Topic: XQtraders turned out to be scam (Read 495 times)

I thought Xqtraders was legit because the company was registered with Sunbiz Florida department with registration number and physical address in St Petersburg Florida and the phone number with the area code of St Petersburg I thought registration was enough to conclude that the trading platform is not a scam and Florida department of state regulate Xqtraders but I found out anyone can register a company because it cost 100 bucks and the department don’t regulate crypto or forex marketing.

It is same as the UK company house. Just pay £12 pound and get registered. I read online many crypto scam company register with uk company white house to appear more legit and post a fake address and that could be empty office, parking lot, house for sale etc but the scammers are operating from outside the UK. It seems UK company house don’t verify the address or identity of the person and that is same with Florida department of state. That make it easy for scammers to register so no one monitor them.

Scammers can also register abroad because there are lax regulation Regulatory body in island or third world countries are not very trustable.

Trusted regulatory body for investments  are different from company registration.

it would be best to just ignore it, I've seen a lot of posts over the years here in the forum where people get an email saying they could help the individual recover their funds or they have already recovered their funds and just need to send a "fee" to release the funds. also, the "reviews" you've read saying that the "recovery agent" helped them recover their fund is most likely just a fake review.

Someone contacted me by email claiming they are recovery agent for Xqtraders and said he will will recover my funds and asked me to message him on telegram. He asked me to download trust wallet and he gave me the 12 secret phrase but I did not follow his steps to recover the funds because that led me believe it is a recovery scam because I heard bitcoin transactions are not reversible and chance to recover the funds are slim. He also claimed he recovered my funds.

I was reading reviews on scam adviser that people are being scammed by trading company and claimed the recovery agent helped them get their stolen money back. I wonder if these reviews are genuine.

My guess would be similar to others, op -- hide real identity as that's the easiest and safer way. Emphasis on "guess" though because we can't say for sure.

If you're on USA, you can probably file a police report and try to ask an officer if they could request and take a look at the suspected people's records which would be a step closer.

Now that you're talking about their domain registered until 2030. It's not a big deal because someone can do that for them or those names aren't really the name of the owners and they've just used a stolen identity or paid for someone to do that for them. I am still wondering how you guys are ending with these websites or groups that are likely to be scam.
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I registered on January 2022 in believing the trading website for crypto, forex,stock and indices is legit with Florida registration number and it has office location in St Petersburg with address and phone number. I was earning daily profit and even withdrew some money without realising it is a Ponzi scheme. However in May 2022 I was trying to send crypto to Xqtraders and it took long time for the fund to appear in the account but before I funded the account with no issues and at most it takes 30 mins for the funds to be available. When I tried to send crypto to Xqtraders account again  it never arrived and I have to email support team and they gave me their wallet address  and the funds arrived within few hours. I did not know it was a scam until the website site was taken down in October 2022. The chat box was removed from the website in late 2021.

Each time I transfer crypto they give me different wallet address after the site experienced issues.

You need to close the other new thread you've made: Xqtraders company founder
It's because part of the forum rules.

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Now that you're talking about their domain registered until 2030. It's not a big deal because someone can do that for them or those names aren't really the name of the owners and they've just used a stolen identity or paid for someone to do that for them. I am still wondering how you guys are ending with these websites or groups that are likely to be scam.

It is fake and all their identities for registering domains are fictitious.

I would not conclude that they are Nigerians or Floridians if you only take reference from the identity they sent. The scammers these days are very clever. They can take advantage of another person's ignorance to obtain paid facilities and services in that person's name.

It's possible, though I don't like using the domain registration/renewal to expiry period as a measure to show the legitimacy of a service. It's just a few hundred dollars that a scammer can afford if he is running a popular Ponzi scheme.

