Wixete: reviews of trading on the platform, legal check

• Categories: CFD-Brokers

Analysis of the platform wixete.com

The figures provided by Wixete indicate its success, accompanied by impressive statistics. Additionally, the broker highlights its work in the legal sphere and possession of licenses. Despite the initial positive appearance, reviews about the company are negative. Users claim to have lost money on this platform and accuse the broker of fraud and deposit leakage.

Evaluation of the web portal wixete.com

Due to the multilingual nature of the Wixete website, it can be inferred that it targets a wide audience. Although there is a Russian translation, caution should be exercised as the information about the company may be superficial. The wixete.com site is filled with promotional information claiming it to be the best broker in the market. They promise to turn beginners into professionals and emphasize quality and promptness in capital growth for experienced traders.

According to the legend, the company has been providing services since 2018. However, after analyzing the WHOIS data, it was revealed that the site was launched in September 2016. Nevertheless, reviews have only recently started appearing, raising suspicions. Evidence from web archives shows that the domain was sold before October 2021. It is likely that the creators purchased an old web resource to enhance their reputation with clients. Therefore, the data on the number of accounts and daily trading activities appear doubtful, and the assumption of the project’s falsity seems plausible.

Examination of the legal basis of Wixete

Wixete lists an address in Germany at La Sarrazring 1b 4077 Unterseen, although such a street does not exist in the German city, as confirmed by Google Maps data. Additionally, their contact phone number is also fake. Contacting customer support is impossible, and interaction with the authors is limited to one-way communication.

According to the company’s claims, they hold licenses from the regulators of Cyprus (No. 647/29), Mauritius (В967112907), and Belize (30/917/FX/63). However, verification has shown that this information is false. The company is not listed in the registry of the Cyprus Securities and Exchange Commission, and the same situation applies to other regulatory authorities.

Wixete is also aimed at Russian traders, as evidenced by the presence of the Russian-language version of the site and reviews in the Russian segment of the internet. The site has already been added to the list of prohibited sites by Roskomnadzor at the request of the General Prosecutor’s Office. Of course, the company does not have a license from the Central Bank of Russia, which undoubtedly confirms its dishonesty.

Promises from the wixete.com platform

Based on the abundance of negative reviews, the fraudulent activities of the company have no future. Their strategy is focused on attracting new clients, hence the request for traders to fund their accounts and start real-money trading appears right at the beginning. They promise access to various tools, including currency pairs, commodities, stocks, cryptocurrencies, indices, and metals.

Users are offered to choose from three types of accounts with a minimum deposit of $150, leverage ranging from 100x to 500x, and instant trade execution. Depending on the selected program, trading in metals, cryptocurrencies, round-the-clock technical support, and deposit protection are available.

Reviews indicate a lack of financial transparency on wixete.com, indicating its focus on raising funds. Additionally, the company offers to address potential conflicts within the legislation of Vanuatu, where the likelihood of justice is low, as the country has long become a haven for financial fraudsters.

Reviews about wixete.com

Despite numerous negative reviews, the platform continues its operations and deceives newcomers. Standard scamming schemes are used by fraudsters to swindle real clients. The project may be short-lived, but its trail can be traced from the reviews. Hence, caution is advised.

Methods of Fraud

According to reviews, scammers have not invented anything new and operate on a proven fraud scheme. They likely used the same technique in previous projects that have ceased to exist. Their actions are quite simple:

• Recommend starting work with a trusted broker, with a minimal deposit, from fake accounts,
• Simulate profitable trades and lure for new investments,
• Block the account upon refusal to pay (under the pretext of contract violation).

Conclusion

Wixete have no conscience or shame in their deceitful methods. Clients’ preferences and financial interests mean nothing to them. They do not take responsibility for their actions and refuse to compensate clients’ losses. Seeking help from regulators is futile, as they have no information about such a company. Additionally, supervisory authorities lack legal tools to act against such projects.

Based on reviews, the only possibility of punishing scammers is through chargeback services, but reliable professionals are needed for quality legal assistance to avoid further deception.