrants, which are securities giving the holder the right to purchase a specific number of shares of a stock at a predetermined price within a specified timeframe. Warrants are often issued by companies as part of financing arrangements or as incentives for employees.
Account Types
STANDARD
The Standard account is the basic account type available to all users. It grants access to essential features on the NZXT website and forums, the ability to purchase NZXT products, download and use NZXT CAM software, and submit support tickets.
PREMIUM
The Premium account is a subscription-based service that includes all the features of the Standard account. Additionally, Premium account holders enjoy exclusive discounts on NZXT products, early access to new products and features, priority customer support, and access to a specialized support team.
Leverage
NZXT offers a leverage of up to 1:500. This means that you can control up to $500 for every $1 you have in your account.
Spreads & Commissions
The Standard account has spreads starting from 3 pips and commissions of $0.07 per side, while the Premium account has spreads starting from 2 pips and commissions of $0.05 per side.
Deposit & Withdrawal
NZXT offers multiple deposit and withdrawal methods, including wire transfer, credit/debit card, PayPal, Skrill, and Neteller. The minimum deposit is $25 and the minimum withdrawal is $10. Fees vary depending on the method used. For example, wire transfers have a fee of $25, while credit/debit cards have a fee of 3%.
Trading Platforms
XNZT provides its traders with access to the widely recognized trading platform, MT4 (MetaTrader 4). MT4 is a popular choice among traders and offers a range of tools and features, including real-time charts, technical analysis tools, and a variety of order types. This platform allows users to trade a diverse range of financial instruments, including forex, commodities, and indices, all within the framework of MT4's user-friendly interface.
Customer Support
XNZT provides customer support through two Chinese (Simplified) phone lines, which are 400-1208-921 and 400-8428-879, as well as via email at cs@xnzt666.com.
Reviews
Reviews of XNZT on WikiFX include complaints and negative experiences from users. Some users have reported issues like being banned from their accounts without a solution provided by the platform, frequent inducement to recharge and place orders, involuntary closure of orders despite sufficient margin, and concerns about the platform engaging in trading violations without a business license. Additionally, there are complaints about high service fees when withdrawing and difficulties in communicating with customer service. These reviews highlight various challenges and negative experiences faced by users, urging caution when dealing with XNZT.
Conclusion
In conclusion, XNZT, operated by HX Worldwide Company Limited in the Virgin Islands, offers trading services in various market instruments, including shares, options, futures, and warrants. However, it is important to note that XNZT operates without valid regulatory oversight and has received five recent complaints, indicating potential risks for traders. The broker provides two account types, Standard and Premium, with different features and benefits. XNZT offers high leverage of up to 1:500 but has varying spreads and commissions depending on the account type. While the broker supports multiple deposit and withdrawal methods, fees can vary. XNZT utilizes the widely recognized MT4 trading platform. Customer support is available through Chinese (Simplified) phone lines and email. Reviews on WikiFX highlight several issues and negative experiences reported by users, including account bans, inducements, order closures, trading violations, high withdrawal fees, and communication difficulties with customer service. Traders should exercise caution when considering XNZT's services due to these concerns.
FAQs
Q: Is XNZT a legitimate broker？
A: XNZT operates without valid regulatory oversight and has received five complaints within the past three months, indicating potential risks. Caution is advised when considering their services.
Q: What financial instruments can I trade with XNZT？
A: XNZT offers shares, options, futures, and warrants for trading, providing a diverse range of investment opportunities.
Q: What are the account types offered by XNZT？
A: XNZT offers Standard and Premium accounts. Premium account holders enjoy exclusive discounts, early access, priority support, and access to a specialized team.
Q: What is the leverage offered by XNZT？
A: XNZT offers leverage up to 1:500, allowing you to control a larger position with a smaller investment.
Q: How can I contact XNZT's customer support？
A: You can reach XNZT's customer support through Chinese (Simplified) phone lines or via email at cs@xnzt666.com.
FX5192548022
Hong Kong
When contacted by phone, they said that opening an account would give me a bonus, and I could withdraw profits. But after making profits and activating the deposit, they put me on a blacklist and blocked my funds and profits. They are really rubbish. It seems that the specialist's name is Xiao Zhan or Xiao Zhang, and they are deceiving in various ways.
Exposure
2024-08-12
刘旭峰
Hong Kong
I used nearly 1 million to invest. They frequently issued orders, and frequently induced customers to recharge. I used to start from its predecessor, which caused me to want to win back. I was frequently called to recharge, which ruined my family and I owe a lot. Knowing that I have no money now, they have disabled my account. I didn't know until recently that the platform is a fraud platform and scam people. I hope everyone will not be victimized again. I have filed a case at the Public Security Bureau yesterday.
Exposure
2020-11-17
极限人生
Hong Kong
I opened an account in XNZT and my account was banned without trading here. Then I withdrew. Just a little over ￥46，000 arrived. Over $400 was deducted as service fee. I communicated with the customer service but no one responded to me. Although there is a rule, 6% of the capital will be deducted as the service fee if you don’t trade, yet my account was banned, how can I trade? XNZT is worse than its predecessor. I suspect they banned my account deliberately for a high service fee. So bad. I know they won’t return my money, I just want everybody to know their true color., free from being cheated.
Exposure
2020-09-25
卢金宝-lawyer
Hong Kong
XNZT, without business license, is engaged in trading violation. After that, it blocked my account, giving no respond. Take heed on it.
Exposure
2020-08-19
美喆
Hong Kong
Despite of sufficient margin, my order on technology 100 was closed compulsorily. Both the customer service and account manager kept shirking. They only explained on half targeted orders. Eventually, my account was even banned.
Exposure
2020-04-16
FX2401604407
Hong Kong
My account is banned. The platform gives no solution. Take heed on it.
Exposure
2020-03-22
FX2401604407
Hong Kong
The network around my phone and computer is normal, but I couldn’t open the software.
Exposure
2020-03-17