Thanks for the information. I think they registered online using Sunbiz Florida department website from abroad. I believe they filed the registration for a company online but with false information . According to sunbiz anyone submitting false statement is subjected to third degrees felonies.

not sure if this is just for closure for you or something and I am not sure if this would help but I did a quick search using "Kevin Russ Xqtrader" on Google and this is what I found https://www.crunchbase.com/person/russ-kevin-childers, It says that he is the founder of Xqtraders, but if you search just using the name "Russ Kevin Childers" on google you'll find this https://www.linkedin.com/in/russ-kevin-childers-2a3587/, judging from the image they are the same person but with completely different location, Regions, etc. as for Nicholas Spurlock, I didn't find anything. anyway, from the quick search I did my conclusion is that the scammers used fake names or stolen information to deceive their victims.

their whole project is a scam from the start, saying 0.8% guaranteed daily return for a year is more than enough to conclude that the project is a scam.

According to bbb.org and sunbiz.org the company was founded by Kevin Russ and Nicholas Spurlock. I just want to know if the scammer used a fake name or taking information from that company claiming to be that company? According to sunbiz.org the company was dissolved last September 2022. I believe they registered online from abroad to appear more legit.

 Another question is how come the domain was registered for ten years from December 2020 to December 2030 according to Whois? So the  scammer created that domain to appear more legit? Lunofund and Xqtraders are same crypto scam company created by Nigerians because both website was taken down on October 2022 claiming to have issue with original host but they ran away with the money.Both website were reported by users for illegal activities.

The algorithm of scamadviser is not 100 percent perfect,I can say 80 percent perfect. Scamadviser also suggest you can do your own research on the website before taking action, for example I checked fortrade.com and I get low score but in fact the website is legit and regulated by IIROC in Canada, UK, Australia, Cyprus and Belarus.

You can use https://www.scamadviser.com/ instead of programinspect.com.
scamadviser.com is well known and reliable and I use it all the time.
I checked the XQtraders site as you can see in the screenshot the site got 1/100:

On October 2022 I chatted with Xqtraders support on WhatsApp  they said the website was moved to new host because of issue with original domains and the users reported the website and I have to pay 20 percent caution fees to get access to the new dashboard and they said the migration will be done within 48 hours and will provide the login details but after paid the caution fees  but I never heard from them and the message being read but ignored I think because I said Xqtraders is a scam and I  reported to authorities. The name on WhatsApp is Norman white side who turned to be Irish football player. Lunofund was suspended in October also with same reason that the platform moved to new host because of issues with original domain but they fled away.

The company was registered electronically with Florida department of state (sunbiz). Is that different than registering with financial regulators? I thought registration is enough for company to be legit.

Please beware that there are so many fake review websites out there which are used to promote scam sites especially ponzi schemes. What you fell for is a first class ponzi scheme and you should be able to identify a ponzi scheme minus having to rely on review sites

Obviously ponzi's pretend to be good at the beginning and their promoters will try as hard as possible to send screenshots of withdrawals

The telegram group for Xqtraders successful withdrawal email have been deleted.

There are many non-custodial wallets around, but I would suggest you to get Electrum which is also open-source, meaning community was able to thoroughly checked it out to make sure there is no malicious code that could make you lose your bitcoin. Here is a good guide on how to use it and if that's not enough, there is also a dedicated Electrum board on bitcointalk and you can find it here.

Just to note that if you plan to store bigger amount of bitcoin, hardware wallet would be a safer option.

How do I create non-custodial wallet?

So I checked some of their reviews and in my opinion they can't be trusted and they are getting paid to write a positive review for an obvious scam, or they are making money via referral links. For example, they concluded that Lunofund is a legit while in reality it was nothing but a ponzi scheme hidden behind "bitcoin mining" that offered completely unrealistic 2% daily profit. They do write negative reviews, but it is justa  tactic to appear more legit, like they are really testing the sites.

Rule of thumb: any website offering you more than few % APY is a straight scam, that simply won't last for longer period of time. Instead of wasting your time and money with these dodgy websites, why don't you just buy bitcoin instead and store it in your own non-custodial wallet?