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?

If programinspect.com reviews Xqtraders, they did it in the past when theh were paying the people. Even you also trusted them ( Xqtraders) that time.

These review site who review the ponzi scheme,  and suggest people do invest, you can not exect more than this (what happened to you already). A ponzi scheme site never be a legit one. So avoid them forever. Otherwise this could happen to you again.

On Google search I came across a website called programinspect.com that do research on trading website to review it  to see if it is legit or not. Is it also a scam or research was not done properly?. Xqtraders trading website pretend  to be legit at first but turn to scam at the end. Anyone know if programinspect.com is legit or done by scammers?

USB stick won't make your crypto any safer than you having software wallet on your computer. What you need is a hardware wallet, and they are not that expensive nowadays. Good alternative for a very long hold is paper wallet, but only if you know what you are doing as its easy to mess it up and make it vulnerable.


Of course reviews are faked. I don't trust any of those platforms since there are services that advertise fake reviews (I even saw them on this forum) on both of those platforms and they are dirt cheap.

I can purchase usb stick to store my crypto when I accumulate enough profits.

I checked the ip address of Xqtraders.com and Lunofund.com  and it says the location is the United States. Does ip address give accurate location? I read the reviews of Xqtraders from quora and trustpilot but the reviews might be faked or people who wrote good reviews were not aware that the company is a scam because they are paying at the moment. When I emailed Xqtraders about issue in my account at the end of the email it says best regard Lunofund team. Lunofund was Nigerian platform that was suspended on October with Xqtraders. I believe Nigerian scammers are operating from abroad or the US.

Not your keys, not your coins. Exchanges are for exchanging, not storing.

Anyway, you should move it to your own non-custodial wallet (preferably hardware wallet, since they are not really expensive) as after everything that has happened lately with exchanges and platforms, its simply not worth to risk to keep it there and crypto.com is definitely not too big not to fail (no one is for that matter, including the biggest exchanges like Coinbase and Binance).

I am storing it in crypto.com

To demonstrate to newcomers to their telegram group that there are investors and that there are also successful withdrawals, it is not difficult to create fictitious telegram accounts and fictitious emails. They all talk a lot and act real. These accounts will post screenshots of their payouts and raise questions to admins to look more convincing. Without proper information, innocent people are targeted. You should have realized that investment returns that seem too good to be true are always frauds. There is no such thing as a 292% rate of return offered by banks and large investment firms. Even a yearly investment return of 10% is already considered extremely risky. 

Are you storing your bitcoin on crypto.com or you are sending it to your own non-custodial wallet? I am asking because while crypto.com is legit and had a decent reputation (just a reminder that FTX was the same) its still not the safest place to store your coins and shouldn't be used for that purpose otherwise you are risking losing your coins again.

No it is an email from Xqtraders that the withdrawal was processed.

I am using crypto.com Dollar cost averaging.

What I wanted to say is that even 20% is a lot and not easily reachable, let alone 1% per day, which would make it 365% per year.


Unless you saw those withdrawals on the blockchain then yes, they were fake in order to fool people like you.


Now that you have learned your lesson (at least I hope) I would suggest you to simply buy bitcoin and store in your own wallet and if you are patient enough you may will make a decent profit, without being at risk that someone will disappear with your money

Celsius company is under litigation because it provide ROI of 20 percent and suspected being a Ponzi scheme.
But at least the owner is real.

I came across xqtraders.com telegram group where  I saw users were able to withdraw $10000 dollars, $4000 dollars, $600 dollars and so on? The screenshot email show that all  withdrawal were successful. The withdrawal took place between July 2021 and September 2021. The site was online from January 2021. I think there were bonuses taken from other investors and income is generated from new users. This is to make the platform look like it is legit and encourage people to sign up?

Not all scams use fake names and business, some scammers do it using their real name and they operate that way for many years so it may be possible that those are indeed real people.


It doesn't really matter because both of those percentage are unrealistically high. 1% daily may seem not that much at first, but when you add up those numbers throughout the year you realize that no legit business can offer you that kind of profit. Take for example Celsius that offered ROI nowhere close to that (~20%) and yet they had to do a lot of risky stuff in order to be able to do that, and we all know how that ended up.

To sum it up, any service that offers you more than ~10% (and even that is very high) per year is very suspicious, but then you should ask yourself if that kind of profit is worth the risk of sending your bitcoin to someone else. I think that answer is obvious.

Hi Potato chips,

I believe effort is needed even in trading to make real money. I believe the profit I earned is from other investors money so no real trading is done. By reading reviews online users can’t withdraw money. I only put about $1270 USD and earned about $2500. Other losts hundreds of thousands.

If trading site provide different wallet address each time I send crypto does it sound suspicious?

Since this type of scam is typically low-effort, my guess is they just used someone else's information-- the company directory can be viewed by anyone so it's pretty easy to get information online and claim you're the same company. If not, then I doubt they registered with their real name. Quick lookup and it's not that hard to register a company: it cost a hundred bucks or so and can be done online

But yeah, all you need is the guaranteed high profit to know it's a scam, money doesn't grow like magic. I hope you did not put a large amount of money...

Will try.

You dont need to repost same thing again. Just find "move topic" option at the bottom right section below the current thread itself and move to economy==>scam accusations, you'll figure it out yourself. If you cant, one of the mods will do it later.

And you believe those scumbags so easily.

Where can I find scam accusation board? Send me the link so I can post there. Xqtraders claim they generate profit using innovative trading technique.

Really? 0.8% daily? 292% a year? This is the first sign of a ponzi pyramid scheme. They pay ppl until they decide to run with big money. Im not sure how you got trapped in this.

So what do you think where do they get the money from to pay you such high yields? Lol. Just think logically mate.

I cant find much about this in the forum itself, but anybody promoting such scams should be instantly tagged red.

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I think you're in the wrong board, should be moved to scam accusations board.

Hello everyone,

After been scammed on qxtraders.com I signed with XQtraders on late January 2022 and I thought it was legit because it was registered with Florida department of state and I made profit, so I was able to withdraw money. I always email customer support and they reply instantly and fix any issues. The website look professional which guarantee 0.8 daily return for a year. I thought it was low risk because compared to scam website they guarantee 1000 percent return or more within 24 hours or less. I believe XQtraders was operating a Ponzi scheme so no real investment is made. I reported the website to anti fraud Canada, FBI, and FTC. The website went offline since October 3rd 2022 and I called Xqtraders and no one pick the phone. I chat with them on WhatsApp and they said original platform had issues so they started new site. Lunofund platform for Nigerians was also shut down in October 2022 after issues with original host and then it disappeared. I believe both platform were made by Nigerian scammers. On telegram group users were able to withdraw up to $10000 USD in 2021 and users were able to make multiple withdrawals. I also saw screenshot email of successful withdrawal. I  think they were scammers to encourage people to sign up. I also made a video on YouTube why Xqtraders is a suspected scam. No mention of loss. The website use to have same wallet address where I send my bitcoin. But this time Xqtraders suggested to email them so they give me different wallet address before I sent them bitcoin. I think because there were reported to authorities. They create new wallet address to escape criminal prosecution.

According to Florida department the company name was under Nicholas Spurlock and Kevin Russ and I don’t know if they are real or actors and the phone number appeared Florida number but operating abroad.
So does it make a difference if crypto platform guarantee 1000 percent a day or 1 percent a day?

People claim XQtraders is legit because they were paying and not yet scammed or fake reviews by the company.

Is registration enough or only for tax purpose?

I think qxtraders.com and xqtraders are same scammers.

Anyone scammed by this company? Feel free to comment.